PHOENIX — The majority of hoteliers at The Lodging Conference feel optimistic about the strength of the hotel industry heading into 2025.
With the caveat of uncertainty facing the U.S. economy, the sentiment among hoteliers is generally positive as the fourth quarter of 2024 kicks off. The major factors affecting this sentiment are how much the U.S. Federal Reserve will cut interest rates, geopolitical risk and the looming U.S. presidential election in less than four weeks.
How those factors play out in the next few months will set the stage for the hospitality industry moving forward.
Podcast recap of the day
Photos of the day
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Quotes of the day
"On that fateful Sunday night when we've lost our friend and I'd been appointed, I was reminded of those words. Arne [Sorenson] was remarkable. I have no idea how to be Arne. I only know how to be myself. But with mentors like Arne and [Bill] Marriott, there are lessons that you take from every leader who you work with, and I think that's highly impactful as you develop your own leadership style."
—Tony Capuano, president and CEO of Marriott International, on the advice Arne Sorenson passed on from Bill Marriott about the importance of being oneself as a leader.
"I want every one of these men here to embrace women that they work with in the industry and start pulling them forward. Do not be afraid. You're all secure enough within yourselves to really start empowering women and bringing them forward, that is the only way that this industry is going to become stronger."
—Sheila Johnson, founder and CEO of the Salamander Collection, on her vision for the hotel industry making progress in representation and gender diversity.
Editors' takeaways
I asked every hotelier I spoke with today about their optimism level heading into 2025 amid uncertainty facing the U.S. economy, and nearly everyone I spoke with said they're bullish about the hospitality industry moving forward.
I suppose it isn't the same uncertainty the industry was facing in recent years past when a recession loomed over the economy's rebound from the COVID-19 pandemic, but it's a positive sign that hoteliers largely feel immune to the pressures facing the present economy.
Now, things could change rapidly given the pressures at hand, so it's something we'll have to keep an eye on in the short term.
—Trevor Simpson, associate editor
@HNN_Trevor
In a similar turn, I asked hoteliers here about their thoughts on the mood of the conference. There was an overall feeling of optimism, but several spoke about this underlying feeling of anxiety moving forward.
What is the Fed going to do next, and how will that be affected by the September U.S. jobs report? Who's going to win the U.S. presidential election, and what will the winner's economic policies mean for businesses? Are consumers going to further overextend themselves and end up with so much debt that a large segment of them stops traveling?
The hospitality industry has so much going for it right now, which so much potential for further growth. It's only natural to look for things that could spoil it, as if knowing about it may be enough to deter it even though so much is out of our hands.
Everyone generally seems to believe even better times are ahead, it's just a matter how long they may be delayed.
— Bryan Wroten, senior reporter
@HNN_Bryan