Establishing a Culture of Ownership
In 2023, inflation remains persistent and real wages remain stagnant for most working people in hospitality, despite significant growth in profits. Demand is surging, and hotels are seeing 90 percent of 2019 revenue in most markets, but EBITDA profit margins are shrinking in most product segments. Despite the projected return of record revenues and $80 billion in profits in the United States by 2025, the hotel industry is struggling due to labor shortages, immigration bottlenecks, and departure of elite talent. According to our analysis, general managers are turning over at 40 percent with average tenures on the job of 16 months, and employee turnover ranges from 75 to 115 percent. Most ...
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