What a year it has been.
We all likely say that same exact phrase at the end of each year. But this year, especially, felt like it has been a year. You know what I mean?
It sort of felt like the first "normal" year since COVID-19. In 2022, I felt like we were emerging out of "pandemic life." But 2023 felt like a deep, cold plunge back into life as it was before everything.
We can't deny that it's taken a toll on us. I think the burnout is still very real for everyone at all levels.
So first and foremost, I want to say thank you to all who directly interact with the Hotel News Now team on a regular basis.
This includes public relations professionals who share story leads with us and help connect us to industry experts. This includes the property-level hoteliers who take the time out of their days to speak with us for 30 minutes or more at a time for interviews. This includes the C-suite leaders who record podcasts and videos with us or agree to be on panels that we moderate.
- Click here to browse our podcasts.
- Click here to watch our video interviews
The podcast is a relatively new format for us. At first, we were still working out the kinks, but every single CEO we recorded with was so gracious with us and eager to be part of the process.
The number of comments we get afterwards along the lines of "this was so much fun" really encourages us to do more.
Without these folks, our publication would not be what it is today.
Next, I want to send so much thanks to all our readers and subscribers. I can't describe how giddy I get anytime I network at an industry conference or chat with folks on the phone and they say, "I read the Hotel News Now newsletter everyday."
It reassures me that we are producing the most fair, balanced and informative news that we possibly can.
I'd like to look back at some of the articles I and my team got the chance to write in 2023. This includes ones where sources still agreed to speak with us despite going through unthinkable moments.
First up, the collapse of Silicon Valley Bank and Signature Bank in March 2023.
This was a daunting and confusing time for many. It was the largest U.S. banking collapse since the Great Recession, and ultimately did lead to a shift in the lending environment.
My goal with that article was to simply outline what was happening and what it could mean for hoteliers in the near term. I sought out trusted sources to provide this information, hoping that hoteliers would find some bit of comfort from it.
Then, over the summer, Maui suffered a string of deadly wildfires. This event devastated many lives, communities and businesses.
I won't lie, this one was a bit hard to report on. I had to be sensitive to the fact that people were mourning the loss of so many things. But I know I had a duty to report the news.
Because many hoteliers were unable to talk in the moment — and rightfully so — my first bit of reporting had to be through aggregating content plus a live interview with a global events management company.
Following that, Jeff Wagoner, president and CEO of Honolulu-based resort owner/operator Outrigger Hospitality Group, kindly agreed to provide me with some color on how his company is emerging from the aftermath of the wildfires.
I worked really hard to get in touch with Outrigger. At first, it wasn't something the company was able to talk on.
I can't imagine how hard it was for Wagoner to talk about the tragedy, but I do hope the Outrigger team felt a sense of pride knowing that despite a tragedy, they were still able to provide shelter, food and additional services for its communities.
Stateside in the U.S., Hurricane Idalia hit Florida's Big Bend region as a Category 3 hurricane in August. While it was less impactful for the hotel industry in Florida than Hurricane Ian in 2022, it's just another natural disaster event that seems to be happening more often.
Because of that, I checked in with industry experts to understand how these storms are affecting insurance costs for hoteliers.
“It’s putting extreme downward pressure on hotel performance, because even as [markets are recovering] we’re using up all that recovery with insurance costs, which ultimately creates more pressure on [earnings before interest, taxes, depreciation and amortization] for owners,” Chris Green, president of Remington Hospitality, told me.
I felt that many hoteliers could relate to that quote, because it's the reality of what many are facing as costs across the board have increased.
There's already so much pressure on hoteliers to meet owner and shareholder expectations on returns. This just further exacerbated it.
Then, in October, Hamas invaded Israel. My U.K. colleague Terence Baker has carefully been reporting on the topic.
As many people were and continue to be displaced, Israel's hotel industry has played a critical role in housing, sanctuary and relief efforts.
Terence was able to get in touch with Leon Avigad, CEO and founder of Israel-based family office Brown Hotels Collection, in October.
Avigad shared that the hostilities have been nothing short of depressing.
“We employ Israelis. We employ Palestinians. We employ Christians,” he said. “We do not call them staff, rather, team members. We have 1,100 team members in Israel and another 1,000 in Europe.
“Our team members need help. We have single working mothers and fathers drafted into the army. Our Arabic employees are feeling very uncomfortable. We’re looking at each person’s situation case by case, trying to be as humane as possible,” he added.
Despite all that is going on near Brown's hotels, Avigad said he remains committed to hospitality in Israel.
That takes incredible strength.
With all this said, hoteliers, please pat yourselves on the back and give yourselves the kudos you deserve for climbing over so many hurdles this year.
Here's to a great start in 2024.
Send me an email or connect with me on LinkedIn.
The opinions expressed in this column do not necessarily reflect the opinions of Hotel News Now or CoStar Group and its affiliated companies. Bloggers published on this site are given the freedom to express views that may be controversial, but our goal is to provoke thought and constructive discussion within our reader community. Please feel free to contact an editor with any questions or concern.