Data is very important, really, because good decisions are based on data. The seismic shift that's taken place in our industry over the last twenty years has happened because the internet has made pricing essentially as good as transparent. Before, as a hoteliers I could easily say, “You're my friend, I'll give you a ten percent discount off rack rate,” which really meant that I'd still give you a high rate but you'd feel like you got a discount. Today, all of that is gone thanks to online travel agents and metasearch. You can see based on supply and demand what the best available rates are in the market. At the same time, technology has become a lot cheaper. You don't necessarily need a large hotel management company to get decent access to global distribution systems anymore. There are specialists and products that can help a hotel in a more cost effective way. They know how you can market and distribute a hotel effectively via the internet. So what you see in North America and in Western Europe is that the value of a large brand like Sheraton, Hilton, or Marriott has significantly diminished. As a result of transparent distribution, access to data is easier for all bookers and this in turn has had an impact on the value of loyalty schemes. That's why you see companies like citizenM and 25hours aggressively entering the market with very limited overheads and small but effective head offices. Legacy hotel managers are dealing with legacy systems and a workforce that was structured 15 years ago. The new guys on the block achieve similar occupancies and average rates in a product that is smaller and cheaper to build. This is a seismic shift in our industry. Get the full story at SnapShot