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John Meadow is the founder and president of LDV Hospitality, a boutique hospitality group that was founded on his realization of the ambition to bring the dream of âLa Dolce Vita,â to everyday life.
Focused on concept and business development, John drives the creative process for the company, envisioning restaurants and bringing them to life, as well as forging new partnerships with hotel developers to create bespoke food and beverage experiences for their guests.
John began LDV in 2008, with the critically acclaimed flagship Scarpetta restaurant, followed by signature brands American Cut and Dolce Italian.
On this episode, Jake and John Discuss:
Creating the Ultimate Dining ExperienceBuilding a Restaurant in RomeScaling LDV to a Global levelLeadership LessonsLinks:
LDV Hospitality: https://ldvhospitality.com/
Ralphâs Restaurant in Paris: https://www.ralphlauren.co.uk/en/global/ralphs-paris/7120
Outliers by Malcolm Gladwell: https://bit.ly/42k0AMX
The Grand Hotel Parker's Naples Italy: https://en.grandhotelparkers.it/
Connect & Invest with Jake:
Follow Jake on Twitter
Take the Hospitality Investing Masterclass
Learn How to Invest with DoveHill
Timestamps:
(00:00:00) - Intro
(00:02:14) - Introducing John & his journey into hospitality
(00:06:26) - Early lessons on how to cultivate an experience in Hospitality
(00:11:32) - What characteristics are you for in partners?
(00:13:39) - How do you set the vision for a project?
(00:16:05) - Scaling on a Global level
(00:27:14) - What are the tipping points for restaurants in design that you implement every time?
(00:31:35) - The changing way people engage with night life
(00:34:37) - Membership concepts
(00:37:54) - Designing a restaurant in Rome
(00:53:07) - What would surprise listeners about your leadership style?
(00:57:02) - Mentorship
(01:01:36) - Can a chef own a truly successful restaurant for a long period?
(01:04:17) - How have you managed to rebuild investor confidence and maintain relationships since the Pandemic?
(01:10:51) - How do you utilize what you learn from traveling?
(01:12:30) - What is your favorite hotel?
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As Managing Partner, Chris oversees all of the companyâs development and sales activities. With East West pioneering new communities in Charleston, Denver, Snowmass, Deer Valley and Kauai, Chris works with folks from coast to coast and helps guide these destinations toward the future. From his perspective, the agenda is actually quite simple, âWe build places that put people first, where the experience drives design and sustainability governs construction techniques.â
Chris is a founding member and the board President for the Civic Center Conservancy, the City of Denverâs private partner at Civic Center Park. He is also Board Chair for the Rocky Mountain chapter of the Young Presidentsâ Organization, and a member of the Board of Governorsâ for the Denver Metropolitan Chamber of Commerce.
On this episode, Jake & Chris discuss:
- How they find deals
- East West's acquisition process
- Setting up multiple offices to enhance the development flow
- The difference between condos & hotels and how to make it work
- Large scale resort development
- Managing risk
Connect & Invest with Jake
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Links:
Chris on LinkedIn - https://www.linkedin.com/in/cframpton1/
East West Partners: https://www.ewpartners.com/
Petit St. Vincent - https://www.petitstvincent.com/
Cayo Espanto Beliz - https://aprivateisland.com/
The Soho Grand NYC - https://www.sohogrand.com/
One Hotel Hanalei Bay - https://www.1hotels.com/hanalei-bay
Topics:
(00:00:00) - Intro
(00:02:05) Chrisâ career in real estate
(00:12:17) East Westâs focus on providing value to buyers
(00:16:39) East Westâs PM approach
(00:19:51) An inside look at the 3 companies within EastWest
(00:26:08) How has the organization changed in your time there?
(00:30:19) How did you expand to all these different markets while maintaining the core value of living where you work?
(00:35:04) What incentives worked when giving ownership to employees?
(00:38:35) How have you been able to survive real estate cycles and maintain a massive development pipeline?
(00:43:17) Fee Development for another party
(00:49:15) Is there room for more master resorts?
(00:51:32) What was your greatest investment?
(00:54:24) How are you capitalizing deals?
(00:57:02) How do you approach reporting?
(01:01:18) Is there a mistake that you made that lingers for you?
(01:04:09) How are you managing risk through the acquisition pipeline?
(01:11:17) How do you structure a Condo Hotel?
(01:19:28) What is your favorite hotel?
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Puuttuva jakso?
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Chris Pronger is a former NHL MVP who played 19 years in the league before embarking on his journey into entrepreneurship with his adult beverage business.
JRNY is a Canadian whisky created by the Brothers Sean and Chris Pronger with award-winning distillery Niagara Falls Craft Distillers Whisky.
On this episode, Jake and Chris discuss:
- Life in the NHL, mistakes, and lessons learned
- Developing a professional mindset in athletics and business
- Launching JRNY and competing in the beverage market
Check out JRNY here: https://jrnyspirits.com/
Topics:
(00:00:00) - Intro
(00:04:34) - How youth sports have changed
(00:09:44) - Developing a professional mindset in athletics
(00:12:01) - Misconceptions about leadership in pro sports
(00:14:36) - What it takes to play 19 years in the NHL
(00:16:37) - Transitioning back to civilian life
(00:19:18) - Mentors & investing
(00:33:32) - Discovering yourself after retiring
(00:39:27) - Launching a whiskey brand
(00:52:02) - Bouncing back from failure
(00:53:24) - How to pick great partners in business
(00:58:51) - Competitive advantages
(01:01:17) - Brand inspirations
(01:06:32) - Building relationships
(01:08:57) - Chrisâ real estate strategy & career reflections
(01:24:56) - What is your favorite hotel?
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
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In this special coaching-call episode, we deep dive into what has made Blackberry Farm a successful hospitality operation before getting into some Q&A where we discuss:
- Advice to independent developers
- Operating agreements w/ restaurants
- Scaling w/ investors vs. bootstrapping & a ton more!
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Topics:
(00:00:00) - Intro
(00:04:38) - Inspirations from Blackberry Farm & Blackberry Mountain
(00:21:14) - Advice to independent developers
(00:25:40) - Operating agreements with third-party restaurants
(00:35:27) - Purchasing an existing hotel vs. developing from the ground up
(00:44:12) - Pop-up hotel experiences
(00:48:03) - Scaling with investors vs. bootstrapping
(00:55:05) - The risk of betting on newer brands
(01:00:21) - Creating a case for a market where thereâs little data available to pull
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Gabe has led more than $50mm of multi-family investments in metro Denver, across more than 500 apartment units in Denver, Lakewood and Aurora. Gabe is also the co-manager on over $25mm of multi-family investments (164 units) in Los Angeles.
On this episode, Jake & Gabe discuss:
Going from Wall St. into Real EstateBuilding Generational WealthRaising CapitalExecuting Value-Add StrategiesLinks:
Gabe on Twitter
Tekton Group
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Topics:
(00:00:00) Intro
(00:01:48) Going from Wall St. into Real Estate
(00:09:38) The desire to create generational wealth
(00:11:14) Balancing raising capital while building wealth in assets
(00:14:26) What are some key principles you abide by to protect you against being a forced seller?
(00:20:15) Waiting for the Fat Pitch
(00:25:46) Can you define sub-institutional real estate and what are some market inefficiencies you see around the asset class?
(00:30:43) How do you find deals?
(00:34:07) A walkthrough of a deal that closed 2 weeks later
(00:39:01) How do you execute quickly on your value-add strategy?
(00:43:03) Whatâs the structure of your fund and why did you decide to have a fund?
(00:47:48) What did you learn from the first and second funds that youâll implement in the third?
(00:59:18) Have you thought about deals that you never want to sell?
(01:02:28) What have you learned from your worst deal?
(01:06:23) Getting tenant feedback for Capex
(01:08:26) Gabeâs philosophy around 3rd party managers
(01:12:15) What are your goals over the next 3 years?
(01:17:12) What is your favorite hotel?
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Vamsi Bonthala is the Chief Executive Officer and co-founder of Arbor Lodging Partners, an award-winning national hotel investment firm. Vamsi has overseen approximately $1 billion of transaction volume since the inception of Arbor Lodging Partners, where he leads all company activities including general corporate strategy, investor relations, strategic relationships, acquisitions, dispositions, and asset management.
On this episode, Jake and Vamsi discuss:
Breaking down Vamsi's first dealGrowing Arbor Lodging and building a vertically integrated management teamMaintaining efficient deal pipelinesConverting Hotels to MultifamilyLinks:
Vamsi on LinkedIn
Arbor Lodging Partners
The Grand Hyatt Kauai
Connect & Invest with Jake:
Follow Jake on Twitter
Take the Hospitality Investing Masterclass
Learn How to Invest with DoveHill
Topics:
(00:01:50) - Vamsiâs journey into Hospitality
(00:06:38) - What happened in your first deal?
(00:08:05) - How did you raise money for the deal?
(00:10:41) - Looking back, what were some of the questions you should have asked in your first deal?
(00:12:14) - How did you structure the deal with investors?
(00:12:57) - Hospitality as a complex asset
(00:14:51) - Were you looking for broken RE deals early on in your career?
(00:17:15) - When did you start to grow your team?
(00:18:57) - What made you decide to bring management in-house?
(00:21:20) - Did institutional partners start to flow in once you became vertically integrated?
(00:22:04) - How has your philosophy been shaped by doing deals in markets outside your own backyard?
(00:25:36) - How do you and your partner figure out what deals and markets youâll focus on?
(00:28:21) - How do you keep your acquisitions team incentivized and motivated?
(00:31:45) - How do you make sure your deal pipeline is as efficient as possible?
(00:32:52) - What is your strategy for 2023?
(00:34:58) - Are you looking at converting Office to Hotel?
(00:39:40) - Do you have separate capital for Debt and Equity?
(00:42:36) - How do you make the economics work at scale?
(00:45:26) - Why do you work with institutional partners vs. syndicating deals?
(00:53:30) - At what point did you start viewing the management side as its own business?
(00:58:31) - Whatâs something surprising that youâre doing in the management company?
(1:00:03) - What tools are you using to maintain a pulse on the business?
(1:05:22) - How do you approach hybrid work with your teams?
(1:07:10) - How do you convert hotels to multifamily?
(1:18:13) - What is your favorite hotel?
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Patrick Carroll is the founder and CEO of CARROLL, a prominent real estate investment company. From a young age, Patrick Carroll envisioned building a real estate company from the ground up. The ambitious entrepreneur leveraged what was initially a multi-family and retail assets company into a leading real estate empire.
As CEO, Patrick helps define and implement strategic plans designed to further expand all facets under the CARROLL portfolio. As a disciplined investor, Patrick carefully balances acquisitions and dispositions, and has led to $12.1 B in acquistions and $8.8 B in dispositions of multifamily real estate producing an average gross IRR of 29%.
Founded in 2004, CARROLL marked the beginning of Patrickâs real estate investment and development career. Patrickâs early success in the industry came from residential investments and developmental projects across the Southeast, which, in turn, produced the opportunity to develop retail centers, mixed-use properties, and student housing.
In 2009, Patrick acquired three property management companies, creating the large-scale infrastructure for what CARROLL is today. Compounding on his experience with investment, property management, development, and construction, Patrick has taken a modest initial investment and cultivated that into a 30,000-unit portfolio.
Links:
Patrick Carroll
Patrick on Instagram
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Topics:
(00:00:00) - Intro
(00:02:41) - Patrickâs transition from house-flipping to multifamily
(00:14:07) - What was your deal criteria early on?
(00:19:42) - How were you finding deals?
(00:23:30) - How did you scale?
(00:31:54) - Building a profitable management company
(00:33:55) - Raising capital & getting deals done
(00:49:14) - The buy-fix-sell strategy
(01:06:18) - Pausing deals post-covid
(01:08:51) - Selling the business
(01:17:03) - Thoughts on the market today
(01:24:24) - Mental health
(01:29:35) - Whatâs your favorite hotel?
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Highgate is internationally recognized as a dominant operator across diverse markets and asset types. They have arms in asset management, development, investor management, and technology that have helped grow them into one of the most successful hospitality companies in the world.
On this episode, Jake & Arash discuss:
Key components to creating an amazing branded hotel,F&B strategies and why itâs such an important aspect of hospitality,Learnings from working with Barry SternlichtAcquiring and scaling brands.Connect & Invest with Jake:
Follow Jake on Twitter
Take the Hospitality Investing Masterclass
Learn How to Invest with DoveHill
Links
Highgate
Arash on LinkedIn
The Viceroy Hotel: Sugar Beach at St. Lucia
Timestamps
(00:00:00) Intro
(00:02:38) How do you experience a hotel when you travel and what are you looking for?
(00:05:29) How did you get started in this industry?
(00:09:54) What about your journey has shaped how you are as a leader and how you build brands?
(00:13:02) What are some key elements that separate Hospitality characters from Hospitality business folks?
(00:15:16) How are you making sure employees are bought in?
(00:19:20) How many hotels fall under your portfolio?
(00:21:39) Where are you spending the majority of your time day to day?
(00:23:57) Is there an optimal scale to justify implementing Business Intelligence technology?
(00:27:24) What was most surprising to you when you joined High Gate?
(00:29:12) Do you see branded hotels growing or shrinking?
(00:33:20) Are you working on creating new brands?
(00:42:45) F&B Strategies and amazing restaurant operators
(00:53:54) What are some of the things you learned working with Barry Sternlicht?
(00:57:31) What are some best practices for prioritizing your work?
(01:00:46) How are you trying to grow the business?
(01:04:01) Have you been looking at acquiring brands that your infrastructure is uniquely equipped to scale?
(01:07:01) What mistakes do you see most often from operators and investors?
(01:09:50) What are you seeing in the market forecast?
(01:11:47) What is your favorite hotel?
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In this special coaching-call episode, we talk about overcoming the unexpected challenges that often pop up in real estate projects and how to communicate effectively with investors when things donât go as planned. We also break down how to structure hotel operating businesses, including why it can be a good idea to use separate LLCs, how to handle employee benefits, and the advantages of S corporations for tax savings.
On top of that, we get into the nitty-gritty of managing hospitality and food & beverage operations, touching on both tax considerations and the complexities of construction contracts, including GMP savings. Youâll also hear some strategic tips on how to scale your investments, make the most of unique property features, and create innovative F&B concepts that not only enhance guest experiences but also boost profitability. Enjoy!
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Topics:
(00:00:00) - Intro
(00:02:31) - Delivering bad news to investors
(00:09:33) - Operating companies vs. property company structures
(00:02:27) - Structuring branded residences
(00:23:45) - Structuring for a F&B Leased to a third party
(00:34:09) - Incentive structures for construction management
(00:40:55) - Getting comfortable with first-time operators
(00:49:13) - Why first-time hoteliers fail
(00:58:15) - Best practices for getting a liquor license
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As the CEO of BTI Partners, Noah brings over 30 years of real estate finance, construction and development experience to the table with over $3.5 billion in transactions across a wide variety of asset classes.
On this episode, Jake and Noah discuss:
- Spotting patterns in cycles to take advantage of
- Debt positioning
- Identifying great locations
- Biggest makes for folks getting into the land business
Links:
BTI Partners: https://btipartners.com/
Noah on LinkedIn: https://www.linkedin.com/in/noah-breakstone-97ba576/
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Topics:
(00:00:00) - Intro
(00:01:41) - Noahâs background and career in development
(00:11:31) - Spotting patterns in cycles to take advantage of
(00:14:43) - Hold periods and investment horizons
(00:17:02) - Asset class approach
(00:22:53) - Debt positioning
(00:25:49) - Finding the right partners
(00:27:51) - Why did you choose to only operate in Florida?
(00:31:02) - Identifying a great location
(00:32:50) - Long-term concerns for Florida
(00:35:37) - Build for Rent opportunities
(00:41:28) - Does education play a role when looking at land?
(00:44:34) - Housing
(00:56:30) - The impact of distribution centers
(00:59:28) - Biggest mistakes people make getting into the land business
(01:05:01) - How do you know if youâre overpaying or getting a great deal?
(01:07:21) - Identifying a slow-down
(01:16:47) ) - How has your leadership style changed over time?
(01:21:25)- Whatâs your favorite hotel?
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Adler Real Estate Partners is an entrepreneurial real estate company pursuing a vertically integrated niche strategy which invests in multi-tenant light industrial and related business parks. The Company is highly focused on a specific market sector, enabling it to generate favorable risk-adjusted returns.
Formed in 2012 as an independent company, the firm carries in its DNA the successful 50-year track record of acquiring and operating multi-tenant commercial real estate assets of Matthew Adlerâs legacy family business, the Adler Group.
On this episode, Jake and Matt discuss:
- How the fund investing model has changed risk appetite
- Adding value as an operator
- Mattâs investment strategy
- Creating incentives and deal structures
- Surviving without a promote
- Raising capital
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Links:
Adler Real Estate Partners
Solo Ep on fees
Four Seasons Golden Triangle Thailand
Topics:
(00:00:00) - Intro
(00:02:00) - The post-covid industrial space
(00:05:02) - Key moments in Mattâs career
(00:08:40) - Gross-to-Net spread
(00:09:59) - How the fund investing model has changed risk appetite
(00:14:11) - Adding value as an operator
(00:16:54) - Mattâs investment strategy
(00:26:10) - Creating incentives and deal structures
(00:38:05) - Surviving without a promote
(00:42:29) - Raising capital
(00:50:34) - Characteristics of a successful reporting memo
(00:53:43) - Managing the business weekly
(00:57:13) - Acquisitions people vs. asset managers
(01:02:12) - The 3 KPIâs that determine whether to pursue a deal
(01:06:57) - Acquisitions and investment size
(01:09:24) - Sourcing deals
(01:11:54) - Thoughts on debt
(01:13:35) - Whatâs your favorite hotel?
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This episode is a deep dive into Preferred Equity with audience Q&A. Enjoy!
Connect & Invest with Jake:
Follow Jake on Twitter
Take the Hospitality Investing Masterclass
Learn How to Invest with DoveHill
Topics:
(00:00:00) - Intro
(00:02:32) - Introducing preferred equity
(00:06:15) - Preferred equity and returns
(00:13:03) - Last Dollar Basis
(00:15:55) - Basic structures of preferred equity
(00:19:30) - Control and rights
(00:20:50) - Non-subordination
(00:23:50) - Preferred Equity doesnât need to be paid current
(00:25:05) - Pitfalls
(00:27:49) - Terms
(00:30:38) - Why Preferred Equity is Better than Private Credit
(00:33:11) - Deal sizes for Preferred Equity
(00:39:20) - Common objections
(00:41:35) - Q&A
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Opterra Capital is real estate investment sponsor and operating partner, capital markets advisor, and asset manager with significant experience in all sectors of commercial real estate. Founded by Glenn Alba, a former Managing Director at Blackstone with over 23 years experience in real estate, Opterra Capital seeks to leverage this expertise towards value-add acquisition and proactive investment management to deliver attractive, risk-adjusted returns.
Opterraâs core investment strategies focus on both value-add (opportunistic) and stabilized, income-oriented assets in the hospitality, office and multi-family sectors. Our approach seeks to capitalize on mid-market opportunities in the $25 -150 million range in the United States, Canada, and the Carribean. Our investment strategy is strongly influenced by our deep asset management experience to identify the proper capital repositioning, cost reduction and operating leverage opportunities inherent in each asset to maximize returns to investors.
On this episode, Jake & Glenn discuss:
Glenn's experience at Blackstone and it's influence on starting OpterraHow they evaluate dealsThe 'no-assholes' policyDeveloping an asset management platformAcquisitionsLinks:
Opterra Capital
Glenn on LinkedIn
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Timecodes:
(00:00:00) - Intro
(00:01:01) Glennâs career at Blackstone and the decision to leave
(00:06:39) Rolling the Blackstone mentality into Opterra
(00:08:09) Glenn on falling in love with Hospitality
(00:09:57) How Blackstone shaped Glennâs Investment Perspective
(00:13:02) How Opterra evaluates deals
(00:16:54) Opterraâs capital strategy
(00:19:15) Converting Office into a Luxury Hotel
(00:23:49) Structuring a business to be focused on doing what you want to do
(00:26:35) The âno-assholesâ policy
(00:32:46) Post-Pandemic approach to doing deals
(00:34:29) Qualities behind great RE investors and asset managers
(00:39:01) Developing an asset management platform
(00:44:11) Implementing processes at Opterra
(00:49:19) Acquisitions processes
(00:57:49) Areas in Hospitality ripe for disruption
(01:04:56) How have the past 3 years informed your decisions for the next 5 years?
(01:09:58) How do you know when to sell?
(01:15:32) Whatâs your favorite hotel?
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Mahavir Patel is President & CEO of Aatmos, which focuses on investing in communities with growing demand and limited supply, investing in capital and culture. They partner with Marriott, Hilton, and IHG, as well as some of the most provocative creatives and curators in the country.
Links:
Aatmos
Mahavir on LinkedIn
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Topics:
(00:00:00) - Intro
(00:02:42) - Managing a lifestyle hotel with Marriott
(00:19:08) - Differences between Mom & Pop style hotels vs. major brands
(00:12:51) - The clash between old-school and new-school hospitality
(00:16:01) - What do most people underestimate about hospitality?
(00:19:55) - Converting a motel into a lifestyle hotel
(00:32:25) - What did you miss in this project?
(00:39:33) - F&B
(00:44:12) - What are you doing less of as you do these conversions?
(00:47:57) - The inspiration of Blackberry Farm
(00:52:04) - How do you make your sub-100-key hotels profitable?
(00:57:47) - The inn-keeper concept
(01:07:41) - Where do you want to be in 5 years?
(01:08:49) - Whatâs your favorite hotel?
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Cyrus Vazifdar is a Managing Director in the Hospitality Investment Advisory practice at Hodges Ward Elliott. He specializes in institutional-grade hotel and resort property transactions throughout North America, including investment advisory and equity placements.
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Links:
Cyrus on LinkedIn
HWE
Topics:
(00:00:00) - Intro
(00:03:41) - Cyrus career in Hospitality brokerage
(00:10:22) - The growth around the Miami area
(00:12:58) - Hospitality brokers vs. other asset classes
(00:16:06) - Gauging the credibility of brokers
(00:19:18) - Broker stories
(00:21:08) - Whatâs the biggest difference between the blackstones and owner-operator groups?
(00:23:54) - Thoughts on the state of commodity hotels
(00:29:32) - Pivoting into ultra-luxury hospitality
(00:34:36) - What does Ultra luxury mean to you?
(00:36:42) - The importance of Brand
(00:39:39) - What insights have you gained in making an ultra-luxury property profitable?
(00:42:52) - Development approaches
(00:50:00) - Fund Structure
(00:53:07) - Planning and Hold timelines
(01:00:39) - How are ultra-luxury hotels making money?
(01:03:48) - Operations and management
(01:05:36) - Why would you pass on a deal?
(01:09:53) - Why is ultra luxury your best bet?
(01:15:38) - What is your favorite hotel?
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Austin co-founded Pacaso to make the dream of second home ownership a reality for more people after experiencing the profound effect it had on his own life. Pacaso is Austinâs second startup. In 2008, he founded Dotloop in his hometown of Cincinnati, a company that created software to seamlessly manage real estate transactions. Zillow acquired Dotloop in 2015, and Austin continued to run Dotloop as a Zillow executive until 2018.
Links:
Austin on LinkedIn
The Pacaso Backstory
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Topics:
(00:00:00) - Intro
(00:02:31) - Austinâs career in RE
(00:08:54) - Building DotLoop
(00:25:52) - Selling the business to Zillow
(00:28:33) - The future of RE agent commissions
(00:34:09) - Building Pacaso
(00:41:05) - Raising capital for the business
(00:48:43) - Revenue opportunities
(01:01:45) - Market selection
(01:05:18) - Master-plan resort communities
(01:10:48) - International markets
(01:14:12) - Most common objections
(01:15:43) - Challenges in seasonal markets
(01:16:55) - Financing in a co-ownership structure
(01:18:42) - What is your favorite hotel?
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On this solo episode, Jake dives into GP fees. He explains why GPs should charge fees, the differences between deal shops and Real estate private equity firms, how to build great returns, the types of fees you will see from GPs, what to charge as a GP and more.
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Timestamps
(00:00:00) - Intro
(00:01:02) Why are we talking about Fees?
(00:03:39) Why GPs charge fees
(00:09:02) Deal shops vs. Real Estate Private Equity Firms
(00:10:23) Charging market fees to build great returns & borrowing costs
(00:14:45) Real Estate Operating Companies vs. Assets
(00:17:15) Understanding where your company is at in itâs life cycle
(00:18:42) Primary components and fees youâll see
(00:20:04) What to charge for and include in fees
(00:22:10) Do not operate at a loss
(00:23:08) Project Management vs. Asset Management
(00:29:24) Final Thoughts
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Isaac's primary focus centers on luxury residential properties, prime land holdings, office spaces, and mixed-use assets strategically positioned in prime locations. BH Group mitigates risk exposure by targeting large-scale, value-adding prospects within specialized markets while maximizing returns. BH Group has forged partnerships with leading real estate firms in the United States, successfully completing over 1,100 luxury residential units, with an additional 10,000 units in progress.
Links:
BH Group - https://www.bhgroupmiami.com/
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Topics:
(00:00:00) - Intro
(00:02:33) - Isaacâs upbringing in Israel and career
(00:06:56) - Coming to the United States and the love for Florida
(00:12:38) - What are your partnerâs perceptions of you?
(00:15:57) - How do you think about risk and diversification?
(00:17:39) - How involved are you in the deal process?
(00:20:11) - What have you learned about simplicity in complicated transactions?
(00:25:36) - A walkthrough of a condo development
(00:34:18) - Target returns & deal structures
(00:37:25) - How are you compensated for your work?
(00:39:57) - What area of Florida are you interested in investing in?
(00:42:59) - Timing construction with sales
(00:46:56) - Branding
(00:51:59) - The future of Florida
(01:00:09) - Isaacâs biggest mistake, marriage, and parenting
(01:02:41) - Negotiation
(01:05:04) - What is your favorite hotel?
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Sean is a Principal and Managing Partner of Trinity Investments as well as the President and Chief Executive Officer of Trinity Investments and Trinity Fund Advisors LLC. He oversees the firmsâ investment activities, including sourcing and executing investment opportunities, formulating investment strategies, and structuring acquisitions and dispositions. Prior to joining Trinity, Mr. Hehir worked for HVS International.
Mr. Hehir received a Bachelor of Science Degree in Hotel Administration from Cornell University and a Diploma in Hotel Administration from the Hotel Institute Montreux, Switzerland.
On this episode, Sean and Jake discuss:
Executing $500m of renovation projectsRaising capitalFostering a no-asshole cultureStrategies and deal criteriaConnect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Links:
Sean on LinkedIn
Trinity Investments
Topics:
(00:00:00) - Intro
(00:02:11) Seanâs journey from Botswana to the United States
(00:06:50) Influences on Seanâs investment decisions
(00:07:56) Where do you see hotel labor moving within the US?
(00:10:31) How did you learn to be an investor?
(00:13:49) Why drew you to hospitality?
(00:16:25) Does being in Hawaii make you feel left out?
(00:17:53) What trends are you focusing on now that will pay dividends in the next decade?
(00:22:10) Executing $500m of renovation projects
(00:26:02) Raising Capital
(00:27:48) Do you fear more pain in the hotel industry?
(00:29:39) Where will you be investing as we enter another cycle?
(00:31:18) Learnings from the GFC
(00:33:04) What is a GP fund?
(00:36:43) How do you go to major banks and borrow from them?
(00:39:57) How do you design your fee structure?
(00:40:55) What did you learn from the GFC that showed you the massive opportunity coming from Covid?
(00:45:41) How do you think about the enterprise value?
(00:48:16) Thoughts on WFH from a business owner perspective
(00:51:19) Fostering a no-asshole culture
(00:52:36) The process of raising funds
(00:59:28) How do you execute your business plan with an existing manager in place?
(01:02:18) How do 4 Seasons and Hilton differentiate in their focuses?
(01:04:07) Navigating luxury F&B and discussing deals
(01:12:05) Strategy and deal criteria
(01:12:08) Micro resorts
(01:25:23) What makes a great partner?
(01:29:00) What is your favorite hotel?
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We're at the start of a new Real Estate cycle! In today's episode, we discuss how to raise capital during tough times. Enjoy!
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Topics:
(00:00:00) - Intro
(00:02:32) - Introduction: The capital sitting on the sidelines & targeting family offices
(00:10:11) - Relationship building and finding deals
(00:17:13) - Growing your network
(00:26:09) - Overcoming challenges
(00:35:03) - Q&A
- Näytä enemmän
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