Early Life
Gary Tharaldson was born on October 17, 1945, in Dazey, North Dakota. Growing up in a rural environment, he learned the values of hard work and self-reliance. His parents were Norwegian-American farmers. He graduated from Valley City State University with degrees in business administration and physical education.
Rise to Success
Tharaldson's career began in 1982 when he acquired a Super 8 motel in Valley City, North Dakota. He quickly expanded his portfolio by building and acquiring numerous hotels. Over the years, he developed and operated over 480 hotel properties across the United States, averaging one new hotel per month. In 2006, he made a significant move by selling 130 hotels to Goldman Sachs for approximately $1.2 billion. This transaction established his company as a leader in the industry.
Key Business Strategies
Tharaldson's success is attributed to his innovative approaches to hotel operations and a focus on building efficient, no-frills hotels. He was the first franchisee to build Marriott's Fairfield Inns, establishing industry standards. He also implemented cost-saving measures, such as paying maids based on the number of rooms cleaned. His approach allowed for rapid expansion and a strong market presence.
Philanthropy
Tharaldson is actively involved in philanthropy, especially in North Dakota. The University of Mary named its business school the Gary Tharaldson School of Business in his honor. He also supports sports programs and has donated to the Dakota Medical Foundation.