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Top Hotel CEOs Bet on Group Bookings, AI, and India for Growth
04.06.2024 - 03:31 / skift.com / Summer Travel / Anthony Capuano / Christopher Nassetta / Sean Oneill / Marriott International
The world’s top hotel executives are betting big on AI, groups, and India amid a post-pandemic travel resurgence that’s bolstering the bottom line despite economic headwinds and labor challenges.
That was Monday’s message from CEOs of the world’s largest hotel groups at the New York University International Hospitality Industry Investment Conference.
“Group [room bookings are] the strongest performance segment this year,” Marriott CEO Anthony Capuano said. His peers from Accor, Hyatt and Hilton also touted hefty rate hikes and double-digit growth in lucrative corporate and event bookings.
The upbeat outlook from executives came as hotels turn to AI to offset staffing shortages and enhance the guest experience.
“What’s going to be revolutionary about AI and generative AI is the tools that we will be able to enable our teams with to deliver a customer experience that is far beyond anything that we’ve ever been able to do,” said Hilton CEO Christopher Nassetta.
Leisure demand remains robust albeit slowing, while a supply-demand imbalance stemming from higher borrowing costs and regulatory hurdles has hotel groups eyeing conversions and banking on pricing power.
The executives also flagged India, with its emerging middle class and infrastructure investments, as a key multi-year growth story even as development lags other regions.
Here are the key takeaways.
What am I looking at? The performance of hotels and short-term rental sector stocks within the ST200. The index includes companies publicly traded across global markets, including international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares.
The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more hotels and short-term rental financial sector performance.
Read the full methodology behind the Skift Travel 200.
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