![Turning Wall Street Expertise into a Multi-Million Dollar Value-Add Multifamily Business with Gabe Bodhi, CEO of Tekton Group [Replay]](https://is2-ssl.mzstatic.com/image/thumb/Podcasts126/v4/f8/55/a0/f855a03c-6506-6bf7-cc2e-3b10afcb522a/mza_15845755238144882761.jpeg/250x250bb.jpg)
Afleveringen
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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 there’s 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) What’s 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 you’ll 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) Gabe’s 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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Zijn er afleveringen die ontbreken?
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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) - Vamsi’s 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 you’ll 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) - What’s something surprising that you’re 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 Patrick’s real estate investment and development career. Patrick’s 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) - Patrick’s 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) - What’s 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 it’s 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 don’t 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. You’ll 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) - Noah’s 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 you’re 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)- What’s 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 Adler’s 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
- Matt’s 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 Matt’s 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) - Matt’s 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 KPI’s 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) - What’s 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 doesn’t 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.
Opterra’s 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) Glenn’s 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 Glenn’s Investment Perspective
(00:13:02) How Opterra evaluates deals
(00:16:54) Opterra’s 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 ‘no-assholes’ 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) What’s 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) - What’s 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) - What’s 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 Austin’s 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) - Austin’s 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 it’s life cycle
(00:18:42) Primary components and fees you’ll 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) - Isaac’s upbringing in Israel and career
(00:06:56) - Coming to the United States and the love for Florida
(00:12:38) - What are your partner’s 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) - Isaac’s 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 firms’ 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) Sean’s journey from Botswana to the United States
(00:06:50) Influences on Sean’s 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
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Dev Motwani serves as Managing Partner of Merrimac Ventures, a Fort Lauderdale-based real estate firm focusing on value-added investment and development opportunities. Property types owned and operated include hotels, condos, retail, office, and rental apartments primarily in South Florida but also throughout the United States.
On this episode, Jake and Dev discuss:
Growing up in the family hotel businessHow to build successful partnershipsCreating long-term investment structuresLinks:
Dev on LinkedIn
Merrimac Ventures
Six Senses Douro Valley
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
(00:02:00) - Dev’s upbringing and career in real estate and hospitality
(00:12:46) - Mentorship
(00:16:42) - Meeting Donald Trump
(00:19:10) - Acquiring a full city block of real estate
(00:21:24) - What asset classes were you working on outside of hotels early on in your career?
(00:24:19) - How did you raise capital on your first deal?
(00:28:15) - Key characteristics of land sites that make it work
(00:32:34) - Working with LPs
(00:37:01) - How are you structuring deals?
(00:39:35) - How are you unlocking liquidity as you begin working with family offices and high-net-worth individuals?
(00:41:39) - What are some of the mistakes you’ve made buying land?
(00:48:23) - How are you considering investing in other parts of FL?
(00:51:01) - Going into the Telluride market
(00:58:52) - Condo economics
(01:07:35) -Thoughts on shadow STRs
(01:10:28) - How to deal with challenging partnerships
(01:12:53) - What’s your favorite hotel?
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As Co-CEO, Rob Lowe focuses on operations both at the corporate level and across its real estate activities. Additionally, Rob and Mike co-chair the firm’s wholly-owned hospitality affiliate, CoralTree Hospitality Group. He is a past Trustee and President of the Palisades Presbyterian Church, is currently on the Board of Managers at the Palisades-Malibu YMCA and is an active member of Urban Land Institute.
On this episode, Jake and Rob discuss:
How Lowe was able to build such a massive organizationConverting Office to ResidentialDeveloping Hotel PropertiesIncentivizing teams and developing cultureLinks:
Lowe - Beyond Buildings
Rob on LinkedIn
CoralTree Hospitality
Ivy Station in Culver City, CA
Terranea Resort in Palos Verdes, CA
La Coorniche Hotel, France
Connect & Invest with Jake:
Follow Jake on Twitter
Take the Hospitality Investing Masterclass
Learn How to Invest with DoveHill
Topics:
(00:00:00) - Intro
(00:02:36) - How did Lowe build such a massive footprint?
(00:10:04) - What were some early insights you had on the importance of people and place?
(00:14:23) - What are your thoughts on Office as an asset class?
(00:16:25) - Are you looking to convert any of your Office buildings?
(00:18:46) - What are some things you look for when determining if you can convert an Office to Residential?
(00:20:32) - Have you ever considered getting Hotel, Office, and Resi within one building?
(00:22:58) - How do your local teams integrate into the larger organization?
(00:24:02) - How do you capitalize your deals?
(00:25:06) - What’s been your experience working with your brother and how did you end up in the business?
(00:28:06) - Did you have any hotel experience before you stepped into the role?
(00:29:16) - Is developing hotels in today’s market more difficult?
(00:32:41) - Do you prefer to buy assets from a bank or to develop from the ground up?
(00:33:18) - Developing the Terranea hotel in California
(00:49:27) - How did you approach F&B at the property?
(00:51:02) - Thoughts on entitlement
(00:52:27) - How did Destination Collective come about?
(01:02:06) - Would you consider buying management companies with your new company?
(01:03:58) - What contracts are you looking for right now?
(01:05:20) - How do you think about incentivizing?
(01:08:45) - How much time do you spend developing culture?
(01:11:14) - What is your favorite hotel?
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Chris Tourtellotte serves as a Managing Director of LaTerra. Chris is responsible for overseeing the Development group, sourcing and closing new acquisitions, sourcing debt and equity for LaTerra’s projects, and growing LaTerra’s apartment and mixed-use development platform, which currently includes over 3,000 apartment units under construction or in the pipeline.
Before joining LaTerra, Mr. Tourtellotte spent 7 years at Prudential Global Investment Management (PGIM), a global real estate private equity investment fund manager with over $50 billion of gross assets under management.
Links:
LaTerra: https://laterradev.com/
Chris on LinkedIn: https://www.linkedin.com/in/chris-tourtellotte-3257224/
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
(00:02:52) - Chris’ career and background
(00:10:58) - How are you dealing with institutions today?
(00:15:40) - Starting a self-storage vertical
(00:20:13) - What are institutional funds looking for from you?
(00:22:02) - How have you been able to get deals done in a reasonable timeline in a market like California?
(00:28:32) - How do you structure land deals and waterfalls?
(00:31:40) - What’s your hold period strategy?
(00:33:05) - Why is design so important to your deals?
(00:37:22) - What mistakes have you made in design or amenity?
(00:40:57) - Why did you add a construction component to your vertical?
(00:44:00) - What’s the best way to manage development and construction?
(00:51:21) - What’s surprised you most about your self-storage vertical?
(00:53:26) - What lessons from PE have you embedded into your business?
(00:58:17) - What are the biggest opportunities you’re seeing?
(01:01:46) - Family dynamics in business
(01:06:04) - What would you like to be doing more of in 5 years?
(01:07:55) - What is your favorite hotel?
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