Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single best idea very quickly or Tom Purcelli came by
Speaker 2: with pgium. Tom Percelli outstanding on labor market, that idea
Speaker 2: of a fully employed America. Here Tom Purcelli into the
Speaker 2: Jobs report on Friday on American exceptionalism.
Speaker 1: I think longer term, I think that there's I think
Speaker 1: there's a real case to make for you know, I
Speaker 1: hate the term, you know, US exceptionalism. I just think
Speaker 1: it's overused and there has to be a better way
Speaker 1: of saying it. But I think the idea of US
Speaker 1: exceptionalism over the more medium to long term, for lack
Speaker 1: of a better phrase, I think is real. And I
Speaker 1: think about that in the context of the pieces are
Speaker 1: in place for productivity to kill it again, it'll take
Speaker 1: time to get there. And I do think that some
Speaker 1: of the things that the administration is doing could actually
Speaker 1: help in that the corporate tax part of that, of
Speaker 1: the tax cuts, I think that that can actually go
Speaker 1: a long way to sort of helping build the base
Speaker 1: of productivity. But again that you got to I think
Speaker 1: you're going to go through the left taible before you
Speaker 1: go to the right.
Speaker 2: Tom Personi of pgum joining us. It's about every six months,
Speaker 2: not ninety days, but every six months to a year.
Speaker 2: We get in the wonderful perspective of Tony Capiano's CEO
Speaker 2: Marriott and just to give you a perspective here, the
Speaker 2: persistency of stock market performance over the last ten years,
Speaker 2: how about fourteen point seven percent? I think it is
Speaker 2: maybe fourteen point two percent per year on motels and hotels,
Speaker 2: Tony Capuano on the fancy hotels, Tony Capuano on those simpler.
Speaker 3: Certainly in the US, but in many markets around the world.
Speaker 3: We see this bifurcation of the consumer, and so we're
Speaker 3: trying to leverage both ends of the chain scales. We
Speaker 3: have the industry's largest luxury portfolio, including your favorite Gritty,
Speaker 3: well aware of this, and we continue to double down
Speaker 3: and accelerate our growth, and that consumer has this ravenous
Speaker 3: appetite for travel. In fact, in Q one, the luxury
Speaker 3: tier saw the strongest occupancy growth. At the other end
Speaker 3: of the income spectrum, that lower income household still has
Speaker 3: an appetite for travel, but at a much lower price point.
Speaker 3: And that's why over the last two years you've seen
Speaker 3: us push into mid scale.
Speaker 2: Tony Capiano of Marriott, a good visit with him, and
Speaker 2: of course to talk to him and David Gura about
Speaker 2: Cornell's effort and hotel education was a good moment for us.
Speaker 2: We go into a busy week on a labor economy
Speaker 2: with the jobs report on Friday. On your commute, of course,
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Speaker 2: idea
Speaker 3: Mm hm