LAKEVILLE —Rumors began to float around town a few months ago that the Wake Robin Inn is on the market. Shaffin Shariff, co-owner with Michael Loftus of the inn, insists nothing could be further from the truth.
"The rumors of the sale are flattering," Shariff said. "It’s a way of showing that you care."
Things in fact are going well for the innkeepers. Shariff and Loftus celebrated five years of ownership on April 20. And their financial position has never been stronger, they said. For the calendar year ending December 2006, the inn sustained 15 percent profitablitiy.
The Wake Robin has become a year-round tourist destination, and a much used venue for local businesses and groups. It is a recommended hostelry of institutions such as The Hotchkiss and Salisbury schools and Lime Rock Park. The inn’s peak season has extended, now running from April to December, adding three months to the traditional Memorial Day to Columbus Day season.
"It’s hard not to be really positive," Shariff said.Dreaming up a country inn
Not that it’s been an easy five years, despite the experience the two owners brought with them to the Northwest Corner.
Loftus has spent his entire career in the hospitality industry. He was with Embassy Suites in the 1980s and had been with Hilton for 10 years. He was manager of the Hilton’s Palmer House, a legendary century-old Chicago hotel. Shariff, originally from Canada but now a United States citizen, worked for many years for the Bank of Montreal or one of its subsidiaries.
Loftus and Shariff crossed paths when Shariff was transfered to Harris Bank in Chicago in 1997.
They decided that they would like to pursue something a little different, something outside of the corporate world. Something like innkeeping.
"We hated the nickel and diming of the hotel industry," Shariff said. "All the extra charges when you check out. Country inns are a different beast. When you leave the Wake Robin, you just drop off the key."
Once they decided to open an inn together, they spent two years searching for the perfect location, visiting 80 properties. They began in the area around Washington, D.C., and northern Virginia, but found themselves gravitating toward the Northeast. Then they happened upon the Wake Robin and Lakeville.
"Through surfing [on the Web] one night, we saw a listing for the Wake Robin — an expired listing," Shariff said. They inquired, and found the inn was still on the market.
Before they agreed to purchase the property, they researched the area, talking with the private schools as well as the other hotels — the Interlaken in Lakeville, Simmons Way in Millerton.
"We were outsiders," Shariff said. "We knew that we couldn’t behave like we knew it all. Because we didn’t."
The sale went through on April 20, 2002, and Shariff and Loftus took over on April 21. Their original business plan called for them to "turn around lodging and open pub operations, building occupancy and sales to attain total revenues of $739,000" in 2002. They didn’t quite make that goal, with total income in that first half-year of $379,659. However, things began to look up over the next few years and now, five years into their seven-year plan, they are right on course, with total income in 2006 of $1,035,256.
Shariff credits the strong community support and the inn’s diverse market with their success.
"The other hotels are very collegial and cooperative, even though we have our own distinct identities," he said. "We cross-reference with the Interlaken in the peak season."
The Wake Robin also has a business plan that allows it to be profitable year-round.
"Some inns depend on the leisure market," Shariff said, contrasting that with the Wake Robin, which has five markets it draws from: private schools, Lime Rock Park, weddings, corporate retreats and meetings, and local organizations. Shariff said that 99 percent of the inn’s revenue comes from out-of-town guests and organizations, which allows them to give deep discounts to locals planning events there.
"It’s important that we don’t become pigeonholed for one type of event," Shariff said. "I don’t know how many other places have that many markets to rely on."Beyond the financials
As business owners, Shariff and Loftus decided from the beginning that they would not only rely on the community for word-of-mouth recommendations, but that they would also give back to that community. They say they have never turned down a request for a donation to local fundraising events. Loftus currently serves as the president of the Tri-State Chamber of Commerce. The Salisbury Rotary Club holds its meetings at the inn and the employees all live locally.
In fact, the innkeepers make every effort to ensure that their employees know how valued they are. Shariff said that the inn employs seven people full-time year-round, but has as many as 25 employees working during the peak season.
"The employees have complete freedom to give credits, refunds, to resolve issues without our approval," Shariff said. He pointed out that this policy not only makes the guests happy, since their problems are solved quickly, but also gives the employees a feeling of ownership and responsiblity to the inn.
Shariff and Loftus have successfully found their own niches within the inn as well. Loftus has become the public face of the inn while Shariff hangs back, dealing with the financials and other behind-the-scenes needs.
"That’s a good fit for us," Shariff said. "It allows us to keep connected to the community through Michael. I couldn’t execute on the business level if he didn’t execute on the personal level."