HOSPITALIT Y/TOURISM
CLYDE STACY PRESIDENT, PAR VENTURES LLC, BRISTOL
The Bristol Herald Courier named Stacy and his longtime friend Jim McGlothlin as the 2020 Bristolians of the Year for their work developing the Hard Rock Hotel and Casino Bristol, which is slated to open next year. McGlothlin credits Stacy with conceiving the idea of
VINAY PATEL FOUNDER AND PRESIDENT, FAIRBROOK HOTELS LLC, CHANTILLY
When he was 8 years old, Patel’s parents, originally from the Indian state of Gujarat, migrated from Malawi in eastern Africa to Richmond, where they bought a small motel. Growing up, Patel pitched in at the family busi- ness, cleaning rooms and checking in guests. When it came time for college, Patel commuted to Virginia Commonwealth University and continued helping out at the motel. By 2003, Patel took over the family business, which continues to grow. Today, Fairbrook Hotels owns 11 hotels in Virginia and Maryland. In recent months, Patel has been interviewed by NPR and The New York Times, discussing how the pandemic impacted his business. While his proper- ties ran at 80% occupancy before the pandemic, they now run at 40% to 60% occupancy, depending on the location. In November 2020, then-U.S. Department of Commerce Secretary Wilbur Ross appointed Patel to the U.S. Travel and Tourism Advisory Board. Patel also serves as the vice chair of the Asian American Hotel Owners Association.
WHAT I’VE LEARNED: When you help others, you really help yourself.
FAVORITE SONG: “The Way It Is,” by Bruce Hornsby and the Range
BEST ADVICE FOR OTHERS: Appreciate everything and everyone.
bringing jobs to the economically challenged area by building a casino at the vacant Bristol Mall, which Stacy purchased in 2018 for $2.6 million. The duo went on to hire lobbying and public relations firm Alliance Group Ltd. to coax Richmond lawmakers into legalizing casinos — a feat others had tried without success for decades. At the time, Stacy and McGlothlin described their proposal as a moonshot idea — a bold solution to a big problem. Amazingly, it worked. In 2020, the General Assembly approved legislation to allow casinos in five Virginia cities, including Bristol. In November 2020, 71% of Bristol voters approved of the idea in a referendum. A former coal mining executive who headed Rapoca Energy Co., Stacy also invested in Dharma Pharmaceuticals LLC, a licensed medical cannabis processor that was sold in July to Chicago-based Green Thumb Industries Inc.
ERIC D. TERRY PRESIDENT, VIRGINIA RESTAURANT, LODGING & TRAVEL ASSOCIATION, RICHMOND
Terry brought three decades of experience in the hospital- ity industry when he came aboard as leader of the Virginia Restaurant, Lodging & Travel Association in 2014. A dedicated advocate, Terry promotes the interests of his
association’s 1,500 member companies. This year, that’s meant lobbying lawmakers for much-needed relief funds and talking with business leaders and media about the impact of extended unemployment payments on Virginia’s tight labor market, which has disproportionately affected hotels and restaurants. In April, Terry sent a letter to the chairs of the General Assembly’s appropriations committees asking Virginia’s lawmakers to dedicate more than $270 million from the state’s share of federal American Rescue Plan funds to assist hospitality-related industries. A graduate of Virginia Tech’s Hospitality and Tourism Management program, Terry previously worked in leadership positions for then-The Redstone Cos. Benchmark Hospitality International Inc. and Malibu Entertainment Worldwide Inc.
FAVORITE VACATION DESTINATION: The beach
PERSON I ADMIRE: Ronald Reagan was the first president I ever voted for, and he did an unbelievable job fixing the economy, fighting communism and instilling a pride in America.
BRUCE L. THOMPSON CEO, GOLD KEY | PHR, VIRGINIA BEACH
Virginia Beach’s historic but crumbling Cavalier Hotel almost certainly faced a wrecking ball before Thompson came to the rescue in 2013.
In his youth, Thompson had worked security and cut grass for the renowned property, and he wanted to see it saved. It took $85 million in renovations from Gold Key | PHR, but the hotel reopened in 2018. Additionally, Gold Key is developing an assemblage of other surrounding properties to create an oceanfront campus known as Cavalier Resort. The $125 million Marriott Resort Virginia Beach Oceanfront began welcoming guests in June 2020. Gold Key completed construction of upscale condo development 42 Ocean in spring 2021. The 12-story Embassy Suites, the final piece of the Cavalier campus, should open by 2023. Thompson also submitted a proposal for the redevelopment
of Norfolk’s Military Circle Mall to the Norfolk Economic Development Authority. Since his son, Josh, was diagnosed with amyotrophic lateral sclerosis in 2007, Thompson has worked to raise money for scientific research for ALS and to build facilities for people with disabilities. Josh Thompson died in October 2020 at age 46.
116 VIRGINIA 500
Eric D. Terry photo by Matthew R.O. Brown; Bruce L. Thompson photo by Echard Wheeler
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