Masters of Moments

Vamsi Bonthala is the Chief Executive Officer and co-founder of Arbor Lodging Partners, an award-winning national hotel investment firm. Vamsi has overseen approximately $1 billion of transaction volume since the inception of Arbor Lodging Partners, where he leads all company activities including general corporate strategy, investor relations, strategic relationships, acquisitions, dispositions, and asset management. On this episode, Jake and Vamsi discuss: Breaking down Vamsi's first deal Growing Arbor Lodging and building a vertically integrated management team Maintaining efficient deal pipelines Converting Hotels to Multifamily   Links: Vamsi on LinkedIn Arbor Lodging Partners The Grand Hyatt Kauai   Connect & Invest with Jake: Follow Jake on Twitter Take the Hospitality Investing Masterclass Learn How to Invest with DoveHill   Topics: (1:50) - Vamsi’s journey into Hospitality (6:38) - What happened in your first deal? (8:05) - How did you raise money for the deal? (10:41) - Looking back, what were some of the questions you should have asked in your first deal? (12:14) - How did you structure the deal with investors? (12:57) - Hospitality as a complex asset (14:51) - Were you looking for broken RE deals early on in your career? (17:15) - When did you start to grow your team? (18:57) - What made you decide to bring management in-house? (21:20) - Did institutional partners start to flow in once you became vertically integrated? (22:04) - How has your philosophy been shaped by doing deals in markets outside your own backyard? (25:36) - How do you and your partner figure out what deals and markets you’ll focus on? (28:21) - How do you keep your acquisitions team incentivized and motivated? (31:45) - How do you make sure your deal pipeline is as efficient as possible? (32:52) - What is your strategy for 2023? (34:58) - Are you looking at converting Office to Hotel? (39:40) - Do you have separate capital for Debt and Equity? (42:36) - How do you make the economics work at scale? (45:26) - Why do you work with institutional partners vs. syndicating deals? (53:30) - At what point did you start viewing the management side as its own business? (58:31) - What’s something surprising that you’re doing in the management company? (1:00:03) - What tools are you using to maintain a pulse on the business? (1:05:22) - How do you approach hybrid work with your teams? (1:07:10) - How do you convert hotels to multifamily? (1:18:13) - What is your favorite hotel?

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: The Buccini/Pollin Group BPG on LinkedIn Virgin Hotels Nashville & New Orleans Governor’s Camp Collection in Kenya   Connect & Invest with Jake: Follow Jake on Twitter 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?

As Co-CEO, Rob Lowe focuses on operations both at the corporate level and across its real estate activities.   Additionally, Rob and Mike co-chair the firm’s wholly-owned hospitality affiliate, CoralTree Hospitality Group. He is a past Trustee and President of the Palisades Presbyterian Church, is currently on the Board of Managers at the Palisades-Malibu YMCA and is an active member of Urban Land Institute.  On this episode, Jake and Rob discuss: How Lowe was able to build such a massive organization Converting Office to Residential Developing Hotel Properties Incentivizing teams and developing culture Links: Lowe - Beyond Buildings Rob on LinkedIn CoralTree Hospitality Ivy Station in Culver City, CA Terranea Resort in Palos Verdes, CA La Coorniche Hotel, France Connect & Invest with Jake: Follow Jake on Twitter Take the Hospitality Investing Masterclass Learn How to Invest with DoveHill   Topics: (2:36) - How did Lowe build such a massive footprint? (10:04) - What were some early insights you had on the importance of people and place? (14:23) - What are your thoughts on Office as an asset class? (16:25) - Are you looking to convert any of your Office buildings? (18:46) - What are some things you look for when determining if you can convert an Office to Residential? (20:32) - Have you ever considered getting Hotel, Office, and Resi within one building? (22:58) - How do your local teams integrate into the larger organization? (24:02) - How do you capitalize your deals? (25:06) - What’s been your experience working with your brother and how did you end up in the business? (28:06) - Did you have any hotel experience before you stepped into the role? (29:16) - Is developing hotels in today’s market more difficult? (32:41) - Do you prefer to buy assets from a bank or to develop from the ground up? (33:18) - Developing the Terranea hotel in California (49:27) - How did you approach F&B at the property? (51:02) - Thoughts on entitlement (52:27) - How did Destination Collective come about? (1:02:06) - Would you consider buying management companies with your new company? (1:03:58) - What contracts are you looking for right now? (1:05:20) - How do you think about incentivizing? (1:08:45) - How much time do you spend developing culture? (1:11:14) - What is your favorite hotel?

Bashar is the Founder of Practice Hospitality and This Assembly. Practice Hospitality creates the experiences travelers seek out by building an environment that balances emotional intelligence, tradition, ritual, and creativity. This Assembly builds, markets, and manages amazing hotels. On this episode, we discuss: How Bashar got started in the Hospitality space Building hotels Focusing on design and the human touch Making the magic! Biggest pet peeves How to build an enduring hospitality brand   Links: Bashar on LinkedIn Bashar on Instagram Connect with Bashar here Soho Warehouse, NYC Proper Hotel Austin Remo Workspaces Aman Hotel in Tokyo   Connect & Invest with Jake: Follow Jake on Twitter Take the Hospitality Investing Masterclass Learn How to Invest with DoveHill   Topics: (1:59) - Bashar’s background and career (5:01) - Does ‘cool’ come naturally? (8:30) - Did you ever fall victim to the shift away from hospitality in favor of shock & awe? (11:30) - How do you train someone to be hospitable? (14:32) - What was your role when joining provenance? (16:45) - How do you think about programmatic ventures today? (25:39) - Is there a minimum or maximum size when you’re looking for hotels to acquire or develop? (26:50) - How do you underwrite an independent hotel vs. a branded one? (30:50) - How do you think about trends? (32:51) - Do you see people getting tired of hotel brands and caring more about belonging? (36:36) - A discussion on Design (52:21) - How did you end up with a 25-room hotel in Palm Desert? (53:47) - What’s your strategy with your Bentonville, AR hotel and what do you see for the future of these smaller markets? (58:36) - What do you predict tent and RV hotel companies looking like in the near future? (1:00:00) - Do you handle the F&B side of your assets? (1:03:01) - Do you need to get into 3rd party in order to scale a management business? (1:07:00) - What do people most often miss in the hotels you’ve stayed in? (1:10:15) - Thoughts on exclusivity and scarcity (1:11:40) - When you’re coming up with a new hotel, what are some must-have elements? (1:14:55) - Are there any recent companies in the industry you find interesting? (1:18:30) - What is your favorite hotel?

John Grossman, CEO of Classic Hotels and Resorts, a mission-focused owner and operator of independent hotels on the west coast and mountain west. With hotels ranging from upscale resorts to hip roadside motels, the company is known for designing and creating those hard-to-describe moments.  In this episode we discuss: Sourcing deals & developing strategy Leading an operating team & executing on a vision Hospitality trends over the next decade Links: Classic Hotels & Resorts John Grossman on LinkedIn Manka's Inverness Lodge   Connect & Invest with Jake: Follow Jake on Twitter Take the Hospitality Investing Masterclass Learn How to Invest with DoveHill   Topics: (1:51) - Introducing John & his portfolio (4:25) - What is it about leisure and independent hotels that is attractive to you? (6:10) - How have you avoided the franchising model after all these years? (7:41) - How do you approach the infrastructure of your organization? (8:29) - Why are folks who’ve come from places like Ritz Carlton and 4 Seasons a great fit for you? (10:10) - What are your criteria when you’ve found a market you like? (13:45) - How are you finding these properties when there are moratoriums on hotel doors? (17:12) - How do you plan out how each hotel will look once you’ve acquired an asset? (19:47) - How do you underwrite your deals? (25:13) - How do you think about who the guest is going to be? (27:48) - Who handles the design for your hotels? (31:28) - What are you prioritizing as you set your budget? (35:07) - What makes the best designers truly great? (38:14) - Are you prioritizing public spaces over guest room decisions? (41:33) - How are you creating “Moments” without focusing on the F&B side of the property? (44:07) - Is there a variable when you’re analyzing a new investment some would find surprising? (49:09) - Is being vertically integrated your best competitive advantage? (52:10) - How involved are you in setting the mold of the brand narrative for the designers? (55:54) - What are the big trends that you’re thinking about over the next 5 years? (1:01:49) - What is your favorite hotel?

Dupree is the Managing Partner and Chief Investment Officer of Woodbine. A fully integrated real estate investment and development firm and one of the leading hospitality owners in the country, having completed over $3.6 billion in hotel investments and developed over 11,000 keys across branded and independent projects.  On this episode, Jake and Dupree discuss: The history of Woodbine's massive success How to create moments and places where guests want to be The decision to diversify assets beyond hospitality Links: Woodbine Development Dupree on LinkedIn Hotel Emma - San Antonio Mountain Shadows Resort Scottsdale   Connect & Invest with Jake: Follow Jake on Twitter Take the Hospitality Investing Masterclass Learn How to Invest with DoveHill   Topics: (2:48) - Woodbine’s history and path to success (10:06) - How have you diversified Woodbine’s capital partners? (13:18) - What led to Woodbine focusing on hospitality? (17:49) - How do you make money on a shorter time horizon when you have a partner thinking 3-4 generations down the road? (20:36) - What do you find is the most important aspect of being able to secure a deal? (23:32) - How did you get into the business? (26:05) - What’s the hardest thing stepping into the business as the second generation? (32:09) - What are some key learnings you had from your time with Trammel Crowe? (35:09) - How do you get the most bang for your buck in projects? (37:31) - Are there aspects of a project you refuse to compromise? (38:30) - How do you create a moment and a place where guests want to be? (42:12) - How did the Driscoll Hotel and Hyatt Hillcountry deals come together? (50:37) - How do you approach raising capital for deals? (54:56) - What is it about hotels that you and your investors are attracted to? (57:31) - What did the capital stack for The Driscoll look like? (1:00:27) - Do you manage the hotels yourself or do you 3rd party it? (1:03:13) - How do you align F&B with your vision? (1:04:47) - Do you have any tips or strategies for structuring F&B deals? (1:06:02) - Is it not possible to build a mega resort anymore? (1:08:15) - What do you think about 3rd party development? (1:11:22) - What criteria are you focusing on in development deals right now? (1:12:16) - Why are you diversifying your assets beyond hospitality? (1:15:53) - What do you think happens to certain assets in Office? (1:17:36) - What is your favorite Hotel?

Masters of Moments involves conversations with top entrepreneurs and business leaders about hospitality, Real Estate investing, and company building. We explore the ideas, strategies, and approaches that brought them to where they are today. This podcast is for you if you are a seasoned investor, an upstart entrepreneur, or someone looking to break into the real estate and hospitality investing world. Follow Jake on Twitter Take the Hospitality Real Estate Investing Masterclass Subscribe to the show on YouTube