2002
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Econolodge University Inn and Ramada Inn of Pocatello
A Pocatello native, Steve Rice was thrilled when an opportunity to be general manager of a major hotel brought he and his wife Cinthia back to his hometown. With experience in the hospitality industry and as a small business owner, it seemed a natural leap to purchase a local unaffiliated motel. With help from a SBA 504 loan, the Rices purchased the business in early 1998.
Steve soon set about improving the business’s performance, including an affiliation with the Econolodge chain. Thanks to the couple’s aggressive marketing, occupancy rates at the Econolodge University Inn soared and the average daily rate charged for rooms increased.
This success led Steve to begin discussions with the owner of a larger property in Pocatello that was operating as a Days Inn. Steve’s business-planning ability showed this facility also had the potential for significant improvement. Reaching agreement took a couple of years and culminated with the Rices receiving financing from a second SBA 504 loan in late 2000 to assist with purchasing the property. Additional help came in the form of a USDA Intermediary Loan in early 2001.
Steve Rice has since converted the Days Inn to a Ramada Inn and has a formal plan for making physical improvements. With the assistance of Cinthia, he has begun booking convention business and is marketing to the business community, Idaho State University and the scores of participants who come to Pocatello to compete at ISU. He is making great advances toward making the property a player with the other large motels in the community.
Steve soon set about improving the business’s performance, including an affiliation with the Econolodge chain. Thanks to the couple’s aggressive marketing, occupancy rates at the Econolodge University Inn soared and the average daily rate charged for rooms increased.
This success led Steve to begin discussions with the owner of a larger property in Pocatello that was operating as a Days Inn. Steve’s business-planning ability showed this facility also had the potential for significant improvement. Reaching agreement took a couple of years and culminated with the Rices receiving financing from a second SBA 504 loan in late 2000 to assist with purchasing the property. Additional help came in the form of a USDA Intermediary Loan in early 2001.
Steve Rice has since converted the Days Inn to a Ramada Inn and has a formal plan for making physical improvements. With the assistance of Cinthia, he has begun booking convention business and is marketing to the business community, Idaho State University and the scores of participants who come to Pocatello to compete at ISU. He is making great advances toward making the property a player with the other large motels in the community.
