Indians taking over hotels from distressed owners in US at rock-bottom prices

[OhioChick]

4 Oct, 2011, 01.22AM IST, Meenakshi Verma Ambwani,ET Bureau

NEW DELHI: Don't be surprised if the owner of the hotel you check into the next time you are in the United States turns out to be an Indian entrepreneur who has little experience in the hospitality industry.

Non-resident Indians, especially those with the Gujarati surname Patel, have dominated the economy segment of the American hotel industry for decades. But now, Indians who have made their money in other businesses back home - in Kolkata to Coimbatore and New Delhi to Hyderabad - are increasingly taking over the keys from distressed owners in the US who are selling at rock-bottom prices to repay their growing debt.

This is especially the case in the warmer states, such as Florida and Nevada, where vacation homes are the first to be put up for sale in the market which remains stubbornly depressed three years after the economic crisis hit home.

Prices have dropped to as low as Rs 10 lakh per room in some locations close to the mega tourist attraction Disneyland in Florida's Orlando, for example, says V Santhana Raman, chief executive of Ace Hotel Brokers India. In contrast, he says, properties in tourist destinations such as Kumarakom in Kerala back home command up to Rs 1 crore per room.

More: http://economictimes.indiatimes.com/news/nri/nris-in-news/indians-taking-over-hotels-from-distressed-owners-in-us-at-rock-bottom-prices/articleshow/10224695.cms

[bluedigger]

1. Breaking news! IndiaTimes runs out of content! Runs 20 year old story!

:rofl:

[RKP5637]

2. I have a feeling as this continues, we will see more and more of America

bought up by individuals/conglomerates doing better in other countries and with the finances. Being concerned about American made will be long gone and the new will be concern about American owned. What's next after that, just the transfer of the country to another entity.

I don't have the article now, but it seems I read large blocks of real estate / houses / apt. bldgs. were being bought up by individuals/conglomerates doing better in other countries with the intent to just rent back to Americans. Sorry, I can't recall all of the details now, but it crossed my mind as I read your post.

[sam11111]

11. ONE billionaire owns the world - that's the goal of corporate economy

He only will need 300 million of us to make the luxuries he likes.

The rest of us? Surplus people......

[RKP5637]

12. Yeah, in the big picture that's where it's headed. Problem is, we're in the 21st

century now using solutions that worked in the 19th and 20th century. I just don't think we're going to dig our way out of this using old dog tricks in the 21st century. I'm sure there are brilliant people that know exactly what needs to be done, but one is not going to hear them through all of the political rhetoric and MSM propaganda of today.

[lib2DaBone]

3. Just check into any Super 8 Motel ... nothing against the Patel family...

Some are good.. others are the pits. But , living on the road.. I have seen a downturn of Super 8.

[RKP5637]

4. I started avoiding Super 8's some years ago. I've stayed in some pretty scary ones. n/t

[sam11111]

6. NO foreign owners possible in the new jobs sources I advocate

WPA
Routine gov jobs
Co ops

But private sector...will sell out in a heartbeat..to unsavory types..like drug Cartel lords.

PS co ops are owned by the employees - americans. By definition they will never be foreign owned.

They can make everything--
Credit unions
Electric co ops
Refinery -mcpherson KS
Grocery co ops
Auto parts-- Spain's Mondragon complex (HUGE).
Toothbrush and litebulb factories---Sweden.

[RKP5637]

10. Yep, the private sector anymore is getting to be obsolete for the 21st century. We are

never going to make it thinking (some) that the private sector is the solution for everything. I like the idea of WPA, Routine gov jobs and Co ops!

[Skittles]

8. too many of them are now sub-par

they used to be a bargain but I avoid them now. You see the same lowered standards in offshore software. :(

[customerserviceguy]

14. The one in Cheyenne, Wyoming is pretty good.

But east of the Mississippi, you're taking your chances. Glad my lady and I can afford Marriotts and Hamptons.

[bernynhel]

5. Good for the Indians!

We slaughtered them and threw them off their land so now it's only just that they get a good buy on a motel or two. We even kicked them off our nickel and penny for crissake! So WHAT if the lobby smells of old buffalo hides? Bully for the Indians!

[Skittles]

7. dot, not feather

[bernynhel]

9. oooooooooooooh THOSE Indians.

Never mind. (I GOT you! lol)

[Historic NY]

13. I now check all hotel reviews some of them run them like dumps...

they have hit other main stream companies too. The conditions of some places are appalling. I've been on the road most of the summer and some places still have 80's motifs.

[customerserviceguy]

15. Trip Advisor is your friend

It's usually steered me astray of the lousy places, only when I didn't check it first was I sorry.

[Historic NY]

16. YUp +1

[Hestia]

17. The Patel family owns each and every hotel in this county and it is rural.

Interesting article.