Post by Logan on Apr 17, 2016 19:44:38 GMT -6
Tejas Gosai says the “cowboys and Indians” experiment that launched when his Indian-American circle of family and friends invested in a quartet of hotels to capitalize on the oil and gas workers coming to the Pittsburgh region has been a happy pairing.
But now it’s time for an amiable divorce. About eight months ago, Mr. Gosai started nudging his father, a Washington County physician and part owner of the hotels, to sell.
The occupancy rate at the Best Western on Gosai Road in Bentleyville — a hotel that the family built in 2000 — dropped from its all-time high in 2014 to a six-year low last year. The Holiday Inn Express down the road, on a street named after Mr. Gosai’s mother and opened in 2009, got bruised as well. As did the Holiday Inn in Monroeville, a 2013 purchase.
“I knew the market would turn,” he said. “I didn’t think it would be this quick.”
Mr. Gosai courted shale workers by offering boot washing stations for their dirty footwear, staggered housekeeping and multiple breakfast shifts for their round-the-clock schedules and Internet fast enough to accommodate dozens of PlayStation games played in tandem.
Read more: powersource.post-gazette.com/powersource/companies/2016/04/17/Drop-in-shale-drilling-puts-some-hotels-on-the-market-in-Western-Pennsylvania/stories/201604170097
But now it’s time for an amiable divorce. About eight months ago, Mr. Gosai started nudging his father, a Washington County physician and part owner of the hotels, to sell.
The occupancy rate at the Best Western on Gosai Road in Bentleyville — a hotel that the family built in 2000 — dropped from its all-time high in 2014 to a six-year low last year. The Holiday Inn Express down the road, on a street named after Mr. Gosai’s mother and opened in 2009, got bruised as well. As did the Holiday Inn in Monroeville, a 2013 purchase.
“I knew the market would turn,” he said. “I didn’t think it would be this quick.”
Mr. Gosai courted shale workers by offering boot washing stations for their dirty footwear, staggered housekeeping and multiple breakfast shifts for their round-the-clock schedules and Internet fast enough to accommodate dozens of PlayStation games played in tandem.
Read more: powersource.post-gazette.com/powersource/companies/2016/04/17/Drop-in-shale-drilling-puts-some-hotels-on-the-market-in-Western-Pennsylvania/stories/201604170097