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MassMutual and AAHOA help Asian-Indian hotel owners sustain business through boom and beyond

Hotel owners are experiencing one of the best business cycles in decades, thanks to a slowly rebounding economy, and Massachusetts Mutual Life Insurance Company (MassMutual) teamed up with the Asian-American Hotel Owners Association (AAHOA) at its 2014 Annual Convention & Trade Show last week to help ensure these businesses grow and prosper over the long term to both boost the economy and help Asian Indians pass their legacy on to the next generation.

According to AAHOA, its more than 12,000 members own more than 20,000 hotels totaling $128 billion in property value, making this organization a vital one to local and national economies. Through its sponsorship of AAHOA, MassMutual brings essential financial education to its members to help them begin planning for the long-term, including helping them attract and retain the best employees, as well as to prepare for their own exits from their businesses.
 
Asian Indians have a long tradition of entrepreneurship and have a great business sense, which speaks to their current success,” said Nilesh Patel, financial professional with Water Tower Financial Partners, a MassMutual general agency in Chicago, Ill., and participant in an educational panel discussion at the AAHOA conference. “What I’d like to be able to help these successful owners do is take a more holistic view of their businesses, to think about their business 10 years from now and to plan for their own and their families’ futures,” he said.
 
Our sponsorship of the 2014 AAHOA Annual Convention & Trade Show is a key component of MassMutual’s support of the Asian-Indian market and goal to help families and business owners plan for their own and their families’ futures,” said Nimesh Trivedi, Asian-Indian Market lead at MassMutual. “In fact, a recently released study commissioned by MassMutual, the 2013 State of the American Family Study, took an in-depth look at Asian-Indian families and the challenges that they face in this uncertain economic recovery. It indicated that the two financial priorities for their savings are for their children’s college education and keeping the family financially shielded. As a result, one quarter of Asian Indians struggle between saving to pay for their children’s college education and saving for their own retirement,” he added.

 

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