When Thayer Lodging Trust buys a hotel—which as of late includes the purchase of the Ritz Carlton in San Francisco—the firm won't buy anything unless it's convinced it can double operating income, chairman Fred Malek (right, with Pircher Nichols' Gene Leone) told a crowd of 450 this week at the national Bisnow Lodging Investment Summit (BLIS). Also, being conservative on leverage is the way to go, he says. The former Marriott president (1981-1988) also says he operates by a piece of advice JW Marriott Sr. gave him: "Success is never final... the best days are ahead." For more from BLIS (held at the brand new Marriott Marquis, the largest hotel in DC), read Bisnow's Hotel Sheet.
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