Saturday, September 27th, the National Association of Black Hotel Owners, Operators and Developers (NABHOOD) held an event at the Congressional Black Caucus 44th Legislative Conference to discuss how African Americans can become hotel owners and what it takes to accomplish this goal.Â There were several members on the panel who spoke on this topic and were available to answer any questions from the audience after the presentation.
The panel members were as follows:
- Â Â President/CEO, NABHOOD
- Norman Jenkins President, Capstone Development, LLC.
- Bill Fortier Senior VP, Development Americas Hilton Worldwide
- Evens Charles President/CEO, Frontier Development and Hospitality Group
- Brian Parker RVP, Franchise Development & Emerging Markets, Choice Hotels International
- Julius Robinson VP, Autograph Collection Marriott International
All of the panelists agreed that it would be best when first becoming a hotel owner to start small with a property under 100 rooms.Â Hotel ownership can be very capital intensive (around 7 to 10 million) for a project of this magnitude.Â There are different routes to attain this goal but the panelists felt that acquiring a hotel through a brand can make the process easier and they provide the support needed.
Anyone who are seriously interested in becoming a hotel owner are encouraged to register for the ABC’s of Hotel Ownership Workshop being held in Bethesda on October 29 30, 2014.Â For more information, please go to www.nabhood.com.
Final advice that was given to everyone was: you will need capital, good concept, great location, and someone with experience in the hotel industry.Â With these elements in place, the project is most likely going to be financed and SUCCESSFUL!
By J.V. Jones Editor
Photographs by Darryle Carter