WSJ's Take On the Week How One Investor Is Profiting From Consumers’ Love of Travel
12 snips
Nov 2, 2025 
In this discussion, Eric Resnick, CEO of KSL Capital Partners, shares insights from over 30 years in travel investment. He highlights how leisure travel remains resilient, acting as a strong anchor even during economic downturns. With corporate travel rebounding, he provides an outlook on earnings from major players like Marriott and Airbnb. Eric discusses the challenges of new hotel construction, emphasizing land scarcity, and details the rising demand for experiential travel driven by social media. He also defines the 'mass affluent traveler' and explains why travel continues to be a top spending priority globally.
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Leisure Travel Anchors The Industry
- Leisure travel is the anchor of the travel industry and is far more consistent than corporate travel.
- Corporate travel is cyclical and makes up about 20% of global travel demand, muting perceived industry cyclicality.
Watch Forward Bookings And Pipeline Health
- On hotel earnings, focus on forward indicators like advanced bookings and group bookings to judge demand.
- Also monitor system-wide new hotel openings and whether pipelines turn into construction starts.
New Hotel Supply Faces Multiple Headwinds
- Building new hotels is hard across land, entitlements, financing, and construction.
- Scarcer land, higher costs, tougher approvals and pricier financing are constraining new supply.