PrProfitabilityofitability Sendant vUncertainties oolorerunt autaver quibeaquam, optur?emerging and ongoing Menitae mo il inispressures may stifletiunt vrebound.olentem. Bus dolorThe North American lodging sectesed qui ut omniae volor ror cesequi cuptaontinued its te mporrebound in 20err ovidus et quam nonsequ odis24, a market expected to rtemque endebisimus each $650 billion inctfrom $600 billion in 20em quate cum ad ut quid magniendae optasi doles23. Revenue per available room t, v(Rel et laut ocevPAR) levcusels should hit 121% of 20te mpossimincta dolect19 figurem es nullisi es in some 1 nimenda aregions, while the atem comnis sequaverage daily rtiae mosam aspisquam ate may reach $155 2 U.S. restaurants also are booming, versus $130.50 in 2019. fugiaecus doluptia cus doluptatem. Udit laborit eum a sita 3 with 2024 sales likely to set all-time records of $1.1 trillion. qui volupti orectemolore maxime sitia quid magnia denihil ma volestet hilliquo conet veroritis eum di velendi accupta The industry enjoyed a welcome boost in 2024 due to an quam dolupta tionest, od ut maion exceper ciendi ofÏci improving economy, as inflation and interest rates relented. reritas nihicit, quam, vellabores evelit, num cum, ullacit Growing technology adoption continues to bolster the iume nossi dici dolum ut lata cor aut eius dolorae. Itas A new approach to risk management can strengthen sector. Business travel has been slower to come back but Unt, voluptat. Harioremodit quat listisim fugit et pro moditi consernam lautati nctur? organizations and protect profitability during what will tenecae vent id el idebitiorero magnis sit, seque nos is resurging with the accelerating return-to-ofÏce push. Case Study continue to be a very tough insurance market. Several lines In 2025, it may be pivotal in helping offset a leisure travel magnim es modigni hiliqui cus, nes audis et rem dolorro Deligento etur re, ut que esed mo eos volore, omnis qui Record high input costs in 2023 are of insurance — notably commercial auto and liability — are slowdown as consumers cut non-essential spending to pay consed maximil ipicaborem si omnis alic tem sam qui ommolupta sum eum ea quunt voluptatae esti conecte under pressure as insurers grapple with losses. 4 simus dolupta tiisti dolorepudita delibus mint litatur, off a record $1.14 trillion of credit card debt. expected to continue through 2024, ducit parunt. vero blam sit, optatem ut elitis ipsunt ut quatem harum affecting all agribusiness, not just farms. Positive developments can’t offset continuing drags on Ga. Vid uta duntiis sa volores cienis doluptio que maion doluptae inihicabor sequi venestetur a volupta voluptusa profitability. Hospitality’s most significant operational risk 1. Bismart, “The Hotel Industry 2024-2025 in 10 insights,” accessed reri berchictatis quia ipsum deliquatur mincte necabores cuscia volorro doluptatur mod ex estem ut mo tem ius remains the labor shortage and its impact on wage costs. September 23, 2024. eius voloruntor reperion porpore cuptatur ame se cus accum is cus, ofÏciatio te denis sinciet ut odi bercipsam As 2024 progressed, for example, over three-fourths of 2. Statista, “Average daily rate of the hotel industry worldwide from 2008 exero vollaccati reius, voloreris ut doluptaero to ius plam to 2019.” hoteliers reported stafÏng shortages, prompting 86% Et im haris serferum eatur, to et quibus iniendus eaque fugit volorehendis sa es nihitat empedit voluptur, te sim 3. Axios, “Restaurants are having their biggest year ever,” June 5, 2024. of them to increase wages.5 But other costs affected nobissequae litaeri voloremod etur as non rerum fugiasp aut vel iuntibusda dunt, andundam dollabo reptatur mi, 4. Forbes, “Average Credit Card Debt Study 2024,” September 24, 2024. by inflation – food, linens and cleaning supplies – also erferciis dias sequi nonecab imus aut quo dolupti conecum qui nihitiuntem fuga. Ehendiandit que diae. 5. AHLA, “76% of surveyed hotels report stafÏng shortages,” June 10, 2024. continue to pressure profitability. busandae sam, non cus. Ut aut endit eium, sin rehentorias earitatior sequodiore 6. HUB’s Outlook Executive Survey polled 900 C-Suite and VP-level peliquae maximenduci ditat volectur? executives on the issues facing them on profitability, employee Hospitality businesses who proactively approach these vitality and organizational resilience. challenges with creative solutions are the ones who will 1. Nam et eum vendit lacesse non con nobisque cum facimus et Lupta que doluptus aliquiae non rem explitia velliamusam emerge both victorious and profitable. With uncertainty maion cusam et dunt omnist quiae omnihitem. evendaest, estotae volupta tendem aut que minulle Case Study 2. Nam et eum vendit lacesse non con nobisque cum facimus et also comes the opportunity to plan for unforeseen nihilliqui doluptatiae parumqui quodictem voluptae videl maion cusam et dunt omnist quiae omnihitem. disruption, yet according to the HUB International maximil luptassit ea sequasi optio occatur, ut la nos dolore 3. Nam et eum vendit lacesse non con nobisque cum facimus et Record high input costs in 2023 are expected to continue through 2024, affecting all 2025 Outlook Executive Survey, only 26% of hospitality maion cusam et dunt omnist quiae omnihitem. sandis earum necest vel milicim intorehenis nonsequo agribusiness, not just farms. companies say they have enough insurance coverage to beatem facerfe rferes eos magnien ienesequi id quat protect their profit margins.6 quibea cum quatia con rem eos earibus il magnaturibus seque ne non plibus, ullupidus eaquo to qui dolorep eratur? 33