Hemant “Henry” Patel CHO CHA was born and raised in India, and he immigrated to the United States in 1986. Within a few short years, he and his wife settled in Miami, Florida, where they invested in their first property – The King Motel – an independent property on Biscayne Blvd. He also has an interest in a franchised property and another one in the pipeline.
Hemant is a very active civic leader and community servant. He served AAHOA for many years, as a regional director, as Chairman in 2011, and on countless committees. He was the first Asian-American to become president of the Greater Biscayne Chamber of Commerce in 1996. In Miami, Hemant has served on many city boards, and he is an active board member of the Upper Eastside Miami Council, a strong and vibrant neighborhood advocacy group. He served as President of “Do the Right Thing,” an association which is part of the Miami Police Department and is designed to encourage leadership and good moral behavior in Dade-County public schools. Along with Mike Patel, Hemant traveled to India with former President Bill Clinton on an earthquake relief mission. In addition, Hemant received a community service award from former Congresswoman Carrie Meek in Miami.
Lodging Econometrics has tracked the hotel industry since 1998. Its global database includes new-hotel pipelines as well as renovations and brand conversions. Hotel franchisers once eager to launch new brands are focused on converting existing hotels because it’s a faster way to recover revenue lost to the COVID-19 pandemic than through new construction. In Episode 346, Lodging Leaders explores the increasing number of conversions in the U.S. hotel industry and what owners and operators need to consider before repositioning an asset.
In the first few months of the COVID-19 pandemic in the U.S., financiers anticipated a swell of distressed hotel businesses. Some raised rescue funds to respond to what they thought was a pending crisis. Though there are financial rescues taking place, the level of such activity is far below what industry advisers and fund managers expected. Commercial real estate investors positioned to act in the early days of the pandemic held off and are now just beginning to unleash their cash hoards totaling billions of dollars. Episode 345 of Lodging Leaders podcast explores the state of capital investment in the hotel industry.