Masters of Moments #5: Dave Pollin - Co-Founder of The Buccini/Pollin Group - How to Vertically Integrate and Build Platforms Across Real Estate
Dave Pollin is the Co-Founder and Co-President of The Buccini/Pollin Group (“BPG”), co-headquartered in Washington, DC, and Wilmington, DE. He also serves as Chairman of PM Hotel Group, the hotel management affiliate of BPG. Mr. Pollin leads the firm’s hotel acquisition, development, and capital markets efforts.
The Buccini/Pollin Group has acquired and developed over $5 billion of properties in every real estate asset class throughout the United States since its founding in 1993. BPG is the developer, owner and operator of over 40 hotels, seven million square feet of office space, 15 major residential communities, numerous retail properties, and multiple sports/entertainment venues.
On this episode, Jake and Dave discuss:
- BPG's Technology Implementation
- Building Vertical Integrations across the Organization
- How to start a PE Firm with discretionary funds
- Dave's experience owning a Major League Soccer Club
Links:
Virgin Hotels Nashville & New Orleans
Governor’s Camp Collection in Kenya
Connect & Invest with Jake:
Take the Hospitality Investing Masterclass
Learn How to Invest with DoveHill
Topics:
(1:45) - Introducing Dave, his background, and career
(5:46) - Why didn’t you take the easy route and go work for your father at 25? Why start your own company?
(9:25) - Why does everyone say hotels are so hard?
(12:01) - What’s the RevPar index?
(12:58) - What were some early challenges or mistakes you made early on in your career?
(15:13) - Do your culture initiatives flow down to the hourly worker level?
(17:35) - What kind of technology have you built into your management company?
(20:24) - How do you pursue management contracts?
(23:20) - What have you learned as an owner where you’re not managing the property?
(26:00) - Is the Hilton F&B model dead?
(32:41) - Can you walk us through an entire deal?
(41:48) - What was your process for starting a PE firm with discretionary funds?
(47:58) - What was the most surprising thing you learned in this process?
(49:35) - How did you capitalize Fund #1?
(50:34) - Can your Funds invest in a deal you sponsor?
(52:28) - Are you a better investment shop due to your vertical integration?
(54:09) - What was the thought behind starting so many companies within your brand?
(55:59) - What goes through your mind when thinking you need to bring another service in-house?
(57:23) - What was your experience during Covid?
(59:17) - What are you seeing for Office right now?
(1:03:18) - How did you get into the Major League Soccer business?
(1:09:12) - How do you make money in the MLS?
(1:10:49) - What is your favorite hotel?