Wyndham Hotels & Resorts has announced a new programme to engage and advance more Black entrepreneurs on their path to hotel ownership - BOLD by Wyndham.
Developed with insight and support from existing and aspiring Black hoteliers, BOLD (Black Owners and Lodging Developers) aims to raise awareness of the unique challenges faced by Black entrepreneurs while helping address those challenges and increasing the number of Black hoteliers in the industry.
“Wyndham Hotels & Resorts has always championed diversity, equity and inclusion both within our Company and throughout the greater travel industry,” said Geoff Ballotti, President and CEO, Wyndham Hotels & Resorts.
“Earlier this year, we launched Women Own the Room—the industry’s first-ever program targeting women’s advancement in hotel ownership— and now have more than a dozen by-Wyndham hotels under development with women owners. With today’s debut of BOLD by Wyndham, we’re looking to leverage the power of Wyndham further and create even more development opportunities for underrepresented ownership groups.”
According to The National Association of Black Hotel Owners, Operators and Developers (NABHOOD), Black employment in the hotel landscape represents nearly 20 percent of all team members in the industry, yet, less than two percent of hotel owners are Black. Meanwhile, McKinsey & Company, a global management consulting firm, reported that 20 percent of Black Americans are starting or currently operating businesses – more than any other ethnic group.
BOLD is Wyndham’s approach to attract more Black entrepreneurs to hospitality and offer the tools and guidance needed to achieve success and accelerate their career paths.
“Combine the natural challenges of entrepreneurship with the lasting effects of systemic racism, and the result is that Black entrepreneurs are woefully underrepresented in hotel ownership,” said Galen Barrett, vice president, Strategic Development for Wyndham Hotels & Resorts. “We connected directly with existing and aspiring Black hoteliers to help us create BOLD by Wyndham. Understanding their unique needs—and how they differ from other underrepresented groups—was critical for building a program that can help overcome barriers and put the keys to hotel ownership in their hands.”
Engaging and Empowering Black Hotel Ownership
BOLD is established on two fundamental building blocks:
- Laying the Foundation – Promoting hospitality through education and outreach is important to advancing Black hotel ownership. Through BOLD, Black entrepreneurs can partake in Wyndham-sponsored networking and educational events and receive resources to help decide if hotel ownership is right for them and what it takes to be successful. During each event, participants can learn more about ownership, common barriers and how to overcome them, tips for securing financing and more.
- Accelerating the Path to Ownership – BOLD aims to eliminate barriers and help advance the route to ownership. Qualified members will be provided access to enhanced capital and operational support, financing opportunities like lender introductions and discounts with preferred suppliers. Those eligible will also be invited to participate in signature BOLD IncubatorSM events, connecting them with committed lenders and brokers, offering the opportunity to explore partner/joint venture opportunities and package development deals that come with additional capital support.
