Where are we in the current cycle of foreclosure and stress on hotel owners?
I wish I could say with certainty, but my instinct is that we are close to the end. At least, that is my hope.
But regardless of what the next few months hold, there are a few principles that all owners can adhere to, especially those who need to be especially mindful of current credit and lending conditions:
1. Hang in there—There are better days ahead, and whether those days come
in six days, 60 days or 120, long term performance will reward those who
have the creativity and fortitude to see things through in these
2. Have an open dialogue with your brand and lenders. Maintain contact,
provide details on your plans to emerge out of the difficulty, keep
them informed, and gather ideas, thoughts, and feedback from them. Lack
of communication can result in bigger complications. Teamwork and open
dialogue can provide solutions.
3. Make smart decisions now, and reinvest where you can. In all difficult circumstances, those who keep their heads and think and invest for the long-term emerge winners. This cycle is no different.
Finally, it goes without saying that the better the brand you
are affiliated with, the stronger its market and financial position, and
the more trust between the brand and you, owner, the better.
Many short-term headaches can be avoided by associating with the right partners from the beginning.