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Marriott CEO Arne Sorenson and Hilton Worldwide CEO Christopher Nassetta on the opportunity for growth in emerging markets.
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What do you think of industries -- got hammered during the financial -- should be thinking about what lodging industry as well as the banks because people.
Generally stop traveling during crises was claim it is in Davos Switzerland.
-- two titans of that industry.
Titans of the hotel industry it's gotta be the CEOs of Marriott and Hilton.
To global giants in the lodging industry and that's why they have come here to Davos Switzerland for the World Economic Forum -- Because we're all cramming into youth hostels it other the Hilton garden -- has is totally -- I'm sure -- a 100% sold -- as you might imagine definitely for this week.
Christmas at a and -- -- Sorenson now of course of merry -- and you know I I look at why we're all crammed into little tiny apartments and hotels.
It's gotta take for ever to build a hotel appear doesn't.
It does I I think overall we probably worked on this deal for five years.
Between -- -- reaching an agreement with the -- themselves getting entitlements in -- as you might imagine.
-- Have some challenges than it probably took a little less than two years to build a.
The most fertile ground -- when it comes to build -- watching today it's all about.
Growing economies so the economies which are growing the fastest or the places where growth is the easiest and strongest for us China obviously is -- -- notable example of that.
Present -- -- ten days ago we opened our twentieth but telecheck you that I -- Citi.
Twentieth -- telecheck.
325 winds now one per 320 reverence that one that you look at India and Brazil and sub saharan Africa and Russia these are places with economies that are growing and we're -- hotels there.
Very steadily Chris what about you where do you see true opportunity.
I think there's there's this same -- to the emerging markets certainly provide a retain that that you know for us I think it's everywhere the truth of the matter is we're we're.
Really an explosive growth phase of for the company in the US even the US that we have you know very large pipeline of new opportunities generally the limited service segment in the US food you know -- -- many.
Many worry about Europe and certainly there are lots of issues -- overall economic growth in Europe but.
We have one of the biggest pipelines.
That -- will we have the biggest by Bob Weaver and Europe and the biggest -- -- in the industry because.
I think our view is there's always a play a PO for particular market at a particular point time in Europe -- a value proposition so until garden in for us and Hampton and so.
We have a very holistic view of certainly the fastest percentage growth.
Is in the emerging markets that we've got significant growth.
Really globally you're here to talk about as well the -- global traveler.
That's why -- -- care -- we have we are all right Chris and I are co hosting an event tonight to celebrate for the first time ever 2012 a billion people.
Traveled across national boundaries.
Billion international trips we've never been there before.
We'll talk about ten years from now within the next decade we gotta get to -- Why because we've got this growing -- of middle class travelers.
Who got people in the developed world who loved to travel -- are increasingly have the resources to travel.
And while we are bitter competitors.
We've been friends for a long time.
That we each have over 600000 hotel rooms around the globe.
We each have about 700000.
People were in her name badges every day but would JW's -- -- -- Conrad Hilton back in the day I'm I'm sure they're getting it's.
I mean whether -- -- people don't focus as much is travel and tourism is one of the biggest industry in the world it's nearly 10% of global GDP.
We employ 250.
Million people so it's.
And we hatter Digisette as you visited our billion traveler can and -- had good growth that we've had very good growth over the last years but.
There's a lot more potential and that's what Arnie and I are here to talk about today and -- -- -- -- reception -- distributed just the G-20 countries alone over the next to -- for years.
If we had smarter policies on -- -- Programs around the world all governments.
In the G-20 alone it would probably mean by our estimates a 120 million additional travelers 200 billion dollars incremental.
Economic.
Value probably five million plus or minus jobs.
And.
