This story originally appeared on Black Company
Bay Street Capital Holdings founder William Huston has been in the news recently after the entrepreneur shared that he was investing in black travel.
According to its site, California-based Bay Street Capital is an “independent investment advisory, wealth management and financial planning firm.” The company invests in real estate technology and luxury vacation homes.
Bay Street Capital Holdings began in 2018 as a call center for financial advisors after Huston faced a financial crisis when his father’s injury reduced the family’s income. They would later switch to black-owned travel agencies after seeing how the working hours negatively affected their employees. Since the pivot, the company has accumulated $85 million in its portfolio.
During an interview on January 3 with the guardian, Huston revealed how the company maintained its success despite the Standard and Poor’s 500 falling as much as 26.7% in October 2022. He credited all of its success to the amount black people spend annually on “ leisure travel”. Huston told the publication, “Black travelers in America spend $109 billion annually on leisure travel, and only $1 billion goes to black-owned hotels.”
Further to the discussion, Huston discussed Bay Street Capital Holdings’ latest investments in an exclusive luxury vacation property, Resthaven Properties, and an app called Unified. the guardian describes Unified as helping social media influencers find their next “travel properties.”
Huston stated that while the company’s properties may not be widely known, such as the Marriott or other locations, after a few years, Bay Street Capital Holdings will be recognized for the hotels they own and those they support.
He said: “We wanted to add a layer of intentionality to the business. We’ll never compete with Marriott, but in five years people will know about us. And they’ll know the names of some of the other hotels that we own. They don’t own, but we support, and that’s just as shocking.”