Hospitality Trends for 2024
The hospitality industry is constantly evolving. With the ever-changing guest demands and economic fluctuations, hotel owners must practice flexibility and maneuverability. While some tendencies remain stable through the years, others shift quickly. What worked for hotels in 2023 may not bring revenue in 2024. From absorbing new technologies to adapting to the environment, staying on top […]
Navigating CRE Challenges: FDIC Issues Advisory Letter for Financial Institutions
FDIC cautions financial institutions in new advisory letter. The Federal Deposit Insurance Corporation (FDIC) has released a crucial advisory for banks, highlighting the need for robust risk management in commercial real estate (CRE) lending. This letter replaces the 2008 version, Managing Commercial Real Estate Concentrations in a Challenging Environment, underscoring the significance of strong capital, appropriate […]
Hybrid Spaces in the Hospitality Industry
The way people work, travel, and live is transforming. Some of these trends are the aftermath of the COVID-19 pandemic and how it changed work. Work shifted to the cloud to facilitate remote work, offices shut down, and people moved to working in smaller, more comfortable spaces. Today, many people see the effects of those […]
Guide to Buying Hotel Properties in 2023 and 2024
In November 2023, the commercial mortgage rates are hovering between 7% and 8%— near the same residential mortgage percentages that have been dominating the headlines. As a hotel investor, you already have to juggle multiple real estate adjacent costs— mortgages, maintenance, improvements, and the costs of buying and selling new holdings. Using a 1031 exchange […]
The Impact of a Hotel’s Location
A hotel’s location is a crucial determinant in the overall success of a hotel. A hotel based in a favorable location tends to attract more clients compared to one that is located in an area that is less desirable. This translates to increased revenues. This article will examine how surrounding attractions and environment play a […]
Human Trafficking in the Hotel Industry
Hotels have become a familiar scene of human trafficking crimes across the country. According to the Polaris Project, 75% of those who survive these crimes state that they have been involved in human trafficking in the hotel industry. The National Human Trafficking Resource Center (NHTRC) also reports that hotels are frequently referenced in potential human […]
The Future of the Hotel Industry
In the three years since the peak of the pandemic, the hospitality industry has demonstrated remarkable resilience. Hotels have managed to survive and thrive in a storm of uncertainty despite facing unprecedented challenges. The landscape of hotel services today has evolved to meet the shifting needs of travel guests. Hotels must heed the evolving demands […]
Ensuring Quality Assurance in the Hotel Industry
Quality assurance is important to the success of any business, and the hotel industry is no exception. In today’s competitive world of hospitality, building a positive reputation and driving revenue growth depends on delivering exceptional guest experiences. Quality assurance is integral to every successful hotel operation, ensuring that guest expectations are met and compliance with […]
What Hotel Employees Find Most Important
As any service company will attest, employees are your biggest asset. It can be difficult in today’s culture to hire and retain good employees. So, you must look beyond the salary to those additional perks that lead to employee satisfaction. After all, your hotel employees from the concierge to the housekeeping staff are the face […]
Tucson Motel to be Converted into a Shelter, Apartments after $2.6M Sale
Jigar Desai, with NewGen Advisory, handled the $2.6 million sale of the 30-unit Amazon Motel on two acres of land at 1135 W. Miracle Mile, near Fairview Avenue.