Issue link: https://digital.copcomm.com/i/5950
35 Black Meetings & Tourism December 2009: www.blackmeetingsandtourism.com Capitol does business with have committed resources to educate minorities and women on the industry. The workshops held by major chains provide valuable insight on the development process and operations, and provide ongoing resources. Donahue Peebles is a real estate entrepreneur and top- selling author who currently is chairman and CEO of The Peebles Corporation. Con- sidered to be the country's largest African-American real estate firm, boasting a $4 billion development port- folio, The Peebles Corp. owns a slew of luxury hotels, high-rise residential and Class A commercial proper- ties in Washington D.C., San Francisco, Las Vegas and Miami Beach. In 1990 Peebles founded RDP Assessment and Appeals Services, a Washington D.C. based commercial tax assessment appeals firm, which within two years became one of the largest and most successful in the city. "Through my experience in assessment and appeals, I gained a firm command and understand- ing of how to create, define, predict and estimate commercial values," states Peebles. During the early to mid '90s Peebles capitalized on the nationwide economic downturn and acquired approximately one million sq. ft. of com- mercial buildings as well as development sites which would accommodate several million more sq. ft. of development. All of his properties were in Washington D.C. Over the course of the last few years, as the economic downturn loomed, Peebles' focus has been to acquire and assemble parcels in urban areas with the greatest amount of potential such as Las Vegas, New York, California and South Florida. As many experts urge caution and discourage commercial investments Donahue is actively seeking real estate opportunities as he personally profited from the downturn in the early 1990s. As a hotel owner the changes Peebles has made have been hotel specific. For instance, the Marriott Courtyard in Washington D.C. is doing extremely well. At the Royal Palm in South Beach the focus has been driven by ways to keep occupancy high, especially during the week. "About 60 days out we advertise a favorable daily rate. Not only does this help us with forecasting revenue, it pro- vides our repeat and core customers with a well-deserved advantage for booking early," Peebles mentions "About 30 days out we begin increasing the rate with the rate reaching a maximum about 24 hours before check-in to capture the walk-in guests and any last minute travelers. This has been incredibly effective and our occupancy rate is one of the highest in South Beach." Peebles notes that many of the major hotel chains have realized the strong potential of the African- American market and have established programs that provide incentives for minority involvement in the hospitality industry. Marriott, Hilton and Starwood for example all do annual workshops, which focus primarily on three major areas; educa- tion, technical assistance and minority investment. Peebles says, "While I think most of the major players are following the over- arching trend of offering minority-focused training, Marriott seems to be at the head of the pack. Each quarter they host a two-day conference at their corpo- rate headquarters focusing on "The Deal" and what specifically is needed to actually close one. In spite of how gloomy the econo- my is at the moment, many African- Americans have an opportunity to cre- ate real wealth. This actually is the best time for individuals to come together and buy up hotels. In this industry it's all about timing and while property is cheaper than usual due to a slow econ- omy it would be wise to capitalize on this downturn as Peebles did during the '90s. Aside from the fact that prop- erty is cheaper, as a hotel owner you now have the opportunity to create jobs. By so doing, African-Americans can grab their "piece of the pie" as well as give back by providing work for other people, including people of color. It's a win-win situation. This would show a sign of progress in the fight to open the eyes of many able individuals who can play a role in establishing this real wealth of which Ingraham speaks. DONAHUE PEEBLES The Royal Palm