As the population ages, the senior living industry offers great opportunity, said panelists in the first Senior Living Roundtable, held in October at the Cornell School of Hotel Administration (SHA). And the key to success in operating senior living communities is creating a relationship with residents.

Chaired by David Sherwyn, associate professor at the SHA, and attended by nearly 200 students, the roundtable is one of a series developed by Cornell's Center for Hospitality Research (CHR).

While senior living communities often look and operate like hotel properties and residents expect hotel-like services, the panelists noted, there are also key differences between the two.

Sales procedures and real estate ownership work differently, for example. It often takes 18 months or more for a person or couple to decide to move into a senior living property; and the decision is made only after a tour of the community, often with other family members. This means that all of the property's features must be on display.

Looking forward, roundtable participants expect U.S. demographics to work in their favor. According to panelists John Rijos, co-president and COO of Brookdale Senior Living, there will be more properties in urban settings, which will allow residents to take advantage of cities' cultural features. Even so, proximity to family is the overriding criterion for choice of a residence.

Other panelists were Dan Madsen, president and CEO of Leisure Care, and John Cobb, president and CEO of Senior Lifestyle Corp.

Recent CHR roundtables have investigated sustainability in the hospitality industry, social media and marketing, and finance and real estate.