Last month, Carmen Almos launched Ashburton Hospitality, a full-service consultancy firm focused on asset management. The firm offers multiple services, including project management, transaction advisement and lender/receivership services. Hotel Business spoke with the founder and CEO about her hospitality journey, the new venture and what it means for aspiring female hospitality professionals.
How did you get your start in hospitality? Why are you passionate about the industry?
I love this question because my journey into hospitality really started when my family immigrated to Bristol, TN, from South Africa. There’s some debate among my family about whether my parents came with $1,500 or $2,000 (regardless, a very modest amount). Neither of my parents attended college, but my father possessed a finite amount of business acumen. With the meager funds and limited business knowledge he had, he convinced the owner of a motel in a nearby city (Kingsport) to lease a 16-room motel to him. My passion for hospitality began the day that lease was executed.
My father later went on to buy the motel, but through that journey, I learned the importance of being cost-conscious and guest-centric, and how to unclog an overflowing toilet. That passion continued, and as I navigated my post-college career, I heeded the old adage of “find a job you love, and you will never work a day in your life.” For me, I found an industry I love, and it’s never felt like work.
What has your career journey been like being a female in hospitality? What challenges did you face and how did you overcome those?
When you’re younger, you often think that “success” is linear. You’re taught that after college, you get a job, buy a house, get married, have kids and, boom, you’re successful. As you get older, you realize the path is winding and often littered with failure and disappointment.
As a female in the industry, I’ve found that the value of hard work has often paid the greatest dividends. The biggest challenge I’ve faced in my career is feeling overlooked and undervalued. There have been times when my contributions are not valued in the same way as some of my colleagues. I’ve often faced situations of being excluded or being left “out of the room” because I’ve been the “only.” In situations such as these, I’m a firm believer that silence serves no one. If we want to change our industry and how individuals approach inclusivity and diversity, we achieve that change by speaking up.
As Luvvie Jones so eloquently said in her TedTalk, “For a line of dominoes to fall, one has to fall the first and leaves the others choiceless but to do the same.” Being the domino, for me, looks like speaking up and doing the things that are really difficult, especially when they are needed—with the hope that others will follow suit. This is how we create change and a pathway for the ones that come after us, especially my daughters.
Where does Ashburton come from? Why was it the right time?
Ashburton has always been a passion project of mine. I grew up in a tiny town in South Africa called Ashburton. The name pays homage to my roots (and some really humble beginnings), which have led me to where I am today.
In my previous two roles, I was part of organizations that were in start-up mode, but I’ve always had an entrepreneurial mindset. Ashburton was started because I was approached by an industry colleague who was facing unique challenges within their hotel portfolio. The colleague respected my perspective and asked for my view. When I analyzed their hotel portfolio, my entrepreneurial mindset and professional experience quickly identified the path to resolving the various issues. I provided a brief top-down analysis and then made a more formal offer to help their portfolio and, thus, Ashburton was born, and my first client was secured.
I saw an incredible opportunity to help navigate turbulent loan maturities and create real value for the owner. I knew that with my expertise I could help them achieve their investment thesis for the portfolio. It’s often a risk going out on your own, but the safety net of landing my first client provided the support I needed. We now have a growing portfolio and are adding more clients in a short five months. We will soon be recruiting for Ashburton and are currently looking at potential office spaces.
Did you have any doubts about the launch? How did you overcome the challenges surrounding the launch?
Imposter syndrome is real. I had so many doubts about the launch, but after announcing the launch, the response from my network has been overwhelming. I look up to so many women within our industry. I don’t want to embarrass anyone, but Tracy Prigmore, Nele Breitbart, Molly O’Keefe, to name a few. After my launch, they have all reached out to not only congratulate me but let me know that they always knew I was going to go places and they couldn’t wait to see the success ahead. That was the moment I knew that if these female giants believed in me, then I needed to believe in myself, too.
I’m still fighting against the imposter syndrome, but every time I see a small win within the existing portfolio I asset manage, I feel reaffirmed of why I’m doing this. For example: one of the hotels I asset manage just realized an 8% RevPAR gain in the last 90 days, and that came from a realignment of revenue management strategy and direction from me to the team. I’ve repaired a really fraught lender relationship for another asset and helped a client negotiate a loan extension to execute a successful sale.
How will Ashburton work to benefit hotel owners?
Ashburton’s role is to function as tip of the spear between owners and management companies. Oftentimes, I’ve found that the relationship between owner and manager is so fraught. We will benefit owners by optimizing this relationship and providing clear strategic oversight to help owners achieve their investment thesis. We take full P&L accountability for each asset and help drive real results instead of just providing reports.
How does being a female, minority-founded business benefit you in this space?
Other than perspective, I believe coming from an immigrant background brings a unique cultural awareness that enables understanding of diverse cultures (within the hotel ecosystem) and enables us to tailor strategies that resonate with our management teams. Moreover, our presence promotes diversity and inclusion in our industry, inspiring positive change. Lastly, I’ve never met a female founder-entrepreneur who didn’t possess innate resilience and determination—vital for success within this space. We want to continue to highlight our diverse identity to set us apart and attract clients who place a high emphasis on inclusivity.
How are you creating acquisition opportunities?
We are currently working on several acquisition opportunities (a few off-market). Breaking the cycle of generational wealth disparity is really what spurred the acquisition arm of Ashburton, especially for women minority entrepreneurs who often face additional barriers to systemic inequalities. I want to increase the representation and visibility of women owners in the industry and help create leadership positions to challenge stereotypes and inspire others.
What advice do you have for aspiring female hospitality leaders?
Don’t let fear get the better of you. Never be afraid to put yourself out there, to take the risk, to make a leap. Ask your network for help—most people want to help or know someone who can help you. Also, never say no to a phone call or a quick coffee. Sometimes the best connections come from the most unexpected places.
