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'Hardly the Time to Trim Your Sails'

GREENBELT, MD—With the industry on the upswing, owners and operators look to capitalize on new and emerging hotel management trends says Chesapeake's Joseph Smith in this EXCLUSIVE column.

By Joseph Smith, EVP of Chesapeake Hospitality | Updated on April 07, 2014

GREENBELT, MD—While minor forecast disparities remain, the overwhelming consensus from analysts and observers is that 2014 is setting up to be a banner year for the hotel industry. Continued strong growth is expected, with hospitality research consultants PKF, STR and PWC all predicting a RevPAR increase anywhere between 5.3% and 6.6%. With both broad economic indicators continuing slow-but-steady recovery and industry momentum picking up, the pace of development continues to accelerate. While market-to-market variations remain, the current rate of development is higher than at any point since the recession began in 2007 and 2008, and many major hotel chains reported robust earnings at the end of 2013—additional evidence that the industry has been able to hit the ground running in 2014.

With so many indications that 2014 could be a strong performer, it is incumbent upon owners and operators to take full advantage of that potential prosperity. While a rising tide lifts all boats, now is hardly the time to trim your sails. On the contrary: owners need to ensure that their management structure and performance is optimized.

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