Masters of Moments

Bard Kligerman is a seasoned real estate developer with over two decades of experience. Co-founding CT Realty Trust (CRT) in 2009 with his father Robert, Bard has led the firm to invest over $220M in a variety of real estate ventures including single-family communities and multifamily apartments throughout Connecticut. Under his leadership, CRT has become a key player in the local real estate market, focusing on in-house management and development.Links:CT Realty TrustBard on LinkedInConnect & 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)- Bard’s first real estate deal(00:13:15) - Creating a management platform(00:16:43) - How have you built an edge over others in your industry?(00:20:58) - When buying a cheap asset, what’s more indicative of success: the market or the bones of the building?(00:23:21) - How do you identify markets to enter?(00:31:30) - What opportunity are you seeing in Build for Rent communities?(00:51:15) - What tips and tricks have you learned about renovations?(00:56:03) - What leads you to a fast ‘no’?(01:08:05) - How are you capitalizing deals?(01:12:32) - What have you changed in your deal strategies?- (01:19:31) - What’s your favorite hotel?  

On today's episode we deep-dive into structuring Co-GP Deals in an inside look at our Group coaching calls. 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(00:01:24) - Buying a piece of land & raising money(00:10:07) - Second round raise strategies(00:14:30) - What to do when you don’t want to take the risk on a piece of land(00:19:10) - Co-GP options(00:25:47) - Development risk(00:27:17) - Q&A(00:27:53) - Underwriting(00:32:12) - RevPar Trends(00:41:20) - Underwriting based on future-development vs. existing development(00:48:12) - Does experience stay work in any market?(00:54:02) - Cash on Cash return expectations in today’s market(00:56:37) - GP economics vs. LP economicsDisclaimer: This content is intended for entertainment purposes only. This is not financial or investing advice and should not be considered as such.

Scott is responsible for strategic direction, sourcing investment opportunities, capital markets and operations for the firm.Prior to launching Torose, Scott co-founded Tricera Capital where he led the charge on strategic direction, capital markets and sourcing investment opportunities. In this role, Scott built a portfolio in excess of $700M over five years and consistently delivered returns in excess of 20% IRR and a 2x multiple across realized investments. Scott maintains ownership and major decisions across the Tricera portfolio and continues to be a minority owner of Tricera Capital.Torose Equities is a Miami-based real estate investment firm with several different verticals, including a value-add urban retail, office, and mixed-use strategy within the Southeastern United States.This episode was originally released September 2023On this episode, Jake & Scott discuss: Important retail trends that will shape the next decade The science of placemaking The opportunity for Office Working with Family Office Investors Building Torose Equities 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/3yg8Pwo Links:Torose EquitiesScott on LinkedInAssembly Row BostonEnnet Perry Cabin Topics:(00:00:00) - Intro(00:01:40) Scott’s background and career(00:10:37) Learnings from working in international markets(00:13:16) How are you choosing what markets to choose on now?(00:15:14) Risk and reward in investing(00:17:57) What is your competitive edge?(00:19:12) What are some important retail trends that will shape the industry over the next decade?(00:21:40) What’s important for Office investors over the next 5-10 years?(00:27:40) Pros and Cons of Commercial and Retail Investing(00:29:38) Placemaking(00:36:40) What do you look for in locations for the success of retail?(00:39:47) What is the opportunity for Office in Florida?(00:42:32) Developing a 350k sqft covered land play(00:48:18) How are you finding Family Office investors?(00:49:17) Co-GP opportunities(00:50:14) Characteristics of good partners(00:51:26) Building Torose Equities(01:01:16) How are you sourcing deals?(01:05:06) What’s your approach to value-add?(01:09:11) What processes have you implemented in your company?(01:11:33) What is your favorite hotel?

Roundhouse is a fully integrated developer and operator of multifamily housing. Starting with a single condominium purchased amidst the financial crisis in 2009, we have since developed and acquired a portfolio of over 5,000 multifamily homes.Today, Roundhouse focuses exclusively on providing high-quality housing options in emerging cities across the Western United States. In order to deliver superior experiences to our employees and residents we have built a fully integrated service offering that spans the construction, property management, and design disciplines. On this episode, Jake & Casey discuss: Learning to structure long-term horizon deals Avoiding competing with institutional capital Structuring deals for acquisitions vs. developments The advantages of being vertically integrated - Casey's 6-month sabbatical and how to have your company be successful without you 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/3yg8Pwo  Links: Roundhouse: https://rndhouse.com/Casey on Twitter: https://twitter.com/roundhouse208 Topics:(00:02:18) Casey’s RE Career in Southern California(00:11:40) The decision to pivot out of LA(00:15:54) Learning to structure long-term horizon deals(00:18:41) How do you avoid competing with institutional capital?(00:22:04) How have you figured out how to raise enough capital without going to someone with deeper pockets?(00:24:41) How do you structure deals when they are acquisitions vs. developments?(00:31:08) How often are you refinancing in order to return capital?(00:35:48) How do you think about Capex in multifamily over long hold periods?(00:43:38) How are you differentiating your high-end products?(00:47:00) What are the advantages of being vertically integrated?(00:50:59) What does enterprise value mean to you?(00:57:53) Are you at a point where the team can raise capital without you?(01:02:28) What was the scenario that led to you buying out your partner?(01:07:51) How do you ensure leadership values are being replicated across the business?(01:11:29) What was the biggest insight you gained from your 6-month sabbatical(01:19:44) Casey’s emphasis on design(01:22:18) What is your favorite hotel?

Channeling a passion for the hospitality industry, Mitch Patel established Vision Hospitality Group in 1997 on a foundation of values that guide the organization to this day.  With an unwavering commitment to excellence, Mitch oversees every aspect of the company, from investment procurement to the seamless execution of daily operations. Additionally, he oversees strategic development and implementation that has propelled Vision Hospitality Group to garner numerous awards within the industry.Links:Visionary Hospitality Group - https://www.vhghotels.com/Topics:(00:00:00) - Intro(00:00:55) - Mitch’s career and background in hospitality(00:20:40) - What did you learn about risk in the early days of your company and why did you only focus on the hotel asset class?(00:31:39) - How much do you attribute your success to your ability to develop vs. operate?(00:39:15) - How are you able to develop 10 hotels at once?(00:59:05) - Mitch’s passion for experiential and lifestyle hotels(01:20:06) - What are the non-negotiables you put in independent hotels?(01:29:54) - What concerns do you have for the future of hospitality?(01:44:10) - What is your favorite hotel?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/3yg8Pwo

Scott Moss, CEO of Moss Construction, discusses setting goals, market changes, selecting new markets, client perceptions, managing subcontractors, strategy evolution, public vs private jobs, and vision leadership in the construction industry.

Selling weed is in Brady Cobb's blood. Using shrimp boats and a suntan lotion company as a cover, his father, Bill Cobb, ran one of the country's largest pot smuggling enterprises in the 1980s, until the federal government arrested him and shut down the $300 million ring during "Operation Sunburn." The younger Cobb became a lawyer and cannabis lobbyist before founding his own marijuana company, Bluma Wellness, which he sold in April 2021 to Cresco for $213 million in an all-stock deal. In November 2022, Cobb took his father's rich history of smuggling and launched Sunburn in Florida, a vertically integrated dispensary chain with nine retail shops. Sunburn is the 13th largest medical marijuana company in Florida, the company is valued at $105 million and will generate around $50 million in revenue by the end of its first year in operation.   Links: Sunburn Cannabis Brady on Instagram  Lefay Resorts Italy  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/3yg8PwoTopics:(00:00:00) - Intro(00:01:52) - From Law to Cannabis: Brady Cobb's Entrepreneurial Journey(00:02:37) - The Legacy of a Cannabis Smuggler: Brady Cobb's Inspirational Backstory(00:06:23) - Navigating the Complex World of Cannabis Business(00:13:31) - The Evolution of Cannabis Legislation and Its Impact on Business(00:26:26) - Inside the Operations: The Challenges of Running a Cannabis Company(00:31:14) - Understanding Cannabis: From Farming to Market Dynamics(00:37:58) - CBD vs. THC: Demystifying Cannabis Components(00:40:24) - Exploring the Complex World of Cannabis(00:41:35) - Personal Anecdotes and Preferences in Cannabis Consumption(00:42:10) - Innovations and Partnerships in Cannabis Beverages(00:44:28) - The Significance of Culture and Community in Business(00:48:27) - Security Challenges and HR in the Cannabis Industry(00:59:17) - Building a Brand and Raising Capital in Cannabis(01:14:23) - Future Aspirations and Closing Thoughts

Matt Marquis was named CEO of Pacifica Hotels after 7 years as the company's President and succeeded his father who founded the organization in 1970. Pacifica is the largest owner and operator of Boutique hotels on the Pacific Coast. On this episode, Jake and Matt discuss: - A walkthrough of converting an independent hotel in Hawaii- Developing Investor Relations- Growing and evolving a Management Company- Key to differentiating the hotel experience Links:PacificaHotels.comMatt on InstagramKing Kamehameha's Kona Beach HotelHotel Bel Air Connect & Invest with Jake: Follow Jake on TwitterTake the Hospitality Investing MasterclassLearn How to Invest with DoveHillTopics:(00:00:00) - Intro(00:02:07) - Matt’s career background(000:07:46) - What did you do within the hotel asset that made you so successful?(00:08:50- What did you come to be known for?(00:10:00) - What was so appealing about doing deals in California?(00:11:24)- How would you describe your portfolio in 2023?(00:12:51)- Converting an independent hotel(00:19:46) - Selling an Asset to Blackstone(00:23:41) - How do you think about taking a profit?(00:29:33) - What happens when you have a ReFi?(00:32:57) - Do you readjust your holding patterns when working with Institutional Capital?(00:36:25) - What have you learned about Investor Relations?(00:39:52) - Where do you find investors now?(00:41:07) - What pillars won’t you move on in negotiating with investors?(00:42:18) - What was it like being managed by Blackstone?(00:44:52) - What’s the process of creating a Hotel Brand?(00:50:20) - Is there a certain size hotel where the amenities become challenging?(00:53:18) - Are there simply too few deals out there?(00:54:16) - Is it unsettling having all this dry powder on the sidelines?(00:55:46) - How has your management company evolved over the years?(00:57:42) - What key things do you focus on to differentiate the hotel experience?(01:03:18) - How do you think about preparing your business for the next generation?(01:07:26) - How are you growing the management company?(01:09:54) - What is your favorite hotel?(01:14:46) - Where can people find you online?

John Grossman, CEO of Marc & Rose Hospitality, shares insights on sourcing deals, leading teams, and upcoming hospitality trends. Topics include avoiding franchising, market criteria, property acquisition during moratoriums, and strategic planning for hotel assets. The podcast delves into the strategic approach of owning independent hotels, investing in iconic markets, and designing hospitality properties for long-term value creation.

Dupree Scovell, Managing Partner of Woodbine, discusses securing deals, raising capital, and creating memorable guest experiences in the hospitality industry. He shares insights on diversifying capital partners, project management challenges, and the future of office spaces.