The Suite Spot was reside on the 2025 NYU IHIF convention final week, masking the occasion to carry hoteliers unique content material and perception on essentially the most prevalent subjects and traits within the hospitality business at the moment.
Tune in now to get the heart beat on how traders, homeowners, hoteliers, and visitors are feeling in regards to the business and the place they see it heading in 2025 and past as Suite Spot host, Ryan Embree, shares the 2025 NYU IHIF key takeaways.
Welcome to Suite Spot, the place hoteliers examine in, and we take a look at what’s trending in resort advertising and marketing. I’m your host, Ryan Embree. Howdy everybody. Ryan Embree right here with the Suite Spot. We’re again right here at our Journey Media Group headquarters in Maitland, Florida. Contemporary off an unimaginable 2025 NYU IHIF. Uh, the convention theme was engagement drives returns. There was a ton of engagement. It was the whole lot as marketed. And extra. 2200 delegates, 400 plus traders, 20% of these being new traders. Nearly each single model, uh, main hospitality model represented there, uh, with C-Suite management. It was an unimaginable couple days up in New York Metropolis. It was our first time masking the occasion. We acquired some unimaginable, wonderful footage, unique interviews and insights, uh, and we’re gonna share all of it with you at present. So, uh, thanks for becoming a member of me right here on the Suite Spot for our 5 key takeaways. Uh, like I stated, it was simply an unimaginable couple days up in New York and actually gave some perspective on how resorts are performing virtually on the halfway level of 2025, and what we now have to stay up for. And that’s actually sort of my first takeaway, uh, is, you already know, is is it actually as dangerous as marketed on the market? , one of many key periods and, um, interviews that we spoke to was STR President, Amanda Het, uh, who, who actually, uh, her message to the, the gang on the market in New York was, um, actually don’t learn into the headlines as a lot as, uh, it’s being stated. Uh, you already know, o clearly there are some, some, uh, exterior main components which are having some influence on our business and, uh, will proceed to influence the business. However actually yr over yr, there isn’t an excessive amount of of a distinction there. Um, worldwide journey did dip, uh, however there’s a, plenty of, uh, optimistic sentiment that that appears to be returning. And hopefully sooner or later, these bookings will, will return right here. ’trigger that’s clearly a significant, main a part of our, uh, home, uh, hospitality stock and demand. Um, clearly there’s additionally plenty of dependence on what market you’re in, proper? Amanda shared some unimaginable insights in our interviews of which markets are performing actually, very well. She was speaking about, um, San Francisco being a type of, uh, markets that little bit slower to get better final yr. We’ve seen some headlines there, uh, however it appears to be, uh, actually popping this yr in 2025 up within the northeast. Some main bumps in New Orleans, clearly with the Tremendous Bowl, uh, will proceed to have to look at it, these huge occasions as folks can con proceed to prioritize journey. However there’s this bifurcation of demand between segments proper now, and I believe that speaks to possibly these headlines that of, of what’s occurring, um, tariffs, inflation, issues of that nature, actually impacting, uh, the economic system and decrease, um, decrease center class. Uh, possibly they’re, uh, conserving their tight, their wallets a little bit bit tighter this yr so far as journey goes, however the luxurious, the extremely luxurious segments are actually, uh, having fun with these thousand greenback charges as we, we talked about, um, earlier within the yr. Um, they’re persevering with to see development. They’re persevering with to see, uh, unimaginable demand for his or her product, um, which is, which is improbable. Now, hopefully, once more, we will get a little bit bit, uh, extra readability and what our financial scenario seems like so that folks proceed to prioritize journey. Um, however actually, once more, it, it’s, it’s not, it won’t be as dangerous because it’s made out to be proper now. Provide continues to be a problem, proper? Building prices, um, are at an all time excessive. Patrons and sellers appear to be sort of caught on this, uh, uh, on this bizarre combine, um, the place they each assume, um, that they need to be getting, um, higher returns on, on each, uh, sides, on either side. And, and that’s persevering with to make issues tougher for, uh, offers to get executed. That’s why these occasions are so vital. Um, a lot networking, um, a lot deal making happening in that foyer, uh, that we noticed at, at, uh, the Marriott Marquee and New York Metropolis. Um, the following takeaway is speaking about gen ai. And clearly that’s, you’ll be able to’t go to a hospitality, you’ll be able to’t go to actually any convention anymore with out speaking about AI and the influence that it’s having. However this greater than some other convention, hospitality convention that I’ve been to, um, the narrative is beginning to change. The, the ushering of a brand new period is right here, we’re at this type of fork within the street the place, um, you already know, they have been speaking about which of those AI applied sciences goes to take maintain. And, and what acquired me pondering is, um, about Uber, about Airbnb, these disruptors, however over, however actually grew to become in a single day sensations the place, you already know, possibly simply a few your excessive tech mates possibly have been, have been taking part in with these items like Uber and Airbnb. And the following factor you already know, you’re speaking to, um, your, uh, uh, uh, uh, your grandparents, and so they had booked an Uber for themselves or an Airbnb for themselves. They understood the know-how and so they have been wielding that energy, proper? And that’s when a tipping level occurs, um, with these disruptors is when, uh, it actually, everybody throughout the board begins to make use of it. And, and that’s what we’re going to proceed to see with Gen ai, whether or not Gchat Chat, GPT Perplexity, or considered one of these different distributors, you already know, as soon as that, that begins to take maintain. Um, you already know, I, one of many frequent phrases that was thrown round at this convention was, it will likely be the largest disruption because the web. Um, which to attempt to put that in, uh, context may be very, very troublesome as a result of we haven’t had a disruption like that, um, in many years. So it’ll be very fascinating to see, uh, you already know, it, it, it’s simply as feeling completely different as a result of individuals are at completely different phases of, of rollouts with ai. Um, clearly the low hanging fruit on the market was, we talked about on this podcast is to search for efficiencies, operational efficiencies, um, locations that you could empower your staff. I believe generally we like to leap a pair steps forward of the place we predict we ought to be with this know-how, however earlier than we all know it, six months a yr, 18 months down the road, rapidly you can look down an AI could possibly be in virtually each single considered one of our processes, our hospitality processes, which for essentially the most half, as we’ve talked about, the hospitality is de facto sluggish to, uh, actually undertake these, these tech adjustments. So hopefully with ai it’s a special story. Um, however it, it does carry up a, a extremely, um, fascinating query and that I believe, you already know, as hoteliers we’re going to should face, and we’ve talked, we’ve mentioned on this podcast earlier than of, you already know, the place is the road of, of know-how and repair? And, you already know, we’ve visited, we did a web site go to for, uh, our Suite Spot street journey collection not too long ago. And, and as we have been touring the property, had a number of folks cease us and have conversations with us about how effectively their keep was going. Um, the GM of the property was with me, was following up, uh, with a, a scenario that had occurred with somebody’s automobile not beginning, following up, ensuring that, that that visitor was okay, they’d the whole lot that they wanted. Um, these are the kind of contact factors in hospitality that make or break an expertise. And when implementing know-how, now rapidly that have goes from very hands-on, excessive contact, uh, to, could possibly be chilly behind a telephone, um, you already know, messaging, not an actual particular person, an AI agent. And the way, as customers, as visitors, as vacationers, how, uh, a lot of an urge for food do we now have for that? Uh, proper? I believe again to when, um, we’re on the telephone with a few of these bots, uh, whether or not or not it’s for, for a big firm, customer support, um, you already know, electrical payments, your telephone invoice, and all you wanna do is simply discuss to an individual, proper? Um, zero, zero operator, operator, actual particular person, actual particular person, clicking buttons, saying phrases to attempt to set off that actual human contact and interplay. After which on the similar time, when you do go forward and undergo the whole lot with a bot, uh, discovering an actual particular person and have to clarify the whole lot over once more, once more, there’s gonna be a stage of urge for food the place we’re as customers, as vacationers assume, Hey, that is actually cool know-how, and I perceive this can be a studying course of. Um, however the place will that line be drawn and the place it has a damaging influence? And I believe that’s one thing, um, that we’re gonna should battle right here within the subsequent couple years as we implement increasingly know-how. And, and we’re on this, and we’re on this area the place, take into consideration the, the latest phenomenon, white lotus, proper? They go to this extremely luxurious resort in Thailand. And, and what was one of many perks? One of many issues, uh, one of many features of this visitor expertise, this resort expertise, uh, that they provided to their visitors was no know-how, proper? Zero cell telephones. So we’re at this fork within the street the place, the place is extremely luxurious going to lean into? Is it going to lean into the excessive tech, um, ai, the whole lot is customized personalization, um, or is it going to go the alternative method the place we are attempting to additional you distance you from, um, AI with the intention to make connections, proper? Whether or not or not it’s with the employees, whether or not or not it’s with the folks that you just’re touring with, whether or not or not it’s with fellow vacationers. So it’s an fascinating fork within the street, however it was actually, um, it, it, gen AI is making some noise on the market. And, uh, it, yeah, I don’t see it slowing down and, and actually am, am frankly within the conferences that we now have main as much as see how this dialog evolves, uh, with manufacturers, administration corporations and particular person resorts in addition to vacationers. Um, you already know, I believe one other, uh, one other key takeaway is that journey is right here to remain. , I I believe plenty of hoteliers can take plenty of solace, uh, listening to this, realizing that journey remains to be a high discretionary spending precedence throughout a number of international locations. Um, reserving.com shared some actually nice perception into this, uh, is that when surveying, um, folks in what they need to use that further or discretionary revenue on, um, close to the highest is at all times journey. And, you already know, there are issues that we have a look at over these final couple of years and that, that can proceed to see the results of, um, that can, which have formed due to what occurred in 2020. And I believe that is considered one of them. I believe lots of people had journey ripped away from them, and so they had further revenue, and so they began spending on merchandise and issues and ma materialistic objects, and it didn’t give them the identical achievement as touring. And I believe this youthful technology can also be actually trying ahead to experiences. They’re seeing experiences on social media each single day. , earlier than social media, earlier than the web, you already know, the place that you’d hear about folks’s journeys, uh, have been at dinner events, the weekends once you’d go to household, once you’d, uh, once you’d discuss to your pals. Um, and have been ready to do this now. Anybody will be sitting behind their desk on a Tuesday morning at 9:00 AM scroll by means of their social media feed and see these wonderful, unimaginable locations that individuals are visiting each single day, inspiring them to journey. That is the ability of social media that we’ve preached a lot, however I believe it’s impacted that journey is right here to remain. And you already know, proper now we’re at a time of nice uncertainty for our business, however I believe hoteliers can hoteliers, um, homeowners, manufacturers, traders can all sleep at evening realizing that this would be the final thing that folks pull again on, um, in terms of discretionary revenue, as a result of folks like to journey. And my last, uh, takeaway is de facto to maintain it easy. , once more, I, I do know I began on the high of this about not trusting the headlines, however there are headlines to be stated on the market. There’s plenty of uncertainty. One of many, uh, quotes that actually caught with me was Mitch Patel from Imaginative and prescient Hospitality, who stated, our business is so clear by means of critiques, um, social media, you must concentrate on the basics in service proper now. And I believe that goes again to the management what you’ll be able to management. And it’s actually going to be hoteliers that on this time of uncertainty, put their heads down and focus solely on the visitors. The reserving window has shortened vacationers are making faster choices due to that uncertainty in regards to the future, proper? What’s, what’s my job gonna seem like in six, 9 months, 18 months down the road? Um, possibly I’ll get yet another journey in earlier than one thing occurs, proper? Uh, the reserving window has shortened. We’ve seen that within the STR information. Take into consideration how critiques in social media, a subject that we discuss on a regular basis, are factoring into these reserving, these shortened reserving home windows. The data that’s on the market for vacationers is rising, uh, increasingly consumer generated suggestions. Increasingly more locations to assessment, uh, your resort, phrase of mouth. It’s actually going to be the resorts that preserve it easy, concentrate on the basics of service and servicing the visitors which are gonna climate this storm, whether or not there’s one or not. And I believe that’s, that’s, uh, prudent recommendation. Once more, whether or not we see, um, that financial downturn, um, or whether or not we climate this storm and are available out of it on the opposite aspect. Uh, when you preserve the visitors on the middle, uh, your, your enterprise is gonna proceed to thrive proper now. Um, and, and we’ll see what, what function AI begins to play within the reserving journey, proper? Um, you already know, this, that is, we talked about it on this podcast. Uh, it’s not solely going to form the operational aspect of our enterprise, but in addition how visitors are consuming, um, information, how visitors are taking a look at your property, and actually might begin shifting the best way that manufacturers, um, resorts and administration corporations, uh, begin, begin prioritizing content material, um, as an alternative of going for website positioning/AIO. Um, and, and that’s, that’s gonna be considered one of my key takeaways, uh, as we transfer ahead into the final half of 2025. Um, what number of of these vacationers proper now should not opening up that Google, uh, and, and looking resorts in Orlando anymore? They’re opening up that chat GPT app and, and looking, the place’s the most effective pla place to remain in Orlando, and what’s the data that’s arising in your property? All fascinating questions, all fascinating subjects at an unimaginable occasion that we had the pleasure of masking. I hope you’ll observe us on LinkedIn. You’ll take a look at our YouTube video. Now we have, um, some wonderful insights from some hospitality professionals, uh, that we had the, the pleasure of interviewing up at NYU IHIF, uh, Ryan Embry signing off with the Suite Spot. We’ll discuss to you subsequent time. Thanks for listening To hitch our Loyalty program. Remember to subscribe and provides us a 5 star studying on iTunes. Suite Spot is produced by Journey Media Group. Our editor is Brandon Bell with Cowl Artwork by Bary Gordon. I’m your host Ryan Embree, and we hope you loved your keep.
