Masters of Moments

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.

Austin Allison, CEO and Co-Founder of Pacaso, shares his journey from founding Dotloop to revolutionizing luxury second home ownership. He discusses how co-ownership democratizes access to vacation homes and fosters community engagement. The conversation delves into the complexities of managing luxury properties, innovative financing structures, and addressing customer concerns in this emerging market. Austin also touches on the challenges faced in traditional real estate and the transformative effects of technology in enhancing co-ownership experiences.

On this solo episode, Jake dives into GP fees. He explains why GPs should charge fees, the differences between deal shops and Real estate private equity firms, how to build great returns, the types of fees you will see from GPs, what to charge as a GP and more. Connect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/ Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoTimestamps(00:00:00) - Intro(00:01:02) Why are we talking about Fees?(00:03:39) Why GPs charge fees(00:09:02) Deal shops vs. Real Estate Private Equity Firms(00:10:23) Charging market fees to build great returns & borrowing costs(00:14:45) Real Estate Operating Companies vs. Assets(00:17:15) Understanding where your company is at in it’s life cycle(00:18:42) Primary components and fees you’ll see(00:20:04) What to charge for and include in fees(00:22:10) Do not operate at a loss(00:23:08) Project Management vs. Asset Management(00:29:24) Final Thoughts

Isaac Toledano, Co-Founder of BH Group, has extensive experience in luxury residential projects across Florida. He discusses his journey from Israel to the booming luxury market in Florida, highlighting the strategic importance of partnerships and clear communication. Isaac reveals insights on navigating high-stake transactions, emphasizing risk management and profitability. He also explores the appeal of luxury condos, the competitive landscape, and the significant investments his firm is making, painting a promising picture for Florida's real estate future.

Sean Hehir, CEO of Trinity Investments, shares his extensive expertise in hospitality investment. He discusses his journey from Botswana to Hawaii, emphasizing the importance of adaptability and relationship-building in the luxury hotel sector. Sean highlights the execution of $500 million in renovations, strategies for raising capital, and the significance of a 'no-asshole culture' within teams. He also examines evolving investment opportunities post-COVID and the critical role of partnerships in navigating the complex hospitality investment landscape.

We're at the start of a new Real Estate cycle! In today's episode, we discuss how to raise capital during tough times. Enjoy!Connect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:02:32) - Introduction: The capital sitting on the sidelines & targeting family offices(00:10:11) - Relationship building and finding deals(00:17:13) - Growing your network(00:26:09) - Overcoming challenges(00:35:03) - Q&A

Dev Motwani serves as Managing Partner of Merrimac Ventures, a Fort Lauderdale-based real estate firm focusing on value-added investment and development opportunities. Property types owned and operated include hotels, condos, retail, office, and rental apartments primarily in South Florida but also throughout the United States.On this episode, Jake and Dev discuss: Growing up in the family hotel business How to build successful partnerships Creating long-term investment structures Links:Dev on LinkedInMerrimac VenturesSix Senses Douro ValleyConnect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:02:00) - Dev’s upbringing and career in real estate and hospitality(00:12:46) - Mentorship(00:16:42) - Meeting Donald Trump(00:19:10) - Acquiring a full city block of real estate(00:21:24) - What asset classes were you working on outside of hotels early on in your career?(00:24:19) - How did you raise capital on your first deal?(00:28:15) - Key characteristics of land sites that make it work(00:32:34) - Working with LPs(00:37:01) - How are you structuring deals?(00:39:35) - How are you unlocking liquidity as you begin working with family offices and high-net-worth individuals?(00:41:39) - What are some of the mistakes you’ve made buying land?(00:48:23) - How are you considering investing in other parts of FL?(00:51:01) - Going into the Telluride market(00:58:52) - Condo economics(01:07:35) -Thoughts on shadow STRs(01:10:28) - How to deal with challenging partnerships(01:12:53) - What’s 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 BuildingsRob on LinkedInCoralTree HospitalityIvy Station in Culver City, CATerranea Resort in Palos Verdes, CALa Coorniche Hotel, FranceConnect & Invest with Jake:Follow Jake on TwitterTake the Hospitality Investing MasterclassLearn How to Invest with DoveHillTopics:(00:00:00) - Intro(00:02:36) - How did Lowe build such a massive footprint? (00:10:04) - What were some early insights you had on the importance of people and place?(00:14:23) - What are your thoughts on Office as an asset class?(00:16:25) - Are you looking to convert any of your Office buildings?(00:18:46) - What are some things you look for when determining if you can convert an Office to Residential?(00:20:32) - Have you ever considered getting Hotel, Office, and Resi within one building?(00:22:58) - How do your local teams integrate into the larger organization?(00:24:02) - How do you capitalize your deals?(00:25:06) - What’s been your experience working with your brother and how did you end up in the business?(00:28:06) - Did you have any hotel experience before you stepped into the role?(00:29:16) - Is developing hotels in today’s market more difficult?(00:32:41) - Do you prefer to buy assets from a bank or to develop from the ground up?(00:33:18) - Developing the Terranea hotel in California(00:49:27) - How did you approach F&B at the property?(00:51:02) - Thoughts on entitlement(00:52:27) - How did Destination Collective come about?(01:02:06) - Would you consider buying management companies with your new company?(01:03:58) - What contracts are you looking for right now?(01:05:20) - How do you think about incentivizing?(01:08:45) - How much time do you spend developing culture?(01:11:14) - What is your favorite hotel?

Chris Tourtellotte serves as a Managing Director of LaTerra. Chris is responsible for overseeing the Development group, sourcing and closing new acquisitions, sourcing debt and equity for LaTerra’s projects, and growing LaTerra’s apartment and mixed-use development platform, which currently includes over 3,000 apartment units under construction or in the pipeline.Before joining LaTerra, Mr. Tourtellotte spent 7 years at Prudential Global Investment Management (PGIM), a global real estate private equity investment fund manager with over $50 billion of gross assets under management. Links:LaTerra: https://laterradev.com/Chris on LinkedIn: https://www.linkedin.com/in/chris-tourtellotte-3257224/Connect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:02:52) - Chris’ career and background(00:10:58) - How are you dealing with institutions today?(00:15:40) - Starting a self-storage vertical(00:20:13) - What are institutional funds looking for from you?(00:22:02) - How have you been able to get deals done in a reasonable timeline in a market like California?(00:28:32) - How do you structure land deals and waterfalls?(00:31:40) - What’s your hold period strategy?(00:33:05) - Why is design so important to your deals?(00:37:22) - What mistakes have you made in design or amenity?(00:40:57) - Why did you add a construction component to your vertical?(00:44:00) - What’s the best way to manage development and construction?(00:51:21) - What’s surprised you most about your self-storage vertical?(00:53:26) - What lessons from PE have you embedded into your business?(00:58:17) - What are the biggest opportunities you’re seeing? (01:01:46) - Family dynamics in business(01:06:04) - What would you like to be doing more of in 5 years?(01:07:55) - What is your favorite hotel?

Atit Jariwala is a real estate executive who has been involved with real estate management and investment his entire life. As a partner and co-founder of several real estate companies, Atit has been involved in acquiring, developing, and managing dozens of properties across the United States. In total, Atit has been involved in acquiring and developing over $2.5 billion of real estate throughout the U.S. directly as a principal.Bridgeton is dedicated to driving innovation in the hospitality industry and achieving this through expressive design, crafting unique experiences, and providing exceptional service. This steadfast commitment to delivering unmatched experiences extends to their partnerships with investors.Links:BridgetonAtit on LinkedInMarram MontaukConnect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:02:32) - Atit’s portfolio and evolution in Hospitality(00:06:28) - How do you think about scaling your business?(00:10:07) - What mistakes did you make in your career you would encourage others to avoid?(00:20:02) - How have the other assets in your portfolio helped the hospitality assets in your portfolio?(00:24:06) - Transforming a motel into a valuable hospitality asset and selling it to PE(00:30:38) - What mistakes have you made in Capex or renovation you learned a lot from?(00:35:19) - Thoughts on seasonal properties(00:37:52) - How do you deal with staffing in a seasonal environment?(00:39:35) - How are you underwriting properties?(00:45:27) - What are the key components that are non-negotiables in your properties?(00:54:54) - How do you approach design?(01:08:13) - How do you approach F&B?(01:13:09) - What’s an idea you really want to do?(01:15:35) - What’s your favorite hotel?