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Sean O’Neill, Skift
September 12th, 2022 at 2:30 AM EDT
For hoteliers in slow-to-rebound U.S. markets, forced sales will be more likely as costs and debts rise. That’s one of a few insights from the top boss of First Hospitality, which is an active owner and manager.
Sean O’Neill
Editor’s Note: Skift Senior Hospitality Editor Sean O’Neill brings readers exclusive reporting and insights into hotel deals and development, and how those trends are making an impact across the travel industry.
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The hotel sector has become more specialized. Companies increasingly focus on just one thing, whether it’s ownership, operations, franchising, or third-party management. So First Hospitality stands out for its contrarian approach. It keeps a hand in almost everything.
First Hospitality’s diverse business interests in the U.S. give it a broad view of hotel deals and development.
I interviewed president and CEO David Duncan for his insights.
Duncan said many hotels’ failure to maintain their properties would haunt them.
“The debt side of the capital markets will push hesitant sellers to sell,” Duncan said.
First Hospitality has been expanding its third-party management.
First Hospitality is doing selective hotel development in markets with high growth, such as sunny resort destinations.
The company is ideally looking for properties with about 200 to 300 keys in major cities, especially on the East Coast or in Chicago.
First Hospitality has no plans to change its strategy of being both an owner and an operator of hotels.
First Hospitality used the pandemic to fine-tune its business practices, such as how it sets room rates.
First Hospitality moved in June its headquarters from the Chicago suburbs to downtown, kitty-corner from the Willis Tower.
I always read tips and feedback. Contact me at [email protected] or via LinkedIn.
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Sean O’Neill, Skift
September 12th, 2022 at 2:30 AM EDT
Tags: ceo interviews, Early Check-In, First Hospitality, hotel investments, hotel operations, Skift Pro Columns
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