Owners, Developers, Lenders Share Tips for Entering the Hotel Industry
Building a Network, Overcoming Fears Are Keys to Success
Developing or owning a hotel can be a scary endeavor, but those who have done it say it's also rewarding.
Developing or owning a hotel can be a scary endeavor, but those who have done it say it's also rewarding.
Dipal Patel, managing director of Frisco, Texas-based Shyana Hospitality Management, started in the industry at line-level roles such as housekeeping. Over the next 25 years, she has owned, operated and developed hotels.
Starting out acquiring or developing a hotel is a little scary but it is really rewarding,
she said, speaking during a panel at BWH Hotel Group's Fifth Annual Women in Leadership Forum in Cleveland. We purchased our first Best Western — we just purchased a small percentage to start with — and that's how we got started.
To get the ball rolling, she said it's imperative to build relationships with lenders and ask for advice from peers, talk with developers within a desired market, see what opportunities there are and assess the cost of the project.
Speaking with community leaders can also help smooth the process.