In the final show of 2024, we welcome industry speaker Ryan Minton. Shame he couldn't figure out how to talk his way out of hanging with Glenn, Craig and Doctor Producer Suzanne.

In the final ESLA Icons & Experts of the year we’re tackling an issue affecting every extended stay hotelier: Insurance!  I’m joined by ESLA Chair and Founder, Doug Artusio, also CEO of Dellisart Hospitality.

We’re joined by Peggy Roberts & Laura Betten of AON – Insurance experts shedding light on market trends and risk management.

Key Topics Covered:

• The rising cost of insurance: What’s driving the increase?
• Post-COVID underwriting changes affecting extended stay properties.
• How to build trust and partnerships with insurance providers.
• The importance of tailored coverage and loss prevention strategies.
• Navigating state-specific regulations and multi-state challenges.
• Pro tips for mitigating risks like human trafficking and property liability.

Key takeaways include:

1. The Sophistication of Hotel Ownership: Hotel owners face increased complexities in managing franchise contracts, banking requirements, and insurance policies. This necessitates a strategic approach to compliance and coverage.
2. Proactive Insurance Strategies: Owners should adopt a forward-thinking approach to insurance by engaging with brokers early, leveraging industry data, and analyzing risks specific to property types and locations.
3. Three-Pronged Support: Effective hotel management relies on a triad of support from CPAs, legal advisors, and insurance brokers. Each plays a vital role in mitigating risks and ensuring compliance.
4. Data-Driven Risk Assessment: Insurance brokers like Aon use industry data to anticipate risks and tailor solutions. Predictable issues (e.g., fire sprinkler misuse or cooking accidents) and unforeseen events (e.g., vehicle crashes into buildings) require balanced, data-informed coverage.
5. Flexibility and Alternatives: Hotel owners dissatisfied with current insurance arrangements can seek reviews and alternative plans, even mid-term. Building trust with brokers involves detailed program evaluations before commitments.
6. Group Purchasing Power: Leveraging economies of scale through pooled arrangements or associations can significantly reduce costs and improve negotiating power with insurers. Options like captive insurance allow owners to retain premiums and build a collective rainy-day fund.
7. Creative and Custom Solutions: Owners should prioritize partnerships with brokers who listen, innovate, and offer tailored solutions rather than just annual policy renewals.
8. Regular Reviews and Reassessments: The importance of reevaluating all costs, including insurance, was emphasized, with advice to actively explore market options for potential savings and enhanced coverage.

🎙️ Don’t miss this enlightening conversation!

Thanks to AON for supporting this video.

Thanks to Dellisart for sponsoring this video. 

🔗 Subscribe for more episodes: Text Hotel to 66866  🔔 Turn on notifications to stay updated!

#HotelInsurance #ExtendedStay #HospitalityInsights #NoVacancyLive #RiskManagement #HotelOperations #InsuranceTips #AonExperts

Join us for a captivating conversation with Clark Hanrattie, Partner at HEI Hotels & Resorts, as we explore how creative thinking, bold investments, and a deep understanding of hotel operations are reshaping the hospitality industry.

🔑 Key Highlights:

The Liberty Hotel Story: Transforming a Boston jail into a luxury hotel and setting the tone for innovative hospitality.

The Renaissance Times Square: Reinventing a legendary property into a modern marvel with unmatched views and brand-defining upgrades.

Inside the Deal-Making Process: Discover the bold moves and sharp negotiations that led to landmark acquisitions.

A Unicorn in the Industry: What makes certain professionals stand out in hospitality.

HEI’s Evolution: From private equity to a leading third-party operator, learn about the strategic shifts that defined HEI’s success.

Maximizing Iconic Locations: How to leverage Times Square's magic for year-round revenue, especially during events like New Year’s Eve.

Expanding Through Relationships: The company's growth from 38 hotels 12 years ago to 110 hotels today, achieving $2.6 billion in annual revenue. 

Private Equity and Investment Expertise: In-depth understanding of private equity structures and real estate investment dynamics enables alignment with institutional investors.

🎙️ Follow No Vacancy for more amazing insights!

#HospitalityInnovation #HotelInvestments #LuxuryHotels #HospitalityLeadership #TimesSquare #CreativeHospitality #HotelIndustry #NewYearsEveHotels #BusinessStrategy #hotels #hotelnews 

Santiago Leon, COO and Managing Partner of Spearhead Hospitality, is here to define what is a "Hospitality Underdog" and why Spearhead Hospitality prides itself on taking on projects no one else wants.

Lisa Cain, Ph.D. is an Associate Professor at Florida International University, and much smarter than Glenn, Craig, and yes, even Dave. Grab a drink or whatever and kick off the weekend watching her outwit and outlast our Friday Night Audit crew.

What YOU need to know about the court ruling against Department of Labor regarding overtime pay. I’m with Chirag Shah, EVP of Federal Political Affairs at the American Hotel and Lodging Association (AHLA), unpacking this and potential Department of Labor overtime rule changes.

Here’s what you’ll learn:

• What’s happening with overtime rules: The Department of Labor’s proposed changes and their potential to increase the threshold for exempt employees to nearly $59,000 by 2025.

• Why it matters: The practical impacts on hotel owners, operators, and employees, from payroll adjustments to workforce morale.

• A one-size-fits-all challenge: How regional differences (e.g., Manhattan, NY vs. Manhattan, KS) complicate these regulations.

• The industry’s response: AHLA’s advocacy efforts to create a fairer and more practical solution for hoteliers.

• What’s next: How potential appeals and administration changes could shape the future of these rules.

📌 Learn more

• Visit www.ahla.com/hotelsact to stay informed and join the advocacy.

David Lund, the Hotel Financial Coach, talks about how he's helping some of the largest companies with their financial literacy. How can people improve in one of the most important parts of the industry and how is the financial field evolving within the industry?

🎲 Step inside the newly transformed Rio Las Vegas! I’m going behind the scenes with Patrick Miller, President & CEO of Rio Las Vegas, to explore the exciting upgrades and vibrant energy that are redefining this iconic property. =]

🔑 In this episode, we cover: • Rio’s rich history as the original locals’ hangout and its unique all-suites concept.

• Dreamscape’s vision for reviving the property with redesigned rooms, upgraded casino floors, and exciting new amenities. 

• A sneak peek into the National Finals Rodeo (NFR) festivities, including live music, pop-up bars, and Western lifestyle showcases. • 

💡 The philosophy behind making the Rio an accessible, fun destination for locals and visitors alike.

• 🎰 How Rio Las Vegas is modernizing its casino floor with the latest games and a guest-first approach. We found Chief Gaming Officer Kevin Sweet and he joins too!

• 🍴 The vision behind Rio’s revamped dining experiences, including approachable, high-quality options like the new food hall concept. 

• 🎭🎤 From Penn & Teller celebrating 50 years to the whimsical "WOW" show and the Comedy Cellar, explore the diverse performances at Rio.

• 🏢✨250,000 square feet of versatile event space, hosting everything from poker tournaments to corporate events.

• 🔮 Hear insights on how Rio plans to innovate while maintaining its legacy.

• Chris Kuroda’s (Phish’s light show creator) mesmerizing year-long light installation that turns the building into a work of art.

• The addition of local-friendly loyalty programs offering faster rewards compared to the Strip.

🌟 Don’t forget to like, comment, and subscribe for more exclusive content from the world of hospitality and travel!

🎧 Tune in for a behind-the-scenes look at the vibrant updates and the future of the Rio! 

Live from the Rio in Las Vegas! Dreamscape just invested $340 million into its first phase reinvention of this iconic property. Glenn is onsite having a great time with Kevin Kenny, Brand Marketing Manager at Riio who shares everything about NFR and more. Craig, Dave and Suzanne ate here too. Bonus guest, John Sturgess of Adogo. Join us for our happy hour show and kick off your weekend with a laugh!