Ben Weprin, the visionary founder of Graduate Hotels, shares his journey from commercial real estate to creating a brand that captures college town nostalgia. He discusses the innovative approach of his hotels that celebrate local culture, including quirky decor like life-sized mascots. Weprin also reveals how he navigated the financial turmoil of the pandemic and turned challenges into opportunities, ultimately selling the chain to Hilton. His inspiring story underscores the blend of passion and practicality in entrepreneurship.
Ben Weprin identified a niche in the hotel market by creating Graduate Hotels that celebrate the unique culture of college towns.
Each Graduate Hotel is designed to reflect the local university's history and traditions, enhancing the guest experience through storytelling.
Despite the COVID-19 challenges, Weprin successfully pivoted the business model and secured a partnership with Hilton to ensure the brand's future.
Deep dives
Identifying a Unique Market Opportunity
Ben Weprin recognized a void in the hotel industry focused on university nostalgia while working in real estate. Traditional chain hotels were often forgettable and lacked personality, which motivated him to create Graduate Hotels in college towns. He identified that these towns have unique cultures shaped by local universities, making them ideal locations for hotels that tell a local story. This idea laid the groundwork for a distinctive brand that could resonate with guests who share a connection to these locations.
Building a Hospitality Brand with a Personal Touch
Weprin's approach to hotel design involved embedding the personality of each college town into the decor and ambiance. Graduate Hotels reflect the history, sports teams, and traditions of the universities they serve, with each location exhibiting unique design elements that pay homage to local culture. For instance, the decor features references to local legends or historical figures, such as Phil Knight in Eugene, Oregon. This focus on storytelling aimed to create a memorable guest experience that distinguishes it from standard hotels.
Navigating the Challenges of Real Estate Development
Before launching Graduate Hotels, Weprin accumulated valuable experience in commercial real estate, which involved hard lessons and pivotal moments. His journey began with hardships in the industry, including the challenging task of selling properties while lacking formal training or significant resources. Weprin emphasized resilience and adaptability, traits strengthened by his upbringing and a grinding early career. This foundation proved crucial as he transitioned into the hotel development space, where he navigated financial challenges and leveraged partnerships to grow his brand.
Reacting to the COVID-19 Pandemic
The onset of the COVID-19 pandemic devastated the hospitality industry, including Graduate Hotels, which saw occupancy rates plummet. Weprin pivoted the business model to serve first responders and students stranded due to shutdowns, maintaining operations and demonstrating commitment to the communities. Despite significant layoffs and financial strain, including taking on debt to keep the hotels afloat, the brand managed to survive. The pandemic ultimately prompted strategic partnerships, which led to the sale of Graduate Hotels to Hilton, securing its future.
Continuing Growth and Brand Expansion
Despite the challenges posed by the pandemic, Graduate Hotels experienced a resurgence as travel resumed and students looked for places to visit. Weprin ingeniously identified new opportunities within the hotel sector, targeting college towns ripe for development. Joining forces with Hilton provided a significant competitive advantage, allowing for greater reach and resources for property management. Moving forward, Graduate Hotels continues to innovate while remaining grounded in the unique narratives from each town, preserving its original mission.
In 2014, Ben Weprin decided to take people’s best college memories and spin them into a new business: Graduate Hotels. Each of the chain’s properties was decorated to reflect the character of the college town in which it was based, with photos of famous alums or life-sized sports mascots in the lobby. After 13 years in commercial real estate, Ben got the idea for Graduate after renovating a dilapidated Days Inn in Chicago, and realizing that a hotel can tell a story as well as—maybe even better than—a box of cereal or a pair of shoes. Although the Covid lockdowns threatened to bankrupt Graduate, Ben was able to secure the chain’s future by selling it to Hilton, and today the 35 (+) chain is expected to add dozens more properties.
This episode was produced by Devan Schwartz with music composed by Ramtin Arablouei. It was edited by Neva Grant with research assistance from Katherine Sypher. Our engineers were Robert Rodriguez and James Willetts.
