The Essentials of Successful Leadership for Today's Hospitality Executive
By Richard Takach, Jr. President & CEO, Vesta Hospitality | June 19, 2016
All of us involved in the hospitality industry are well aware that we have experienced a historic run of consecutive quarterly gains in RevPAR over the past several years, with steady growth in both occupancy rates and ADR over most of this period. Our sector generates substantial economic activity across a broad spectrum – from guest expenditures to financing, maintenance and supplies, construction and capital investment, and wages and compensation paid to team members.
As a result we are making significant contributions to a healthy American economy, including having added more than 2 million new jobs since 2004 by one account. It is further comforting to know that a number of hospitality organizations regularly make Fortune's annual list of 100 "Best Companies to Work For."
Clearly, this good news reflects well on our industry's hard-working, creative and visionary leaders.
In this article, we will consider some of the values, attitudes and skills it takes to be an effective leader in the hospitality sector, striving to form a lasting culture of service, teamwork and excellence.
Furthermore, such a discussion will help illuminate what hospitality leaders might look for or consider as they nurture a next generation of leaders for their industry. In this way, we turn the mirror upon ourselves, prompting us to rethink our own capabilities, principles and sense of purpose as leaders.
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