Often, independent properties are family-owned businesses. Whether through a bank or SBA mortgages, their entire worth is rolled into the venture. Many of these owners have worked a lifetime for their businesses, which have provided comfort and pride in the good times, and required cutting back in the lean years. But the game has changed in this last economic downturn. Early on, many of these independent owners were mortgaged in small, community banks where decisions
Four Questions For: Jackie Collins / Area Vice President, Arthur J. Gallagher Risk Management Services Inc.
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Trouble can often be lurking for hotels. The transient nature of the business creates a great deal of unforeseen risks. Jackie Collins, area vice president at Arthur J. Gallagher Risk Management Services Inc., has seen how these dangers can cause havoc for hotels. While she believes you can never be totally prepared, especially when it comes to natural disasters, hoteliers create their greatest risks by not having sufficient risk management plans and policies in place.
The American Hotel & Lodging Association is continually examining policies that will produce the best environment to expand the lodging business. The Travel Promotion Act planted a flag firmly in the international market, and for good reason—there are incredible opportunities to attract new visitors from overseas. President Obama established a goal of doubling exports by 2015, and international travel remains a major growth market to achieve this target. Attracting more international visitors means more jobs
