Inside the Mind of Steve Gupta

“True entrepreneurs never sleep,” according to Easton’s Group of Hotels president and CEO Steve Gupta in a recent conversation. Gupta came to Canada four decades ago, nearly broke, and has since built his company, now under the umbrella of The Gupta Group, into a considerable hotel and real estate empire, including the recent purchase of a 3.2-acre site at Yonge and York Mills. The site, currently a parking lot, will one day be a 500,000 square foot mixed-use development that includes a four-star hotel, luxury office condominiums and retail space. They’re expecting to break ground next year.

It’s always fascinating to me to talk to people like Gupta. Here’s a man who had no prior hotel experience – who came to the country with little more than a degree in math and science – saw the potential no one else could see, and made his first mark on his adopted home province with the purchase of an abandoned truck stop in Port Hope, which he couldn’t even afford. He turned it into a hotel and restaurant, and has made it one of the busiest stops on the Montreal-Toronto corridor. He named his company after the Easton brothers, two hoteliers who must have seen in Gupta what only he knew he possessed when they partnered on the project – more even than rare talent, Gupta possesses the elusive qualities that make men into millionaires, and his company now owns more than a dozen hotels under the Marriott, Hilton and IHG (which includes Holiday Inn) brands, and employs more than 1,400. The company is currently developing Dundas Square Gardens condominiums and will soon launch The Rosedale on Bloor. Their most recent foray into the condo market was King Blue in Toronto’s in-demand Entertainment District, which was sold after Gupta received an offer just too tempting to refuse.

Gupta admits to possessing that sixth sense that defines an entrepreneur. “We think differently.” He’s not self-aggrandizing, but rather stating a fact. Few people can do what he does. “Achievers never give up,” he says. “Most people take the paved road; few say, ‘I’m going to make a new road’. You wait for an opportunity, you save, you keep investing. When Port Hope came along, I had $15,000 and it was a million-dollar deal.” Gupta raised the first quarter-million from investors and mortgaged the rest.

Dundas Square Gardens

“Everybody said I was crazy,” he admits. “’You have $15,000 no experience.’ But I knew, I had that confidence in myself. You don’t let people know your weaknesses.”

While on the surface, his degrees may not be an obvious help, he says math helps him to be analytical, to calculate risk, and to problem-solve, and chemistry has given him a deeper understanding of construction itself and the materials used. He says he’s a great believer in education, but once you’ve nailed the basics, “degrees in experience” are what matter most.

The Yonge/York Mills project is an important one, not just because of the jobs it will create and the money the complex itself will bring to the area, but for the ripple effect: once other developers see how much sense it makes to develop office space outside the core, the project, located as it is directly on the Yonge subway line, is certain to encourage further development in the way of housing in the surrounding area.

Gupta points to Shops at Don Mills, the urban village not far from his home, as an example of how commercial development can change a neighbourhood. “Development creates value and convenience for everyone,” he says. “Development in the area becomes a lifestyle. Toronto can’t handle more cars. Here, they’ll have the convenience of working, dining, taking advantages of services like dry cleaners, and most importantly, saving time. Every time I see cars stuck on the DVP, I think about how that could be time spent with families.” Gupta prioritizes family and says his wife’s understanding is a big part of his success. His three daughters now work for The Gupta Group. (His son works for RBC.)

He also credits his country. “I’m a proud Canadian. Canada has provided me opportunities to grow and to grow my family. It’s a peaceful country, and we should always count our blessings.”

“If you sit down every day and be thankful for what you have instead of complaining, think positively and live with happiness, not for happiness, you can do anything,” he says.

Sound advice from someone who knows.