Building a Portfolio of Trophy Hotel Assets - Mark Brugger - CEO of DiamondRock Hospitality

Mark W. Brugger is the Co-Founder, President, Chief Executive Officer and Director of DiamondRock Hospitality Company. Mr. Brugger co-founded the Company in 2004 and successfully led its initial public offering (IPO) on the New York Stock Exchange the following year. Mr. Brugger has received recognition for his work at DiamondRock, including being named to the Forbes list of America’s Most Powerful CEOs 40 and Under and a finalist for the E&Y Entrepreneur of the Year Award.

On this episode, Jake and Mark discuss:

• Building DiamondRock
• Mark's approach to hotel real estate investing
• Operating investing teams
• Acquisition methods

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:

DiamondRock Hospitality

Topics:

(00:00:00) - Intro

(00:04:00) - The importance of relationships

(00:08:18) - Transitioning from residential to hospitality

(00:10:56) - Law school as a path to success in RE

(00:12:50) - What makes a successful broker

(00:14:39) - Learning from working at Marriott

(00:18:24) - Hiring effectively

(00:21:07) - Moving away from the brand business

(00:25:09) - How Mark thinks about investing in Hotel RE

(00:34:24) - Pivoting to Leisure

(00:37:13) - Off-market transactions as a public company

(00:41:24) - Is there a blank space in hospitality that’s interesting?

(00:42:25) - Challenges in remote acquisitions

(00:47:22) - Hiring management

(00:51:34) - How to successfully oversee a portfolio of properties

(00:55:52) - Macro-economic concerns

(00:59:55) - The future of hospitality

(01:01:59) - Transitioning to soft-brands

(01:03:21) - Operating Investment teams

(01:04:27) - Approach to acquisitions

(01:09:49) - What would you like to do more of in your role?

(01:10:57) - What is your favorite hotel?