In this conversation, Sloan Dean interviews Benjamin Rafter, CEO of Hotel Equities and Springboard Hospitality, about his unconventional path from tech startups into hotel leadership and what that background means for the current cycle. Rafter argues that the US lodging market is entering a “reset” driven by debt maturities, deferred capex, and constrained owners, creating opportunity for strong operators, especially those able to combine operational discipline with modern commercial capabilities. He sees guest preference shifting toward experiences, localisation, and customisation, accelerating growth in soft brands and independent lifestyle hotels, while AI gradually levels the playing field by improving discovery, distribution, and decision making. Rafter also explains the strategic rationale behind the Hotel Equities–Springboard combination: keeping specialised operating models distinct (branded select service vs. lifestyle/independent), while scaling shared commercial services, t…
