Hotels, Restaurants and Leisure

Loews Hotels CEO: We're 'losing market share' due to Trump's extreme vetting of foreign visitors

Key Points
  • Jonathan Tisch says the hotel industry is "losing market share" in the U.S. due in part to Trump's extreme vetting of foreign visitors.
  • "Vistors want to feel welcome, they want to feel safe," Tisch says.
Loews Hotels CEO: Visitors want to feel welcomed in the US

Loews Hotels CEO Jonathan Tisch said Monday that the U.S. hotel industry is "losing market share" due in part to the Trump administration's so-called extreme vetting of foreign visitors.

"Our concern as an industry is related to inbound international travelers," Tisch said on CNBC's "Squawk Box." He's also a co-owner of the New York Giants.

"Visitors want to feel welcome, they want to feel safe," he said. "Even though business is pretty good ... the number of inbound international travelers in the U.S. is losing market share."

"That's due to a variety of reasons," including the president's policies and 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, is needed to prevent terrorism.

Tisch said the U.S. certainly needs border security, but also "open doors."

The president last year proposed to eliminate Brand USA, a federally funded organization that promotes the U.S. overseas as a tourist destination.

Ending Brand USA would be a "mistake," said Tisch, whose business has 24 hotels with six others under development. The program offers strong returns and doesn't cost American taxpayers "one single dollar," he added.

Tisch, co-chairman of the hotel group's parent, Loews, urged those in the industry to work with elected officials about "putting out a welcoming message" because inbound travelers "stay longer [and] spend more money."

Tisch wrote an op-ed published published Monday, which dealt with the slowdown of international visitors and subsequent U.S. economic impact.

The White House did not immediately respond to a request for comment.

— Disclosure: Lowes Hotels is working on additional property partnerships with NBCUniversal, which along with CNBC is owned by Comcast.