The Marriott CEO, Arne Sorenson, recently spoke at a Hotel investment conference. Here are the details
He (Sorenson) cautioned that the industry must fight against a public perception that travel is “frivolous, something discretionary,” that can be cut. Hotels create priceless family memories when they host weddings, honeymooners and family vacation, he said.
“We've got to be collectively unapologetic of the value of what happens in the hotel business,” said Sorenson. The hospital industry helps local economies, creating jobs.
The industry may be “at the beginning of a new golden age of travel,” Sorenson said, noting that 65 million foreigners visited the U.S. in 2012, a number that the Obama administration predicts will rise to 100 million in 2021.
If the U.S. had the same share of global travel that we had in the year 200, before 9/11, which would mean 35 million new visitors every year. Those that would book hotel rooms would stay 5-10 days, which could boost hotel occupancies by 4 to 5 points, a “transformational” opportunity.