PERSONALITIES
‘ AMBITION AND CURIOSITY ’ CAN TAKE YOU FAR
Sam Hudson is part of a new wave of asset managers who sees hotels through a different lens . His introduction to hotels came seven years ago at Ashford Hospitality Trust , where he was hired as a financial analyst , quickly ascending to director of asset management . Now , at Irving , Texas-based CorePoint Lodging , the 33-year-old tends a portfolio of about 70 Wyndham properties as senior director of asset management .
HOTELS : How are you disrupting your field ? How effectively do you think the industry has been responding to disruption ?
Sam Hudson : CorePoint is the first publicly traded midscale hotel REIT . We do things a little differently . Asset management teams at other REITs might be responsible for 15 to 20 hotels , but here we have a pretty light overhead model , so each asset manager has about 70 hotels . That keeps corporate overhead lower . As for the industry , I think it ’ s still struggling to respond to the growth of online travel agencies and Airbnb . Some of the brands have been testing member-only rates , and that seems to be effective at increasing brand loyalty .
H : What trends are you observing among hotel REITs , asset managers ?
SH : On the old asset management career track , you were in operations , then maybe a GM , then a regional manager . But being a GM for 20 years doesn ’ t mean you ’ ve developed the expertise to manage assets . Today , a lot of REITs are hiring people with different backgrounds — finance or even engineering because engineers have the analytical and intellectual capacity needed .
H : How have hotel careers evolved ? SH : The emergence of revenue management jobs is number one , followed by e-commerce . Those two positions didn ’ t really exist 20 years before ; now they are a critical part of the business .
H : What ’ s the appeal today for anyone getting into the hotel business ?
SH : What makes the industry great is you are only limited by your own ambition and curiosity . I have some friends who don ’ t have college degrees , but they started in entry-level positions and are now
WHAT ARE THE NEEDS OF NEXT-GEN LEADERS COMPARED TO THE CURRENT GENERATION ? WHILE IT DOESN ’ T MEAN THAT WE ’ RE LESS DEDICATED , THE EXPECTATION IS TO HAVE MORE WORK / LIFE BALANCE .
managers . That upward mobility is something we need people to know about . H : What keeps you up at night ? SH : The labor market — just from the perspective of rising wages and turnover . An engaged and tenured property team is usually the number one predictor of success for a hotel — and we ’ re constantly dealing with higher wages and turnover . A cashier at Whole Foods is making US $ 15 an hour . If you compare that with housekeeping wages , I don ’ t know why anyone would want to make beds all day .
H : To what do you most attribute your career success and growth ?
SH : Being willing and eager to take on additional responsibilities and projects , and always being curious . A lot of REITs operate with fairly small headcounts , so these things matter .
H : What would you tell people entering the industry now ?
SH : Know something about sales , revenue and e-commerce . You have to diversify your experience . Also , this is a very small industry , so make sure you ’ re always kind and humble .
H : Describe the things that you try to do every day , and why do you do them .
SH : I try to do something active outside every day — I ’ m a runner , I play soccer , I garden , and I volunteer on conservation projects . You have to have your own interests outside work or your life isn ’ t balanced .
H : What do you see ahead for asset managers in the coming year ?
SH : I expect muted revenue growth and a challenging year ahead — expenses and wages will continue to outpace revenue growth , creating profit pressure .
20 hotelsmag . com May 2019