The hotels don't seem like too much of a risk to me. If they don't succeed, he can always convert them into condos.
Novare has a bunch of businesses (Biltmore communications, Novare Management, Novare Development, Novare Capital, Twelve Hotels, etc., etc., etc.). It appears he is stretching himself too thin and not paying attention to the details. We'll see how things work out in the end. Maybe they're learning from mistakes from each building, kind of like the first few model years of a new type of car. But if they let their reputation suffer and at the same time other developers start building intown, they can find it hard to compete.
