MIRAJ PATEL OFFICIALLY became AAHOA’s chairman as the association’s 35th Annual Convention & Trade Show in Orlando ended on Friday. At 26, he is the youngest person to take on the leadership role.
However, Patel also is a second-generation hotelier who began his career in hospitality at a young age, growing up in his family’s first 30-room independent property. He served as an AAHOA committee member for several years and joined the AAHOA board of directors in 2019 after being elected as young professional director Western Division.
“Serving as the youngest chair in the association’s history further demonstrates AAHOA’s commitment to fostering the growth and success of the next generation,” Miraj said. “I’m always encouraging young professionals not to let age determine success. Many times, people may say you’re too young, but that is absolutely not true. There are so many folks who are young but still do whatever it takes to find success. If you never try, you’ll never know what you’re capable of achieving.”
Patel is president of Wayside Investment Group, a Texas-based company that specializes in making opportunistic investments in the lodging and hospitality real estate sector, according to AAHOA. He also serves on various industry associations and charitable organizations and continues to seek opportunities to make a positive difference.
“We look forward to working under his leadership to continue to advance the industry and position AAHOA as the only true voice of hotel owners in the nation,” Blake said. “Miraj has an incredible passion for serving the industry and members of AAHOA, and, like those who have come before him, we know he’ll have a significant positive impact on AAHOA in the years ahead.”
Miraj has broken down his priorities for his upcoming administration into four buckets: franchising, industry disruptors, rising costs and regulations. Of those, franchising holds the most complexities.
“There’s four situations when it comes to franchising and number one is brand dilution and value,” Miraj said. “The dilution of hotel brand value is a top concern, as an overwhelming number of new rents continue to flood the market, leaving consumers confused and struggling to find the difference between the brands that are coming around. The landscape is saturated with choices making it confusing, not only the owners, but also the consumer and because of that negative, brands which were at the top of the level of are losing their unique value proposition.”
Another big problem in franchising, Patel said, is lack of innovation and forward-thinking technology solutions provided and mandated by hotel franchisors. It’s that technological lag that leaves room for disruptors such as Airbnb, he said.
“We have to find a way where we dialogue and have the conversation to say, how do we collectively work together to urge brand partners to innovate, enhance operational efficiencies and align with modern technologies to increase efficiencies, overall brand value and get to experience,” Patel said.
Unrealistic renovation cycles are another problem with hotel franchising, Patel said.
“Renovation cycles pose another hurdle with mandated renovation cycles that are perhaps unsustainable in terms of design, scope and cost,” Miraj said. “We have to advocate to ensure renovation cycles are not only manageable, but sustainable for our owners, and contributing to profitability for a long term.”
These issues result in decreasing profitability and ROI, and Patel said that has ramifications for the future of the entire industry.
“The problem that I see when it comes to franchising is the next generation of hospitality leaders may not look at the opportunity and the industry in ways that the previous generation looked at,” Miraj said. “The second generation may say, or the third generation may say, is it really worth buying a hotel operating hotel?”
Former AAHOA Chairman Neal Patel was in that crowd had no problem with the fact that Miraj would take his record as the youngest person to serve in the position.
“Well, it’s amazing, because I feel that you’re paving a path to the younger generation and we need a great balance between the older experienced leaders and younger people coming into the association,” he said. “I feel that he will do an amazing job leading our association and continue to building on what our predecessors have done.”
Also at AAHOACON24, Pinal Patel was elected secretary. Pinal, of Goodlettsville, Tennessee, defeated H.K. “Hare Krishna” Patel for the secretary position.
