Hotel industry observers, bloggers and other pundits have suggested recently that the economic environment has changed permanently, that once the recession eases it won't be back to business as usual. This notion of a paradigm shift or a reset makes for good copy in the press and endless water-cooler speculation, but it's hard to determine whether the premise is true and, if so, what it all means.

Let's assume these self-proclaimed know-it-alls (me included) are right, and the lodging landscape has changed for good. If so, what will be the face of the future?

No matter whether this is a hiccup or a reset, hotel development will be a different ballgame in a year or two. Bankers, lenders and underwriters will certainly be more conservative with their money for some time to come. And with Big Government peering over their shoulders, lenders will make fewer big bets on questionable projects.

What will remain true, however, is the value of relationships in the development process.  Those of you with solid track records, lots of experience and tight and long-standing links to banks and other sources of capital will reap the rewards of your conservatism. You're out of luck if you've been financially reckless or even a victim of the markets and the times. And, forget it if you're trying to get a first-time loan to buy or build a hotel.

Traditional marketing programs won't survive the new realities in the hotel industry.  Lush print campaigns in general circulation magazines and newspapers or on billboards will be money down the drain. In the future, travel marketing will increasingly and soon exclusively be the province of the online world. Perhaps no other commodity lends itself to the unstructured elegance of social-media marketing than do hotels. Value-seeking consumers (and that will be everyone in the future) will demand to be able to compare notes, brick-bats, praises and gossip about their favorite destinations, restaurants and hotels. You need to be able to talk their language in the media with which they're comfortable. My advice: Go hire a 25-year-old B-school marketing hotshot.

Designing and equipping lodging properties will be harder, too.  As always, guests will demand the amenities they enjoy at home-flat-screen TVs, comfy bedding, plush bathrooms,  reliable (and free!) Internet service-but they may not be willing or able to pay the premium rates needed to cover the costs of these goodies.

Sharp pencils and clear research of what guests really want and what they'll pay for will be the tools brand builders and developers need to succeed.

The real difference-maker in the hotel climate of tomorrow will be people.  As one luxury hotel company spokesperson recently told the press, "Service is the ultimate amenity." While times are tough now, it makes a lot of sense to hold on to as many of your hardest-working, most-service-oriented employees. They'll be the stars of the new value and service economy on the horizon.

The future may sound daunting, but many—no, most—of these elements have been the currency of successful hotels and hoteliers for decades. As it often is when the world takes a zig  or a zag, back to basics is the best advice.