#253 Larry Korman - President of AKA Hotel Residences on the Art of Leadership
Mar 7, 2024
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Larry Korman, President of AKA Hotel Residences, emphasizes the importance of consistency and humanizing the hospitality experience. He discusses the evolution of AKA post-pandemic, navigating investor dynamics, upholding integrity in leadership, and the significance of collaboration in shaping exceptional experiences. Korman also reflects on leadership strategies, legacy, and the unique blend of multifamily living and hospitality at AKA.
Importance of maintaining consistency in business operations regardless of external circumstances for sustained success.
Emphasis on humanizing the hospitality experience by creating a sense of calm, community connection, and personalized service.
Commitment to transparent leadership, strong cultural values, and long-term vision essential for evolving in the hospitality industry.
Deep dives
Evolution of AKA Amidst the Pandemic
AKA saw significant changes post-pandemic, shifting focus to offer self-sufficient sanctuaries that resonate with travelers seeking longer stays. With a history spanning five generations, AKA transformed distressed iconic hotels into AKA residences, reflecting their unique philosophy and approach to hospitality. This strategic evolution led to the creation of 16 properties, blending extended stay concepts with traditional hotel offerings.
Reimagining the Traditional Hotel Room
AKA redefined the traditional hotel experience by incorporating elements like well-equipped kitchens, spacious living areas, and lifestyle amenities to encourage longer guest stays. The emphasis was on creating a sense of calm, community connection, and a personalized experience, transcending mere square footage criteria. This approach aimed to provide a unique and organic hospitality experience, challenging conventional industry norms.
Importance of Consistency and Culture Building
A consistent leadership approach, rooted in transparency, honesty, and a focus on guest and team member experiences, was highlighted as vital by Larry. The significance of strong cultural values, exemplified by creating the 'soul' and 'DNA' of AKA, reflected in every aspect of the business. Larry emphasized the importance of creating and maintaining a strong company culture through collaborative efforts, continuous learning from books, and fostering a sense of purpose among team members.
Envisioning Long-term Success in Hospitality
In shaping AKA's unique position in the hospitality sector, Larry underscored the importance of long-term vision and resilience in the face of challenges. By blending historical legacy with innovative strategies, AKA differentiated itself to attract like-minded investors willing to participate in a process-oriented, rather than short-term ROI-focused, approach. Larry's commitment to creating exceptional experiences for both team members and guests, rooted in personal growth and sound leadership principles, sets the stage for sustained success in the ever-evolving hospitality landscape.
The Importance of Trusting the Process and Being Patient
Trusting the process and practicing patience are key components highlighted in the podcast. The speaker emphasizes the significance of persistence, perseverance, and clarity of purpose. Referencing a business that planned its vision for 10 years, involving the entire team and emphasizing long-term goals, the importance of having a clear direction for patience is underscored. The discussion also touches on the evolution of companies and the commitment required to stay on the path to greatness.
Consistency and Adapting to Change for Long-Term Success
The podcast explores the value of consistency and the power of the flywheel effect. Consistency is emphasized in leadership, team interactions, and guest experiences. Anecdotes of adapting to changing market demands, such as accommodating pets during COVID-19, demonstrate the necessity of evolving amenities and services while maintaining core values. The speaker advocates for playing the long game, highlighting the importance of staying thoughtful, vision-driven, and willing to endure the challenges of transformation.
Larry Korman is back on the podcast for this week’s episode to talk all about the value of maintaining consistency in business operations, regardless of external circumstances. He provides insights into the importance of humanizing the hospitality experience, especially in unprecedented times, like during the pandemic. Larry also reiterates his commitment to upholding transparency and honesty in all his business dealings. The episode ends with a reflection on the importance of allowing the company culture to evolve, bringing onboard competent leaders who can improve business operations and sharing his personal contact information for further interactions.
A big thank you to our sponsor Bizimply who is helping progressive leaders and operators make every shift run like clockwork. Head to our website at www.bizimply.com or email them directly at podcast@bizimply.com.
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