Hotel ownership is appealing for a lot of people with the available funds and a general interest in the franchise business model, but the level of industry-specific knowledge required to break in can be daunting for some.
That's where Hilton's Unlocking Doors program comes in, promising "educational programs, networking opportunities and access to affordable capital" since its launch in January 2024.
DeShaun Wise Porter, vice president of strategic pathways and recognition at Hilton, joined the latest episode of the CoStar News Hotels Podcast to talk about how that program is faring and where it's seeing successes. She said in the end, these efforts benefit not just Hilton but the industry at large.
"This is essential knowledge," she said. "The foundational knowledge [of investing in hotels] is interchangeable across all of these different brands."
Many of Hilton's entry-level brands for new hotel owners are more straightforward in terms of operations and development, such as Hampton Inn, Hilton Garden Inn or Home2 Suites, Porter said. For hotel owners buying and converting an existing property, they often look to Hilton's newer Spark brand, she added.
Asked whether there are commonalities seen among people who are looking to invest in the hotel business, Porter said it's often entrepreneurs with some experience in other forms of real estate who lack the operational experience of the hotel industry.
"The residential, housing side seems to be what we've been seeing more recently," she said.
One of the more rewarding aspects has been connecting new owners with experienced hotel owners, Porter said.
"It's helpful to really make sure that they have a cadre of industry leaders, other owners, mentors, if you will, to help them as they are facing new challenges or new opportunities as they're delving into this space," she said.
For the rest of the interview with Hilton's DeShaun Wise Porter, listen to the podcast above.