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Hotels See ‘Extended Run' of Stability

NEW YORK CITY-It'll take a resurgence in group business travel to help move the needle, lodging CEOs said at the NYU conference Tuesday.

By Paul Bubny | Updated on June 04, 2013

NEW YORK CITY-“I think we’ve got an extended run here,” Diamond Hospitality CEO Mark Brugger said Tuesday on day two of the 35th annual New York University International Hospitality Conference. The “extended run” Brugger had in mind was a period of stable fundamentals for the hotel sector, thanks to slow growth, muted development and an uptick in tourism both domestic and international.

The other lodging CEOs who shared the stage with Brugger at the Marriott Marquis here saw the near term in much the same way. However, Mitesh Shah, CEO of Noble Investment Group, pegged an uptick in the rate of growth to a resurgence in business group travel, which hasn’t yet materialized.

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