FelCor's CEO Tom Corcoran Receives ALIS Lifetime Achievement Award

GlobalHotelNetwork.com congratulates Thomas J. Corcoran, Jr., Chairman of the Board and Co-Founder of FelCor Lodging Trust (and Global Hotel Network Advisory Board Member), on being the recipient of the prestigious Lifetime Achievement Award at the 2017 Americas Lodging Investment Summit (ALIS) in Los Angeles. This prominent award is presented to an individual who has made significant contributions to the hospitality industry through his or her actions, deeds, and great accomplishments.

GlobalHotelNetwork.com interviewed Mr. Corcoran (pictured) about this distinguished honor. Here are his comments.

GlobalHotelNetwork.com: Tom, congratulations on being honored at ALIS 2017 with the prestigious Lifetime Achievement Award. Your feelings about this honor? 

Tom Corcoran: When I first heard the news, I smiled. What an honor. I’ve been going to industry conferences for years and have watched notable industry executives receive many kinds of awards. I am humbled to be recognized with this honor at this time in my life. But make no mistake about it, I am not through yet. I’m still very much engaged in the industry — with much more to do.

GHN: What would you highlight as a few great achievements during your business career thus far? 

TC: First, I’d say buying Chuck E. Cheese (the entertainment restaurant chain) out of bankruptcy during the 1980s. I believed the Chuck E. Cheese concept would work, when a lot of people at the time did not think it made any sense at all. It did work — and is now a part of Americana. That is affirming. 

Secondly, starting FelCor Lodging Trust with hotelier Hervey Feldman. Hervey and I had the guts to start a company during the early 90s turmoil, and this venture has been a very rewarding experience. We did it together as partners (the first three letters of the company are from Hervey’s last name and the second three letters are from mine - thus, FelCor. Over the years we built an exceptional team of focused executives. It brings me great joy to see what has been created — the FelCor family (and its extended family, including the kids).

GHN: There have been some great hoteliers rise up out of the state of Kansas, such as Jack DeBoer, Bob Brock, Hervey Feldman, etc. You are one of them. Tell me a bit about your youth — and life journey. 

TC: I grew up on a farm in Clay Center, Kansas, a city of less than 10,000. My dad was a traveling salesman during my youth, so I grew up quickly — with many home chores. At that time, there were really no distractions. You ‘worked’ because that’s what you did. There was always plenty to do around the farm. 

The best advice from my dad was ‘work hard.’ And from my mother, ‘be nice to people.’ And I guess, if you do both, you pave a way to success. 

My first job (outside the farm) was as a dishwasher in a Holiday Inn hotel in Kansas. Believe it or not — starting at the bottom of the hotel industry is the story of many hotel executives in the industry today. 

As a young man, I was drafted into the army. Afterward, I went to Washburn Law School (Topeka) — I suppose you could say I was influenced by the great TV personality, the lawyer Perry Mason. I’d say, I may not be the smartest person, but I do know how to work hard — sometimes this is the distinguishing characteristic that sets people apart. I have the desire and passion to get things done. I’m an optimist and will take measured risk. You must believe in your heart in what you do. Over the years, my leadership style has become one of a consensus builder. Gaining team support from the beginning can accomplish much. 

GHN: Hervey Feldman, founder of Embassy Suites, and you established FelCor Lodging Trust in 1991. FelCor’s portfolio is now primarily upper-upscale and luxury hotels. You were one of the pioneering hotel REITs. Talk about the history of your company. 

TC: If you were a hotel buyer in the early 90s, you made money. Properties were being sold at a fraction of their cost. We were fortunate to be in this cycle, as we launched our business. The first hotel we purchased was a Holiday Inn, then an Embassy Suites. We then purchased a portfolio of all-suite hotels from Promus and went public. We began to diversity our portfolio in the late 90s by acquiring other assets, including a portfolio of IHG hotels owned by Bristol Hotel Company. We completed the Bristol merger in 1998. 

GHN: You’ve been described as a GIVER, serving as chairman of the AH&LA (2008), IREFAC and the IHG Owners Association, in addition to a number of charities. Talk about Giving Back. 

TC: Giving back is a duty, in my opinion. You want to give back to the industry you have been a part of. 

Retire, by the way, means to die. I say that I like to change lanes — always keep moving and giving. 

I’m also committed to kids and education. I support a shelter for children of homeless people in Dallas. I also think education is key — it can open up new horizons for folks. And the younger, the better. I’m a supporter of the Dallas Community College and its programs and will continue to do so. 

GHN: What does it take to succeed as an entrepreneur? What is your favorite quote(s) or words of wisdom? 

TC: What does it take to succeed as a entrepreneur? Initially - GUTS, the belief that you are doing the right thing. 

You are never 100% sure, but you must try. Hervey and I did without a paycheck for three years. We invested our heart and soul in the company to build it. We were both married — try telling your wife it is a good idea to give up a good paying job for ‘no pay’ and that, it is going to work out.

My favorite quote is Carpe Diem (Seize the Day). It is visible in my office. 

GHN: What business principles guide you? What is the best piece of advice you ever received?

TC: Work hard and don’t give up. Ask yourself, ‘what do I have to do to get the job done?' Also, I think a good attitude is important. It shouldn’t be ‘Thank God it’s Friday,’ but rather, ‘Thank God I have a job and that I’m going to a good place to work.’

GHN: On a personal note, what do you enjoy most about being in the hospitality business, and what advice would you give to young executives getting into the business today?

TC: The best part of this industry is the people. There are no boring people in the hospitality business. This is the greatest industry in the world for someone who works hard. There are no barriers to succeed. Remember my story: From farm boy and dishwasher — to CEO at age 35. 

Author: Robert G. Harp, CEO & Publisher, GlobalHotelNetwork.com

Post Date: January 23, 2017

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Co-hosted by the American Hotel & Lodging Association (AH&LA) and Burba Hotel Network (BHN), the two-and-a-half-day ALIS event features an extensive array of seminars and panels hosted by leading experts and investors discussing important trends and identifying new opportunities. The conference attracts the lodging industry’s leading hotel executives, investors, lenders, developers and professional advisory community. Proceeds benefit the educational, research, and training missions of the Educational Institute (EI) of the American Hotel & Lodging Education Foundation (AH&LEF), AH&LA’s not-for-profit affiliate. For information on AH&LEF, please visit www.ahlef.org.