Shan Bhagat is a commercial real estate entrepreneur and president & CEO of BKS Hotels, a full-service hospitality company.
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The Covid economy has affected us all, especially due to the catastrophic toll it’s taken on small business owners and employees. But where there have been obstacles, there’s been opportunity. Covid has accelerated consumers’ passion for “buying local.” In tough times, people naturally look to their community for support. Where many see their local businesses struggling, they look for ways to support them.
Hotels are often overlooked in this equation. They aren’t seen as local businesses or even small businesses. In fact, most of the “big brand” hotels you see in your community are locally owned and operated. Industry research shows that in 2019, 80% of branded hotels were franchised operations. These hotels have a major impact on local economies. For example, U.S. hotels contribute $660 billion to the U.S. GDP and…