In this episode, Ted Teng, a renowned leader in the hospitality industry, shares his remarkable journey from an unexpected entry into Cornell’s hotel school to becoming the CEO of Leading Hotels of the World. Ted recounts his early career, highlighting his rapid rise at Sheraton and his influential roles at Disney, Westin, and Wyndham. He underscores the importance of hard work, embracing new challenges, and the power of building meaningful relationships. Ted also discusses the value of networking and selflessly helping others, which has been a cornerstone of his success.

As CEO of Leading Hotels of the World during the 2008 financial crisis, Ted faced significant challenges, including poor revenue performance and a negative company culture. He shares his strategic approach to revitalizing the organization, focusing on preserving its core strengths, shifting from a B2B to a B2C model, and investing in marketing. Beyond his executive roles, Ted talks about his contributions as President of Cornell's Hotel Society and his involvement in creating the Cornell Hotel School Hall of Fame. He also shares his concerns about the industry's reliance on cheap labor, the disruptive potential of generative AI, and the need for greater innovation and collaboration within the sector. This episode is a masterclass in leadership, resilience, and forward-thinking in the ever-evolving world of hospitality.

Chapters

• 00:00 Accidental Entry into the Hospitality Industry
• 03:30 Fast-Track Progression and Building Relationships
• 09:48 The Power of Hard Work and Networking
• 24:31 Leading Hotels of the World: Applying Business Skills
• 27:04 Joining Leading Hotels of the World during the 2008 financial crisis
• 28:29 Turning around a wounded organization
• 29:03 The need for quality improvement at Leading Hotels
• 31:29 Improving revenue performance
• 32:29 Cultivating a positive culture at Leading Hotels
• 36:26 Building a community of recognition and respect
• 42:41 Ownership and distribution as key industry changes
• 50:28 Concerns about the industry's reliance on cheap labor
• 52:25 The potential and challenges of generative AI
• 53:32 The need for greater innovation and collaboration with third parties

Takeaways

• Accidental entry into the hotel school at Cornell led to a successful career in the hospitality industry
• Hard work, taking on new challenges, and building strong relationships contributed to Teng's fast-track progression
• Networking and helping others without expecting anything in return can lead to opportunities
• Teng's entrepreneurial project focused on creating small, dedicated hotels in office buildings
• Teng's role as CEO of Leading Hotels of the World allowed him to apply his business skills and market knowledge
• Joining Leading Hotels of the World during the 2008 financial crisis presented challenges and opportunities.
• Teng focused on improving the company's quality, revenue performance, and culture.
• He shifted the company's focus from B2B to B2C and invested in marketing.
• Teng is currently the President of Cornell's Hotel Society and has created the Cornell Hotel School Hall of Fame.
• He expresses concerns about the industry's reliance on cheap labor, the impact of generative AI, and the need for greater innovation and collaboration with third parties.