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Stewart W. Bainum Sr.
American businessman and philanthropist (1919–2014) From Wikipedia, the free encyclopedia
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Stewart William Bainum Sr. (1919–2014) was an American businessman and philanthropist. He was the founder, chairman and chief executive officer of the multinational hotel chain Choice Hotels and HCR ManorCare, a retirement facility chain. He was also the founder of the Commonweal Foundation (now known as the Bainum Family Foundation), a philanthropic organization.[1]
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Early life
Stewart W. Bainum Sr. was born on June 10, 1919, in Detroit, Michigan.[2] His father, Charles Bainum,[3] worked for the Ford Motor Company in Detroit until he was dismissed during the Great Depression and found work instead with the Works Progress Administration in Cincinnati, Ohio.[2] He had two brothers, Robert and Irvin,[3] and a sister, June Hill.[2]
Stewart was educated at the Mount Vernon Academy, a Seventh-day Adventist boarding school in Mount Vernon, Ohio.[2] He was forced to drop out due to financial distress, but was able to return to finish his studies after picking up work in the D.C. area.[4] He subsequently attended the Washington Adventist University.[2]
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Business career
Bainum hitch-hiked to Washington, D.C., in 1936,[3] where he took menial jobs.[2] With his savings, he started a plumbing business.[2] He later became a real estate developer and real estate investor.[2] He served as the chairman of Realty Investment Co.[2]
Bainum was the co-founder of a hotel in Silver Spring, Maryland, in 1957.[2][3] Over the years, he opened more hotels and founded Quality Inns International, later known as Choice Hotels.[2] He served as its chairman and chief executive officer until 1987, and served on its board of directors until 2000.[2]
Meanwhile, Bainum opened a retirement facility with his brother in 1960.[2] Over the years, he opened more than 200 retirement facilities and established Manor Care. Through a 1998 merger with the Health Care and Retirement Corp., it became known as HCR ManorCare.[2] He served as its chairman and chief executive officer until 1987 and served on its board of directors until 2000.[2]
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Philanthropy
Bainum co-founded the Commonweal Foundation, now known as the Bainum Family Foundation,[5] with his wife in 1968.[2][6] Through their foundation, they donated US$12 million to students from lower socio-economic backgrounds in Washington, D.C. and Baltimore.[2] Moreover, under the aegis of the I Have A Dream Foundation, he covered the college tuition of Kramer Junior High School graduates in 1988.[2]
Personal life
Bainum married Jane Goyne in 1941.[2][3] They resided in Silver Spring, followed by Chevy Chase, Maryland.[2] They had two sons, Stewart W. Bainum Jr. and Bruce Bainum, and two daughters, Barbara and Roberta.[2]
Death
Bainum died of pneumonia on February 12, 2014, at the Johns Hopkins Hospital in Baltimore, Maryland.[2]
References
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