1. Create intimacy. There's a right size for every company, so find your sweet spot. "I've learned it's better to have medium-sized hotels and keep them busy and packed all the time than to create a bigger one that isn't," Calderwood says.
2. Be inclusive. Ace Hotels is named after the ace in a deck of cards, which is both the highest and lowest card. "We try to offer something that appeals to everyone," he says. "Don't lose sight of people as individuals--that's how you keep people coming back."
3. Follow the golden rule. "Our approach has always been to think about what we find interesting and how we would want to be treated, and then make sure we stick to that," he says.
4. Be original. Just because something sounds crazy to everybody else doesn't mean you shouldn't try it. But don't jeopardize the bigger picture if it doesn't make financial sense. Because that really would be crazy. --J.W.
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