Chairman, President & Chief Executive Officer, Host Hotels Resorts
Search every verified Thomas Baltimore interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Thomas J. Baltimore Jr., chairman, president, and CEO of Park Hotels & Resorts, discussed the company's growth and the broader lodging industry during a September 2019 keynote address. He stated that Park Hotels had grown to 52 hotels with $9 billion in enterprise value, having been launched six months prior with no name, board, or office space. Baltimore described the current economic cycle as having "more running room" due to tax reform and deregulation, and noted that supply growth was peaking while demand continued to outpace it. He expressed confidence in markets such as Hawaii, San Francisco, and Orlando, and said he would not "bet against New York long-term." Baltimore also addressed industry challenges and trends. He said he wanted to see a "cease fire in the arms race of hotel amenities," arguing that factors like television size do not drive customer preference. He called for fair regulations regarding Airbnb, stating, "I welcome the competition but want to ensure there are no illegal hotels." Baltimore highlighted the importance of sustainability and environmental, social, and governance (ESG) issues, while noting the need to consider workforce impacts from green initiatives and automation. He identified rising labor costs, property taxes, and insurance as concerns, and advocated for greater gender diversity in lodging leadership, citing data that companies with more women on their boards have outperformed by about 160 basis points.
“Today we stand with 52 hotels but 9 billion in enterprise value and we're actually the 25th largest REIT or about 200 REITs, and when you look across all the asset types, to build that and to do that when you think about the fact that we started with nothing, no name, no board, no office space, I had a designated CFO,...”
“There are really three guiding principles in the REIT landscape: operational excellence, prudent capital allocation, and maintaining a low leverage balance sheet. Investors prefer that we be low levered given the volatility in the business. I do miss being able to lever up 70 to 75 percent as we could in the private eq...”
“We're in the tenth year of this economic cycle, and while some believe a recession is imminent, I think there's more running room in this cycle due to tax reform and deregulation. Supply is beginning to peak, demand continues to outpace, and rates are going to be lower for longer, providing an interesting backdrop for...”
“I am a big believer in brands. Marriott now has 120 million members in their loyalty program, Hilton 85 million, and the opportunity that gets with big data is incredible. Fifty to sixty percent of contribution now comes through those loyalty programs, which are going to be an incredibly important vehicle and tool as w...”
“I want to see a cease fire in the arms race of hotel amenities. For example, the size of the TV doesn't drive customer preference. Linens are soft enough in my humble opinion. We need to focus more on technology and big data to understand customer preferences and engagement rather than just bigger and more expensive fe...”
“We are making progress on getting a level playing field with Airbnb. I welcome the competition but want to ensure there are no illegal hotels. It's important that we have fair regulations as we move forward.”
“Sustainability is becoming increasingly important. As a public company, we get more inquiries from investors and analysts about ESG—environmental, social, and governance issues. But we also have to be sensitive to the workforce impact, such as retraining those displaced by going green or technology like AI and robotics...”
“Rising labor costs, property taxes, and insurance keep me up at night. Municipalities are challenged and trying to raise more income through these vehicles. Given the tight labor market, rising minimum wages and labor issues will continue to be challenges as we move forward.”
“Companies with more women on their boards have outperformed by about 160 basis points. Yet since 2015, there's been very little progress in improving women's leadership representation in lodging. We have only one in five women in the C-suite and one in 25 women of color. We must do better and continue to push for gende...”
“No man or woman succeeds alone. You have to be prepared to take calculated risks. I left a company I co-founded after 17 years because I didn't want to live a life of regret. You grow in the dark places, in periods of discomfort. Also, everyone needs a personal board of directors with different points of view to help t...”
Thomas J. Baltimore, Jr. is Chairman, President and Chief Executive Officer of Park Hotels & Resorts (NYSE: PK). Park is a ...
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