Early Life
Gary Tharaldson was born on October 17, 1945, in Dazey, North Dakota. Growing up in a small town, he developed a strong work ethic from an early age. He graduated from Valley City State University with degrees in business administration and physical education. Before venturing into the hotel business, he taught school for two years and worked as an insurance salesman.
Rise to Success
Tharaldson's journey into the hospitality industry began in 1982 with the purchase of a Super 8 motel in Valley City, North Dakota. Over the next few decades, he expanded his portfolio, building and operating hundreds of hotels across the United States. He was known for opening one new hotel per month on average. In 1987, he sold nine Super 8 motels for a net profit of over $5 million. Tharaldson's strategic vision led to the expansion of Tharaldson Hospitality, which at its peak, managed numerous hotels across America.
Key Business Strategies
Tharaldson was known for his innovative cost-cutting strategies without sacrificing guest experience. He also created an Employee Stock Ownership Plan (ESOP) in 1999, making his employees part-owners of the company. This approach fostered a strong sense of ownership and commitment among his employees.
Philanthropy
Gary Tharaldson is involved in various charitable organizations and educational institutions. He is particularly involved with the University of Mary in Bismarck, North Dakota, and made a $5 million donation to support facility upgrades and student scholarships.