Keep redefining your goals, says Barry Sternlicht

Hospitality operators need to stay on top of their game by constantly reinventing their definition of what excellence is, according to the chief executive of Starwood Capital Group.

Barry Sternlicht, chairman and chief executive of the property management firm, warned that the continuing boom in the hospitality sector did not mean it was a time to relax but, rather, a chance to improve all aspects of the business.

"We need to constantly embrace the new challenges that exist, not just against our own business sector but against what's out there generally in the market," he told delegates. "To move from good to great, we have to challenge everything we do, all the time."

Sternlicht warned that the only way to do this was to be ruthless about setting goals and brutally honest about company strengths and weaknesses.