284 | Sharing the Wealth: Hotel industry leaders want to bring Black investors into the fold
The coronavirus pandemic and the resulting downturn in the travel industry will make it difficult for investors to find the capital they need to acquire and develop hotels.
That means minority investors, in particular Black Americans, might face an uphill climb in qualifying for bank loans unless they can close the ever-widening equity gap.
Several industry groups, including owners, are looking post-pandemic and reviving efforts to partner with Black investors in hotel development, including partially financing new projects.
Industry leaders also want to educate minority owners of other commercial real estate assets how to reap financial returns through investment in hotels.
Last week, Lodging Leaders reported on Black hoteliers introducing boutique concepts that celebrate Black heritage and culture. This week, we explore the state of Black hotel investment and how the coronavirus pandemic has strengthened industry leaders’ resolve to invite more minority investment into hospitality.
We feature John Lancaster, new regional vice president of emerging markets at Choice Hotels International in Rockville, Maryland; Omari Head, director at Paramount Lodging Advisors, a hotel brokerage in Washington, D.C.; and Navroz Saju and Azim Saju of Hotel Development and Management Group, a family-owned business in Ocala, Florida.
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