Future events and their impact on financial management in the US lodging industry: Delphi study to predict changes in 2007 and 2027

Abstract

This paper is one result of a comprehensive Delphi study conducted by the faculty at the School of Hospitality Business at Michigan State University. The purpose of the research was to make predictions in five areas of concern to hospitality industry managers, investors, lenders, educators and others associated with the US lodging industry. One of the prediction areas included finance and financial management in the hospitality industry. The paper presents the historical context, and predicts key events and their impact on future hotel investments; sources and lending terms of lodging capital; capital flows to finance lodging; and management of profits and operational efficiency in the years 2007 and 2027. The industry and management implications are discussed.