Mike Somers
President and CEO of the NH Lodging and Restaurant Association
Around this time last year, there were signs of gloom everywhere. Interest rates were rising and experts considered a recession to be a foregone conclusion. Fast forward a year, rates have stabilized, and the recession never came. That has translated into another strong season for NH’s restaurant and lodging industry, which continues to outperform other New England states.
“I think the surprise has been that business has been very strong,” says Mike Somers, president and CEO of the NH Lodging and Restaurant Association. “I think one area we are seeing a little bit of softness is in lodging occupancy rates. That tells me people are not necessarily coming to stay for a long weekend, but we are still getting drive-in business, which has historically been the model in New Hampshire.”
New Hampshire Lodging and Restaurant Association is the statewide trade organization for the state’s hospitality industries. Somers has led the group for the past 15 years. He acknowledges the outlook for 2024 is not entirely clear. Rising operations costs remain a challenge in hospitality, driven largely by inflation and rising labor costs. Finding workers remains particularly acute for some businesses. “All of the inflationary pressures will continue for at least the next five to six months,” Somers suggests. “If consumers continue to come out and visit our restaurants and stay in our hotels, I expect in a year we’ll be in kind of a similar place to where we are now.”
Current Issue - May 2024