The power of leveraging the emotional economy by NANCI SHERMAN Simply put, the emotional economy is an outgrowth of the experience economy. And, make no mistake, emotional needs and desires drive purchasing decisions more than rational considerations such as price or quality. Consider the following as your portal to the hearts of your guests and staff. 1. TO BE OUTSTANDING IN BUSINESS, YOU MUST FIRST STAND OUT Branded or independent, your STR report competitors want to steal your guests. You need to find out what you can do better than anyone else that will distinguish you from the pack and al ..read more

AAHOA delegation embarks on new era of possibilities by EVELYN HOOVER In its 34-year history, AAHOA’s footprint has grown to nearly 20,000 members owning 60% of the hotels in the U.S. This growth makes AAHOA a powerhouse in the U.S. hospitality industry and on a global scale. With its powerful platform, a delegation of AAHOA Members joined top Indian dignitaries and leaders for a series of business meetings January 4-10, 2023. The featured stops in Gujarat, Madhya Pradesh, and New Delhi all had one goal in common: creating a mutually beneficial relationship between the U.S. and India. The dele ..read more

by STEPHEN OVERCASH BIM (Building Information Modeling) emerged in the 1980s and is a useful tool for architectural and construction efficiencies and accuracies. However, for all its usefulness, BIM also can be a crutch for architects and contractors. Does BIM technology shorten the hotel construction process?In his 1970 book, “Future Shock,” Alvin Toffler warned that too much change in a short period of time leads to the phenomenon of information overload. Toffler forecasted a “paralysis” caused by this rapid technological change. HOW DID WE GET HERE? Looking back 50 years, buildings were h ..read more

by VIPUL DAYAL Not once! Among the dozens of articles and blog posts I have seen about maximizing revenue, not once have I ever seen anyone talk about the steps backward that we must first take so we may then take the steps forward of maximizing revenue. Assuming we want our maximized revenue to be sustainable, we must ensure we have a foundation of basics in place. As my coach always says, “We should never attempt to build a mansion on top of quicksand.” 1. TRUST THE PROCESS To start, the first thing we must do is to have a budget for the year. Undoubtedly, this will take time if we haven’t ..read more

by RUSHI SHAH Underwriting is the crux of any commercial real estate financing transaction. During this process, debt and equity providers initiate a series of fact-gathering and verification activities, known as due diligence, to gain insight on the property and sponsor (the person who owns and/or controls the asset being financed). The steps involved to move a transaction from initial term sheet to settlement statement to ultimate closing can vary by type of loan and type of lender. Understanding upfront how each capital source underwrites can guide borrowers to choose the right loan produc ..read more

by NADAV CORNBERG In recent years, hotel technology has accelerated rapidly, with the pandemic and labor shortages at the forefront of its evolution. This is especially true of technology used to elevate the guest experience. Today’s guest demands tech-driven experiences to speed up and smooth over what was once dealt with via face-to-face interaction. According to the 2022 Lodging Technology Study, 52% of respondents reported that guests increasingly prefer digital service encounters over encounters with staff. However, despite this preference, many properties remain entrenched in low-tech a ..read more

Six-time Forbes Five Star-winning hotelier shares his guest service secrets and passions by MICAH SOLOMON It’s excruciatingly hard for a hotel, spa, or restaurant to earn even a single Five Star rating from the notoriously particular Forbes Travel Guide. Forbes has been awarding –and withholding – these stars since 1958, when the star system was pioneered by its predecessor, Mobil Travel Guide. And there’s no indication that, 65 years on, they have any intention of relaxing these standards. Hotelier Daniel Hostettler Daniel Hostettler, the Swiss-trained, Florida-based hotelier who may be his ..read more

by KEITH MILLER Each month, this special feature section explores AAHOA’s advocacy efforts, while bringing attention to pro-industry voices, highlighting industry-specific legislation, recapping past AAHOA outreach events, and much more. Rep. Jan Schakowsky was first elected to Congress in 1998 to represent Illinois’ 9th Congressional District. She serves in the House Democratic Leadership as a Chief Deputy Whip. Important to franchisees, Rep. Schakowsky serves on the House Energy & Commerce Committee, and in the 117th Congress, she was the Chair of the Consumer Protection and Commerce Su ..read more

by EVELYN HOOVER Opening Doors for Women in Hospitality March is Women’s History Month, a time to recognize and celebrate the contributions of women across the U.S. and the world. While hospitality historically has been male-dominated, at the management level, women hoteliers have made significant strides in the industry. In fact, today, of nearly 20,000 AAHOA Members, nearly 45% are women. While there still is much work to be done, change is brewing. According to the 2022 report from the Castell Project, women now hold one leadership spot for every 10 men in hotel company leadership (CEO, pr ..read more

by KEN PATEL The past three years have taken hoteliers and hotel guests for a wild ride; COVID-19 shut down many aspects of the hospitality industry for a number of months, packed savings accounts, sent a rush of travelers to the forefront in 2022, and now, macroeconomic factors such as rising interest rates and inflation have the potential to deal another rough year to hotels and tourism. Travelers poured through hotel doors in mid and late 2022, with many hotels seeing pre-pandemic recovery levels or very close to it, but individual spending in hospitality faces many headwinds this year. Sti ..read more