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Hotel Owners Bet on Brand Strength and Technology for Future Development, Wyndham Study Discovers – Image Credit Wyndham
Hotel Market Shows Strength and Development Regardless Of Economic Difficulties, According to Wyndham’s Report
Regardless of current financial unpredictabilities, Wyndham Hotels & Resorts just recently released its inaugural Hotel Owner Trends Report, which exposes a typically positive outlook amongst hotel owners and designers. Based on surveys performed over a number of months, the report suggests a strong belief in the industry’s resilience and capacity for long-term development.
Confidence In The Middle Of Uncertainty
Despite a tough economic environment marked by tariffs, inflation, and changing rate of interest, over 90% of the participants expressed optimism about the future. Amit Sripathi, Chief Advancement Officer at Wyndham, highlighted that many hotel owners and developers are preparing to broaden their portfolios within the next five years, demonstrating a robust self-confidence in the hospitality sector’s long-term prospects.
The Significance of Branding
The survey underscored the considerable role that branding plays in the hotel market. A frustrating 98% of individuals are open to exploring new top quality opportunities, with a choice for traditional or tough brands (55%) over soft brands (45%). The essential factors influencing their choice include assistance from market professionals, access to executive management, and the strength of the loyalty program, which more than 80% of participants deemed critical to a hotel’s success.
Extended-Stay Hotels: A Growing Focus
The report likewise highlighted the increasing interest in extended-stay hotels, which are seen as lucrative due to high demand and roi. Almost all surveyed (96%) acknowledge the potential in the extended-stay market. The distinct operating model of extended-stay hotels and the anticipated boost in company due to facilities costs were noted as key elements contributing to this optimism.
Innovation as a Differentiator
Innovation financial investment is another area where hotel owners see a chance to stick out. Access to cutting-edge innovation is a top consideration for lots of owners when choosing a brand name. Investments are being made in digital space secrets, self-service kiosks, and electrical automobile charging stations. In addition, expert system is prevalent, with applications ranging from operational support to guest-facing services.
Conclusion
The Wyndham Hotel Owner Trends Report paints an image of an industry that, regardless of facing financial headwinds, is poised for development and innovation. Hotel owners and designers are seeking to expand their portfolios and like lining up with brands that offer robust support, advanced technology, and strong commitment programs. Scott Strickland, Chief Commercial Officer at Wyndham, emphasized the company’s commitment to meeting these requirements, which is reflected in their high franchisee retention rates.