Defining Hospitality | Leading the Charge - Brian Quinn

Leading the Charge - Brian Quinn - Episode # 082

November 30, 2022 / 01:01:36/E82

Today’s guest is a recognized leader in domestic and international real estate, travel, lodging, and restaurant industries. He is a proven, articulate thought leader and has delivered exceptional results in the hospitality industry. Brian Quinn is the Chief Development Officer at Sonesta. Brian joins the host Dan Ryan to share what he had learned through his journey in the world of hospitality.

Takeaways:

In the hospitality industry, everyone works together to help achieve a goal. A great design can only come to life if someone is willing to put it in their building.
If you are an owner or operator of a hotel or hospitality business, you will bring a different level of energy and care to a project. You will be more focused on the return on investment in that aspect.
In 2012 the RMR Group acquired hospitality spaces, bringing a whole new level of finance and real estate expertise into the hospitality industry.
During the COVID pandemic, there was a higher demand for extended stays and economy-style hotel stays as more people worked from home.
The top three things that make Sonesta a good brand to join are the market availability, the access to an executive team, and the last piece is the owner lens.
There are a few ways to underwrite a CapEx renovation; one is to think about what happens to your performance if you do nothing, and the other way is to check for any headroom in the market and see if you can perform better.
Whether a recession comes or not, if unemployment remains low then people are going to spend their disposable income on dining, travel, and other hospitality experiences.

Quote of the Show:

“Whether we technically go into a recession or not, if unemployment stays low, people are going to spend their disposable income on dining out and traveling.” - Brian Quinn

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