Daniel has more than forty years of specialized experience worldwide in hospitality-related: real estate appraisals, economic feasibility evaluations, investment counseling, asset management, receivership, and transactional services of hotels, resorts, conference centers, casinos, mixed-use facilities, spa & wellness properties, and timeshare/fractional ownership properties.

On this episode, Jake and Daniel discuss:

• The Hospitality Investing environment in 2023
• Approaches to underwriting deals
• What deals make sense as we enter a new cycle

Links:

LW Hospitality Advisors

Daniel on LinkedIn

Four Seasons Anguilla

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

(00:02:29) Daniel’s journey into hospitality

(00:07:19) What’s changed operationally and in investing over the past 40 years in hospitality?

(00:09:50) What was the most impactful thing you learned from your time in Switzerland?

(00:10:42) The Customer is always right

(00:12:07) How do you get people comfortable with the operating side of hospitality?

(00:16:29) A walkthrough of advising someone buying via auction

(00:20:52) How do you think about Brand Managers?

(00:22:15) What are the characteristics of a great hospitality investor?

(00:24:50) What hospitality deals could be replicated as we enter a new cycle?

(00:29:19) How do you view hotel REITs?

(00:30:13) Are you seeing any shifts in how people are investing in hospitality?

(00:34:08) What are the major considerations when underwriting a 10-year vs. 5-year hold?

(00:38:05) Are you seeing shifts in new investors coming into the market?

(00:40:35) What has been most surprising to you about this industry?

(00:44:03) What are the most important things when owners are bringing in 3rd party management?

(00:46:49) What are the most common frictions between managers and owners?

(00:47:55) How do you think about investing in your assets on an ongoing basis?

(00:49:54) What are you seeing in experiential hospitality?

(00:53:26) Are there certain categories that you view as more challenging in experiential?

(00:56:35) Tailwinds from the Pandemic & Airbnb’s shadow supply

(01:02:30) If you had $100m right now, how would you deploy it?

(01:06:18) What is your favorite hotel?