Wednesday, January 17, 2018

Small Business Success Story - Kingston Holiday Inn Express

Each year the New York Small Business Development Center recognizes outstanding small businesses in a variety of ways.  This Success Story from the Mid-Hudson SBDC appears in our 2016 Annual Report

Chan Patel 
Kingston Holiday Inn Express
Mid-Hudson SBDC

The Mid-Hudson region has long been a magnet for visitors from around the nation and the world. Yet it has been common knowledge that the local accommodations infrastructure was not able to keep up with demand, leaving travelers frustrated and the region missing out on a potentially lucrative and important economic development resource. Recognizing both the existing need and the untapped potential, a group of seasoned industry entrepreneurs lead by Chan Patel decided to invest in the development of a state-of-the-art 100-room Holiday Inn Express for the Kingston area. 
SBDC Advisor Sam Kandel met with the group and started working on a funding strategy. He contacted the Ulster County Executive’s office and it’s Industrial Development Agency for consideration of the Payment In Lieu Of Taxes (PILOT) program, which would provide Chan and his group with significant benefits. In addition, Sam arranged for a meeting between client and the local Town of Ulster government authorities to elicit their support, and was instrumental in securing local construction and professional services to advance the completion of the project. 
Three years after the initial contact, and with the cooperative assistance of SBDC, the Ulster County Executive, the Town of Ulster authorities, Greater Hudson Bank, Ulster Savings Bank and NYBDC, the Kingston Holiday Inn Express opened in November 2016. The combined investment in equity totaled $11,300,000, which was injected into the local economy while creating 77 jobs for local residents. The hotel provides 100 new rooms to welcome visitors to the Mid-Hudson Valley region of New York State, all thanks to a multi-agency collaborative effort and stakeholder’s teamwork.

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