Kal Patel is founder and CEO of Crestpoint Companies in Mason, Ohio. He owns and operates hotels in Ohio and Kentucky. Two are under construction and the others are operating at 5 to 10 percent occupancy since the crisis struck in mid-March. A few properties are housing homeless and dislocated residents as well as serving as refuge for women and children fleeing domestic violence. Patel shares his account of what it’s like to serve vulnerable populations during a crisis of historic proportions. Patel’s account is part of What’s Your Story? and featured in our digital conference called LodgingStream: A Brave New World that took place live on April 30.
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.