Industry leaders discuss what they think will have the biggest impact on hoteliers in 2018.
Justin Knight, President & CEO, Apple Hospitality REIT:
“I expect performance across the broader U.S. economy will continue to have a significant impact on the hotel industry in 2018. Although individual market dynamics will vary, macroeconomic trends, particularly those related to GDP growth, consumer spending, corporate profits and employment, will continue to impact traveler sentiment and the hotel industry overall in the year ahead.”
Pamela Barnhill, President, IHT, and CEO, IBC Hospitality:
“There are many elements impacting hoteliers in 2018, including potential large economic changes, such as interest rate fluctuation, legislation uncertainty, and employee benefits; changing consumer buying patterns; and on-site challenges, such as technology upgrades and increasing service level expectations.”
Steve Kirby, Managing Principal, Mumford Company:
“2018 holds promise and uncertainty. Mumford Company anticipates a strong economy with robust demand from corporate and leisure along with continued strong top-line revenues. Increased labor costs, ambiguity on immigration and health care reform will all cause downward pressure on profitability. We anticipate 2018 will be a good year for our industry.”