Masters of Moments Transforming the Ultra-Luxury Hospitality Market - Cyrus Vazifdar - Managing Director at HWE
Sep 4, 2024
Cyrus Vazifdar, a Managing Director at Hodges Ward Elliott, specializes in high-end hotel and resort investments across North America. He shares insights on the significant differences between Miami and D.C. real estate markets, emphasizing Miami's resilience post-crisis. Vazifdar discusses the transition to ultra-luxury hospitality, the essential role of brand identity, and strategies for profitability in a competitive sector. He highlights emerging trends, such as exclusivity in membership programs, and reflects on the balancing act between exceptional service and operational costs.
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Missed Call Changed $100M Deal
- Cyrus shared a story about awarding a $100M+ deal to the wrong group due to a missed call.
- Prompt communication could have changed the ownership outcome completely.
Big Funds Outbid Owner-Operators
- Institutional buyers like Blackstone have decisive financial power to win deals.
- Owner-operators impact market perception more due to broader communication within brokerage.
Challenges of Upgrading Older Hotels
- Many older branded commodity hotels face hard choices around value-add renovations.
- Functional obsolescence is a real risk where investment can't justify new construction.