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Afleveringen
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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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Zijn er afleveringen die ontbreken?
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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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Atit Jariwala is a real estate executive who has been involved with real estate management and investment his entire life. As a partner and co-founder of several real estate companies, Atit has been involved in acquiring, developing, and managing dozens of properties across the United States. In total, Atit has been involved in acquiring and developing over $2.5 billion of real estate throughout the U.S. directly as a principal.
Bridgeton is dedicated to driving innovation in the hospitality industry and achieving this through expressive design, crafting unique experiences, and providing exceptional service. This steadfast commitment to delivering unmatched experiences extends to their partnerships with investors.
Links:
Bridgeton
Atit on LinkedIn
Marram Montauk
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) - Atit’s portfolio and evolution in Hospitality
(00:06:28) - How do you think about scaling your business?
(00:10:07) - What mistakes did you make in your career you would encourage others to avoid?
(00:20:02) - How have the other assets in your portfolio helped the hospitality assets in your portfolio?
(00:24:06) - Transforming a motel into a valuable hospitality asset and selling it to PE
(00:30:38) - What mistakes have you made in Capex or renovation you learned a lot from?
(00:35:19) - Thoughts on seasonal properties
(00:37:52) - How do you deal with staffing in a seasonal environment?
(00:39:35) - How are you underwriting properties?
(00:45:27) - What are the key components that are non-negotiables in your properties?
(00:54:54) - How do you approach design?
(01:08:13) - How do you approach F&B?
(01:13:09) - What’s an idea you really want to do?
(01:15:35) - What’s your favorite hotel?
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Bard Kligerman is a seasoned real estate developer with over two decades of experience. Co-founding CT Realty Trust (CRT) in 2009 with his father Robert, Bard has led the firm to invest over $220M in a variety of real estate ventures including single-family communities and multifamily apartments throughout Connecticut. Under his leadership, CRT has become a key player in the local real estate market, focusing on in-house management and development.
Links:
CT Realty Trust
Bard 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
(00:02:32)- Bard’s first real estate deal
(00:13:15) - Creating a management platform
(00:16:43) - How have you built an edge over others in your industry?
(00:20:58) - When buying a cheap asset, what’s more indicative of success: the market or the bones of the building?
(00:23:21) - How do you identify markets to enter?
(00:31:30) - What opportunity are you seeing in Build for Rent communities?
(00:51:15) - What tips and tricks have you learned about renovations?
(00:56:03) - What leads you to a fast ‘no’?
(01:08:05) - How are you capitalizing deals?
(01:12:32) - What have you changed in your deal strategies?-
(01:19:31) - What’s your favorite hotel?
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On today's episode we deep-dive into structuring Co-GP Deals in an inside look at our Group coaching calls. 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
(00:01:24) - Buying a piece of land & raising money
(00:10:07) - Second round raise strategies
(00:14:30) - What to do when you don’t want to take the risk on a piece of land
(00:19:10) - Co-GP options
(00:25:47) - Development risk
(00:27:17) - Q&A
(00:27:53) - Underwriting
(00:32:12) - RevPar Trends
(00:41:20) - Underwriting based on future-development vs. existing development
(00:48:12) - Does experience stay work in any market?
(00:54:02) - Cash on Cash return expectations in today’s market
(00:56:37) - GP economics vs. LP economics
Disclaimer: This content is intended for entertainment purposes only. This is not financial or investing advice and should not be considered as such.
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Scott is responsible for strategic direction, sourcing investment opportunities, capital markets and operations for the firm.
Prior to launching Torose, Scott co-founded Tricera Capital where he led the charge on strategic direction, capital markets and sourcing investment opportunities. In this role, Scott built a portfolio in excess of $700M over five years and consistently delivered returns in excess of 20% IRR and a 2x multiple across realized investments. Scott maintains ownership and major decisions across the Tricera portfolio and continues to be a minority owner of Tricera Capital.
Torose Equities is a Miami-based real estate investment firm with several different verticals, including a value-add urban retail, office, and mixed-use strategy within the Southeastern United States.
On this episode, Jake & Scott discuss:
Important retail trends that will shape the next decadeThe science of placemakingThe opportunity for OfficeWorking with Family Office InvestorsBuilding Torose EquitiesConnect & 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:
Torose Equities
Scott on LinkedIn
Assembly Row Boston
Ennet Perry Cabin
Topics:
(00:00:00) - Intro
(00:01:40) Scott’s background and career
(00:10:37) Learnings from working in international markets
(00:13:16) How are you choosing what markets to choose on now?
(00:15:14) Risk and reward in investing
(00:17:57) What is your competitive edge?
(00:19:12) What are some important retail trends that will shape the industry over the next decade?
(00:21:40) What’s important for Office investors over the next 5-10 years?
(00:27:40) Pros and Cons of Commercial and Retail Investing
(00:29:38) Placemaking
(00:36:40) What do you look for in locations for the success of retail?
(00:39:47) What is the opportunity for Office in Florida?
(00:42:32) Developing a 350k sqft covered land play
(00:48:18) How are you finding Family Office investors?
(00:49:17) Co-GP opportunities
(00:50:14) Characteristics of good partners
(00:51:26) Building Torose Equities
(01:01:16) How are you sourcing deals?
(01:05:06) What’s your approach to value-add?
(01:09:11) What processes have you implemented in your company?
(01:11:33) What is your favorite hotel?
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Roundhouse is a fully integrated developer and operator of multifamily housing. Starting with a single condominium purchased amidst the financial crisis in 2009, we have since developed and acquired a portfolio of over 5,000 multifamily homes.
Today, Roundhouse focuses exclusively on providing high-quality housing options in emerging cities across the Western United States. In order to deliver superior experiences to our employees and residents we have built a fully integrated service offering that spans the construction, property management, and design disciplines.
On this episode, Jake & Casey discuss:
Learning to structure long-term horizon dealsAvoiding competing with institutional capitalStructuring deals for acquisitions vs. developmentsThe advantages of being vertically integrated -Casey's 6-month sabbatical and how to have your company be successful without youConnect & 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:
Roundhouse: https://rndhouse.com/
Casey on Twitter: https://twitter.com/roundhouse208
Topics:
(00:02:18) Casey’s RE Career in Southern California
(00:11:40) The decision to pivot out of LA
(00:15:54) Learning to structure long-term horizon deals
(00:18:41) How do you avoid competing with institutional capital?
(00:22:04) How have you figured out how to raise enough capital without going to someone with deeper pockets?
(00:24:41) How do you structure deals when they are acquisitions vs. developments?
(00:31:08) How often are you refinancing in order to return capital?
(00:35:48) How do you think about Capex in multifamily over long hold periods?
(00:43:38) How are you differentiating your high-end products?
(00:47:00) What are the advantages of being vertically integrated?
(00:50:59) What does enterprise value mean to you?
(00:57:53) Are you at a point where the team can raise capital without you?
(01:02:28) What was the scenario that led to you buying out your partner?
(01:07:51) How do you ensure leadership values are being replicated across the business?
(01:11:29) What was the biggest insight you gained from your 6-month sabbatical
(01:19:44) Casey’s emphasis on design
(01:22:18) What is your favorite hotel?
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Channeling a passion for the hospitality industry, Mitch Patel established Vision Hospitality Group in 1997 on a foundation of values that guide the organization to this day.
With an unwavering commitment to excellence, Mitch oversees every aspect of the company, from investment procurement to the seamless execution of daily operations. Additionally, he oversees strategic development and implementation that has propelled Vision Hospitality Group to garner numerous awards within the industry.
Links:
Visionary Hospitality Group - https://www.vhghotels.com/
Topics:
(00:00:00) - Intro
(00:00:55) - Mitch’s career and background in hospitality
(00:20:40) - What did you learn about risk in the early days of your company and why did you only focus on the hotel asset class?
(00:31:39) - How much do you attribute your success to your ability to develop vs. operate?
(00:39:15) - How are you able to develop 10 hotels at once?
(00:59:05) - Mitch’s passion for experiential and lifestyle hotels
(01:20:06) - What are the non-negotiables you put in independent hotels?
(01:29:54) - What concerns do you have for the future of hospitality?
(01:44:10) - 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 2004, Scott and his father, Bob, started Moss. Together they created the company’s first winning presentation and managed the company’s first project. Today, Moss employs over 1,600 people across the US with revenue exceeding $3 billion.
As CEO of Moss, Scott inspires and empowers his team to create the exceptional. His innate curiosity drives a culture of continuous learning where insight, engagement, and determination define an individual’s success.
Links:
Scott on LinkedIn
Moss Construction
The Palace in St. Moritz
Connect & Invest with Jake:
Follow Jake on Twitter
Take the Hospitality Investing Masterclass
Learn How to Invest with DoveHill
Topics:
(00:00:00) - Intro
(00:02:50) - Scott’s career in construction
(00:12:56) - Do you set goals every year or every 5 years?
(00:13:50) - How has the construction market changed over the past 10 years?
(00:16:21) - Are you seeing non-diversified companies go under?
(00:17:44) - How do you select new markets?
(00:20:51) - How do you think your customers view your company?
(00:23:19) - What are some mistakes you see developers make?
(00:27:40) - When should people start the conversation with their General Contractor?
(00:29:53) - What are your first steps when you begin a project?
(00:33:19) - When a market is lacking sub-contractors, do you ever bring in subs from out of the market?
(00:34:48) - What’s changed in your strategy over the past 5 years?
(00:37:53) - How do public and private jobs differ?
(00:41:23) - Scott’s Vision Leadership Council
(00:48:38) - Can you repair trust once it's broken?
(00:50:24) - How do you view your role with regard to this council?
(00:51:32) - How do you ensure your culture scales with the company's growth?
(00:56:59) - What meetings are you attending that help you keep a pulse on the business?
(01:01:18) - Where is most of your energy spent on a weekly basis?
(01:04:13) - What are your goals for the solar side of the business?
(01:06:04) - How much does China impact the future of your business?
(01:09:40) - Are you seeing any major shift in your industry right now?
(01:15:23) - How are you building Moss to be a generational business?
(01:21:32) - What is your favorite hotel?
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Selling weed is in Brady Cobb's blood. Using shrimp boats and a suntan lotion company as a cover, his father, Bill Cobb, ran one of the country's largest pot smuggling enterprises in the 1980s, until the federal government arrested him and shut down the $300 million ring during "Operation Sunburn."
The younger Cobb became a lawyer and cannabis lobbyist before founding his own marijuana company, Bluma Wellness, which he sold in April 2021 to Cresco for $213 million in an all-stock deal. In November 2022, Cobb took his father's rich history of smuggling and launched Sunburn in Florida, a vertically integrated dispensary chain with nine retail shops.
Sunburn is the 13th largest medical marijuana company in Florida, the company is valued at $105 million and will generate around $50 million in revenue by the end of its first year in operation.
Links:
Sunburn Cannabis
Brady on Instagram
Lefay Resorts Italy
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
(00:01:52) - From Law to Cannabis: Brady Cobb's Entrepreneurial Journey
(00:02:37) - The Legacy of a Cannabis Smuggler: Brady Cobb's Inspirational Backstory
(00:06:23) - Navigating the Complex World of Cannabis Business
(00:13:31) - The Evolution of Cannabis Legislation and Its Impact on Business
(00:26:26) - Inside the Operations: The Challenges of Running a Cannabis Company
(00:31:14) - Understanding Cannabis: From Farming to Market Dynamics
(00:37:58) - CBD vs. THC: Demystifying Cannabis Components
(00:40:24) - Exploring the Complex World of Cannabis
(00:41:35) - Personal Anecdotes and Preferences in Cannabis Consumption
(00:42:10) - Innovations and Partnerships in Cannabis Beverages
(00:44:28) - The Significance of Culture and Community in Business
(00:48:27) - Security Challenges and HR in the Cannabis Industry
(00:59:17) - Building a Brand and Raising Capital in Cannabis
(01:14:23) - Future Aspirations and Closing Thoughts
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Matt Marquis was named CEO of Pacifica Hotels after 7 years as the company's President and succeeded his father who founded the organization in 1970. Pacifica is the largest owner and operator of Boutique hotels on the Pacific Coast.
On this episode, Jake and Matt discuss:
- A walkthrough of converting an independent hotel in Hawaii
- Developing Investor Relations
- Growing and evolving a Management Company
- Key to differentiating the hotel experience
Links:
PacificaHotels.com
Matt on Instagram
King Kamehameha's Kona Beach Hotel
Hotel Bel Air
Connect & Invest with Jake:
Follow Jake on Twitter
Take the Hospitality Investing Masterclass
Learn How to Invest with DoveHill
Topics:
(00:00:00) - Intro
(00:02:07) - Matt’s career background
(000:07:46) - What did you do within the hotel asset that made you so successful?
(00:08:50- What did you come to be known for?
(00:10:00) - What was so appealing about doing deals in California?
(00:11:24)- How would you describe your portfolio in 2023?
(00:12:51)- Converting an independent hotel
(00:19:46) - Selling an Asset to Blackstone
(00:23:41) - How do you think about taking a profit?
(00:29:33) - What happens when you have a ReFi?
(00:32:57) - Do you readjust your holding patterns when working with Institutional Capital?
(00:36:25) - What have you learned about Investor Relations?
(00:39:52) - Where do you find investors now?
(00:41:07) - What pillars won’t you move on in negotiating with investors?
(00:42:18) - What was it like being managed by Blackstone?
(00:44:52) - What’s the process of creating a Hotel Brand?
(00:50:20) - Is there a certain size hotel where the amenities become challenging?
(00:53:18) - Are there simply too few deals out there?
(00:54:16) - Is it unsettling having all this dry powder on the sidelines?
(00:55:46) - How has your management company evolved over the years?
(00:57:42) - What key things do you focus on to differentiate the hotel experience?
(01:03:18) - How do you think about preparing your business for the next generation?
(01:07:26) - How are you growing the management company?
(01:09:54) - What is your favorite hotel?
(01:14:46) - Where can people find you online?
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