An exciting new chapter in Vermont hospitality is being written in our well-loved town. The ink is still fresh, but the story has many people talking! The protagonist is My Place Hotel, the latest addition to Randolph’s growing community.
The Hotel's Impact
Craig Larson, Partner and Chief Operating Officer of Cornerstone Hospitality, the owner of two My Place Hotels and operator of our Randolph location and more than a dozen other hotels, is one of the key characters in this unfolding narrative. In our conversation, he paints a vivid picture of the hotel’s anticipated balance of customers. “Our ideal mix would have 30 to 40% extended stay guests with project business [longer than two weeks]. We anticipate 20-25% of our bookings from local businesses and academic institutions and the rest will be interstate transients - the skiers, snowmobilers, mountain bikers, leafers, and more,” he said.
Craig’s enthusiasm is infectious and it’s clear that he is not the only one excited about the hotel’s opening. Paul Rea, one of four local investors in the hotel, is equally passionate about the project. When asked about his involvement, his eyes sparkle, “It's been a dream of mine… to create Randolph as a destination for people to come and just fall in love. And the need is big. There's no place for people to stay - a place for people to stay and to go explore.”
(from the left: Paul Rea, Owner and Managing Member; Craig Larson, COO Cornerstone Hospitality; Ron Dwinell, General Manager)
The locals know Paul has a long history of setting lofty goals and following through on those goals. “Everyone says “no,” but you have to push through. I’m goal-oriented and have learned how to push through the “no.” And the timing was just right.” As Craig remarked about Paul’s commitment to getting things done in Randolph, “I swear, Paul is the Mayor of Randolph! Every third car, when we’re walking downtown, says ‘Hi Paul!’ Maybe he should run for Governor.”
From an economic standpoint, My Place is projected to have a significant positive impact on the local economy. Craig’s optimistic forecast of an average occupancy rate of 70% equates to approximately 16,000 room bookings annually. Assuming 1-3 guests per room and that one-third of these bookings will result in downtown visits, the potential consumer spending in the downtown area could be substantial. If each individual spends an estimated $35 on food, entertainment, or purchases, the total annual injection into the local economy could easily approach a million dollars.
However, this is a preliminary estimate, and actual results will depend on myriad factors, including the adaptability of our downtown businesses. To maximize the economic benefits, some entrepreneurs might need to adjust their operating hours to accommodate the potential increase in customers and broaden their marketing plans to include Randolph’s local hotel guests. Many of our business owners are excited about this new resource supporting the economy and their employees.
Jobs, pets, and fun
The hotel will not just be a place for guests to rest their heads. It will be a welcoming place for pets and recreational vehicles where long-term guests can feel at home. Each room has a kitchenette and there’s a grilling pavilion complete with propane grills. “We’ll have horseshoes and other activities. Also, this is a pet-friendly hotel. We’ll have a pet walking area with appropriate bags and signage and everything,” Craig explains. The VAST trail network runs through the hotel property and the huge parking lot will accommodate snowmobiles and trailers. Guests will have easy access to Lake Champagne and the network of Ridgeline Outdoor Collective's trails open to bikers and hikers.
The hotel is also creating jobs in the community. Ron Dwinell, the General Manager, is hiring six housekeepers, six front desk operators, and up to two maintenance people. That’s 15 full-time positions at the hotel. Stop by Rural VT Real Estate to fill out a job application, or email your resume and cover letter to: [email protected].
But what about the future? Where does Paul see Randolph in five years? “A thriving community with more money and more people in town,” he predicts.
And as for My Place’s role in that future? “Our biggest benefit to the community is bringing in people [to Randolph]. They come, they stay, they go downtown, and they spend money in the businesses. We’ll be getting people off the Interstate, realizing what a beautiful community we have,” Paul shares.
So, if you’re a local with out-of-town guests or you’re a visitor passing through Randolph, be sure to consider My Place. The hotel is scheduled to open in early September and currently accepting reservations for dates beginning September 18th. You might just find that it feels a lot like home. And who knows? You could even run into our unofficial ‘Mayor’ Paul Rea while you’re there. Just remember to say hi!
Making Randolph a better place to live, work, and play.