Category Archives: Uncategorized

Mitchell B. Muroff, Esq., Founder, Muroff Hospitality Group

As we look ahead to 2026, the hospitality industry enters the year on far more stable footing than many anticipated just a few years ago. While 2025 was marked by moderation rather than acceleration, it ultimately proved to be a year of normalization—one that set the stage for measured, sustainable growth rather than speculative excess.

Nationally, 2025 saw travel demand remain resilient despite higher interest rates, inflationary pressures, and continued labor challenges. Leisure travel continued to outperform expectations, particularly in drive-to markets and experience-based destinations. According to STR data, a CoStar company, occupancy stabilized across most U.S. markets, average daily rates held firm, and revenue per available room posted modest but consistent gains. Importantly, hotel fundamentals remained strong even as transaction volume slowed, reflecting a market adjusting to higher capital costs rather than weaker demand.

As we move into 2026, national forecasts from major hospitality analysts such as CBRE and JLL point to continued incremental growth rather than dramatic swings. New hotel supply remains constrained due to elevated construction costs and financing hurdles, which is expected to support pricing power for existing assets. At the same time, easing inflation and the potential for lower interest rates later in the year could help unlock transaction activity that has been sidelined since mid-2023. Investors are increasingly focused on well-located, operationally sound assets with clear paths to efficiency and modest value-add, rather than large-scale redevelopment or speculative growth.

For the Northeast—particularly New York and New England—the outlook for 2026 is especially encouraging. The region benefits from a dense population base, strong seasonal tourism, and a growing preference for regional travel over long-haul destinations. Unlike gateway cities that rely heavily on international travel or large convention demand, many Northeast markets are driven by leisure travelers, outdoor recreation, weddings and events, and repeat visitation—segments that have proven durable through multiple economic cycles.

By David M. Kopyc, CRPC®

As life expectancies increase, retirement planning now involves preparing not just for an individual’s final years, but for a potentially decades-long period of health and financial needs.

For the growing number of blended families, this reality brings unique challenges in legacy planning.  Ensuring fairness and security for both a current spouse and children from a previous marriage requires careful foresight.  Fortunately, new linked-benefit products—which combine life insurance with long-term care (LTC) coverage—offer a versatile and tax-efficient solution that addresses both needs simultaneously.

Navigating the complexities of blended families in retirement

In a traditional family structure, asset division is often straightforward, with the surviving spouse typically inheriting the bulk of the estate.  For blended families, however, this approach can inadvertently disinherit children from a prior marriage.  For example, if a parent leaves everything to their new spouse, that spouse could later change their will to leave all assets to their biological children, leaving the first-marriage children with nothing.  This can cause significant rifts and legal battles, especially with larger estates.

Even without overt family conflict, a blended family’s financial security is more complex. A couple may be focused on providing for their current spouse, while also wanting to leave a meaningful inheritance for their respective children.  In the event one spouse needs long-term care, the substantial cost can quickly deplete the couple’s shared assets, including the very inheritance they intended for their children.

The modern solution: Linked-benefit life insurance

For those seeking to secure both long-term care and a guaranteed legacy, linked-benefit products have emerged as a strategic solution.  These hybrid policies integrate the dual benefits of life insurance and long-term care coverage into a single contract.  By repurposing an asset, a policyholder can leverage it to provide income tax-free long-term care benefits.  The key advantage is the “no use, no lose” proposition:  If the LTC benefits are never used, the full death benefit is paid out to beneficiaries.  This removes the risk of paying premiums for a traditional LTC policy that could go unused.

By Ann Donnelly 

Ginny Brandreth, COO of Zobel & Co. Kitchens, is a shining example of an entrepreneurial woman. Her journey, a rich tapestry woven with marketing expertise, international experiences, and a sharp eye for opportunity, is a testament to the power of adaptability and networking. Brandreth’s career has been a masterclass in embracing change and leveraging connections, from crafting hand-drawn package designs to navigating the digital landscape with finesse.

Brandreth’s professional life began with a marketing degree from Clarkson University and a rapid ascent in consumer products in Syracuse and Rochester. “It was the most fun time,” she recalls. “The company was dynamic and growing, and I got to see so many different kinds of business. Everything from a little ‘mom and pop shop’ to making presentations at Walmart and Home Depot, and traveling overseas for our business over in Europe.” Before the rise of digital marketing, this period involved hands-on work with design firms, meticulous package mock-ups, and late-night press runs. “It was just so much work,” she laughs, contrasting it with today’s streamlined digital processes.

Her career took an unexpected turn when she moved to Dublin, Ireland, as a “trailing spouse.” Though initially unable to work, Brandreth quickly found opportunities, first with a relocation agency and then volunteering for Paul Newman’s Hole in the Wall Camp, a sister camp to Double H Ranch in Lake Luzerne. Brandreth notes the stark contrast between her high-paced corporate life, “You went from being at 60 to 70 hours a week as a Product Manager to a housewife in Ireland where the stores close at five o’clock.”

In response to the high death rates of women from cardiovascular disease, the American Heart Association, a global force for longer, healthier lives, established Go Red for Women in 2004. Since then, Go Red has addressed the awareness and clinical care gaps of women’s greatest health threat, cardiovascular disease.   On Friday, Nov. 8,...

By Susan Elise Campbell

Arnoff Moving & Storage achieves another milestone this spring with its 100-year anniversary as a family corporation. What was started in 1924 by generations one and two with Abraham Arnoff and his son Louis is now under the management of generations three, four and five.

How future generations will impact the growth of the company when they come on board, time will tell, if they first follow one family rule.

“My grandmother Phyllis had the idea, I was told, that any family member has the opportunity to join the business but must have worked for at least a year at another company,” said Dan Arnoff, chief relationship manager and company spokesperson who oversees sales, marketing and human resources. “She is the one who enforced the rule.”

Phyllis Arnoff has passed away, but her husband Richard, generation three, is the firm’s CEO. The president is their son Michael and his wife Lisa is executive vice president and corporate counsel. Their sons Dan and Craig, the latter a CPA and the company’s chief operating officer, are also operating the firm alongside their cousin Nick, vice president of fleet and safety, and uncle Mark, who manages a separate moving company in southern Florida. 

Provided by Meghan Murray

By definition, business owners put a lot of their financial resources into their enterprises. But as an owner, you may need to invest in more than inventories and payroll to help achieve the future you’ve envisioned.

Here are a few investments you may want to consider:

• Retirement account – Depending on the nature of your business and how many employees you have, you can choose from a variety of tax-advantaged retirement plans, such as an owner-only 401(k), an SEP-IRA and a SIMPLE IRA. By contributing regularly to one of these accounts, you can avoid being entirely dependent on the sale of your business to pay for your retirement years.

To fund your 401(k) or other retirement plan, you’ll have many investment options — stocks, bonds, mutual funds and so on. And if you “max out” on your retirement plan, you may even be able to build a separate investment portfolio. In any case, keep in mind that you’re already putting a lot of money into your business, so, to achieve a level of diversification, you may want to concentrate your investment choices in areas outside your industry. However, while diversification can help reduce the impact of market volatility on your portfolio, it can’t guarantee profits or protect against losses in a declining market.

• Property – Your physical space is a key part of your business’ success. So, you may want to invest some time in comparing the pros and cons of renting versus owning. Of course, owning your building may require a big financial commitment, and it may not be feasible, but it could free you from worrying about untimely rent increases.  

By Kenneth J. Entenmann, CFA 

Happy New Year! And that means it is prognostication time. Economists, Chief Investment Officers, your plumber and neighbor announce their bold predictions for the economy and the financial markets for the coming year. Beware! These predictions will likely be wrong, regardless of the level of the forecaster’s sophistication. And yes, that includes your humble blogger!

Look back at 2023. The overwhelming consensus called for a recession. It never happened. More importantly, the gloom associated with a recession also didn’t materialize. The labor market did not falter, ending the year with an unemployment rate of 3.7%. The Fed did not increase interest rates to “infinity and beyond!” as they hit the pause button in September and have been there ever since. The equity markets didn’t collapse, with the S&P 500 ending the year at 4765, up 25.83 percent for 2023. That is a far cry from the doom forecast of an S&P 500 price level of 3000. If you followed the pessimistic forecasts for 2023, it was a very expensive mistake!

The forecasts for 2024 are quite optimistic. As discussed in the last blog, the ferocious year-end rally in both stocks and bonds has priced in a perfection. In general, the consensus for 2024 is:

Governor Kathy Hochul today announced that the Belmont Stakes will be held at Saratoga Race Course in 2024 to allow for the uninterrupted construction of a new and re-imagined Belmont Park, the Long Island home of the third leg of the Triple Crown.

“As part of the exciting modernization of Belmont Park, Saratoga now adds to its storied history by hosting the 3rd leg of the Triple Crown,” Governor Hochul said. “It’s a win for horseracing and for the Capital Region to have the excitement and the ability to host the four-day Festival in June at America’s most historic track. As I said during the 2023 Saratoga Meet, ‘Let’s do it.’”

Link to remainder of the story on NY State Website >>