The hotel industry is going through numerous changes. With all of the new lodging options for customers to choose from, hotels must adapt to thrive financially. Chris Burch is an owner of one of the best hotels in the world. He has years of experience in this field. Although he made mistakes initially, he used the mistakes as lessons for his career.
Chris Burch is a dynamic business owner who is excited about the future. He uses the newest technology to make the hotel experience fun. Far too many hotels are boring to customers. Boredom is not an issue at the hotel that is owned by Chris Burch.
Starting the Hotel
Few people have interest in starting a hotel due to the initial costs. A hotel is a significant financial investment. Almost no one has the cash to pay for a hotel. Finding a financing opportunity is also tricky. Banks do not want to take on the risk of owning a hotel. If a hotel fails, there are few buyers interested in the property.
Chris Burch had to get capital from private investors to start his hotel. Private equity is a significant risk. However, Chris Burch believed in his concept (https://www.inc.com/magazine/201106/chris-burchs-latest-cool-company.html) and knew that it would be successful. The first few years were tough. Not only was the hotel losing money, but sales were also stagnant. Chris Burch had to get creative to bring additional customers to his hotel.
Chris Burch has multiple plans for the future. Sales at the hotel increase each year, and he plans to make improvements to the building in the coming years. Chris Burch also wants to invest in other real estate properties (prnewswire.com). He believes that owning real estate is a proven concept to generate monthly income. He has already purchased a few residential properties in his local area, check architecturaldigest.com.