Jeff Burns is the Founder and CEO of Affiliated Development, a real estate development company headquartered in Fort Lauderdale, Florida.  Mr. Burns has more than 15 years of experience in the acquisition, development, and finance of a wide array of property types in markets across the United States.  With an extensive background and longstanding relationships, Mr. Burns has a proven track record to see real estate opportunities from conception through to reality. On this episode, Jeff & Jake discuss: How Affiliated works with city governments to develop workforce housing Raising capital Walkthrough of a typical deal Construction, design, and underwriting Links: Affiliated Development Jeff on LinkedIn The Dalmar Hotel 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 Timestamps: (00:01:52) Jeff’s career (00:08:48) Choosing to play in the Multifamily asset class (00:14:41) Utilizing HUD loans (00:15:27) How do you find markets to enter? (00:18:44) How Jeff engages with city governments (00:21:17) Defining workforce housing (00:27:14) What incentives are you getting from cities and counties? (00:37:44 How are you raising capital? (00:46:01) How long does a typical deal take from start to finish? (00:48:30) How are you using your in-house architecture function? (00:53:46) How are you thinking about construction costs and design? (01:02:06) How are you underwriting deals? (01:10:30) How do you choose your property managers? (01:14:01) How do you approach inclusionary housing? (01:16:37) What is your favorite hotel?

Warren de Haan is a founder, Managing Partner and Co-Chief Executive Officer at ACORE Capital, LP, one of the largest credit managers focused on commercial real estate lending, with approximately $20 billion of assets under management. For the past 3 years, ACORE Capital has ranked in the top 20 of The Real Estate Debt 50, PERE's ranking of the world's largest real estate debt fund managers. Through their offices in New York, Los Angeles, Miami, San Francisco, and Dallas, ACORE originates, acquires and manages first mortgages, B-notes, mezzanine debt and preferred equity throughout the United States. Since inception in 2015, ACORE has closed over $35 billion in more than 453 transactions. On this episode, Jake and Warren discuss: Migration patterns influencing investments Building ACORE and their growth strategies How the lending environment will change in the future Links: ACORE Capital Warren on LinkedIn Four Seasons Surf Club   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   Timestamps: (00:02:08) Warren’s move to Miami (00:06:21) Migration pattern influencing investments (00:09:00) Navigating Work From Home (00:12:10) Warren’s background, early career, and thoughts on today’s market (00:22:22) The regional banking crisis (00:27:43) Loan extension challenges (00:34:41) Why didn’t you end up in Hospitality? (00:38:19) The thesis for starting Acore (00:49:35) Challenges in scaling the org (01:02:22) Capital Deployment strategies (01:04:59) How Acore makes money (01:09:58) Opportunities for Sponsors to work with Acor (01:15:40) How lending will evolve over the next 5 years (01:17:15) What assets are you staying away from? (01:20:17) What is your favorite hotel?

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/jwurzak Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/  Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Timestamps (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

Arash Azarbarzin, CEO of Highgate, discusses creating amazing branded hotels, F&B strategies, working with Barry Sternlicht, acquiring and scaling brands, employee buy-in, optimal scale for business intelligence technology, and the future of branded hotels.

Jay Shah, Executive Chairman of Hersha Hotels & Resorts, discusses building a REIT in hospitality, pros and cons of REITs, missed opportunities and biggest wins. They also touch on financing challenges when opening the first hotel in NYC, transitioning into full-service and lifestyle operations, the impact of COVID on the hospitality industry, and exploring new markets.

As President of Morgan Group, Evan Schlecker manages risk for Morgan with oversight over development and construction activities nationwide. Evan maintains involvement in all aspects of apartment development, construction, management, and finance. Evan serves as a member of Morgan’s Executive Committee and Investment Committee. Since joining Morgan in 2012, Evan has been involved in developing and acquiring over 7,000 units at a cost exceeding $1.8B. Prior to joining Morgan, Evan co-founded BlueRoot Partners to take advantage of opportunities to acquire distressed real estate. Evan began his career at Torchlight Investors (f/k/a ING Clarion) restructuring non-performing commercial real estate. On this episode, Jake and Evan discuss: How Morgan Group sources deals and develops assets How to enhance Multifamily assets Overseeing 20+ projects at one time The US Housing Shortage Mitigating risk during hold periods Connect & Invest with Jake: Follow Jake on Twitter Take the Hospitality Investing Masterclass Learn How to Invest with DoveHill Links Morgan Group Evan on LinkedIn Eagle Island Lodge, Botswana   Timestamps (00:02:16) Evan’s career in Real Estate (00:11:02) Why Scale is important: Plentiful 3rd party Managers (00:15:21) Thoughts on market strategy (00:19:13) Being ‘Hyper-local’ in development and construction (00:22:00) Making the jump from being an entrepreneur to a Family business (00:25:06) Headline stats for Morgan Group (00:26:34) How Morgan sources deals and develops (00:35:57) Thoughts on Single Family Rentals & High-end rental projects (00:40:02) Adam Neumann (00:41:49) How to enhance Multifamily assets (00:43:32) The reality of overseeing 20 projects at once (00:48:55) What is the best way to mitigate risk during a hold period and structure deals? (00:52:33) Being a non-family member leading a Family Business (00:56:29) Thoughts on the Housing Shortage (01:01:20) What incentives are you setting up for team members? (01:09:31) Why do you self-perform? (01:13:20) Making money on the construction side of the business (01:17:20) How are you building the company to perform over the next 5 years? (01:23:44) What is your favorite hotel?

This episode is an appearance Jake made on The Fort Podcast with Chris Powers.  Jake and Chris discuss:  How to create an exceptional hospitality experience How to underwrite hotel investment opportunities Partnering and learning from Barry Sternlicht How to add value to different types of hotels Links Check out Chris Powers and The Fort Podcast Hotel Bel-Air Brush Creek Ranch Blackberry Farm    Connect & Invest with Jake: Follow Jake on Twitter Take the Hospitality Investing Masterclass Learn How to Invest with DoveHill   Timestamps (00:03:14) How do you experience hotels? (00:05:14) What is Hospitality? (00:08:17) Jake’s journey into Hospitality (00:09:45) Jake’s Companies (00:11:36) Hospitality during Covid (00:21:42) How do branded hotels differentiate from each other? (00:23:12) What does great operation look like in a Commodity Hotel? (00:25:04) How are daily rates set? (00:32:39) Airbnb vs. Hotels (00:35:15) How do you define Lifestyle? (00:36:21) Who are people you admire in this industry? (00:39:02) Are there any emerging brands that will overtake the top luxury brands? (00:40:51) How would a hotel development come together? (00:44:19) What are you looking for in a hotel when you want to buy? (00:47:21) What’s a soft brand? (00:48:19) Do you need experience to partner with a Hilton or Marriott? (00:49:14) What does upgrading management look like? (00:54:34) What feedback do you see most often from guests? (00:57:48) Jake on partnering with Barry Sternlicht? (01;03:50) The One in Miami (01:07:56) How do you approach F&B? (01:09:30) What’s the greatest hotel in the world? (01:13:16)  How do you view hotels as investable assets over the next 5 years? (01:16:19) Are there any new revenue streams on the horizon?

John Meadow is the founder and president of LDV Hospitality, a boutique hospitality group that was founded on his realization of the ambition to bring the dream of “La Dolce Vita,” to everyday life. Focused on concept and business development, John drives the creative process for the company, envisioning restaurants and bringing them to life, as well as forging new partnerships with hotel developers to create bespoke food and beverage experiences for their guests. John began LDV in 2008, with critically acclaimed flagship Scarpetta restaurant, followed by signature brands American Cut and Dolce Italian. On this episode, Jake and John Discuss: Creating the Ultimate Dining Experience Building a Restaurant in Rome Scaling LDV to a Global level Leadership Lessons Links: LDV Hospitality: https://ldvhospitality.com/ Ralph’s Restaurant in Paris: https://www.ralphlauren.co.uk/en/global/ralphs-paris/7120 Outliers by Malcolm Gladwell: https://bit.ly/42k0AMX The Grand Hotel Parker's Naples Italy: https://en.grandhotelparkers.it/ Connect & Invest with Jake: Follow Jake on Twitter Take the Hospitality Investing Masterclass Learn How to Invest with DoveHill Timestamps: (00:02:14) - Introducing John & his journey into hospitality (00:06:26) - Early lessons on how to cultivate an experience in Hospitality (00:11:32) - What characteristics are you for in partners? (00:13:39) - How do you set the vision for a project? (00:16:05) - Scaling on a Global level (00:27:14) - What are the tipping points for restaurants in design that you implement every time? (00:31:35) - The changing way people engage with night life (00:34:37) - Membership concepts (00:37:54) - Designing a restaurant in Rome (00:53:07) - What would surprise listeners about your leadership style? (00:57:02) - Mentorship (01:01:36) - Can a chef own a truly successful restaurant for a long period? (01:04:17) - How have you managed to rebuild investor confidence and maintain relationships since the Pandemic? (01:10:51) - How do you utilize what you learn from traveling? (01:12:30) - What is your favorite hotel?

Alex Cabañas is passionate about leading and growing a company that makes a profound difference in the lives of employees, guests, owners, industry partners, and the community.  His life mission since college has been to create opportunities for others to be successful.  As President, Alex is focused on strategic planning, people development, pursuing growth and new opportunities, promoting the delivery of memorable customer service and ultimately being the best third-party management company in the industry, acting in the best interest of owners every day.  On this episode, Jake and Alex discuss: How Alex grew a 20-hotel company to 250 hotels via mergers and acquisitions How Hotel M&A works How to run a Global team Integrating teams through Mergers Creating an F&B think tank platform Links: Alex on LinkedIn Pyramid Global Hospitality Willow’s Lodge - Seattle Connect & Invest with Jake: Follow Jake on Twitter Take the Hospitality Investing Masterclass Learn How to Invest with DoveHill Topics: (00:02:17) - Completing a major Merger during the Pandemic (00:12:51) - What are you able to do post-merger that you weren’t able to before? (00:17:20) - How are you creating a culture that fosters retention? (00:19:53) - Is scale and size better in the management business? (00:29:17) - What behaviors thrive at the senior level in Hospitality? (00:34:40) - Mergers and Acquisitions (00:44:32) - What have you learned from your partner, Warren? (00:47:47) - How are you thinking about growing your management company? (00:51:51) - How are you handling the leadership position after all these mergers? (00:53:47) - Structuring a Merger (01:00:57) - How are you integrating the positives from lifestyle hotels with the other assets in your portfolio? (01:04:57) - What have you found to be some of the best ways to win at F&B? (01:08:52) - How are you optimizing costs & hiring? (01:14:29) - How are you thinking about leadership interactions and meetings with your team? (01:18:52) - What is your favorite hotel?

Delve into the world of hospitality investment with insights on underwriting processes. Learn how DoveHill Capital Management evaluates deals through both qualitative and quantitative lenses. Explore the crucial factors like historical performance and revenue trends, plus the art of modeling essential deal components. Jake Wurzak shares lessons from past mistakes and highlights key steps in their investment committee process. Gain valuable tips on how to navigate Capex issues and make informed investment decisions.