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00:00Of course, the best Western hotels and resorts. But we'll see a tanking economy got upscale, upper upscale. I'm not keen to see that that's a turn of phrase, but also luxury and boutique segments that you've got 18 brands. I think it is, Larry. Are they awful? Why are you seeing the most exuberance as we head into the new year? Well, we're seeing exuberance across all of our markets, of course, in segments. The demand for travel is robust. We are experiencing a tremendously successful 2022 holiday season and we anticipate and are projecting our most successful New Year's weekend ever as well. So, Larry, talk to us about the day to day operations. I'm going to go to something that I've noticed. No, you know, service to service the room for 3, 4 days. Now, I know that was a byproduct of the pandemic. Are we going to get daily housekeeping back into the business model or is the industry moved on to something that's maybe every two days, every three days, every four days? At best, Western, we encourage our hoteliers to offer everyday service. Guests have the option to. Request that they don't count that service if they have your personal concerns. But we understand that guests have diverse requests and requirements with regard to overnight service. You. It's not just the cold. Good. I'll call it a Covid result. You also see the hotel industry having labor challenges, which is also influencing that overnight service that's being offered. But we encourage our hoteliers to offer overnight service. So one of the things, Larry. As we think about travel is the leisure travelers seem to come back pretty darn quickly. Business travel a little bit less. So what are you seeing from your perspective for business travel as you head into twenty three? Now we're focused on midweek business, which is that business travel. While it has lagged. These are travel coming back. We're seeing that businesses recognize the importance of face to face meetings, conferences. And while it's been I call it lagging the leisure return, we're looking forward to it coming back in 2023 to pre pandemic levels. And we also have to consider is there's this push for international travel as well, which plays an important role with regard to midweek and international business travel. Let's talk about international travel. Let's talk about the news that is so fresh this week, the fact that China has basically done a massive U-turn and is now going against its Covid zero policy. They now want to be issuing possible. It's showing an ability to not only end to China, but also third, the Chinese people to be back in the skies and visiting. Well, New York, London, different international destinations. Are you excited? Trepidation. What does that mean for you and your business? Well, we're excited about it. We think Asia is a tremendous opportunity for the rebound and the Chinese travel plays a major role in that. We understand China has lessened its restrictions. But you also have to understand, well, you can be optimistic in that regard. There will be some might call it compression associated with lessening of those restrictions. And you can see that happening all already with United States, India, Japan, Italy putting in place. I'll call them testing requirements with regard to inbound Chinese travel. So while it should have a positive impact on international business travel, international leisure travel, you have to be cautiously optimistic because there will be countries that are concerned with regard to the health, welfare and safety of their citizens. What is number one on your consumers concerns, all hopes right now? Is it that they're worried about Covid? Is it more of the inflationary pressures? How are you expecting that to impact post New Year? All we going to be as desirous to get out to spend as potentially this global recession starts to bite. We think there is still that pent up demand post the challenges of a pandemic that hasn't yet been on the street. So we are optimistic about travel in 2023. Again, you have to be cautious with regard to the impact of the Ukraine war on inflation, fear of a recession which can influence consumer confidence. There are supply challenges, labor challenges. There are a lot of unknowns that can call it influence outcome. But we're optimistic because what we have seen is, by way of example, January, February and March exceeding pre pandemic performance with regard to occupancy and also with regard to re average daily rate. So while we're very confident that we have early signs of a tremendous 2023, you have to continue to monitor the pressures on that confidence that I just mentioned. You mentioned Labor before. Love to get a sense of just kind of what you're experiencing right now across your help hotel groups. Is those labor challenges, are they moderating or is this something a breaking baking into your model for 23? Where I don't. I wouldn't say baking it into our model, but what we're doing is trying to help our hoteliers as much as we can with regard to those labor challenges by providing them assistance, training and support. With regard to those hoteliers becoming an employer of choice through a program because we care program and best Western being a family of independent hotel owners that recognize the importance of being good citizens in their community center. And as a result of that, they can become that employer of choice that can successfully overcome labor challenges. Larry, which I tell you, you're going to be at Vonnie Quinn. I'm gonna be at home. That's a non rocking the boat. So we thank you. Have a wonderful time at home celebrating in this New Year and one that seems pretty optimistic. It would seem like so much. Happy holidays to you and to yours.

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BWH Hotel's Cuculic: Demand For Travel Is Robust

Larry Cuculic, BWH Hotel Group President and CEO, believes the demand for travel is robust at the moment and is looking strong for 2023. Cuculic told this to Caroline Hyde and Paul Sweeney Thursday morning on "Bloomberg Markets." (Source: Bloomberg)