“Conversations with Alumni” – Dexter Wood ’87
Michael Lee ’18 sat down with Dexter Wood ‘87, an accomplished industry veteran with diverse global hospitality, finance and real estate experience with leading companies including Park Hotels & Resorts, Hilton Worldwide, Host Hotels & Resorts, HVS International and PricewaterhouseCoopers.
- What was your most memorable experience at Cornell?
It would be when I was the Beverage Director for HEC 62. That year was the spring of 1987, and the Statler was undergoing construction at that time. It was also the first time that my parents had come to visit the Hotel School. We were organizing a 500-person banquet at Lynah Rink as Barton Hall was also under renovation, and the Statler Inn had been knocked down.
We had just pre-made the coffee for the event and were transporting all these beverages en-route to Lynah Rink. While they had initially told me that we could use the water at Lynah Rink, we found out that the water from the rink wasn’t potable. We ended up dumping all the coffee from the Carboys so that we could get fresh water to fill the water glasses for dinner and remade the coffee afterward.
It was one of the first executive decisions that I had to make under a time-pressed situation.
- What was your favorite course as a student?
One of my favorite courses is now what is known as Restaurant Management. I really enjoyed working with Chef White and Professor Giuseppe Pezzoti, and ended up being a TA for them. They made a lasting impact on me. Even though I work in the finance/real estate industry now, I find that having operational experience plays an important role in understanding how hotels run.
One of my other favorite classes is also now known as Business Computing. When I transferred to the Hotel School, it was the onset of the PC revolution, and the Binenkorb Center had just been built. I ended up TA’ing for Professor Alvarez during my senior year for his computing course HA 374. This helped me tremendously in my career. I built my career in part by being a skilled excel modeler, especially at HVS and PWC. It really started with Lotus 1-2-3 modeling, if anyone can remember that.
- What’s your favorite thing to do when you’re back at Cornell?
I usually come back once or twice a year for HEC, board meetings, guest lectures, and the like. A lot of my favorite places are gone now, but I like visiting restaurants such as the Nines and Glenwood Pines. Everything else I used to like is gone, except for Rulloff’s.
- What’s one piece of advice that you would give to the graduating class of Hotelies?
I would say that the Hotelie alumni network is the most valuable thing that you get from the Hotel School. It’s particularly relevant now, especially since it’s something that you don’t realize until you graduate and look to secure or switch jobs.
Our alumni are passionate and invested in the school, students and alumni. Even now, people call me frequently to get advice and introductions. Embracing that Hotelie spirit and the alumni network is the most important thing that you can take away from Cornell. Then get and stay involved with the Cornell Hotel Society chapter in your city. #hotelieforlife
- In recent years, REITs have been trading at a substantial discount to Net Asset Value. As such, you see examples of industry consolidation or REITs being taken private. What is your view regarding the future of REITs?
We recently had RLJ (RLJ Lodging Trust) and Felcor (Felcor Lodging Trust) announce a merger, and this is one of the first indicators that the REIT space might be ripe for consolidation. We’ve seen it for the brand companies such as Marriott and Starwood as well.
Some people think that REITs face more difficulty when try to consolidate. Smaller companies have been around for a while, and they don’t really want to merge. However, investor and shareholder attitudes are changing. There are many advantages of being a bigger company, especially when dealing with brands and distribution channels and OTAs. Being a bigger company gives you more leverage and buying power. All of those factors may start to overwhelm the sentiment of smaller companies wanting to remain independent. I think we will see more consolidation over the next five years or so. All the forces are suggesting that being bigger for the right reasons might be the best direction.
- With current real estate trading at record high prices, what is Park’s growth strategy over the next few years?
Park definitely wants to grow and diversify. While we currently hold all Hilton brands right now, we want to diversify our brands and market representation. We’ll be focusing on employing an active capital recycling program with the goal of expanding our presence in target markets, primarily in the US, while reducing exposure to slower growth assets and markets.
The market cycle is what it is, and we’ll take the opportunity when we see it. We’re also long-term owners of real estate, so we also look for assets where we think we can add value. We’ve got a good strategy and team in place, and we have our sights set pretty high.
* * *
The Cornell Hotel Society Executive Board thanks the Cornell Hotel Society – Collegiate Chapter for initiating and conducting the “Conversations with Alumni” project.





After failing to find a organization worthy of donating the $36,000 he raised while at Cornell by selling t-shirts, and then realizing that teaching hospitality classes in a Cambodian orphanage didn’t equip students for independent life and work, Justus decided to found his own hospitality vocational school: EGBOK. Taking a holistic approach, EGBOK recruits Cambodia’s must vulnerable and trains them not only in hospitality but in life skills; it then finds them internships and jobs and continues to offer professional development to alumnus who are working in the hospitality industry.
EGBOK’s continued and growing success is thanks in large part to the CHS alumni network, as well. Several of the people sitting on EGBOK’s Board of Directors are Hotelies including Marge Ferguson and Barry Bloom ’86. And the school simply would not be where it is today if it weren’t for the CHS Asian Pacific Regional Conference in Singapore. This conference enabled Justus to meet many people who had insight into the region and were able to provide invaluable advice and contributions. One such person is Osman Khawaja ’01, another Hotelie.
EGBOK’s continued and growing success is thanks in large part to the CHS alumni network, as well. Several of the people sitting on EGBOK’s Board of Directors are Hotelies including Marge Ferguson and Barry Bloom ’86. And the school simply would not be where it is today if it weren’t for the CHS Asian Pacific Regional Conference in Singapore. This conference enabled Justus to meet many people who had insight into the region and were able to provide invaluable advice and contributions. One such person is Osman Khawaja ’01, another Hotelie.

Thankful not only for the success of their invention but for the instrumental advice and support from their fellow Cornell alumni, the Changs were inspired to give back during Entrepreneurship@Cornell’s Annual Celebration Conference. As Arthur put it, “We were blown away by all the students who have ideas to disrupt industry and change the world. Our idea feels so small compared to these students’ (ideas).” Thus, Arthur and Grace led the way in creating the “Launch your Idea!” consumer product competition.
In the midst of a thriving global career that included a broad range of experience in brand strategy and management, hotel operations, marketing, and product and development, Brown, Vice President of On Board Revenue and Product Development at Costa Crociere, found the challenges of this multifaceted industry to be irresistible. His concentration in International Management continues to serve him well as his responsibilities extend across the “Seven Seas.”
“It all boils down to what we first learned as ‘hotelies’: listening to your guests, being passionate about delivering exceptional service and optimizing your business proposition … and, of course, ‘location, location, location’ (itinerary and destination development in the case of the cruise industry),” says Brown. “One of the challenges both on the hotel side and the cruise side is, how do you distinguish yourself through relevant value propositions that support your distinct positioning? The winners are the brands that sustain growth by challenging the norms, both on incremental and step-change levels, to create better yields and competitive advantage. Every day, I am proud to bring to my profession a curiosity, a passion to make a positive difference, and a work ethic that I credit a great deal to my Cornell and Statler Hall days.”