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Home » Features » 2023 outlook: Industry voices on travel and hospitality

2023 outlook: Industry voices on travel and hospitality

• January 16, 2023

Connor Llewellyn Ryterski (top left), Stephen McCall (top middle), Kennet Nordlien (top right), Craig Strickler (bottom left), James Williamson (bottom middle), Nigel Green (bottom right).

Industry leaders share their thoughts on the travel, hospitality and economic landscape in 2023. BHN reports.

Connor Llewellyn Ryterski , managing director, prizeotel:

“We expect sustainability to remain a key focus for 2023, with hospitality businesses working towards ambitious emission reduction targets to become net zero, which is something we and the wider Radisson Hotel Group aim to achieve by 2050. 

“We also expect the demand for the bleisure segment to grow further, and for the average length of stay to grow from one or two nights to up to four nights.” 

Stephen McCall , CEO, edyn: 

“Despite a challenging outlook for British hospitality – with a looming recession, a cost-of-living crisis, limited staffing, and a reduction of government support for business energy bills beyond March – there is also cause for some measured optimism, particularly within the hotels sector.

“The resurgence in consumer travel following the pandemic has proven more resilient than many expected, reflecting the increased value many ascribe to it following the deprivations of the pandemic. This more positive outlook is also seen in business travel, which now promises a long-awaited rebound with more than half of global company travel budgets back to pre-pandemic levels. 

“Closer to home, hybrid hospitality is likely to reap rewards thanks to the continued growth of the consumer preferences that have so far underpinned its success. According to the CEBR, these preferences, such as the increasing demand for longer trips and remote working spaces, are particularly prevalent among younger generations, indicating a promising outlook for our sector well past 2023.”

Kennet Nordlien , CEO and founder, Riskline:

“In 2023 travellers and businesses should prepare for uncertainty. We remain in the grip of turbulent times. There’s an unprecedented rise in the impact and frequency of natural disasters, continuing inter-state conflict, growth in civil unrest and industrial action, and talk of a global recession.

“Travel demand has recovered somewhat, but will be impacted by greater hurdles, sustainability requirements and cost of living pressures. Those that travel will have higher expectations. Proactive monitoring, allowing for flexibility and adapting to disruptions will be critical in 2023. This will be possible thanks to the explosion of available data and new AI-powered technology.”

Craig Strickler , managing director, Valor Hospitality Partners:

“Our technology efforts this year will be focused on our team. We are not only prioritising attracting the best talent, but also retaining them. We’re implementing a new Human Resources Information System, which provides new technology for recruitment, benefits, performance review, compensation, training, etc. 

“Given the state of employment in this industry, we feel strongly that it is vital to provide our team with the latest efficiencies in their working environment, which will ultimately translate into them giving the same great level of care to our guests. ”

James Williamson , director of hotels and leisure, Graham + Sibbald:

“The hotel sector, along with the wider economy, has experienced unprecedented conditions since the onset of the pandemic at the beginning of 2020. Whilst it continues to face some significant challenges and headwinds in the months ahead, we are positive as to the outlook for the hotel and leisure sector in the UK. 

“Top-line performance has generally been robust as we emerged from Covid during 2022 and although inflationary pressure has been impacting the UK economy, it is encouraging that there are signs of this starting to ease; wholesale gas prices have fallen in recent days and data shows that the economy unexpectedly grew in November 2022.

“Buyer demand continues for appropriately priced hotels, in part due to the relative lack of hotels on the market, and there is a good level of equity in the market to facilitate transactions. We anticipate that buyer appetite will continue through 2023.” 

Nigel Green , CEO, deVere Group:

“As inflation begins a return to target, the cost of living will drop for consumers and central banks will ease their feet off the economic brakes, going easier on interest rate hikes before winding down. Wage inflation remains an issue, but this should ease through the year.

“A strong dollar has hit both developed and emerging markets globally, fuelling inflation and raising the cost of imported goods. It has also added to the need for some central banks around the world to tighten their own financial conditions. This will all ease when the dollar’s supremacy weakens. 

“As cost-of-living eases and global growth picks up pace throughout 2023, investors will be seeking to increase their exposure to growth stocks. These are stocks that grow at a rate higher than the market average, typically such as tech stocks.

“China’s economy – the world’s second largest – is coming out of hibernation after three years of coronavirus restrictions. This could be the most visible, most anticipated, and most impactful upside boost for global markets we’ve seen in recent times. The rebound is likely to be dramatic.”

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The Big Hotel CEOs Saw $50+ Million Packages in 2023

Rashaad Jorden , Skift

April 10th, 2024 at 4:00 AM EDT

Today's podcast looks at CEO salaries, Ben Drew's next steps, and a new Boeing whistleblower.

Rashaad Jorden

Skift Daily Briefing Podcast

Listen to the day’s top travel stories in under four minutes every weekday.

Good morning from Skift. It’s Wednesday, April 10. Here’s what you need to know about the business of travel today.

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Episode Notes

Several major hotel CEOs took home more money in 2023 than they did the previous year. Senior Hospitality Editor Sean O’Neill provides information about their pay packages. 

Hilton CEO Christopher Nassetta was the highest paid hotel executive in 2023, making $56.8 million. He was awarded about $8.3 million in total compensation the previous year. O’Neill cites stock-market gains as a reason why Nassetta’s pay package was substantially higher. Hilton’s stock price jumped 42% last year, and Nassetta received $16.3 million in stock awards. 

Hyatt CEO Mark Hoplamazian was the second-highest paid hotel CEO in 2023, making close to $56.4 million.

Next, Viator President Ben Drew has announced he’s leaving the company, reports Senior Hospitality Editor O’Neill.  

Drew said he would leave Viator — Tripadvisor’s travel experiences brand — on April 12 for “a new opportunity in a new industry.” Drew, who had previously worked at Expedia and Deloitte, has served as Viator president since 2020. Viator generated about $4 billion in gross bookings last year, a figure Drew said was only about 1% of the experiences sold online and off. 

Finally, a whistleblower at Boeing claims the planemaker took shortcuts to make both the 787 and 777, writes Airlines Reporter Meghna Maharishi. 

Boeing engineer Sam Salehpour said the company has dismissed repeated concerns about the quality control of the 787 Dreamliner and 777. Those models are among the most used widebodies in the aviation industry. Federal authorities are currently investigating Salehpour’s claims, which were made public on Tuesday. He had filed a complaint with the Federal Aviation Administration in late January. 

Boeing has disputed some of the claims and said it has worked to improve the production and quality control processes of the 787. 

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Tags: Boeing , boeing 787 dreamliner , hilton , hyatt , pay , skift podcast , tripadvisor , viator