Rising costs of goods and wages tightened margins
by Trevor Simpson
CoStar
Hotel management companies overcome different sets of challenges each year, but the main ones from 2024 were a continuation of lingering issues from years past: labor and inflation.
Those two challenges play hand in hand with each other — high inflation leads to higher wages, which has only accentuated existing staffing problems, hoteliers said.
Gregg Forde, president and chief operating officer at West Palm Beach, Florida-based Island Hospitality, said that on a macro level, inflation was the key driver of operational challenges for the hotel industry this year.