PERSONALITIES
is a really good inflection point in time for us to start getting stuff done and show the world why it ’ s so important .”
Lawrence believes that the Homage brand will do well with all travelers , not just with black travelers . “ If you take care of the most marginalized , you ’ ll take care of everyone . So , I ’ m really excited about what that ’ s going to look like in the future .”
There are black leaders in the hotel community . Why hasn ’ t it happened sooner ? Lawrence says his answer is a bit controversial , but he points to a generational gap . “ Everyone is of the previous generation , and they did not necessarily have the same , almost , pride in who they are … There ’ s not that celebration … In talking to my mom , I think that ’ s just a generational thing .”
CAPITAL CHALLENGE Pride and determination , however , are not lacking for Lawrence . Along with his new business partner , Erik Murray of Oak Investment Funds in Oakland , a fund is
The Moor was a Homage brand proof of concept project in
New Orleans .
THE HOSPITALITY INDUSTRY IS JUST MISSING
A VERY IMPORTANT COMPONENT , WHICH IS DIVERSITY .
being raised to further development . The goal is to reach US $ 60 million , but with industry conditions as they are and having no product in the market , Lawrence says raising about US $ 30 million to US $ 40 million is more likely by Q1 2021 — mostly via family , friends and private offices as opposed to institutional capital .
He adds that raising equity capital , usually more challenging , has been easier than finding debt , and that getting past the presidential election should help loosen things up .
Lawrence said he would love to develop a portfolio of about 10 properties in three to five years .
“ That ’ s really the aspiration , and in all different types of markets ,” he says . “ If we have to stay regional [ focus on a Tesla charging distance away ] in the beginning that could very well be a good thing for us leading into future expansion . California is the perfect state to do something regional because within the state I have just about everything you could ask for .”
PROMOTING
BLACK
HOTELIERS
When Damon Lawrence was growing up in Pasadena , California , he didn ’ t really understand that the hotel business could be a career option for him . Like so many others , he fell into the business and believes he could have progressed much further much faster if he had learned about opportunities earlier .
“ One of the things that I ’ m really excited about is mentorship and what we can do to expose hospitality to the generation behind us ,” he says . “ What I ’ m excited to do is hopefully open up this space to more people that look like me , and to feel that there ’ s an opportunity there .”
The responsibility for educating these youngsters cannot lie on the industry itself , Lawrence believes . “ The industry is only going to be able to do so much . I put the onus on myself to make sure that I ’ m open and honest as I possibly can about the trials and tribulations , as well as the fun and the aspects of it that I love . There are tons of people that , if they knew this was possible , would be doing it themselves , as well … I want to see 10 more Homage-like brands exist in the world .”
The Black Lives Matter movement has been an opportunity for the industry to reflect on its inclusiveness record .
“ I think the biggest takeaway probably is making sure that there ’ s a seat at the table every step of the way ,” Lawrence says . “ I don ’ t think there ’ s an expectation that you ’ re just going to overhaul your C-suite at any of these companies . But just making sure that you have everybody ’ s voice reflected is so important .”
20 hotelsmag . com November / December 2020