Mar 22, 2021
Glenn Haussman and Chris Green, the CEO of Chesapeake Hospitality share a lively and encouraging discussion about the green shoots sprouting as the travel & hospitality sector recovers. This session was held for the Entrepreneur's Organization.
Some takeaways:
- Chesapeake was very conservative with their cash leading up to the pandemic - 18 months of payroll in the bank. They sacrificed much to ensure that they could keep their leadership team intact for the recovery.
- They really watched and managed their cash on a daily basis
- Hotel assets might be able to be picked up this year at a 15-20% discount from their 2019 levels.
- Best growth opportunities in the 65-115 room "Box Hotels" - easy to operate, and might be able to find owner/operators who want to get out of the business. Not in major metros, but around the perimeter
- Interesting ratio to judge hotel occupancies: TSA Daily throughput : Hotel Nights booked = 1.85
- Massive Upturn coming for hospitality.