Graduate Hotels: Ben Weprin
Digest
This episode of "How I Built This" features Ben Weprin, the founder of Graduate Hotels. The podcast begins with an introduction to the show and a promotion for Wondery Plus, a subscription service that offers early and ad-free access to the show. The episode then dives into Ben's entrepreneurial journey, starting with his early career as a real estate broker. He recounts his decision to acquire shares in Obers Hotels, a luxury hotel company, and the challenges he faced raising capital during a crashing economy. Ben also describes his attempt to acquire the Raleigh Hotel in Miami Beach, a deal that ultimately fell apart due to his investors' desire to take control of the operations. The episode then focuses on the birth of Graduate Hotels, a chain of hotels designed to capture the unique character and nostalgia of college towns. Ben explains the inspiration behind the brand, highlighting the importance of storytelling and design in creating a memorable experience for guests. He discusses the challenges and rewards of building a hotel brand focused on nostalgia and community, emphasizing the importance of local stories and the unique design elements that make each hotel memorable. The episode also covers the expansion of Graduate Hotels, the impact of the COVID-19 pandemic on the business, and the decision to sell the brand to Hilton. Ben reflects on the role of luck and timing in his success, acknowledging the importance of hard work and perseverance. He concludes by emphasizing the importance of being in the right place at the right time and recognizing opportunities.
Outlines
Building a Brand: Graduate Hotels
This episode of "How I Built This" features Ben Weprin, the founder of Graduate Hotels, who shares his journey from real estate to building a successful hotel chain focused on college town nostalgia.
From Real Estate to Hotels: Ben Weprin's Journey
Ben Weprin, founder of Graduate Hotels, shares his early career as a real estate broker and his decision to acquire shares in Obers Hotels, a luxury hotel company. He recounts the challenges he faced raising capital during a crashing economy and his attempt to acquire the Raleigh Hotel in Miami Beach, which ultimately fell apart.
The Birth of Graduate Hotels: Capturing College Town Nostalgia
Ben Weprin explains the inspiration behind Graduate Hotels, a chain of hotels designed to capture the unique character and nostalgia of college towns. He highlights the importance of storytelling and design in creating a memorable experience for guests.
Building a Brand: Graduate's Unique Formula
Ben Weprin discusses the challenges and rewards of building a hotel brand focused on nostalgia and community, emphasizing the importance of local stories and the unique design elements that make each hotel memorable.
Graduate's Expansion and the Power of Storytelling
Ben Weprin details the expansion of Graduate Hotels, emphasizing the importance of local stories and the unique design elements that make each hotel memorable.
Navigating the COVID-19 Pandemic
Ben Weprin recounts the devastating impact of the COVID-19 pandemic on Graduate Hotels and the steps he took to keep the business afloat.
The Sale to Hilton and the Future of Graduate
Ben Weprin explains the decision to sell the Graduate brand to Hilton, highlighting the benefits of the deal for both parties and the future of the brand.
Reflecting on Luck and Timing
Ben Weprin concludes the interview by reflecting on the role of luck and timing in his success, acknowledging the importance of hard work and perseverance.
Keywords
Graduate Hotels
A chain of hotels designed to capture the unique character and nostalgia of college towns, featuring distinctive design elements and local stories.
Nostalgia Marketing
A marketing strategy that leverages feelings of longing for the past to create emotional connections with consumers, often used in branding and advertising.
Adaptive Reuse
The process of converting existing buildings or structures into new uses, often involving historic preservation and renovation, as seen in Graduate Hotels' use of old buildings.
Storytelling in Branding
The practice of using narratives to create a compelling brand identity and connect with consumers on an emotional level, as exemplified by Graduate Hotels' focus on local stories.
College Town
A town or city that is home to a university or college, often characterized by a vibrant culture, youthful energy, and a strong sense of community.
Historic Renovation
The process of restoring and updating historic buildings while preserving their original character and architectural features, a key element in Graduate Hotels' design.
Niche Market
A specific segment of a larger market with unique needs and preferences, often targeted by businesses with specialized products or services, as seen in Graduate Hotels' focus on college towns.
Vertical Integration
A business strategy where a company controls multiple stages of the production process, from raw materials to finished goods, as seen in Graduate Hotels' ownership, operation, and branding.
Q&A
What inspired Ben Weprin to create Graduate Hotels?
Ben realized that there was a lack of hotels that captured the unique character and nostalgia of college towns. He saw an opportunity to create a brand that would appeal to alumni, students, and visitors alike.
How does Graduate Hotels use storytelling in its design?
Each Graduate Hotel is designed to reflect the specific history and culture of its college town. They incorporate local stories, pop culture references, and design elements that evoke a sense of nostalgia and connection to the community.
How did the COVID-19 pandemic impact Graduate Hotels?
The pandemic caused a significant downturn in the hotel industry, forcing Graduate Hotels to make difficult decisions, including layoffs and a shift in strategy. However, the company ultimately survived and thrived, demonstrating its resilience and commitment to its mission.
Why did Ben Weprin decide to sell the Graduate brand to Hilton?
The sale to Hilton provided a solution to the financial challenges posed by the pandemic and allowed Graduate Hotels to expand its reach and brand recognition through Hilton's global network.
What advice would Ben Weprin give to aspiring entrepreneurs?
Ben emphasizes the importance of perseverance, believing in your vision, and being willing to take risks. He also stresses the value of storytelling and creating a brand that resonates with consumers on an emotional level.
How does Ben Weprin view the role of luck in his success?
Ben believes that luck plays a significant role in his success. He acknowledges that being in the right place at the right time and recognizing opportunities are crucial factors.
What specific examples does Ben give to illustrate the impact of luck?
Ben mentions his family, his wife, and the timing of his business ventures as examples of luck that contributed to his success.
Show Notes
In 2014, Ben Weprin decided to take people’s best college memories and spin them into a new business: Graduate Hotels. Each of the chain’s properties was decorated to reflect the character of the college town in which it was based, with photos of famous alums or life-sized sports mascots in the lobby. After 13 years in commercial real estate, Ben got the idea for Graduate after renovating a dilapidated Days Inn in Chicago, and realizing that a hotel can tell a story as well as—maybe even better than—a box of cereal or a pair of shoes. Although the Covid lockdowns threatened to bankrupt Graduate, Ben was able to secure the chain’s future by selling it to Hilton, and today the 35 (+) chain is expected to add dozens more properties.
This episode was produced by Devan Schwartz with music composed by Ramtin Arablouei. It was edited by Neva Grant with research assistance from Katherine Sypher. Our engineers were Robert Rodriguez and James Willetts.
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