How This Hotel Brand Is Innovating in a Heavily Competitive …

Larry Korman was in elementary school when his dad started asking him to help with the family business of commercial real estate started by his (Larry’s) grandfather. Korman would cut the grass, take out trash and visit properties with his dad.

From an early age, he remembers rearranging the furniture in the bedroom he shared with his brothers and became more interested in design as he grew up. When his grandfather designed and built the first round-room apartment buildings in Philadelphia, he took a huge risk and lost big when no one wanted to rent anything round in a square space market.

The Kormans pivoted and turned the apartments into luxury extended stay hotel suites that had all the service and benefits of a hotel but with the comforts, kitchen and living space of an apartment. It was big hit and the AKA Hotel brand was born.

In 2008, the AKA business model was disrupted by the launch of Airbnb. The Korman family business knew they had to pivot again. This time with a grown up and experienced Korman as CEO, they doubled down on quality and service and expanded into new markets like New York, Beverly Hills, Washington, D.C. and London with great success.

Korman credits the family’s success with never giving up and offers great advice in this video episode to entrepreneurs as well as those who are running a family owned business.

Related: The 3 Most Important Traits of Successful People

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