In an interview with Jonathan Tisch, chairman and CEO of Loews Hotels, Frits Van Paasschen, Starwood Hotels & Resorts Worldwide Inc.'s new CEO, told the audience that so much of building a brand in the lodging industry has to do with "repeat great experiences." When a consumer buys into a powerful brand, they are buying into a set of values, he said.
He explained that a brand allows for customer recognition, repeat business and word-of-mouth marketing, but he says that although you can spread the message of a brand, "you have to be able to back it up." The challenge, he said, is to maintain reliability globally, which can only be done with local teams in place.
He said that in order to be successful, you have to stay focused and stay aligned. "A brand is a promise, and that promise is only strong if you deliver it consistently." Van Paasschen continued to say that as important as consistency, is authenticity and innovation. "Our responsibility is to be just different enough that it re-attracts attention and re-engages consumers."
Van Paasschen joined Starwood in Sept. 2007, and has more than 20 years of experience with consumer-focused global lifestyle brands including Molson Coors Brewing Co., Nike Inc., and Disney Consumer Products. He explained that in his experience, he has learned that "yes, it would be wonderful to have a brilliant CEO, but it is more important to have a successful business made up of like-minded individuals."
Van Paasschen, who has visited more than 20 countries in the past nine months, said that he is focused on having a global footprint, as other lodging experts also noted Monday morning, at the same conference. "Having a global network is exciting," he said. "It means that you have access points to your brand worldwide."
He said that the current economic situation is more challenging in the US than internationally. "It wears on the American consumer, but I don't see that happening in the long term." Van Paasschen said that leisure travel will struggle this summer, "there is no doubt about it. Our industry is very much affected by macroeconomic factors, he said, but "I am bullish on the longer term."
Starwood Hotels & Resorts Worldwide has approximately 900 properties in more than 95 countries and 155,000 employees at its owned and managed properties. Starwood Hotels is an owner, operator and franchisor of hotels and resorts with brands including: St. Regis; the Luxury Collection; Sheraton; Westin; Four Points by Sheraton; W; Le Méridien; and the recently revealed Aloft and Element.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
