In a recent Zoom conference hosted by the African American Chamber of Commerce of Greater Cincinnati and Northern Kentucky, hospitality entrepreneur Kristin Kitchen talked about her lodging company that showcases Black heritage and supports minority-owned companies.
Kitchen is part of a trend toward building hospitality ventures related to Black history and culture, a sub-sector of the $200 billion global Heritage Tourism movement, which also ranks as the fastest-growing travel trend in America.
As with most hospitality ventures, Kitchen and her company, Sojourn Heritage Accommodations, are struggling to do business amid the coronavirus pandemic, but the effort to increase the number of Black-owned hotels continues, albeit at a reduced pace.
During the business lull, two entrepreneurs new to the scene are developing fresh concepts that celebrate Black culture and cater to the next generation of travelers.
In this episode of Lodging Leaders we feature Damon Lawrence, founder of Homage Hospitality Group in Oakland, California, and Robin Staten, founder of Tiny Urban Escapes in Indianapolis, Indiana. They share their visions for independent boutique accommodations and how they’re preparing to capitalize on pent-up demand during and after the coronavirus crisis.
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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.