HB ON THE SCENE: Leveraging Legacy Brands to Define New Product
Monday June 23rd, 2014 - 12:27PM B
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SAN ANTONIO—Industry experts discussed the robustness of legacy brands within the lodging industry during the 2014 Hotel Business Executive Roundtable titled, “Leveraging Legacy Brands to Define New Product.” Sponsored and hosted by Red Roof Inn, the roundtable, presented by Hotel Business, was held June 20 at Red Roof Inn Plus+ Downtown Riverwalk, located here.
The roundtable discussion comes several months after Red Roof Inn launched a new extension—Red Roof Plus+. After 40 years as a single-brand entity, Red Roof Inn leveraged the success of its’ NextGen renovation program to create the Plus+ designator. The new tier comes with its own set of enhancements (largely exterior), and is available only to properties that already have completed a total NextGen revamp.
The executive roundtable explored a number of topics such as whether there is still excitement around the legacy brands, concern over new brands saturating the market and comparing extension brands to their legacy originals. From a lending perspective, the steps taken to secure debt to advance new product was discussed. And from a risk management point of view, the panelists explored the types of risks associated with launching new product and how to avoid common roadblocks.
The panelists included: Andrew Alexander, president, Red Roof Inn; Jackie C. Collins, senior director/VP, Arthur J. Gallagher Risk Management Services, Inc.; Robert Cuzzone, VP/operations, Presidian Hotels and Resorts; Tiffany Daughtry, VP/lending, PMC Commercial Trust; Tony DeGeorge, president, Hotel Brokers International; Phil Hugh, chief development officer, Red Roof Inn; Brent LeBlanc, SVP, Peachtree Hotel Group; Pratik R. Patel, president, REM Hospitality, Inc./chairman of AAHOA; Ravi Patel, president, Hawkeye Hotels; and Hank Wolpert, VP/HREC Investment Advisors, Hospitality Real Estate Counselors. The Roundtable was moderated by Hotel Business' Executive News Editor Stefani C. O'Connor.
For more information, look for the Executive Roundtable editorial feature that will appear in the July 15 edition of Hotel Business.
Tags: Red Roof Inn • Red Roof Inn Plus+ • Executive Roundtable • Hotel Business • • Hospitality • Brands •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.