As a managing director, Lori Horvath leads JLL’s hotels and hospitality practice for the Americas, and also guides the practice nationally for specific clients. She provides overall direction to project teams, orchestrates the selection of consultants and the contractor, and coordinates the entire renovation and procurement process.
Some notable projects include the $145 million historic restoration and renovation of the Chicago Athletic Association, the $24 million renovation of the Mandarin Oriental in San Francisco, and the $16 million renovation of the Hyatt Lodge at McDonald’s Corporate Campus in Oak Brook, Illinois.
What’s top of mind for 2024?
Lori Horvath: Recovery and growth.
Where are you seeing the most growth?
LH: JLL research illustrates that there is a notable increase in the number of transactions that signify a strong market demand for full-service hotels, particularly in urban markets that are experiencing a resurgence in group, business, and international demand.
The record-high pricing for full-service hotels provides additional confirmation of the sector’s appeal to investors. This trend suggests that the full-service hotel sector will continue to attract investors over the longterm, especially as global wealth is forecasted to reach $629 trillion over the next five years.
What’s the biggest trend you’re seeing in terms of guest expectations?
LH: According to the JLL Global Hotel Investment Outlook 2024 report, ‘travelers will prioritize experiences that align with their personal values. Hotels that effectively articulate their commitment to sustainability, wellness, and authenticity will gain a competitive edge, enabling them to expand market share and enhance asset values while accessing new sources of capital.
As traveler expectations increase, a hotel’s brand becomes increasingly significant. With a wide range of 1,350 global hotel brands available, effective communication and execution of brand promises are essential. Hotel owners can be expected to refine their brand promises in 2024.’
What are your favorite recent projects?
LH: The 21c Museum Hotel St. Louis is a recent favorite. JLL provided project management services for this historic adaptive reuse project. It truly was a labor of love with an incredibly talented design team and passionate ownership group. The 10-story, Renaissance Revival-style YMCA building was reimagined [by Hufft and Bill Rooney Studio], honoring its historic roots while offering contemporary art-filled spaces, community-focused cultural programming, locally sourced F&B options, an athletic and swim club and, of course, world-leading hospitality.
The Fairmont Kea Lani [in Maui] underwent an extensive transformation to include artfully redesigned suites and villas and a newly reimagined open-air lobby—complete with flowing waterfalls, lush gardens, and breathtaking ocean views. JLL is proud to have managed this transformation for Host Hotels & Resorts.
What are the keys to successful project partnerships?
LH: Communication, collaboration, and trust.
Hear more from Horvath at HD Expo + Conference:
Radical Candor 2.0: Can Project Teams Please Talk?
Tuesday, April 30th, 2–3 p.m.
Location: DesignWell Pavilion
HD | IHSP Owners Roundtable
Wednesday, May 1st, 9:15–11 a.m.
Location: South Pacific EF
