Hospitality is in Dipika Patel’s DNA. The third-generation hotelier is now executive chairwoman of Patel Family Office and managing director of Homz, which is dedicated to building a portfolio of sustainable, wellness-focused communities centered around branded attainable housing in key markets across the U.S. Hotel Business spoke with Patel about her start in hospitality, her career journey and her passion for access to safe and quality housing for all. —Abby Elyssa
Why are you so passionate about the hospitality industry?
My grandfather started my family’s involvement in the hospitality industry, and my father ended up in the business as well. Therefore, I am a third-generation hotelier and have been in hospitality my entire life. In fact, practically everyone in my extended family is also in the industry, including my uncles, aunts and cousins. From my childhood days, I remember the majority of the discussions at our dinner table or at family gatherings always focused on hospitality. As such, I would say it’s not just my passion, but it’s also in my DNA.
Why hospitality? It’s a terrific cash-flow- generating business accompanied by hard-asset ownership. It’s operationally complex, but if you know how to operate the assets efficiently, the business can generate significant cash flow and attractive returns.
Can you detail your first hospitality job? What did it teach you?
I was born and raised in the U.K., but moved to the U.S. to learn the family business. My first job in the industry was at one of my uncle’s hotels, where I was initially put to work running the front desk for $8 per hour. The purpose of this early exposure wasn’t only to teach me how to operate a hotel, but also to help me understand how tough it is to make money, how important it is in a service business to focus on customer satisfaction and how critical it is to learn to work effectively as a member of a team.
Fortunately, I ended up in New York City, which presented a double bonus—first, the opportunity to work in my uncle’s hotel to learn all the nuances and tricks of the trade, and second, to live in Manhattan. Being in New York enabled me to learn how the finance industry operates and how to become a real New Yorker—a hard worker, hustling to accomplish the dream of owning my own hotel one day. My earliest learnings were not only about working hard but, more importantly, working smart. For example, I learned how to optimize operations and make them cost-effective in every way so we could maximize the profitability of the business. I also learned that in the hospitality industry, it’s all about customer satisfaction and that the customer is always right. Even though I started my career at a small hotel in New York City, within 10 years, I developed my own property and established my own family brand. Nonetheless, I never forgot the basics from the early days.
What do you love most about your job?
Customer interaction is what I love most about this industry. Hospitality is such a beautiful industry. It’s like hosting a guest in your home. You are always a host, and you always have a guest. Who is not happy when they have a guest at home? So, for me, I really love accommodating every guest and ensuring their ultimate satisfaction. I also love my employees. We don’t consider ourselves an asset business, but rather a people-first business. I have to take care of our employees so they can take care of our guests. On both sides, it’s all about the people. It’s exciting working with different types of people, learning to understand them and being able to figure out what will make them happy.
What does Homz specialize in? Why are you so passionate about this?
I initially got into hospitality because of my family. Therefore, it wasn’t completely my choice because of how deep my roots go in this industry. But when it comes to Homz, it’s entirely my choice. In my work, I endeavor not only to solve business problems, but also to help solve societal problems and to do what I can to make the world a better place. One of the biggest challenges in America currently is housing availability and affordability.
I have been living in the U.S. for 20 years and for the entire time I have been here, I have heard about same problem: the lack of attainable-priced housing options available for the missing middle—renters whose primary options are typically older-vintage Class B and C workforce housing. I believe access to safe and quality housing should be a fundamental right of every individual living in this country, so I have been thinking about different ways to leverage my experience to create a portfolio of sustainable, wellness-focused multifamily communities centered around branded attainable housing at scale. That’s how Homz was born.
Anywhere you travel in the country, you have the opportunity to stay at a standardized hotel chain offering the same experience and value. The idea for Homz is to take that concept and apply it to housing. Through Homz, I am working to build a national housing company which will achieve affordability through standardization, prefabrication and economies of scale.
What plans/goals do you have for Homz?
In phase one, we intend to build 75,000 housing units in 50 cities across the country, primarily in tier-2 cities. We believe that our communities will act as catalysts to spurring further investment activity in the city and drive people to the area. Every community will include between 1,000-1,500 units, ranging in size and style to appeal to different demographics. The communities will also contain a variety of wellness-centric amenities like green spaces and fitness facilities, and will be located near critical services, such as schools, healthcare and employment centers to assist in maintaining the well-being of our residents.
