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LEARN TO ANALYZE DETAILS Put Experience To Work.(LEADERS & SUCCESS)(IBD'S 10 SECRETS TO SUCCESS)
Byline: CORD COOPER
6Kerry Boekelheide spent the 1980s nailing the nuances as a manager in the Super 8 motel chain. As the chain expanded and new motels were built, he learned the pitfalls to avoid and the prime goals to aim for.
Those lessons served him well when he co-founded the Summit Group in 1991. Today, the privately held hotel management and development firm owns 61 franchises in 22 states.
Summit's brands range from Marriott International to Hilton Hotels Corp. and Choice Hotels International. Revenue last year for the Sioux Falls, S.D.-based firm was $71.3 million. It's expected to top $108 million in 2006.
"People have asked me, "How did you do this? You started with nothing.' I say "Well, if you don't have any money, you find ways to get it,' " said Boekelheide, Summit's chief executive.
His secret? Treat investors fairly.
Building Returns
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