Kendra Plummer, Founder, Elise Capital, interviewed by Lan Elliott

Determined to become a hotel owner from a young age, Kendra shares her career journey to hotel ownership and how her company, Elise Capital, empowers and educates women and other underrepresented groups to become hotel owners.  She discusses taking risks and overcoming obstacles, why celebrating a “positive memento” on a daily basis helps banish negative thoughts, and the benefits of developing her personal board of advisors, who mentor and champion her.

Transcript

Hello and welcome to D E I Advisors. Today's advisor is Kendra Plum, the founder of Elise Capital.  My name is Lan Elliot on behalf of d e I advisors. So Kendra, you've founded a Lease Capital in 2019, and it is a hotel investment and advisory firm that focuses on providing education and access to hotel investment opportunities for women and underrepresented groups so that they could become hotel owners.

And the other thing I wanna mention is you just recently received the Lori Raleigh Award for. Emerging Excellence in Hospitality consulting from I S H C at their annual conference in Prague. So congratulations on that and welcome Kendra. 

Thank you Lan for having me. I'm excited to be a part of this today.

Absolutely. I have been following what you have been doing and it's so interesting. So I'm really thrilled to have you on our show today. So I know you've had a really interesting career journey. Can you share some of your inflection points and maybe some of the things that you think were the factors or skills that contributed to your success?

Absolutely. My journey to success in this industry was probably a little bit different and unique. I've actually wanted to own hotels since I was a kid. So owning hotels has always been the ultimate goal, but I had no idea how to get there. I hadn't seen it before. I hadn't. Experienced it, but I knew that this was what I wanted to do.

So I actually used to think that the general manager was the owner of the Hotel . And so in my career in, going through high school, choosing, which school programs am I going to go to? I said, I'm going to get a degree in hotel management and that will put me on the track to hotel ownership.

And so as I entered Temple University and being part of the School of Tourism and Hospitality, I realized that ownership is. So much more than that and that it wasn't just going to be working in a hotel that was going to get me there. So I did a lot of complaining actually to the dean of my school in hospitality saying, how am I going to get to ownership based on, what I was seeing and where I was working in the, in.

and he recommended that I go to a ownership conference. So that's how I started learning the ownership side. I think that was the pivotal moment in meeting other hotel owners, hearing their stories and understanding where I would need to pivot in my career in order to get there. . 

That's a great story.

I also went to hotel school thinking that the general manager was the top job you could ever have . I had no idea about corporate offices and owners and brands or any of that when I got to school. 

Oh, there's so 

much more . Yes, for sure. For sure. So you don't get to where you are today though, without taking a few calculated risks.

Can you share a time when you took a risk and succeeded and how you approached it? What things did you consider? Yeah, 

I'd say the biggest risk I've taken so far is actually acquiring my first deal, which was a Hampton Inn by Hilton. So structuring a hotel deal has so many different components. They all stack on each other.

So it's almost like playing the game of Jenga where you're continuing to build and build. But if one piece moves incorrectly, it can. Fall apart, shatter, crumble. So I knew that there was going to be a lot of risk in building the investment portfolio of Elise Capital with the biggest risk being what most of us are always afraid of, which is failure.

So I prepared myself for coming up with the strategy.  that worked for me personally, knowing my personality, what I had capacity for, and what I could really handle at the time, and taking it day by day from there. So I think sometimes we forget that when we're working so hard and we're taking big risks, we forget the personal and the mental part of us, and when we can't show up fully.

Who we are, we tend to make the biggest mistakes and missteps in there. So for myself personally, I'm a very data driven person. I like to know all the research, all the numbers, and that's how I went about doing the first deal, was visiting the asset multiple times, walking the market, really digging into the financials, the reports, understanding everything researching investors needs.

especially because that acquisition was in the height of uncertainties in the pandemic. So there were a lot of risks and factors going into it, but understanding what all those risks are is what prepared me to be able to do it successfully.  a lot of great 

homework and understanding and gathering facts and yeah, I love that.

I love that. So let's broaden the discussion a little bit more to how you overcome obstacles generally. For example, at the moment, it's very challenging to get hotel deals for everybody. How do you approach problems? How do you process it? How do you handle them when you get to them? . 

Yeah, it's definitely a difficult time to be doing deals in this climate.

As I like to say, we're an industry of people, serving people, and so I approach problems by first figuring out what is the root of the problem, who is impacted by the issue at hand? Why are they being impacted? So in the example of it being tougher to get deals done right now, a lot of the reason for that is.

The lender markets just aren't as favorable. So being that we're a part of a large industry, what specifically is the concern with the banks and getting a hotel deal done? How can I solve that problem specifically to get them to do my deal? So I first try to figure out the person itself, why is the person having.

issue the problem. How can I solve it from a person perspective? And then perhaps I come to that with, the statistics to back it up to the different strategies on how it's been proven before. And just coaching them on their, that specific need so that we can resolve that problem and they have more confidence than in me and getting the deal.

I love 

that using the fact that you're really focused on data and facts and that helps you solve the challenges as well, so sure does. Wonderful.

So talking a little bit about networks, it's something that sounds really uncomfortable developing a network, but the hospitality industry really is a lot about building relationships and and often friendships in this industry beyond just the work. How have you built your network and how do you network in a way that feels authentic to.

Yeah, it's funny you should say that because I absolutely agree. Networking can feel uncomfortable, especially for me. So I am actually a very much an introvert . So sometimes going out and networking, it can feel overwhelming at times. But thankfully our industry values relationships. We enjoy meeting people and welcoming people in.

That's what hospitality. So what works best for me and preparing to network with someone is doing the little things and keeping relationships warm even after we've met. As I'm sure in our industry, it's a small industry. We meet the same people over and over again at different. Times, whether it's actual conferences or one-off events meetings and things of that sort.

So just keeping a relationship warm, makes networking that much easier because now we know people, I often to. Reach out to people before I'm going to an event so that I know who's going to be there. I know that I have someone to meet with, someone to connect with before going at least one person I'm coming out knowing.

So that's how I go about relationships. And then I think we also have to remember that relationships are a two-way street. So networking isn't just. , this is what I do. It's also hearing what do you do? How can we work together and build our industry to be as great as it possibly can be. That's 

great.

It's interesting cuz I, I've actually talked to a number of leaders who are also introverts. I'm an introvert. When I worked with a team, they couldn't believe that I was an introvert, but but there's a lot of us out there and and Peggy Berg has said that there is some research that says that because introverts make more of an effort, it can actually be helpful for us.

So don't lose hope if you're an

Let's talk a little bit about mentors and champions, cuz when we talked about this before, you've said that you haven't really had a lot of champions and mentors to help you. Can you share your thoughts on that and maybe some advice for people in a similar situation? . . 

So typically, a mentor a lot of the times comes from a relationship.

How do you form a relationship? You form a relationship with someone that you relate to? That's just the simple and basics of it. So as a young person, as a black person, as a woman taking an entrepreneurial route in hotel ownership I truly am in the thin lane of people who could possibly relate to me on different.

Effects. And so I think. When people are saying, we want a mentor, or do you have a mentor? We often think of one person who can just do it all for you and be that one person. And that's very hard to find. And especially if you're taking a kind of off the beat in path route in your career.

So instead of just having a mentor, I actually like to refer to it as my kind of personal board of. Where I have different people who can advocate for me, champion for me, or be a sounding board for me in different aspects. So it doesn't just have to be that one person, but there's several people touching different spots that can help me grow and.

in some cases too. It might not be that they can, help me specifically, but maybe they can connect me to someone who can, and that's what comes back to the network, is that we're usually, those three degrees of separation from someone who can make a difference. , that board of advisors is what helps me the most, rather than just having, the typical one to two mentors in your life.

Yeah, I 

love that. And you mentioned a few really important things and that is that one person isn't going to be your be all, end all. . And you might have different people that come in and out of your life over time. That are your mentors or your champions or, or your board of directors of advisors as you mentioned?

I also think one of the things I know I did was I looked around and being a woman in real estate, there aren't a lot of women in real estate. I always looked for someone who looked like me and there weren't a lot of those. So if I maybe would've broadened my. My thought to look at people because there was a lot of men in this industry and that men also make great mentors and champions.

And we've had people who've said that that men, women who've said that men have been great mentors for them and champions along the way. So I think if I would've broadened my concept a little bit more, I would've had more opportunities for that sort of, . Yeah. So let's talk a little bit about overcoming self-doubt, because we're often our biggest critic, and that noise in your head can make you think that you can't do things or accomplish things that you wanna do.

What strategies do you use to stay positive to overcome that internal narrative? . 

Yeah. I think that internal narrative got even bigger of becoming in my own and creating Elise Capital because something that I used to have before was a team . So when you start to not have that team anymore and really rely on yourself, you have to.

Celebrating anything that can make you realize, today was a good day. We actually finished everything on our task list. For example, sounds small, but is actually a big win in some cases. So this is something that I now try to do for myself daily so that I can overcome that self-doubt and remember that no, we're actually doing great, or there's things that we are doing.

can be celebrated each and every day. I think that every person has something that they've done every day that we can celebrate and take as a positive memento. I tried to do that daily. So it's whether it is finishing things small like those to-do lists or remembering that, since the lease capital started, we've guided over a hundred people in hotel ownership.

There's always something that you can reflect on. So taking time for reflection is something that's very important to me now in overcoming that kind of internal narrative that we often find ourself going back. . Yeah 

I think a little bit of self-reflection and remembering the good things that can be, it can be so valuable.

And you also mentioned a little bit about what, cuz you now work on your own in Elise Capital. So there isn't that back and forth that you get, obviously you do with your clients and with the people you work with, but your company is used. So having. Buck yourself up and to tell yourself this was a good day.

I, no, it's one of the things I think I miss most about being on a team. Usually when you have a corporate culture, you're in a good corporate environment, you're having someone on your team that says, oh, Kendra did this or landed this last week, or, this should be acknowledged. So sometimes you have to remember to do that for yourself too.

That's great advice, especially for the entrepreneurs out there who are starting out and are on their own. . So on the topic of advocating for yourself, so we talked a little bit earlier how it can be really difficult to get things done even before the interest rates went up. But for women and people in underrepresented groups, it has been difficult for them to access capital and as a result, those people really need to.

good at advocating for themselves. Could you share how you go after deals to ensure that they're inclusive for Elise Capital? 

Yeah, so going after deals and making sure it's inclusive is, Partially knowing when to include and when not. Because being inclusive means that you are there to support everyone.

And so that's what we try to do. So especially on our advisory side, if there is someone, for example, who is coming in and they want. Design a hotel. I'm not a hotel designer , but I know someone who is. So that's where our inclusion comes about, is that we do everything that we can to support.  Anyone coming into our doors.

So no matter what it is that is the root of that problem. Going back to we're an industry of people, serving people  and realizing what is the root of the problem or the issue that's not allowing you to succeed in where you're trying to go. If it's. Someone wanting to become a passive investor, great.

We can do that for you. We have deals that we're looking at all the time, and we reduce barriers by educating people that hotel ownership is possible for them. We reduce barriers by. Knowing the different Demogra demographics, whether on the economic side of what makes sense to have an investment minimum be and make that more inclusive so that it's actually attainable for people.

And then in the things that I'm not an expert in, that network comes back into play, that I can now be a champion for someone else and connect you to someone who can help in succeeding with the issue at.

That's great. 

What advice would you maybe give to people who are struggling to find their voice and are having trouble advocating for themselves? What would you. Advise them. 

I think the best advice is something that I've started to learn more recently is that there really is no rule book in anything that we do.

We don't have to do everything in a traditional way. We can really do what works best for ourselves. So knowing who you are personally, knowing what works best for you, I think is going to help in doing you.  in your own way because now you're stronger, you feel more comfortable. And that gives you more confidence.

So especially if you're going to have to ask, for example, and what we have to do daily is raising capital, convincing investors to invest with us or speaking to lenders to lend with us. If I'm not going about it in my own way, I can't be as confident as I possibly can be, and we have to exhibit. When we're advocating for ourselves.

So I think the biggest thing is just to go about different scenarios in a way that makes sense for you, knowing who you are and that you don't have to do the exact guidance as someone else may have done before. I love that. I 

think there, there's a big part about just being true to who you are and that gives you confidence to, to do things that maybe you.

Feel like you could do otherwise, but believing in yourself. Yeah. That's a big part of it. Elise Capital's mission is to close the economic wealth gap for women in underrepresented groups in America by empowering and educating them to become owners of hotel real estate, which I really love. I love that mission.

Can you share how you help those groups to succeed as hotel owners? . 

Yeah. We help them to succeed by.  working with them from the beginning. So I can take my experience and say, this is what I went through that I don't want someone else to have to struggle with. There's going to be struggles for any type of role that you do, any risk that you take, any project that you encounter.

My problem shouldn't be someone else's problems if I can help them. So I how we make sure that we are, empowering others and educating others in hotel ownership to make sure that they're successful is by,  going through being transparent. One of the core values for Elise Capital is communication.

And what I take that to mean is transparent communication. So not just answering something or giving information when someone asks specifically, but being honest in what the. Experience was and how we overcame it or what strategies we used and things of that sort. So we really help people succeed in sharing our story in sharing.

What can happen on a day-to-day, what we wish we knew that other people can maybe learn from. And then in the parts that we don't know, I think the biggest part of how we help others succeed is not offering advice and things that we don't know. So in areas of things that I don't know, and where I know someone else is stronger, it's quarterbacking to those other people to say.

from here. This person can guide you better than I can in being honest and truthful in that as well. 

Yeah, I love, there's like a thread of vulnerability that runs through what you just said because part of it is saying, knowing when to say, you know what, someone else can help you better. Let me introduce you because I'm not the expert in every single thing under the sun.

And so here are experts in certain areas, but I also think the part about being willing to share the stories that maybe are not the great stories, right? But they were great lessons learned.  To say, maybe you. Consider this cuz we went down this road and something happened. And I think that's so important to share with people, especially when they're new to hotel ownership and there are so many landmines that are everywhere even for people who are really experienced in doing it.

So it's really wonderful that they have someone like you to be able to help them along the 

way. Yeah. Like you said, inclusion comes from. , the vulnerability of things. So we can't include people if we're not showing them who we are as well. So I like that point. 

I love that, that's really important to keep in mind.

I love that. . So one of our favorite questions at d e I advisors is what advice would you give your younger self, and I think this is a little bit because it requires a little bit of self-reflection as to what you would've wanted your 22 year old self to know. What would advice would you give her?

Yeah, I think whenever I hear a question like this on, what did you wish you knew you were younger or what would I tell my younger self? It, you're right, it does cause a lot of points for reflection and, where was I at when I was 22? What was I going through? What was I thinking of?

And at 22, that's where you're having your pivotal moment in your career. For me, Graduating and going into the industry. And the biggest thing at that point is, which job am I going to take? And that feels like the biggest, weight on your shoulders when you're that young because you think, this job is going to define my career forever.

It has to be perfect. It has to be right. And the truth. . It doesn't have to be perfect, but it does have to be right for you. So I think staying true to yourself is what I would always tell my younger self. So that I know that in everything I'm doing, I'm showing up authentically as me.  and that is what is going to help me to continue to grow in different areas.

So I know when I was younger and knowing I wanted to be a hotel owner and not knowing how to do it and choosing my career, I started by looking at.  people who had been hotel owners and wanting to follow exactly what they did, like what job did they take, where are they now? And do I stay in that specific job for those five years that they did?

And then I do exactly the same thing, . But really that isn't going to work all the time. Life changes so often, but you're the root of everything. So being authentic in who you are and what makes sense for you is what I would.  myself is just to always be true to who I. 

Okay. I love that you also had a plan.

You were very specific in knowing what you wanted to do, but you did it your way. But I have a lot of young people who will come and say, I want to have this role, or I want to go yet this promotion. And I'll say what's your goal? And they'll say, I don't know, , . And then it's then it doesn't matter.

Do anything right, . But you were very specific early on to know what you wanted to do to become a hotel owner. So I think it makes it so much easier to choose your path if you know what you wanna do. 

Definitely. I agree to that. Yeah. 

All right. One final piece of advice as we come to the end of our discussion.

Could you share one final piece of advice for our viewers, keeping in mind that the mission of d e I advisors is around empowering personal success. Could you share a piece of advice for our viewers and what they could do to advance their career? 

I think a lot of my career advancement came through community and that was joining professional organizations.

So I've always been involved in different organizations from the time I was. In undergrad, in joining, different hospitality organizations, the alas of the world and things of that sort. All the way to now still being involved in different organizations. So I am a big believer that we grow in communities.

Oftentimes we think success is doing hard work.  absolutely is. Success does come from doing hard work, but if there's no one there to see your hard work or receive your hard work and you don't have that community around you that can champion you and say that. This person is doing this, they've accomplished, these things and things of that sort, then the success is going to be harder to reach by yourself.

So I would always say for anyone as to build community, that community does not just have to be in your industry. Thankfully our industry does have a lot of community circles that people can be involved into, but advancement is a very hard. , doing it on your own is even harder. So being able to have a community that can support you in different types of ways really helps in moving forward and propelling your careers.

That's such amazing advice to, to bring it back around to networking and this is how you find mentors and champions, right? Is to be a part of the community and to meet more people in the industry or other industries as well. It's wonderful advice. Thank you so much, Kendra, for being on today and for our viewers, if you enjoyed this interview, I hope you will find us at d e i advisors.org where we have other interviews with industry leaders.

Thank you, Kendra. 

Thank you.