Bu PatelMike PatelTushar PatelCo-ownersTarsadia Group
WHY: Company dates to 1976 when BU Patel bought a motel in Anaheim that was operated with the help of his teenage sons, Mike and Tushar. The family-owned business, which is based in Newport Center, now has more than $2B in assets with investments in more than a dozen hotels and 28 portfolio companies.
The company split itself into three entities in 2011, including T2 Hospitality and Evolution Hospitality, a hotel management firm that was sold in 2015. Nowadays, Tushar manages Tarsadia, which has three units for investments, capital and enterprises, while Mike is founder/CEO of T2 Hospitality, which has participated in more than 200 successful projects.Â
IN THE NEWS: Tarsadia Capital in September urged Aliso Viejo-based Sunstone Hotel Investors to find a buyer or liquidate its assets.
NOTABLE: T2 Hospitality in August bought 459-room hotel in Washington, D.C., Washington Marriott at Metro Center for $128M.
QUOTABLE: “Sunstone’s current trajectory as a subscale lodging REIT is simply not tenable. The Board needs immediate refreshment and must commence a robust strategic alternatives process to unlock value for shareholders.” — Tarsadia Managing Director Michael Ching
