The lending climate for independent hotels in 2024
Is it a hotel owners’ market? Plus: The role of sound in hotel ambiance.
Will 2024 be a year of expansion or holding steady for independent hotels? Today we have some insight into the financial landscape, as well as leadership advice for hotel managers.
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In today's newsletter:
💸A look at hotel lending this year
🎵The sound experience for guests
😂Leadership that infuses humor
📲Tech’s role in guest satisfaction
For hotels, borrowing money should be easier this year
Hotel lending conditions in 2024 are expected to be more predictable and consistent, providing a comparatively easier path for financing compared to previous years.
Despite the challenges faced by the regional banking crisis in 2023, which led to a pullback in financing, experts anticipate improved conditions, citing the resilience of the hotel industry and favorable asset class perception among commercial real estate lenders.
Find out more about the state of lending at CoStar.
Does your hotel sound inviting to guests?
Clay Bassford, the founder of Bespoke Sound, shares insights on leveraging music and sound to enhance the guest experience in the hospitality industry. As the creator of the sonic identity for the Hospitality Daily Podcast, Bassford discusses his process and offers inspiration on using music to differentiate brands and delight guests, drawing from his experience assisting numerous leading hospitality providers.
Listen in on the Hospitality Daily podcast.
Leading with laughter: Its vital role in hospitality
Using humor in leadership positively influences hotel staff engagement with customers, particularly among "less-traditional" workers, according to a recent study published in Tourism Management.
The research recommends managers incorporate humor in interactions with staff, consider humor in recruitment, and recognize its impact on employee energy levels, emphasizing its role in the hospitality sector's significant contribution to the global economy.
Learn more about the impact of humor in the workplace at Phys.org.
Attraction owner will expanded accessibility
Gordon Hartman, founder of Morgan's Wonderland theme park in San Antonio, plans to build an "ultra-accessible" hotel on the park's campus, seeking community input to shape its features.
The hotel aims to surpass US federal regulations and provide enhanced accessibility, catering to the needs of individuals with disabilities and their families, with a focus on affordability and innovation in design and services
Read more about Hartman’s vision from the San Antonio Report.
Guest-experience apps are integral to hotel branding, providing personalized services like keyless access, mobile check-in and local recommendations, enhancing brand image and loyalty.
With the potential to become a $6-billion category, these apps contribute to guest satisfaction, portray hotels as responsive to needs, and differentiate them in a competitive market, fostering trust and recognition in the evolving hospitality landscape.
Learn about apps’ impact at Hotels Magazine.
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