Like many hotel executives, Chairman and Founder of Commonwealth Hotels Dan Fay has worked in the hospitality industry much of his life. Beginning as a part-time employee in high school, he then worked at Stouffer Hotels while attending The Ohio State University. After graduation he entered a management training program with Stouffer Hotels. Within a few years he joined the hotel division of a Midwest restaurant company, which owned two hotels and several specialty restaurants. After ten years, he formed a hotel management company of his own and entered into a contract to purchase an existing franchised hotel.
Partnering with Corporex
In the process of forming an equity partnership to complete the acquisition of a local hotel, Fay formed a partnership with construction and development veteran Bill Butler of Corporex Companies. The result of that initiative was the development and construction of the Hilton at the Greater Cincinnati Airport, and the formation of Commonwealth Hotels, LLC in 1986.Through this partnership, Fay and Butler have built a company of high quality assets, which lead the markets in their respective segments. They have become skilled at segmenting the market as a number of their projects have been built in the same marketplaces, but sell to different customers.The fact that Fay and Butler are owners as well as investors, business people and operators, has been key to their success.
As the company has grown, Commonwealth Hotels has taken on outside management contracts, delivering the same success for venture partners and third party owners. Today Commonwealth Hotels manages a wide variety of premium brand hotels in multiple market segments and markets. The success the company has achieved for its owners has established Commonwealth Hotels as a premier hotel management company, growing through performance based third-party management contacts, as well as equity partnerships.