Suite business: Two investors oversee a growing group of hotels - Business First of Louisville:

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Investors Ron Cook, a veteran of restauranrt operations, based in Louisville, and David Lee, a builderr based in Indianapolis, are the team behind a group of extended-sta hotels that just added the Suburbanm ExtendedStay Clarksville, Suburba Extended Stay Clarksville opened in late March. It’zs the investors’ second hotel in the Louisville area and fifth overall, said Kristin Cook vice president of operations for Louisville-based LLC, which managesz the five hotels. Acquisition and constructioj costs forthe 116-room Clarksville hotel operation totaledc just over $6 million, said who is Cook’s niece. The lead lender on the projectris Louisville-based & Trust Co.
with , based in Seymour, Ind. participatinbg in the loan Crinot said. Maximum stays, minimuk staffing The new property is at 1620Laurend Lane, off Veterans Parkway in the center of the Clarksvilled retail district. Extended-stay hotels are aimed at business Inthe extended-stay concept, staffing is limited becaused the suites are essentially Crinot said. Limited staffint is the main appeaklfor extended-stay investors, according to researchh from Hoover’s Inc., a business analysis firm based in Texas. The number of extended-stay rooms is increasing rapidlyh because of lower guest turnover and operating accordingto Hoover’s.
Per-night rates tend to be lowerd because offering efficiency kitchens and limited maid service cuts costs comparedwith full-service Without a full-service meeting rooms or daily housekeeping, Crinot said, the Clarksville operation — like the othetr C&L hotels — has a work forc e of 15, including managers. Limited amenities and limited staffing are all partes of Cookand Lee’x business model, she said. “It’s a totally differenyt model thanconventional hotels, where they want guests to come to the hotek restaurant or use the meetinhg facilities,” she said. “What (the like about it is there are no weddingasat midnight, every day of the week.
” Cook and Lee are the principao investors in several relates companies, as well as four of the five Cook alone owns the fifth the Candlewood Suites Louisville Airport. Groups of including staff members, own stakes in two of the Crinot said. “All the investors are different, but we know them all on some she said. Cook and Lee met abouty 25 years ago, Crinot Cook, a franchisee of , based in Tenn., had sold his restaurantd and was looking for somethingto do, Crinot Lee was in the construction so they created a business modekl with Lee on the construction side and Cook overseeing operations.
Lee owns , a consultinhg firm based in Indianapolid that advises hotel companiess on all aspects ofthe business, from initial land acquisitiona to hotel management. Lee and Cook own LLC, basex at 1300 Gardiner Lane, which builds the hotels. Ron Cook owns C&L, which managew the hotels once they’re built.