Michael Barnello, president and CEO of LaSalle Hotel Properties (NYSE: LHO), joined REIT.com for a CEO Spotlight video interview at REITWorld 2016: NAREIT’s Annual Convention for All Things REIT at the JW Marriott Phoenix Desert Ridge.
Barnello reflected on the current state of the lodging sector. During the last couple of years, “supply has been increasing while demand has not been as strong,” he said. While Barnello expects the trend to continue into 2017, he stressed that this is a normal development in the sector.
“The best part about that is the cycle will turn…and we’ll be able to see the growth that we really enjoy,” he added.
In the meantime, LaSalle will focus on ways to increase organic growth and keep expenses in check, Barnello said. By moving its balance sheet into a position of strength, LaSalle will be able to take advantage of opportunities when they arise in the future, he added.
By Sarah Borchersen-Keto