Chico Patel - Hunter Convention

Why don’t you tell us something about your company and your current big projects?

Yes, so basically our company is heritage hospitality, based in Jackson Mississippi. We started you know from very small town my father grew up in small town Kosciusko, Mississippi. We lived in a hotel for 30 years we did the shifts my father did night shifts my mom do the laundry, we’ll kind of do the main stores me and my younger brother. And from that one hotel he started off with you know Hamden hotel in 1999 our first major break then franchise industry. Then after that the simply we had a chances of gaining other branded hotels and today we own about 35 hotels. We had about 23 in pipe lines all away from Texas, Louisiana, Georgia, origin what else we have Alabama, you know we are pool by Hampton Inn Marion hire us today which was a big accomplishment. I am very thankful for my father to give me the opportunity to be in this position. We actually operate our own hotels we construct own hotels, we have in fractures that different divisions doing management, operation and construction. So that really separates us from lot of peoples. And get t calls down today calls for rising dramatically and we feel like we have an age of other people, we have run an onion house finance department where my partners Olly and scot basically help can a get pre development joints of is a team effort. There is not just me my brother’s handles FFNE inside interior design aspect. So you know we have a big organization, big ambitions. We already have embassy speeds approved in the land of Georgia. We working on second and third embassy speeds locations. As we speak we looking due days in westcules and more urban mixed area development.

On the construction site, what is the biggest project that you handle?

The biggest project right now is 131 rooms higher place in Huntsville Alabama and in Jackson Mississippi. We doing a 125 home with swifts. And we have a lot of side by side projects that consist around 250 rooms. So you know we have a lots of projects spread through united states right now. Or we looking to do a big project in bend Oregon and its gonna be around 70 million dollars. Its gonna consists of embassy swifts, second tear another hotel project with the mix use development to the restaurant relating.

Now that group of people in you lived with that group of people and you know them well they are extremely cost conscious and they would like to and they look for a company who provide them a construction services or the interior or furnishing. How would you be different from other competitors in terms of the cost?

well, lot of our calls benefits, we reek the benefits because we do lot of stuff in house. Where you know today every, if you say 5,000-10,000 of any of the small items it ends up, especially when you building so many hotels with bind towers. You know again everything it comes to the bottom line. So you know we shop a lot of things, we try to self-perform lot of things and our in house sub-contractors have so that keeps cost online with our numbers versus you know sub net out to other venders. So we like to you know try to do lot of our items in house to save our cost.

And said you provide financing ir?

NO! We have a team in our office, these guys her oily and scot. They are you know put packages together, shop loans. They are helping me to get all these loans approved.

When a prospective customer comes to you, do you handle everything from loans to?

No! we don’t we don’t finance. Yeah, we are basically we are doing our own development deals so we don’t actually finance for other peoples.

we don’t actually finance for other peoples we do our own testories.

Construction you know, we built lot of hotels for other people and we like to see that side of the development grow more for the building for the peoples something passed on, the call savings to other Indian community members.

What do you see this is a general question. This is not related to your business. But in general what do you see is the future going to be in next 5 year 10 years for the hotel industries specifically for Asian, Indian, American hotel owners?

I feel very confident about it you know propels are saying it will slow down ever since I was a kid hearing that from 1997. But we are looking at days in lower tear branded hotel in every fronter, marietta high Hilton back in those days. Now we are happy grows in 300,000 and we have now some hotels 300 for the whole year, with some of our projects unique 300,000 are breaking per month. So the numbers have changed, it’s a whole different game today. So I feel very positive with the outcome of low tap, if you pick the right brand in the right market with us in constructing and developing cost internally at this price we feel very confident that we should able to sustain any cycle.

I have one more question specifically about Asian American hotel owners. There are risk of ours it is, they don’t want a big risk. How did you best for them?

well, this is you know a land of opportunity, if you want you can make lot of money in this country but you have to take a risk and believe in that some time you have to fails to realize from your mistakes. I have made lots of mistakes, going through the years. My father made mistakes but my moto is don’t make those same mistakes twice. But anything is a risk there us no guaranty that there gonna be hit tomorrow. I think with the right brands in hotel industries and right markets and you know getting calls in right price point I don’t classify that it is a risk.

But the cultural aspect of the community is the failures are not that literally accepted. Like you saying it very matter of fact that failures where we have lie should be accepted but not exceptive.

most desires don’t like to you know the acknowledge to don’t wanna lose a dollar. but that mentality won’t work in this country. you know that’s why younger generation, some of the older generation such as my father, very very conservative. They are happy with they got, they don’t wanna take risk! They don’t wanna take gamble but they are not up to speed with culture, technology, the whole language you know its whole different generation. So I feel confident the younger generation that even my kids are, I mean at the age of 4-5 where they are dealing phones. I can’t figure out how the they operate some of these apps and games. I think the times are gonna change and I think it’s gonna, it will be very positive long term.

And do you see that the these our community would starting bigger risk and it has a regality to succeed?

well the hotel industry very rarely hit the the the failure rate is very slim. I don’t know the actual percentages but I think it’s less than 5% failures. So you know it’s not like own into a restraint business, where that is the one of the riskiest business but in hotel you got a assets. If you performing, running right It’s a sustainable asset that you can sell so you won’t be totally lost out. Lot of other things you can lose everything.

What about big threats like Airbnb or something similar something something all of a something suddenly comes up?

I think Airbnb is a threat in big destination markets, it is a big worries some to the hotel industries but I think that markets rate are focusing our growth is, is not big concern but yes in big metropolitan destination cities it is a threat. But I still don’t believe that with the supply and demand its gonna affected that much.


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