Loews Hotels CEO Jonathan Tisch said Monday of which the U.S. hotel industry will be “losing market share” due in part to the Trump administration’s so-called extreme vetting of foreign visitors.
“Our concern as an industry will be related to inbound international travelers,” Tisch said on CNBC’s “Squawk Box.” He’s also a co-owner of the brand-new York Giants.
“Visitors want to feel welcome, they want to feel safe,” he said. “Even though business will be pretty Great … the number of inbound international travelers from the U.S. will be losing market share.”
“of which’s due to a variety of reasons,” including the president’s policies in addition to rhetoric concerning background checks on people who want to come to America.
President Donald Trump has repeatedly said “extreme vetting” of foreigners entering the U.S., a frequent promise since the campaign, will be needed to prevent terrorism.
Tisch said the U.S. certainly needs border security, yet also “open doors.”
The president last year proposed to eliminate Brand USA, a federally funded organization of which promotes the U.S. overseas as a tourist destination.
Ending Brand USA would likely be a “mistake,” said Tisch, whose business has 24 hotels with six others under development. The program offers strong returns in addition to doesn’t cost American taxpayers “one single dollar,” he added.
Tisch, co-chairman of the hotel group’s parent, Loews, urged those from the industry to work with elected officials about “putting out a welcoming message” because inbound travelers “stay longer [in addition to] spend more money.”
Tisch wrote an op-ed published published Monday, which dealt with the slowdown of international visitors in addition to subsequent U.S. economic impact.
The White House did not immediately respond to a request for comment.
— Disclosure: Lowes Hotels will be working on additional property partnerships with NBCUniversal, which along with CNBC will be owned by Comcast.