Navigating the Messy Middle - Stephen Wendell - Defining Hospitality - Episode #217

Defining Hospitality

What happens when a hotel developer moves from building Hampton Inns to creating lifestyle hotels with fire pits and Michelin-starred restaurants?

Today’s guest is a returning guest, Stephen Wendell, Co-Founder and CEO of Mountain Shore Properties. They explore the shift from select-service properties to luxury and lifestyle hotels, examining the business dynamics and guest experiences that differentiate these segments. Steven shares insights on building independent lifestyle hotels, dealing with construction challenges, financing, and the pivotal role of major brands and creative freedom. They also discuss the evolving demands of younger travelers and the potential for lifestyle hotels to serve as cultural hubs. The conversation touches on financing strategies, the impact of current economic conditions, and the balance between guest experience and profitability.

Takeaways:

• The most successful hospitality projects prioritize unique, memorable experiences for guests, which can lead to long-term loyalty and word-of-mouth growth.
• Each project is a learning opportunity. Apply lessons from past mistakes to improve future outcomes and avoid repeating errors.
• Consider a mix of select service and lifestyle/boutique properties to balance stability with higher-reward opportunities.
• Affiliation with major brands can make financing easier and provide valuable marketing/distribution support, but weigh the costs and benefits carefully.
• The best hotels become hubs for both guests and locals. Create spaces and experiences that attract both groups.
• Younger travelers value experiences over points. Offer unique, local collaborations and experiences to attract and retain this demographic.
• Hospitality is a long-term business. Set expectations with investors and partners accordingly, and operate with a long-term mindset.

Quote of the Show:

“Some people quit in the messy middle. We’ve pushed through, and now we know what to do and how to do it.” - Stephen Wendell

Links:

• LinkedIn: https://www.linkedin.com/in/stephen-wendell-5417291a/
• Website: https://mountainshoreproperties.com/

Shout Outs:

• 1:18 - Philadelphia Eagles https://www.philadelphiaeagles.com/
• 2:00 - Camptown https://mountainshoreproperties.com/project/camptown-leeds-ny/
• 3:56 - Airbnb https://www.airbnb.com/
• 4:14 - Hyatt https://www.hyatt.com/
• 4:15 - Dream https://www.hyatt.com/dream-hotels
• 4:16 - The Standard https://www.hyatt.com/the-standard/en-US
• 4:17 - Bunkhouse https://www.hyatt.com/bunkhouse-hotels/en-US/explore
• 4:18 - Hilton https://www.hilton.com/en/
• 4:19 - Graduate https://www.hilton.com/en/brands/graduate-hotels/
• 4:22 - Nomad https://www.hilton.com/en/brands/nomad-hotels/
• 4:23 - Marriott https://www.marriott.com/default.mi
• 5:09 - Courtyard https://courtyard.marriott.com/
• 5:17 - Hotel Genevieve https://mountainshoreproperties.com/project/hotel-genevieve-louisville-ky/
• 7:20 - Hampton Inn https://www.hilton.com/en/brands/hampton-by-hilton/
• 13:00 - Gary Vaynerchuk https://en.wikipedia.org/wiki/Gary_Vaynerchuk
• 13:50 - Steve Jobs https://en.wikipedia.org/wiki/Steve_Jobs
• 13:52 - Bill Gates https://en.wikipedia.org/wiki/Bill_Gates
• 13:53 - Jeff Bezos https://en.wikipedia.org/wiki/Jeff_Bezos
• 14:49 - James Beard https://en.wikipedia.org/wiki/James_Beard
• 17:18 - AC Hotels https://ac-hotels.marriott.com/
• 18:07 - Independent Lodging Congress https://ilcongress.com/
• 18:18 - Deutsche Bank https://www.db.com/
• 18:20 - Bank of America https://www.bankofamerica.com/
• 22:31 - Vanguard https://investor.vanguard.com/
• 22:32 - John Bogle https://en.wikipedia.org/wiki/John_C._Bogle
• 23:09 - JDV https://www.hyatt.com/jdv-by-hyatt/en-US/explore
• 24:08 - IHG https://www.ihg.com/hotels/us/en/reservation
• 24:12 - Vignette https://www.ihg.com/vignettecollection/hotels/us/en/reservation
• 25:29 - Waldorf Astoria https://www.hilton.com/en/brands/waldorf-astoria/
• 34:40 - Ritz Carlton https://www.ritzcarlton.com/
• 45:57 - Jerome Powell https://en.wikipedia.org/wiki/Jerome_Powell
• 52:26 - Paul Volcker https://en.wikipedia.org/wiki/Paul_Volcker
• 54:59 - Costa Susana https://costasusana.com/en/
• 56:20 - Hotel Saint Cecilia https://www.bunkhousehotels.com/hotel-saint-cecilia
• 56:47 - Regent Hotels https://www.ihg.com/regent/hotels/us/en/reservation

🏨✨ Defining Hospitality is Sponsored by Berman Falk https://www.bermanfalk.com/ - Check out their impact page! 🌍🌱 https://www.bermanfalk.com/impact/

Ways to Tune In:

• Spotify: https://open.spotify.com/show/0A2XOJvb6mGqEPYJ5bilPX
• Apple Podcasts: https://podcasts.apple.com/us/podcast/defining-hospitality-podcast/id1573596386
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