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How Remington Hospitality Successfully Expanded to the Caribbean and Latin America

with Sloan Dean, Remington Hospitality

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What does it look like to not only spot an opportunity but act on it so your hospitality business thrives?

Today, we're learning how Sloan Dean did that as CEO of Remington Hospitality when they saw a big opportunity to expand in the Caribbean and Latin America. Read on to learn what they did and how they've been so successful there in such a short time.

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How Remington Hospitality Successfully Expanded to the Caribbean and Latin America

Sloan Dean, CEO of Remington Hospitality

Sloan Dean saw a big opportunity for Remington Hospitality to expand its management services outside of the U.S. into the Caribbean and Latin America. Today, he shares more about why and how they did this. You can listen to us here on the podcast, and I’ve summarized some of my top takeaways below.

How to Identify Opportunity

For Sloan, understanding market gaps is crucial. He and his team noticed that many hotel owners in the Caribbean had limited management options and preferred not to engage in long-term agreements with major brands.

You have to go where customers want your business.

Takeaway: Spotting market gaps and understanding customer needs are essential for identifying growth opportunities. Doing this takes both analysis and a lot of conversations!

Put Real Resources Behind Your Initiative

Sloan discussed the importance of investing significant resources into new initiatives to decide to pursue. Remington dedicated full-time resources and key personnel to their expansion in the Caribbean.

We didn’t put part-time resources behind this.

Takeaway: Committing is crucial for successful expansion.

Identify Key Capabilities That Could Give An Edge

Remington leveraged the regional expertise and language skills of its leaders to facilitate its expansion, which ended up playing a vital role in navigating local markets.

We happen to have five key officers within the company who were from the region and fluent in Spanish.

Takeaway: Utilize your team’s skills and knowledge to support your growth efforts. What can your team do that others can’t?

Partnerships Are Paramount

Sloan highlighted the importance of forming strong local partnerships. Remington worked with legal, taxation experts, and equity partners in the region and it paid off.

Partnerships are paramount. You can't do it yourself.

Takeaway: Building strong local partnerships is essential for successful market entry and operations.

Growth and Expansion Opens Up More Opportunities

Sloan explained how Remington's expansion into the Caribbean has created new opportunities for career development and recruitment to the organization.

It creates a halo effect.

Takeaway: Expanding into new markets can open up new opportunities for recruitment and employee career growth.

And that’s a wrap! This email was handmade for you—it took me 27 minutes to write this. If you found it helpful, I’d be very grateful if you could forward it to a friend or colleague who might also enjoy it.

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Thank you for reading, and I’ll see you here next week.

-Josiah

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