PERSONALITIES
40-YEAR HOTEL
A
DEAL
STARTING WITH A BANKRUPT HOLIDAY INN , MEYER JABARA PARTNERS CONTINUE , COMPLEMENT A FAMILY ASSOCIATION .
Richard Jabara and William Meyer first met as teenagers , hanging out once a year at the Holiday Inn in Durham , North Carolina , owned by their fathers . It was the 1960s , and hotels were springing up along the interstate highways .
This year , Jabara and Meyer mark the 40th year in business together , which started with the purchase of another Holiday Inn – a bankrupt property in Connecticut . Today , Meyer Jabara Hotels owns and manages 27 hotels totaling more than 4,000 rooms . Revenue exceeds US $ 220 million .
Jabara oversees operations from Danbury , Connecticut , and Meyer handles acquisitions , finance and legal matters from West Palm Beach , Florida . Still , they talk daily , see each other often and bring their families together for celebrations .
A high point was winning their first Marriott franchise in Stamford , Connecticut , in the early 1990s . “ To be included in ‘ the club ,’ was a very big deal ,” Meyer says .
MUTUAL RESPECT “ They know and respect the contributions of the other ,” says James Belasco , a San Diego-based author and consultant who has worked with the company for more than 20 years . “ Richard can tell you how many sheets were washed last night ... Bill knows how to negotiate . If a hotel is on the market for US $ 21million , by the time he ’ s done , it will be US $ 18 million .”
The partners ’ connection actually dates to the late 1950s , when their parents made a hotel deal in North Carolina – the same hotel where their sons would meet .
Their fathers ’ partnership evolved into Servico , which owned and operated as
Richard Jabara
William Meyer
“ IT WAS OBVIOUS WE BROUGHT DIFFERENT TALENTS TO THE TABLE .”
— WILLIAM MEYER
many as 58 hotels . In the late 1970s , they had a lead on that bankrupt Holiday Inn in Danbury and suggested their sons take a look . William Meyer was working at Servico at the time , and Richard Jabara was in hotel operations in New York . Meyer handled the legal work and Jabara took over operations .
UNWRITTEN RULES “ At first , you ’ re dating ,” Jabara recalls . “ After a few deals , you get married .” He attributes the longevity to some unwritten rules : If one partner is uncomfortable with an acquisition , new hire or other initiative , he can veto it . They also don ’ t dwell on missteps . “ You never want to have those conversations ,” he says .
Empowering employees is part of the company ’ s success , according to consultant Belasco . “ When ( Jabara ) is at a hotel , he ’ s up at 4 a . m . checking the room service trays ,” Belasco says . “ He ’ s not saying there ’ s only one way to do it . He ’ s saying , ‘ We have to have the best-looking tray for our guests . We have to wow them .’ And everyone else knows that , too .”
Meyer ’ s attention to detail in dealmaking is key . “ Before he signs a contract ( to buy a hotel ), he ’ s had someone check the conditions of the cars or trolley and makes sure all the liquor in the bar ’ s inventory is accounted for ,” Belasco says . Meyer recently negotiated contracts to manage three hotels , increasing the portfolio to 30 .
NO SLOWING DOWN The partners have their differences : Meyer likes strong colors , while Jabara prefers subdued tones . Jabara enjoys dinners that last as long as three or four hours , while Meyer is ready to move on after an hour . Jabara skies in the Rockies and the Alps , and takes his boat off the East Coast . Meyer is an avid golfer with a 9 handicap .
Although Jabara has two sons in the business , the partners , both 68 , recently said they have no plans to slow down over the next 10 years . “ We ’ re not trying to be the largest hotel company ,” Meyer says . “ We want to make sure the ones we have are successful .”
20 hotelsmag . com September 2017