Masters of Moments Hospitality Investing 101 with Daniel Lesser, CEO of LW Hospitality Advisors
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:
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Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
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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?