How business, doctors and journalists prey on your food anxieties I

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Innkeeper Henry Silverman has hundreds of partners with the same surname . He's about to lead his immigrant army into another industry . Patel, Inc . By Joel Millman HFS' Henrv Silverman (left) w ;th rranchisee Hasmukh P . Rarna Eyeing the brokerage <strong>business</strong> as a new field to conquer . HosP[TALiTY F0.AVcHlsc SYSTHIDIS, Inc ., with oaer 4,000 Ramadas, Days Inns, Super 8s <strong>and</strong> <strong>How</strong>ard Johnsons, is the world's largest motel franchisor . Its re%enues last ccar were 5313 million, its profits 553 .5 million . Though it concentrates on the cheaper S25-to-S65 roadside room, its profits are among the highest in its end of the lodging <strong>business</strong> . In the past fi% e }'ears Chairman Hem}' Silverman has nearlv doubled the number of hotels under his banner at almost zero capitai cost . 4t'a11 Street loves him : E :fs' stock recentlv hit an alldmc high, S43 a share, from a split-adjustcd $8 at the 1992 iPO . What made Silaerman so successful? In a,cord, immigrants, immigrants from India . These people, more than half with the identical Gujarati surname "Patel," have been innkeepers to the nation's interstates since the earlv 1980s . The Patels are a widespread clan (whose last names include Desai <strong>and</strong> ~uninj who have been <strong>business</strong> people foi' centuries in their native l<strong>and</strong> . Thet° started here in $ 15=a-night di~es but moved quickly to the S45-to-$65 franchises . Today more than half of i-iFs' Dats Inns, <strong>and</strong> about a third of its Ramadas, Hokcard Johnsons <strong>and</strong> Super 8s, belong to these hardworking, penny-pinching Indians . Because their thrift generates so muci capital, thev ha%e been excellent partners to a chain seeking to exp<strong>and</strong> without raising fresh monet' . Silverman plavs down the role of ethnicity in xFS' success . "Thev were a stimulus to growth, but I think you get there an}'~vav," he says . Maybe so, but not as fast . Last eear oN er half of FFS' new motals-15,000 rooms- %~ ere built by immigrants from India . When FFS launc7es a new br<strong>and</strong>, Rringate Inn, next year, a third of the 70 charter franchises will belong to Indians . Silverman acti%elv lures Pates from Choice, Promus <strong>and</strong> Holiday Inn, last vear providing refinancing to moteliers willing to convert from another banner to his . The HFs executive in charge of luring the convertsi 1lanish Patel . FrFS' S20,000-ro-S35,000 initiation fees <strong>and</strong> its annual rovalties, about 8%, are bargains for immigrant moteliers . Thev need management guidance <strong>and</strong> the means ofattracung more customers . HFS can do both, routing lodgers through its reservation svstem <strong>and</strong> giving advice on everVthing from ashtra,vs to ice machines. After 111,11, it's up to the franchisee to work hard <strong>and</strong> eflicientle . PatcJs do both . Hes' arerage Patel holds at least one uni~ ersity degree, usually in accounting or engineering, but he or she isn't afraid to make beds or work the night shift when needed . The%• can raise cash, too . In ehe 1980s it wasn't tmcommon to raise capital through pools of Patel surgeons or engineers . Sometimes the monec came in cash ; there are even stories that it arrixed'ui suitcases . Setting a daughter orson up in a ne .c hotel with vour in-laws was a good wav to exp<strong>and</strong> holdings . Norwere the immigrants shy about cashing in on U .S . affirmative action programs . Though in no sense disad- %antaged, Patels qualified as a "minoriro" <strong>and</strong> tapped below-prime financing offered by the Small Business Administration . What next for Silverman <strong>and</strong> his Indian legions? HFs announced in June that it was buying Century 21 Real Estate Corp . from Metropolitan Life . Where were the synergies in hotels <strong>and</strong> real estate? Look to places like Richmond Hill in \ewYork City, or Roswcll, Ga ., a suburb ofAtLanta, neighborhoods teherc the same immigrants are buying <strong>and</strong> selling homes . "There sxill be svnergies for Hts," saps Hasmukh P . Rama (ne 88 Forbes s Augusr 14, 1995 2046673346 http://legacy.library.ucsf.edu/tid/agf97d00/pdf
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