Chip is a hospitality veteran and he’s been serving the industry for more than 30 years. He’s done it all – from washing dishes, to the front desk, Assistant GM, General Manager, Sales Manager, COO, CDO, VP and more. For over 20 years, Chip served America’s Best Franchising as the brand grew from just a few properties to a portfolio of nearly 300. After ABF was acquired by Vantage Hospitality a couple years ago, Chip began his hospitality consultancy, and he has helped multiple development and management groups not only grow profits, but identify key areas for improvement.
Lodging Econometrics has tracked the hotel industry since 1998. Its global database includes new-hotel pipelines as well as renovations and brand conversions. Hotel franchisers once eager to launch new brands are focused on converting existing hotels because it’s a faster way to recover revenue lost to the COVID-19 pandemic than through new construction. In Episode 346, Lodging Leaders explores the increasing number of conversions in the U.S. hotel industry and what owners and operators need to consider before repositioning an asset.
In the first few months of the COVID-19 pandemic in the U.S., financiers anticipated a swell of distressed hotel businesses. Some raised rescue funds to respond to what they thought was a pending crisis. Though there are financial rescues taking place, the level of such activity is far below what industry advisers and fund managers expected. Commercial real estate investors positioned to act in the early days of the pandemic held off and are now just beginning to unleash their cash hoards totaling billions of dollars. Episode 345 of Lodging Leaders podcast explores the state of capital investment in the hotel industry.