Understanding What Your Client Needs - Jeff Diener - Defining Hospitality - Episode # 146

Mar 20, 2024

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Joining the show this week is a partner who enjoys helping people disrupt the hospitality space, and who has represented billions of dollars in acquisitions. Please welcome to the show, Partner and Co-Leader of the Hospitality Industry Team at Baker Hostetler, Jeff Diener!

Jeff sits down with Dan Ryan to discuss the role of a partner in the hospitality industry. Jeff shares tips for partners who are looking to emulate his skills in the industry, the importance of spending time with your clients to learn about them, and what the future holds for property investments.

Takeaways:

At its core, hospitality is about providing someone with customized service. It involves creating the right combination of satisfaction, comfort, security and enthusiasm for each individual client.
Understanding the value of relationships and collaboration in the hospitality industry can lead to more successful outcomes. Embracing a service-oriented mindset is crucial for anyone looking to thrive in the world of hospitality.
When negotiating deals for smaller clients, you are typically negotiating on their behalf, whereas with large clients you are negotiating with them. Understanding what a brand cares about and how to get them on board are integral skills.
One of the most important things you can do with your client is spend time with them in both formal and informal settings. As you spend time together, you better understand what matters to your clients, and can speed up further aspects of the project.
Looking towards the future of deals that are yet to come, many owners are buying properties and wanting to make adjustments. When working with owners, understand the story they are trying to convey, to help them make the necessary changes.
Investing in real estate requires a shift in mindset post-COVID, where traditional assets like offices and multifamily properties may not always guarantee returns. Diversifying across asset classes can be key to maximizing returns in the current market.
Embrace market turbulence as an opportunity for growth and value creation when looking at properties. Stay informed, stay prepared, and capitalize on deals to thrive in a dynamic environment.

Quote of the Show:

“It's getting more and more involved in their business, and that's where the joy is.” - Jeff Diener

Links:

LinkedIn: https://www.linkedin.com/in/jeff-diener-0132564/
Website: https://www.bakerlaw.com/

Shout Outs:

3:38 - Cornell: https://www.cornell.edu/
10:59 - W Union Square: https://www.marriott.com/en-us/hotels/nycnu-w-new-york-union-square/experiences/
11:03 - Marriott: https://www.marriott.com/default.mi
13:11 - ULI European Hospitality Council: https://europe.uli.org/
20:21 - Hilton: https://www.hilton.com/
26:46 - Ohana Real Estate Investors: https://ohanare.com/
26:55 - Peter Fischer: https://www.linkedin.com/in/peter-fischer-438ba97/
30:42 - Chuck Feeney
30:47 - Warren Buffett
30:50 - Bill Gates
30:53 - Duty Free Shopping: www.dfs.com
30:58 - Atlantic Philanthropies: https://www.atlanticphilanthropies.org/
31:58 - Bob Goldman: https://www.linkedin.com/in/bob-goldman-13986812/
33:03 - Homewood Ski Resort: https://www.skihomewood.com/
35:02 - Apple: https://www.apple.com/
35:23 - Tiffany’s: https://www.tiffany.com/
40:03 - ALIS: https://www.burba.com/ALIS
46:32 - The Peninsula Hotels: https://www.peninsula.com/en/default
55:32 - Adam Smith
1:02:48 - BakerHostetler: https://www.bakerlaw.com
1:03:08 - Christie Pink: https://www.linkedin.com/in/cpink449/
1:03:10 - Ritz Carlton: https://www.ritzcarlton.com/
1:04:08 - Horst Schulze: https://www.linkedin.com/in/horstschulze/
1:07:08 - Keith Brennan

Ways to Tune In:

Spotify: https://open.spotify.com/show/0A2XOJvb6mGqEPYJ5bilPX
Apple Podcasts: https://podcasts.apple.com/us/podcast/defining-hospitality-podcast/id1573596386
Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly93d3cuZGVmaW5pbmdob3NwaXRhbGl0eS5saXZlL2ZlZWQueG1s
Amazon Music: https://music.amazon.com/podcasts/8c904932-90fa-41c3-813e-1cb8f3c42419