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Chris Nassetta’s work is never done. The president and CEO of Hilton Worldwide said complacency breeds failure—which is a storyline Hilton is all too familiar with over its near century history of ups and downs.

“The minute you think you’re done and you start resting on your laurels, you end up having people knock you off the top of the heap,” Nassetta said during last month’s Bisnow Lodging Investment Summit.

That’s what happened to Hilton for decades, he said. The groundbreaking hotel chain was an industry leader from the get-go, but the competition eventually caught up with the company.