North American lodging market diversifies as big chains extend reach; industry prepares for influx of new brands
Source: Hotels Daily News Service
Despite all the attention the industry has placed on growth opportunities in Asia, the strength and buoyancy of the North American hotel market should not be underestimated. “The U.S. will continue to be the single largest growth driver over the next 20 years,” said Andrew Cosslett, CEO of InterContinental Hotels Group (IHG), in addressing attendees of the recent New York University Hospitality Industry Investment Conference. Similarly, despite all the attention Hilton Hotels Corp. has given to its new joint-venture deals in India and China, Tom Keltner, Hilton’s CEO for Americas and global brands, points to the company’s pipeline—which at 800 hotels and some 110,000 rooms is the largest in its history—saying “most of that is still U.S. growth.” While two-thirds of that development will be in select-service, Keltner adds that its full-service Embassy Suites brand is seeing the biggest growth in the brand’s history.
External Link: http://www.hotelsmag.com/archives/2007/08/sr/