Masters of Moments

In this solo Coaching Call episode of Masters of Moments, Jake Wurzak breaks down how to create investor reports that people actually want to read. Drawing from his experience in real estate and hospitality, Jake walks through the fundamentals of reporting with clarity, consistency, and purpose. He shares the essential elements of an effective update, including what data to include, how to tailor content based on your relationship with investors, and how frequency and tone play a role in building trust. The episode also covers the importance of visual presentation, storytelling through numbers, and why transparency is key to long-term partnerships, especially when challenges arise. Jake also touches on: Balancing detailed metrics with high-level narratives Common mistakes that turn investors off How to use reports as a strategic communication tool Structuring reports for quarterly, monthly, or ad hoc updates Leveraging reports to reinforce your brand and vision Whether you're raising capital or already managing a portfolio, this episode is a tactical guide to making your investor communication stand out. Topics: (00:00:00) - Intro (00:00:49) - Effective communication with investors (00:02:06) - Quarterly reports and their importance (00:04:20) - Methods of sharing investor reports (00:05:42) - Hybrid approach to investor updates (00:08:33) - Detailed walkthrough of an investor report (00:19:48) - Common mistakes and best practices (00:23:30) - Challenges of investor webinars (00:25:11) - Setting expectations for investor reports (00:28:09) - Scaling the business and team (00:31:14) - Balancing investor relations and personal investments (00:38:35) - Creating effective investor reports (00:40:20) - Evaluating hotel investments (00:46:09) - Conclusion and final thoughts Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo

In this episode of Masters of Moments, host Jake Wurzak sits down with Greg Kennealey, CEO of Peregrine Hospitality, for an in-depth conversation on building and operating a diversified hotel platform with a focus on performance, alignment, and long-term value creation. With a career that includes time at Strategic Hotels and KSL Capital, Greg brings both institutional experience and an owner-operator mindset to the conversation. They discuss the evolving landscape of hotel investment, from pandemic-driven shifts in demand and staffing, to the renewed importance of leisure travel, stress-testing models, and driving performance across both luxury resorts and extended-stay properties. Greg also breaks down the founding of Peregrine, their vertically integrated approach, and how alignment and talent are central to outperforming in any market cycle. They also cover: How the best hotel companies earned loyalty by prioritizing staff during COVID Lessons from KSL on underwriting, capital planning, and long-term investing The rise of experiential and independent resorts—and where they see opportunity Why owner-operator models outperform in today's capital environment The critical role of KPIs like labor margin, guest satisfaction, and revenue flow Designing phantom ownership structures to retain and reward top hotel talent Building a culture of accountability and innovation from the ground up This episode is a masterclass in hospitality execution, told through the lens of someone who has scaled both iconic resorts and margin-driven select-service portfolios—and believes the best teams win every time. Links: Peregrine Hospitality - https://www.peregrinehg.com/ Greg on LinkedIn - https://www.linkedin.com/in/greg-kennealey-946b715/ Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Topics: (00:00:00) - Intro (00:01:32) - Resilience and Challenges in the Hotel Industry (00:03:12) - Investment Strategies and Stress Testing (00:04:59) - Balancing Leisure and Corporate Travel (00:08:21) - Operational Challenges and Innovations (00:34:13) - The Role of Location in Hotel Success (00:38:51) - Conviction in Hotel Investments (00:41:07) - The Complexity of Hotel Ownership (00:41:48) - The Owner-Operator Model (00:44:49) - Sales Strategies and Exit Timing (00:47:21) - Rapid Acquisition Challenges (00:50:12) - Building an Entrepreneurial Venture (00:54:24) - Operational Oversight and KPIs (00:58:40) - Managing Labor Costs (01:01:26) - Investing in Experiential Resorts (01:09:02) - Food and Beverage Strategies (01:15:52) - Future Goals and Favorite Hotels

In this episode of Masters of Moments, host Jake Wurzak sits down with Hunt Rose, co-founder of TruCore Investments, to dive into the business of Class B industrial real estate and what makes it one of the most resilient, overlooked asset classes in today's market. Drawing on his experience in brokerage and acquisitions, Hunt explains how TruCore's national platform finds value in under-managed, substitutional assets and why a fragmented ownership base presents a unique opportunity for investors with a focused strategy. They also discuss: The risk-adjusted appeal of Class B industrial assets in infill markets Sourcing deals through local brokerage relationships across 150+ U.S. markets How TruCore approaches marking rents to market with legacy tenants The business case for converting gross leases to triple net structures Functional criteria they use to quickly screen new acquisitions Their “100 questions” underwriting playbook and due diligence process Fund structure, capital raising strategy, and investor communications This episode is a practical, inside look at how a lean team is scaling a national industrial platform by sticking to fundamentals, staying disciplined, and building trust with tenants and investors alike. Links: Hunt Rose on X - https://x.com/nnn_industrial Hunt Rose on LinkedIn - https://www.linkedin.com/in/hunt-rose-9229694b/ TruCore Investments - https://trucoreinvestments.com/ Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Topics: (00:00:00) - Intro (00:00:38) - Landing a deal from a Podcast (00:03:04) - Where are you investing? (00:06:37) - Is sub-institutional scalable? (00:09:00) - The business case for Class B Industrial (00:13:00) - What's the business plan when you acquire a property? (00:15:42) - Why are rents often times below market? (00:18:23) - Lease renewal approaches (00:22:21) - Converting gross deals to NNN deals (00:24:47) - Where do things go wrong on these deals (00:27:25) - What kills a deal for you? (00:30:30) - Making the entrepreneurial leap (00:36:02) - How have you fine-tuned the acquisition process? (00:38:35) - What do you do differently as an owner that the tenant would recognize? (00:42:14) - The advantage and disadvantage of being the money from out of town (00:45:35) - Are there any tenants you refuse to have on a property? (00:47:54) - Holding strategies (00:49:58) - Establishing a Fund (00:54:09) - Raising capital (01:03:36) - Reporting and investor relationships (01:08:51) - What is your favorite hotel? (01:09:55) - Get in touch with Hunt

In this episode of Masters of Moments, host Jake Wurzak sits down with Brian Harper, co-founder of 11North Partners and former CEO of RPT Realty, to discuss leadership, reinvention, and the enduring relevance of retail real estate. With a background spanning General Growth Properties, Rouse Properties, and RPT, Brian brings decades of insight from navigating some of the most complex moments in the retail sector—including corporate bankruptcies, public-to-private transitions, and large-scale portfolio transformations. They also discuss: * The principles behind great retail: hospitality, curation, and community * Lessons from navigating the GGP and RPT turnarounds * Why physical retail is far from dead—and what's driving its resurgence * Building culture in public companies vs. founder-led ventures * How personal experiences, including raising a son with autism, have shaped Brian's leadership style * The founding vision behind 11 North Partners and their thesis on long-term, durable retail This episode offers a grounded, values-driven look at how great retail gets built—and the personal moments that shape the leaders behind it. Links: 11North Partners - http://11northpartners.com/ Brian on LinkedIn - https://www.linkedin.com/in/brian-harper-5431265/ Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Topics: (00:00:00) - Intro (00:01:08) - Brian's career and background (00:12:19) - Is retail becoming un-investable? (00:14:52) - Experience and hospitality as an opportunity to save retail (00:16:45) - Brian's experience at GGP and Rouse (00:23:55) - The collapse of bad malls (00:27:17) - Positioning malls for success (00:37:06) - What makes a spectacular open-air center? (00:40:36) - What retailers are picking the best locations? (00:42:40) - What goes wrong in retail centers? (00:44:26) - Building 11North (01:03:01) - Raising a child with autism (01:17:26) - 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/ Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo 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? This episode originally aired in May of 2024

In this episode of Masters of Moments, host Jake Wurzak sits down with Micah Lacher, founder of Anchor Investments, for a deeply personal and wide-ranging conversation about real estate, entrepreneurship, and the power of second chances. From growing up in a struggling household in North Memphis to building a respected investment and development firm in Nashville, Micah's story is both gritty and inspiring. They begin with Micah's early exposure to real estate, sparked by a life-changing move that took his family from an unsafe neighborhood to one of the best public school districts in Memphis—secured through an unlikely deal involving two Delta Airlines plane tickets. That experience set the tone for a life shaped by faith, hustle, and resilience. Throughout the episode, Micah shares how he transitioned from a brokerage role at Cushman & Wakefield into real estate development, thanks to the mentorship of Bob Tull, a former Walmart developer. He recounts launching Anchor in the depths of the 2009 financial crisis, raising capital deal-by-deal to purchase distressed assets when few others had the conviction to buy. They also discuss: - The high-stakes risk of personal guarantees during the Great Financial Crisis   - How Micah structured deals, underwrote for worst-case scenarios, and still found upside   - The transition from broker to principal and the influence of early mentors   - Raising children without entitlement while building wealth   - Using his business as a platform for purpose and service to the community   Micah's outlook is rooted in gratitude and long-term thinking, with a focus on character, consistency, and building something that matters. This episode is a must-listen for anyone navigating the intersection of values, leadership, and real estate. Links: Micah on LinkedIn - https://www.linkedin.com/in/micah-lacher-1366151/ Anchor Investments - https://www.anchorinv.com/ Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Topics: (00:00:00) - Intro (00:01:14) - Micah's upbringing (00:08:03) - Early career (00:13:19) - Mentors, marriage, and breaking phone addiction (00:19:17) - The fear of raising entitled children (00:22:16) - Learning the brokerage game (00:30:14) - Transitioning from broker to principal (00:39:24) - Developing “Walmart shadows” and experiencing the GFC (00:45:06) - Raising capital in 2009 (00:51:51) - Thoughts on RTO (00:53:42) - How do you think about your business today, given how you started? (00:57:30) - Using the business to effect change (01:10:37) - Establishing a competitive edge (01:13:08) - Developing hotels in Nashville - and giving away the profits (01:23:11) - The Nashville market (01:27:34) - What's your favorite hotel?

In this episode of Masters of Moments, host Jake Wurzak sits down with Jesse Rack, founder and CEO of Rack Electric, to unpack one of the most impressive and unconventional entrepreneurial stories in the home services industry. Jesse shares his journey from Queens, New York, where he played college football and briefly pursued the NFL, to running a fast-growing business empire focused on electrical work, energy, and infrastructure across Florida. After stepping away from coaching football and returning to Florida to support his family, Jesse took over his father's small electrical business with a bold vision: to build a brand, not just a company. What started with one truck and a handful of employees is now a multi-vertical operation with over 200 employees, five divisions, and specialties that include generators, propane delivery, solar installations, and EV charging infrastructure. Jesse breaks down how he's scaled the company by hiring for attitude, investing in operational systems, and acquiring other trades businesses through strategic M&A. This episode covers: - Jesse's sports background and how it shaped his leadership style   - Building Rack Electric from a local business into a state-wide brand   - Creating a training pipeline for tradespeople and launching in-house licensing programs   - How to buy, turn around, and integrate struggling home service companies   - Why customer experience and honest communication are non-negotiables   - The power of handwritten letters in sourcing acquisition opportunities   - Lessons in grit, recruiting, and the value of walking the job site   If you're interested in trades entrepreneurship, home services, or building a real business with staying power, Jesse's story is as real and raw as it gets. Links: Rack Electric - https://www.rackelectric.com/ Jesse on LinkedIn - https://www.linkedin.com/in/jesse-rack-488185171/ Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Topics: (00:00:00) - Intro (00:01:02) - Jesse's background (00:06:16) - The importance of trades and education (00:08:56) - Challenges and growth in the electrical business (00:16:35) - Marketing and expansion strategies (00:20:33) - Current state of Rack Electric (00:25:54) - Service excellence and customer experience (00:31:41) - Leadership and team building (00:44:08) - Navigating private equity and future goals (00:45:15) - Importance of people and purpose (00:47:44) - Negotiating debt and bulk buying (00:50:24) - Asset purchase strategy (00:56:21) - Building relationships and recruiting (00:59:19) - HVAC business expansion (01:12:27) - Future goals and vision (01:16:55) - Favorite hotel experience (01:21:04) - Closing remarks

In this special “Coaching Call” Jake Wurzak goes solo to share everything he's learned from over a decade of raising capital in real estate. Drawing on personal experience—from his first $7 million deal with no clear path to funding, to building DoveHill into a hospitality investment platform—Jake walks through the real, unfiltered playbook for getting deals financed. This episode is packed with insights on how to approach high-net-worth individuals, build trust with investors, and create compelling deal collateral that actually converts. Jake also breaks down how he structures investor communications, designs pitch decks and memos, leverages tools like Juniper Square, and uses short personalized videos to bring deals to life. It's the same method he's using today to raise preferred equity for a current hotel redevelopment project in Savannah, Georgia. Key lessons include: - Why raising money for a single deal is easier than launching a fund - The importance of being honest, conservative, and clear with investors - How to use storytelling, design, and delivery to drive commitments - Tips for building investor databases, managing follow-ups, and closing deals - Real talk on sharing upside, walking away from bad capital, and learning through failure Whether you're about to raise your first $1 million or scaling to institutional capital, this behind-the-scenes coaching call gives you a candid, detailed roadmap for how to actually get it done. Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Topics: (00:00:00) - Intro (00:00:38) - More on DoveHill (00:05:05) - Jake's First Deal and Lessons Learned (00:08:57) - Raising Capital: Strategies and Tips (00:14:44) - Creating Effective Investment Memos (00:16:59) - Designing Investment Decks (00:35:26) - Engaging Investors with Video Pitches (00:40:21) - Investor Intake Process (00:44:01) - Negotiation Tips (00:45:09) - Q&A: Meeting Potential Investors (00:48:59) - Q&A: Handling Design and Pre-Development Costs (00:53:06) - Q&A: Capital Structure and Investor Profiles (00:56:22) - Q&A: Overcoming Appraisal Challenges (00:59:28) - Q&A: Partnering in New Markets (01:02:06) - Q&A: Preferred Equity and Fund Structures (01:17:58) - Q&A: Subscription Process and Investor Relations (01:22:27) - Unexpected Investor Stories

Patrick Carroll is the founder and CEO of CARROLL, a prominent real estate investment company. From a young age, Patrick Carroll envisioned building a real estate company from the ground up. The ambitious entrepreneur leveraged what was initially a multi-family and retail assets company into a leading real estate empire.  As CEO, Patrick helps define and implement strategic plans designed to further expand all facets under the CARROLL portfolio. As a disciplined investor, Patrick carefully balances acquisitions and dispositions, and has led to $12.1 B in acquistions and $8.8 B in dispositions of multifamily real estate producing an average gross IRR of 29%. Founded in 2004, CARROLL marked the beginning of Patrick's real estate investment and development career. Patrick's early success in the industry came from residential investments and developmental projects across the Southeast, which, in turn, produced the opportunity to develop retail centers, mixed-use properties, and student housing. In 2009, Patrick acquired three property management companies, creating the large-scale infrastructure for what CARROLL is today. Compounding on his experience with investment, property management, development, and construction, Patrick has taken a modest initial investment and cultivated that into a 30,000-unit portfolio. Links: Patrick Carroll - https://mpatrickcarroll.com/ Patrick on Instagram - https://www.instagram.com/patrickcarroll/ Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Topics: (00:00:00) - Intro   (00:01:11) - Patrick's Transition from House-Flipping to Multifamily   (00:13:02) - What Was Your Deal Criteria Early On?   (00:18:45) - How Were You Finding Deals?   (00:22:38) - How Did You Scale?   (00:31:18) - Building a Profitable Management Company   (00:33:21) - Raising Capital & Getting Deals Done   (00:49:14) - The Buy-Fix-Sell Strategy   (01:06:57) - Pausing Deals Post-COVID   (01:09:46) - Selling the Business   (01:18:23) - Thoughts on the Market Today   (01:26:22) - Mental Health   (01:31:49) - What's Your Favorite Hotel? This episode originally aired on November 6th, 2024

In this episode of Masters of Moments, I sit down with Chris Hatch, Principal at Forza Commercial, to break down the high-stakes world of retail real estate development. Chris grew up in a real estate family, learning the business from the ground up, and those early lessons shaped how he approaches site selection, deal structuring, and scaling development projects today. We dive into: How to identify and secure top-tier retail sites The evolution of drive-thru concepts and why they're dominating retail How tenant demand shapes development strategy The challenges of managing multiple projects at once Why triple-net leases are often called ‘mailbox money' and how investors think about them Chris also shares behind-the-scenes stories from working with national tenants like Starbucks, Dutch Bros, and Raising Cane's, explaining what makes a high-performing retail site and how shifting consumer trends are influencing real estate decisions. If you're interested in commercial real estate, retail development, or the business of site selection, this episode is packed with insights from someone who's been in the trenches and built a highly successful development business. Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Links: Links: Chris on X - https://x.com/chriswhatch The Dirt Dog Podcast on Spotify - https://open.spotify.com/show/0EyUYpLUMbJKqEzprNuLPM?si=e48d7ffc5ddb48a0 Topics: (00:00:00) - Intro (00:00:56) - Chris' Background and Career (00:05:36) - The Magic of Drive-Thrus (00:07:03) - Lessons from Early Real Estate Experiences (00:09:41) - Navigating the Real Estate Market (00:11:04) - The Evolution of Site Selection (00:13:35) - Building a Real Estate Portfolio (00:17:05) - Challenges and Strategies in Real Estate Development (00:32:44) - The Appeal of Triple Net Leases (00:40:53) - Retail Trends and Market Shifts (00:41:34) - Diversification in Retail Investments (00:43:38) - The Future of Gas Stations (00:45:07) - Impact of Cloud Kitchens (00:46:54) - Cap Rates and Popular Retail Tenants (00:50:36) - Challenges in Retail Development (00:58:38) - Managing Multiple Development Projects (01:15:50) - Favorite Hotels and Closing Thoughts

Katharine is CEO and Co-Founder of Stuf, one of Fast Company's World's Most Innovative Companies in 2022. She was named to Inc. Magazine's Female Founders 100 list in the same year. Katharine is passionate about reinventing consumer experiences in the physical world and leads the company's strategic vision and overall strategy in transforming the self-storage industry.     From 2015-2020, Katharine led supply growth at Industrious, the nation's largest premium shared workplace provider. She built and managed a 20+ person team and oversaw the company's rapid expansion while developing go-to-market strategies for new digital products and tenant experience services. As VP of Real Estate, Katharine pioneered an "industry first”  asset and liability-light growth strategy leading to CBRE's partial acquisition of Industrious in early 2021.     Prior to Industrious, Katharine worked at Equinox as Manager of Development, supporting the company's national expansion of luxury fitness clubs. She previously worked at L&L Holding Company and PGIM Real Estate (Prudential).   Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Links: Katharine on LinkedIn - https://www.linkedin.com/in/katharinelau/ Stuf - https://www.stufstorage.com/ Topics: (00:00:00) - Intro (00:01:06) - Katherine's career in RE/Hospitality (00:07:36) - Advice to young people in RE + AI (00:11:06) - Insights learned from development at Equinox (00:13:51) - Niche vs. expansive real estate (00:15:27) - Inside building a successful coworking space (00:29:40) - remote work philosophies (00:33:36) - Starting and building ‘Stuf' (01:12:00) - What would you like to be doing more or less in 3 years? (01:13:14) - How do you compete with your larger competitors? (01:15:19) - What was the most surprising thing you've gotten wrong in building Stuff? (01:23:08) - What's your favorite hotel?

In this episode of Masters of Moments, I sit down with Adam Guy to explore his unconventional path from Missouri to multi-industry success. Adam's journey started early—performing illusion shows at just seven years old—which soon evolved into a full-fledged business, booking corporate gigs across the Midwest. His entrepreneurial instincts didn't stop there. After a stint in basketball and communications studies at the University of Missouri, Adam dropped out to launch a wristband company, capitalizing on the craze sparked by Lance Armstrong's charity bands. That venture turned into a profitable exit, leading him into the hospitality space, where he transformed a small bakery and café into a $150 million-a-year powerhouse. Now, Adam is redefining luxury travel with Exclusive Vacations, creating a high-end vacation rental experience built on exceptional hospitality and premium amenities. We break down his strategic approach to real estate investment, property management, and business scaling, along with the mindset that has fueled his success across multiple industries. If you're passionate about entrepreneurship, hospitality, and game-changing business strategies, this episode is packed with insights you won't want to miss. Connect & Invest with Jake: Follow Jake on X: https://x.com/JWurzak 1 on 1 coaching with Jake: https://www.jakewurzak.com/coaching Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Links: Adam on LinkedIn - https://www.linkedin.com/in/adamguyceo/ Four Seasons: The Story of a Business Philosophy Topics: (00:00:00) - Intro (00:00:46) - Adam's background and career (00:06:53) - Setting up a factory in China (00:09:38) - Dropping out of College to pursue a career in the food industry (00:25:38) - Evolving the business from restaurants into food services (00:33:53) - Learning how to acquire a food-services business (00:50:09) - Life working for fraternities and sororities (00:58:58) - The impact of delivery apps on in-house food services (01:00:46) - The operations side of the business (01:11:23) - Adam's hospitality side-hustle

In this episode of Masters of Moments, I share my experiences in hospitality and real estate investment, from raising $6 million for a preferred equity deal to handling unexpected challenges in hotel management. I also discuss the shift toward experiential and lifestyle hotels and why smaller investment opportunities can offer strong returns. I also discuss how technology improves hotel operations, makes it easier to manage boutique properties, and the potential benefits of incorporating residences into hotel projects. I also break down key strategies for building strong investor relationships and navigating market trends. Other topics include: - Finding value in overlooked investment opportunities- Revenue strategies for hotel profitability- Lessons learned from setbacks in hotel operationsWhether you're new to hospitality or a seasoned investor, this episode offers practical insights on building and managing successful hotel projects.Connect & Invest with Jake:Follow Jake on X: https://x.com/JWurzak1 on 1 coaching with Jake: https://www.jakewurzak.com/coachingLearn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:00:51) - Exploring Estelle Manor: A New Hospitality Trend (00:02:46) - Insights from the Lodging Investment Conference (00:04:13) - Opportunities in Small Deals and Private Equity (00:06:54) - The Shift in Hospitality Preferences (00:08:06) - Challenges for Traditional Hotels (00:09:08) - The Rise of Experiential and Lifestyle Hotels (00:09:50) - Case Study: The Breakers Hotel (00:11:01) - The Middle Market's New Options (00:20:16) - Automating Small Hotels: A Success Story (00:28:24) - Scaling Challenges in the Hotel Business (00:28:56) - Dealing with Hotel Incidents (00:31:41) - Balancing Occupancy and Revenue (00:33:30) - Strategies for Managing Hotel Rates (00:37:55) - The Rise of Experiential Travel (00:43:47) - Incorporating Residences in Hotels (00:46:50) - Fractional Ownership and Real Estate Strategies (00:53:16) - Creating a Unique Hotel Brand (00:55:26) - Effective Communication for Raising Capital (00:58:41) - Conclusion and Final ThoughtsLinks:Estelle Manor - https://www.estellemanor.comThe Lodging Conference - https://www.lodgingconference.comHyatt Regency O'Hare Chicago - https://www.hyatt.com/en-US/hotel/illinois/hyatt-regency-ohare-chicago/ohareChicago Athletic Association Hotel - https://www.chicagoathletichotel.comMuse - https://www.muse.comSALTO Systems - https://www.saltosystems.comDIAMO - https://www.diamo.comCost.com - https://www.cost.comAutoCamp - https://www.autocamp.comBelmond - https://www.belmond.comLVMH - https://www.lvmh.comAll-In Podcast - https://www.allinpodcast.coCloudKitchens - https://www.cloudkitchens.com

Antonia Botero takes us on a deep dive into the evolution of taste in architecture, shaped by her experiences with historic buildings in New York City. We explore the power of intentional design—how the seamless blend of interior and exterior aesthetics can transform a space—and the unique challenges of adaptive reuse projects.Antonia also shares her journey from architecture to development, highlighting the adaptability and teamwork required to succeed in both fields. We unpack the complexities of working on legendary projects like the TWA Hotel, where every design choice plays a crucial role in crafting a cohesive and compelling space.To wrap up, we discuss the highs and lows of launching MADDPROJECT, the lessons learned along the way, and Antonia's favorite hotels around the world—places that embody design excellence and unforgettable experiences. If you're passionate about architecture, development, or the art of creating remarkable spaces, this episode is packed with insights you won't want to miss!Links:Antonia on LinkedIn - https://www.linkedin.com/in/antonia-botero-ra-ncarb-6473282b/MADDPROJECT - https://www.maddproject.com/Connect & Invest with Jake:Follow Jake on X: https://x.com/JWurzak1 on 1 coaching with Jake: https://www.jakewurzak.com/coachingLearn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:01:08) - How to develop taste & design insights(00:07:50) - Antonia's career(00:17:44) - How to pay architects and designers(00:19:53) - Office to residential conversions(00:30:38) - How do you run Maddproject today?(00:37:18) - GC experiences(00:44:33) - What would your clients say about your development management business?(00:46:57) - How did you get into hotels?(00:56:39) - Creating a vibe(00:57:59) - Common mistakes made (01:06:19) - Structuring a Development-Management company(01:23:25) - What is your favorite hotel?

In this episode of Masters of Moments, I take a step back to reflect on how far the show has come and express my gratitude to every listener who's been part of this journey. If you've been enjoying the conversations, I'd love for you to leave a review and send in your dream guest suggestions—your input helps shape the show's future!This time, I'm diving deep into the art of bringing a boutique hotel to life—from the first spark of an idea to the moment guests step through the doors. I break down the essential steps: crafting a compelling brand identity, assembling the perfect team (think top-tier designers, architects, lighting experts, and kitchen consultants), and setting a crystal-clear vision with a detailed mood board to shape every detail of the guest experience.I also explore the power of model rooms—why they're game-changers—and the importance of seamless coordination to ensure every element comes together flawlessly. Plus, I share insider tips on leveraging social media and building an online presence that makes your hotel stand out. Whether you dream of developing a boutique hotel or love the behind-the-scenes of hospitality design, this episode is packed with insights you won't want to miss!Connect & Invest with Jake:Follow Jake on X: https://x.com/JWurzak1 on 1 coaching with Jake: https://www.jakewurzak.com/coachingLearn How to Invest with DoveHill: https://bit.ly/3yg8PwoCheck out Sleeper Magazine - https://www.sleepermagazine.com/Topics:(00:00:00) - Intro (00:00:34) - Reflecting on 100 Episodes of Masters of Moments (00:02:08) - How to Conceptualize and Design a Hotel (00:04:12) - Creating a Vision Board for Your Hotel (00:09:43) - Hiring the Right Team: Designers and Architects (00:14:32) - The Phases of Hotel Design (00:17:51) - Additional Consultants and Model Rooms (00:23:12) - Final Steps: Technology, Marketing, and Launch (00:26:54) - Conclusion and Final Thoughts

In this episode, Jake emphasizes the importance of having a team for unbiased insights, building cushion into deals, and learning from both your mistakes and others. He shares an in-depth look at his process for underwriting hotel deals, including revenue assumptions, expense analysis, financing structures, and the role of pro forma models. Jake also touches on the significance of community and networking in the hospitality industry, leveraging past partners and peers for feedback and collaboration. From discussing a potential but ultimately avoided deal in New England to highlighting the benefits of working with branding agencies and interior designers, this episode is a masterclass!Connect & Invest with Jake:Follow Jake on X: https://x.com/JWurzak1 on 1 coaching with Jake: https://www.jakewurzak.com/coachingLearn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro (00:00:56) - The Value of a Hospitality Network (00:02:40) - Savannah Hotel Deal and Due Diligence (00:03:55) - Navigating Investment Strategies and Honest Feedback (00:06:23) - Underwriting Deals: A Case Study (00:08:53) - Seasonal Hotel Operations and Business Plan (00:15:03) - Evaluating Hotel Deals and Financial Metrics (00:25:28) - Short-Term Rental Opportunities (00:26:06) - Financing and Bridge Loans (00:27:52) - Pro Forma Metrics and Cash Flow (00:30:30) - Internal Memos and Investment Committee (00:32:34) - Lease to Buy Options and Master Leases (00:37:38) - Pro Forma Creation and Sensitivity Analysis (00:40:13) - Investor Returns and Deal Structures (00:45:38) - Design and Renovation Budgeting (00:50:26) - Final Thoughts and Q&A

Matthew Baron is the Founder and President of BPG, Formed in 2021, BPG has an active development pipeline totaling nearly 4 million square feet and over 3,600 new residential units, valued at over $2 billion. Under Matthew Baron's leadership, the company's current portfolio includes large-scale mixed-use and rental residential development projects in Long Island City, Queens, and Manhattan's Washington Heights neighborhood, as well as the Miami metro area cities of Hialeah and Coral Gables.Baron Property Group is a vertically integrated real estate development and investment firm. Leveraging over 30 years of real estate experience, they develop residential and commercial properties nationwide, emphasizing New York, Miami, and Los Angeles.Connect & Invest with Jake:Follow Jake on X: https://x.com/JWurzak1 on 1 coaching with Jake: https://www.jakewurzak.com/coachingLearn How to Invest with DoveHill: https://bit.ly/3yg8PwoLinks:Baron Property GroupMatthew on LinkedInTopics:(00:00:00) - Intro(00:01:10) - Life in NY RE(00:3:00) - Matthew's early career(00:18:27) - Matt's first deal(00:23:52) - Pivoting into hotels(00:28:08) - Starting a company during the GFC(00:31:23) - Focusing on MF development(00:34:36) - Mitigating risk(00:36:30) - Location nuances(00:42:03) - Design and construction(00:46:24) - What's stopping you from developing more projects?(00:51:23) - Dealing with Unions(00:53:01) - Getting into the Miami market(00:54:10) - Identifying partners(00:59:52) - Building out a team(01:02:20) - What are you most worried about in the business?(01:05:42) - What's the biggest opportunity in Miami?(01:09:07) - Hold strategies(01:11:08) - What is your favorite hotel?

On this solo episode, we deep-dive into common mistakes when investing in the hospitality space. Enjoy!Connect & Invest with Jake:Follow Jake on X: https://x.com/JWurzak1 on 1 coaching with Jake: https://www.jakewurzak.com/coachingLearn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:02:19) - There is no substitute for experience(00:05:00) - Location, location, location!(00:19:54) - Broken business plans(00:29:52) - Cost overruns(00:34:52) - Misunderstanding customer needs(00:36:19) - Ground-up developments

In this episode, I sit down with Avi Greenbaum to discuss his entrepreneurial journey and the decisions that defined his career. Avi shares his early ventures, including trading baseball cards as a child and running a travel business in college, which laid the groundwork for his approach to business. We explore how his ability to spot opportunities and his drive led him from Wall Street trading desks to ventures in software, real estate, and more.Our conversation dives into Avi's entry into real estate, where he recounts his first deal in condo conversions and how he handled financing, zoning, and market trends. Avi explains how he built teams, used creative financing structures, and launched a mortgage bank to support his projects. His insights into market cycles and strategic pivots offer lessons in risk management and adaptability.We also explore Avi's ventures in urban redevelopment, including his work in Delray Beach, Florida. From assembling parcels of land to transforming properties, Avi's stories are full of lessons on perseverance, negotiation, and vision. This episode provides practical wisdom and a behind-the-scenes look at how Avi turned entrepreneurial efforts into success.Connect & Invest with Jake:Follow Jake on X: https://x.com/JWurzak1 on 1 coaching with Jake: https://www.jakewurzak.com/coachingLearn How to Invest with DoveHill: https://bit.ly/3yg8PwoLinks:Triple Double RE - https://www.tripledoublere.com/Avi on LinkedIn - https://www.linkedin.com/in/andrewgreenbaum/Topics:(00:00:00) - Intro(00:01:36) - Avi's background and career(00:25:46) - Getting deals done in South FL in the GFC(00:52:34) - How to negotiate well(01:11:02) Avi on Workforce housing (01:24:26) - Hotel conversions(01:33:22) - What deals won't you do?(01:39:14) - The state of Office(01:52:54) - What's your favorite hotel?

Isaac French crafts micro-resorts & boutique hotels. He designed, built, and sold the massively popular Live Oak Lake in Waco, Texas for $1M per key. He also founded Experiential Hospitality, an exclusive course and community for the next generation of hospitality trailblazers.On this episode, Jake and Isaac discuss:Building and Selling Live Oak LakeWhat's next for IsaacNaivety as an advantageLinks:Isaac on XExperiential HospitalityConnect & Invest with Jake:Follow Jake on X: https://x.com/JWurzak1 on 1 coaching with Jake: https://www.jakewurzak.com/coachingLearn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:02:19) - The Nook(00:10:21) - Landscape hotels(00:14:47) - Getting into the hospitality business(00:21:44) - Building Live Oak Lake(00:44:57) - The numbers behind Live Oak Lake(01:04:02) - Selling Live Oak Lake(01:11:56) - What's next?(01:26:12) - Naivety as an advantage(01:30:50) - What is your favorite hotel?

In this episode, we dive deep into the complexities and opportunities of converting older mom-and-pop motels into modern, vibrant lifestyle hotels, particularly in resort areas. We discuss the importance of understanding the market, creative financing options, successful case studies, programming and amenities, renovation scopes and plans, and risk management.Additionally, we cover listener questions on negotiating deals, alternative financing methods, and enhancing the online presence of independent hotels.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(00:02:17) - Converting Motels into Lifestyle Hotels(00:04:02) - Case Studies of Successful Conversions(00:08:53) - Market Considerations for Hotel Conversion(00:16:48) - Programming and Amenities for Modern Motels(00:19:19) - Renovation Scope and Design Tips(00:23:41) - Underwriting and Financial Considerations(00:30:06) - Q&A Session: Institutional Buyers and Revenue Potential(00:37:32) - Understanding Commission Structures in Hotel Bookings(00:37:50) - The Importance of a Compelling Website(00:39:16) - Leveraging Social Media and Influencers(00:41:40) - Outsourcing E-commerce and Revenue Management(00:42:25) - Challenges with Hotel Websites(00:46:47) - Negotiation Strategies for Buying Hotels(00:55:38) - Alternative Financing Methods(00:58:46) - Converting Motels to Multifamily Units(01:01:51) - Boutique Hotel Renovation Costs(01:06:41) - Networking and Financing in Hospitality(01:09:53) - Closing Remarks and Podcast Information

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 the 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 ExperienceBuilding a Restaurant in RomeScaling LDV to a Global levelLeadership LessonsLinks:LDV Hospitality: https://ldvhospitality.com/Ralph's Restaurant in Paris: https://www.ralphlauren.co.uk/en/global/ralphs-paris/7120Outliers 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 TwitterTake the Hospitality Investing MasterclassLearn How to Invest with DoveHillTimestamps:(00:00:00) - Intro(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?

As Managing Partner, Chris oversees all of the company's development and sales activities. With East West pioneering new communities in Charleston, Denver, Snowmass, Deer Valley and Kauai, Chris works with folks from coast to coast and helps guide these destinations toward the future. From his perspective, the agenda is actually quite simple, “We build places that put people first, where the experience drives design and sustainability governs construction techniques.”Chris is a founding member and the board President for the Civic Center Conservancy, the City of Denver's private partner at Civic Center Park. He is also Board Chair for the Rocky Mountain chapter of the Young Presidents' Organization, and a member of the Board of Governors' for the Denver Metropolitan Chamber of Commerce.On this episode, Jake & Chris discuss:- How they find deals- East West's acquisition process- Setting up multiple offices to enhance the development flow- The difference between condos & hotels and how to make it work- Large scale resort development- Managing riskConnect & Invest with JakeFollow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoLinks:Chris on LinkedIn - https://www.linkedin.com/in/cframpton1/East West Partners: https://www.ewpartners.com/Petit St. Vincent - https://www.petitstvincent.com/Cayo Espanto Beliz - https://aprivateisland.com/The Soho Grand NYC - https://www.sohogrand.com/One Hotel Hanalei Bay - https://www.1hotels.com/hanalei-bayTopics:(00:00:00) - Intro(00:02:05) Chris' career in real estate(00:12:17) East West's focus on providing value to buyers(00:16:39) East West's PM approach(00:19:51) An inside look at the 3 companies within EastWest(00:26:08) How has the organization changed in your time there?(00:30:19) How did you expand to all these different markets while maintaining the core value of living where you work?(00:35:04) What incentives worked when giving ownership to employees?(00:38:35) How have you been able to survive real estate cycles and maintain a massive development pipeline?(00:43:17) Fee Development for another party(00:49:15) Is there room for more master resorts?(00:51:32) What was your greatest investment?(00:54:24) How are you capitalizing deals?(00:57:02) How do you approach reporting?(01:01:18) Is there a mistake that you made that lingers for you?(01:04:09) How are you managing risk through the acquisition pipeline?(01:11:17) How do you structure a Condo Hotel?(01:19:28) What is your favorite hotel?

Chris Pronger is a former NHL MVP who played 19 years in the league before embarking on his journey into entrepreneurship with his adult beverage business.JRNY is a Canadian whisky created by the Brothers Sean and Chris Pronger with award-winning distillery Niagara Falls Craft Distillers Whisky. On this episode, Jake and Chris discuss:- Life in the NHL, mistakes, and lessons learned- Developing a professional mindset in athletics and business- Launching JRNY and competing in the beverage marketCheck out JRNY here: https://jrnyspirits.com/Topics:(00:00:00) - Intro(00:04:34) - How youth sports have changed(00:09:44) - Developing a professional mindset in athletics(00:12:01) - Misconceptions about leadership in pro sports(00:14:36) - What it takes to play 19 years in the NHL(00:16:37) - Transitioning back to civilian life(00:19:18) - Mentors & investing(00:33:32) - Discovering yourself after retiring(00:39:27) - Launching a whiskey brand(00:52:02) - Bouncing back from failure(00:53:24) - How to pick great partners in business(00:58:51) - Competitive advantages(01:01:17) - Brand inspirations(01:06:32) - Building relationships(01:08:57) - Chris' real estate strategy & career reflections(01:24:56) - 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

In this special coaching-call episode, we deep dive into what has made Blackberry Farm a successful hospitality operation before getting into some Q&A where we discuss:- Advice to independent developers- Operating agreements w/ restaurants- Scaling w/ investors vs. bootstrapping & a ton 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/3yg8PwoTopics:(00:00:00) - Intro(00:04:38) - Inspirations from Blackberry Farm & Blackberry Mountain(00:21:14) - Advice to independent developers(00:25:40) - Operating agreements with third-party restaurants(00:35:27) - Purchasing an existing hotel vs. developing from the ground up(00:44:12) - Pop-up hotel experiences(00:48:03) - Scaling with investors vs. bootstrapping(00:55:05) - The risk of betting on newer brands(01:00:21) - Creating a case for a market where there's little data available to pull

Gabe has led more than $50mm of multi-family investments in metro Denver, across more than 500 apartment units in Denver, Lakewood and Aurora. Gabe is also the co-manager on over $25mm of multi-family investments (164 units) in Los Angeles.On this episode, Jake & Gabe discuss: Going from Wall St. into Real EstateBuilding Generational WealthRaising CapitalExecuting Value-Add Strategies Links:Gabe on TwitterTekton Group 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 Topics:(00:00:00) Intro(00:01:48) Going from Wall St. into Real Estate(00:09:38) The desire to create generational wealth(00:11:14) Balancing raising capital while building wealth in assets(00:14:26) What are some key principles you abide by to protect you against being a forced seller?(00:20:15) Waiting for the Fat Pitch(00:25:46) Can you define sub-institutional real estate and what are some market inefficiencies you see around the asset class?(00:30:43) How do you find deals?(00:34:07) A walkthrough of a deal that closed 2 weeks later(00:39:01) How do you execute quickly on your value-add strategy?(00:43:03) What's the structure of your fund and why did you decide to have a fund?(00:47:48) What did you learn from the first and second funds that you'll implement in the third?(00:59:18) Have you thought about deals that you never want to sell?(01:02:28) What have you learned from your worst deal?(01:06:23) Getting tenant feedback for Capex(01:08:26) Gabe's philosophy around 3rd party managers(01:12:15) What are your goals over the next 3 years?(01:17:12) What is your favorite hotel?

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 dealGrowing Arbor Lodging and building a vertically integrated management teamMaintaining efficient deal pipelinesConverting Hotels to Multifamily Links:Vamsi on LinkedInArbor Lodging PartnersThe Grand Hyatt Kauai Connect & Invest with Jake:Follow Jake on TwitterTake the Hospitality Investing MasterclassLearn How to Invest with DoveHill Topics:(00:01:50) - Vamsi's journey into Hospitality(00:06:38) - What happened in your first deal?(00:08:05) - How did you raise money for the deal?(00:10:41) - Looking back, what were some of the questions you should have asked in your first deal?(00:12:14) - How did you structure the deal with investors?(00:12:57) - Hospitality as a complex asset(00:14:51) - Were you looking for broken RE deals early on in your career?(00:17:15) - When did you start to grow your team?(00:18:57) - What made you decide to bring management in-house?(00:21:20) - Did institutional partners start to flow in once you became vertically integrated?(00:22:04) - How has your philosophy been shaped by doing deals in markets outside your own backyard?(00:25:36) - How do you and your partner figure out what deals and markets you'll focus on?(00:28:21) - How do you keep your acquisitions team incentivized and motivated?(00:31:45) - How do you make sure your deal pipeline is as efficient as possible?(00:32:52) - What is your strategy for 2023?(00:34:58) - Are you looking at converting Office to Hotel?(00:39:40) - Do you have separate capital for Debt and Equity?(00:42:36) - How do you make the economics work at scale?(00:45:26) - Why do you work with institutional partners vs. syndicating deals?(00:53:30) - At what point did you start viewing the management side as its own business?(00:58:31) - 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?

Patrick Carroll is the founder and CEO of CARROLL, a prominent real estate investment company. From a young age, Patrick Carroll envisioned building a real estate company from the ground up. The ambitious entrepreneur leveraged what was initially a multi-family and retail assets company into a leading real estate empire. As CEO, Patrick helps define and implement strategic plans designed to further expand all facets under the CARROLL portfolio. As a disciplined investor, Patrick carefully balances acquisitions and dispositions, and has led to $12.1 B in acquistions and $8.8 B in dispositions of multifamily real estate producing an average gross IRR of 29%.Founded in 2004, CARROLL marked the beginning of Patrick's real estate investment and development career. Patrick's early success in the industry came from residential investments and developmental projects across the Southeast, which, in turn, produced the opportunity to develop retail centers, mixed-use properties, and student housing.In 2009, Patrick acquired three property management companies, creating the large-scale infrastructure for what CARROLL is today. Compounding on his experience with investment, property management, development, and construction, Patrick has taken a modest initial investment and cultivated that into a 30,000-unit portfolio.Links:Patrick CarrollPatrick on InstagramConnect & 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(00:02:41) - Patrick's transition from house-flipping to multifamily(00:14:07) - What was your deal criteria early on?(00:19:42) - How were you finding deals?(00:23:30) - How did you scale?(00:31:54) - Building a profitable management company(00:33:55) - Raising capital & getting deals done(00:49:14) - The buy-fix-sell strategy(01:06:18) - Pausing deals post-covid(01:08:51) - Selling the business(01:17:03) - Thoughts on the market today(01:24:24) - Mental health(01:29:35) - What's your favorite hotel?

Highgate is internationally recognized as a dominant operator across diverse markets and asset types. They have arms in asset management, development, investor management, and technology that have helped grow them into one of the most successful hospitality companies in the world. On this episode, Jake & Arash discuss:Key components to creating an amazing branded hotel,F&B strategies and why it's such an important aspect of hospitality,Learnings from working with Barry SternlichtAcquiring and scaling brands.Connect & Invest with Jake:Follow Jake on TwitterTake the Hospitality Investing MasterclassLearn How to Invest with DoveHillLinksHighgateArash on LinkedInThe Viceroy Hotel: Sugar Beach at St. LuciaTimestamps(00:00:00) Intro(00:02:38) How do you experience a hotel when you travel and what are you looking for?(00:05:29) How did you get started in this industry?(00:09:54) What about your journey has shaped how you are as a leader and how you build brands?(00:13:02) What are some key elements that separate Hospitality characters from Hospitality business folks?(00:15:16) How are you making sure employees are bought in?(00:19:20) How many hotels fall under your portfolio?(00:21:39) Where are you spending the majority of your time day to day?(00:23:57) Is there an optimal scale to justify implementing Business Intelligence technology?(00:27:24) What was most surprising to you when you joined High Gate?(00:29:12) Do you see branded hotels growing or shrinking?(00:33:20) Are you working on creating new brands?(00:42:45) F&B Strategies and amazing restaurant operators(00:53:54) What are some of the things you learned working with Barry Sternlicht?(00:57:31) What are some best practices for prioritizing your work?(01:00:46) How are you trying to grow the business?(01:04:01) Have you been looking at acquiring brands that your infrastructure is uniquely equipped to scale?(01:07:01) What mistakes do you see most often from operators and investors?(01:09:50) What are you seeing in the market forecast?(01:11:47) What is your favorite hotel?

In this special coaching-call episode, we talk about overcoming the unexpected challenges that often pop up in real estate projects and how to communicate effectively with investors when things don't go as planned. We also break down how to structure hotel operating businesses, including why it can be a good idea to use separate LLCs, how to handle employee benefits, and the advantages of S corporations for tax savings.On top of that, we get into the nitty-gritty of managing hospitality and food & beverage operations, touching on both tax considerations and the complexities of construction contracts, including GMP savings. You'll also hear some strategic tips on how to scale your investments, make the most of unique property features, and create innovative F&B concepts that not only enhance guest experiences but also boost profitability. 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(00:02:31) - Delivering bad news to investors(00:09:33) - Operating companies vs. property company structures(00:02:27) - Structuring branded residences(00:23:45) - Structuring for a F&B Leased to a third party(00:34:09) - Incentive structures for construction management(00:40:55) - Getting comfortable with first-time operators(00:49:13) - Why first-time hoteliers fail(00:58:15) - Best practices for getting a liquor license

As the CEO of BTI Partners, Noah brings over 30 years of real estate finance, construction and development experience to the table with over $3.5 billion in transactions across a wide variety of asset classes.On this episode, Jake and Noah discuss:- Spotting patterns in cycles to take advantage of- Debt positioning- Identifying great locations- Biggest makes for folks getting into the land businessLinks:BTI Partners: https://btipartners.com/Noah on LinkedIn: https://www.linkedin.com/in/noah-breakstone-97ba576/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(00:01:41) - Noah's background and career in development(00:11:31) - Spotting patterns in cycles to take advantage of(00:14:43) - Hold periods and investment horizons(00:17:02) - Asset class approach(00:22:53) - Debt positioning(00:25:49) - Finding the right partners(00:27:51) - Why did you choose to only operate in Florida?(00:31:02) - Identifying a great location(00:32:50) - Long-term concerns for Florida(00:35:37) - Build for Rent opportunities(00:41:28) - Does education play a role when looking at land?(00:44:34) - Housing(00:56:30) - The impact of distribution centers(00:59:28) - Biggest mistakes people make getting into the land business(01:05:01) - How do you know if you're overpaying or getting a great deal?(01:07:21) - Identifying a slow-down(01:16:47) ) - How has your leadership style changed over time?(01:21:25)- What's your favorite hotel?

Adler Real Estate Partners is an entrepreneurial real estate company pursuing a vertically integrated niche strategy which invests in multi-tenant light industrial and related business parks. The Company is highly focused on a specific market sector, enabling it to generate favorable risk-adjusted returns.Formed in 2012 as an independent company, the firm carries in its DNA the successful 50-year track record of acquiring and operating multi-tenant commercial real estate assets of Matthew Adler's legacy family business, the Adler Group.On this episode, Jake and Matt discuss:- How the fund investing model has changed risk appetite- Adding value as an operator- Matt's investment strategy- Creating incentives and deal structures- Surviving without a promote- Raising capitalConnect & 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/3yg8PwoLinks:Adler Real Estate PartnersSolo Ep on feesFour Seasons Golden Triangle ThailandTopics:(00:00:00) - Intro(00:02:00) - The post-covid industrial space(00:05:02) - Key moments in Matt's career(00:08:40) - Gross-to-Net spread(00:09:59) - How the fund investing model has changed risk appetite(00:14:11) - Adding value as an operator(00:16:54) - Matt's investment strategy(00:26:10) - Creating incentives and deal structures(00:38:05) - Surviving without a promote(00:42:29) - Raising capital(00:50:34) - Characteristics of a successful reporting memo(00:53:43) - Managing the business weekly(00:57:13) - Acquisitions people vs. asset managers(01:02:12) - The 3 KPI's that determine whether to pursue a deal(01:06:57) - Acquisitions and investment size(01:09:24) - Sourcing deals(01:11:54) - Thoughts on debt(01:13:35) - What's your favorite hotel?

This episode is a deep dive into Preferred Equity with audience Q&A. Enjoy!Connect & Invest with Jake:Follow Jake on TwitterTake the Hospitality Investing MasterclassLearn How to Invest with DoveHillTopics:(00:00:00) - Intro(00:02:32) - Introducing preferred equity(00:06:15) - Preferred equity and returns(00:13:03) - Last Dollar Basis(00:15:55) - Basic structures of preferred equity(00:19:30) - Control and rights(00:20:50) - Non-subordination(00:23:50) - Preferred Equity doesn't need to be paid current(00:25:05) - Pitfalls(00:27:49) - Terms(00:30:38) - Why Preferred Equity is Better than Private Credit(00:33:11) - Deal sizes for Preferred Equity(00:39:20) - Common objections(00:41:35) - Q&A

Opterra Capital is real estate investment sponsor and operating partner, capital markets advisor, and asset manager with significant experience in all sectors of commercial real estate. Founded by Glenn Alba, a former Managing Director at Blackstone with over 23 years experience in real estate, Opterra Capital seeks to leverage this expertise towards value-add acquisition and proactive investment management to deliver attractive, risk-adjusted returns.Opterra's core investment strategies focus on both value-add (opportunistic) and stabilized, income-oriented assets in the hospitality, office and multi-family sectors. Our approach seeks to capitalize on mid-market opportunities in the $25 -150 million range in the United States, Canada, and the Carribean. Our investment strategy is strongly influenced by our deep asset management experience to identify the proper capital repositioning, cost reduction and operating leverage opportunities inherent in each asset to maximize returns to investors.On this episode, Jake & Glenn discuss:Glenn's experience at Blackstone and it's influence on starting OpterraHow they evaluate dealsThe 'no-assholes' policyDeveloping an asset management platformAcquisitionsLinks:Opterra CapitalGlenn 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/3yg8PwoTimecodes:(00:00:00) - Intro(00:01:01) Glenn's career at Blackstone and the decision to leave(00:06:39) Rolling the Blackstone mentality into Opterra(00:08:09) Glenn on falling in love with Hospitality(00:09:57) How Blackstone shaped Glenn's Investment Perspective(00:13:02) How Opterra evaluates deals(00:16:54) Opterra's capital strategy(00:19:15) Converting Office into a Luxury Hotel(00:23:49) Structuring a business to be focused on doing what you want to do(00:26:35) The ‘no-assholes' policy(00:32:46) Post-Pandemic approach to doing deals(00:34:29) Qualities behind great RE investors and asset managers(00:39:01) Developing an asset management platform(00:44:11) Implementing processes at Opterra(00:49:19) Acquisitions processes(00:57:49) Areas in Hospitality ripe for disruption(01:04:56) How have the past 3 years informed your decisions for the next 5 years?(01:09:58) How do you know when to sell?(01:15:32) What's your favorite hotel?

Mahavir Patel is President & CEO of Aatmos, which focuses on investing in communities with growing demand and limited supply, investing in capital and culture. They partner with Marriott, Hilton, and IHG, as well as some of the most provocative creatives and curators in the country. Links:AatmosMahavir 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(00:02:42) - Managing a lifestyle hotel with Marriott(00:19:08) - Differences between Mom & Pop style hotels vs. major brands(00:12:51) - The clash between old-school and new-school hospitality(00:16:01) - What do most people underestimate about hospitality?(00:19:55) - Converting a motel into a lifestyle hotel(00:32:25) - What did you miss in this project?(00:39:33) - F&B(00:44:12) - What are you doing less of as you do these conversions?(00:47:57) - The inspiration of Blackberry Farm(00:52:04) - How do you make your sub-100-key hotels profitable?(00:57:47) - The inn-keeper concept(01:07:41) - Where do you want to be in 5 years?(01:08:49) - What's your favorite hotel?

Cyrus Vazifdar is a Managing Director in the Hospitality Investment Advisory practice at Hodges Ward Elliott. He specializes in institutional-grade hotel and resort property transactions throughout North America, including investment advisory and equity placements.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/3yg8PwoLinks:Cyrus on LinkedIn HWETopics:(00:00:00) - Intro(00:03:41) - Cyrus career in Hospitality brokerage(00:10:22) - The growth around the Miami area(00:12:58) - Hospitality brokers vs. other asset classes(00:16:06) - Gauging the credibility of brokers(00:19:18) - Broker stories(00:21:08) - What's the biggest difference between the blackstones and owner-operator groups?(00:23:54) - Thoughts on the state of commodity hotels(00:29:32) - Pivoting into ultra-luxury hospitality(00:34:36) - What does Ultra luxury mean to you?(00:36:42) - The importance of Brand(00:39:39) - What insights have you gained in making an ultra-luxury property profitable?(00:42:52) - Development approaches(00:50:00) - Fund Structure(00:53:07) - Planning and Hold timelines(01:00:39) - How are ultra-luxury hotels making money?(01:03:48) - Operations and management(01:05:36) - Why would you pass on a deal?(01:09:53) - Why is ultra luxury your best bet?(01:15:38) - What is your favorite hotel?

Austin co-founded Pacaso to make the dream of second home ownership a reality for more people after experiencing the profound effect it had on his own life. Pacaso is Austin's second startup. In 2008, he founded Dotloop in his hometown of Cincinnati, a company that created software to seamlessly manage real estate transactions. Zillow acquired Dotloop in 2015, and Austin continued to run Dotloop as a Zillow executive until 2018. Links:Austin on LinkedInThe Pacaso BackstoryConnect & 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(00:02:31) - Austin's career in RE(00:08:54) - Building DotLoop(00:25:52) - Selling the business to Zillow(00:28:33) - The future of RE agent commissions(00:34:09) - Building Pacaso(00:41:05) - Raising capital for the business(00:48:43) - Revenue opportunities(01:01:45) - Market selection(01:05:18) - Master-plan resort communities(01:10:48) - International markets(01:14:12) - Most common objections (01:15:43) - Challenges in seasonal markets(01:16:55) - Financing in a co-ownership structure(01:18:42) - 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/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's primary focus centers on luxury residential properties, prime land holdings, office spaces, and mixed-use assets strategically positioned in prime locations. BH Group mitigates risk exposure by targeting large-scale, value-adding prospects within specialized markets while maximizing returns. BH Group has forged partnerships with leading real estate firms in the United States, successfully completing over 1,100 luxury residential units, with an additional 10,000 units in progress.Links:BH Group - https://www.bhgroupmiami.com/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(00:02:33) - Isaac's upbringing in Israel and career(00:06:56) - Coming to the United States and the love for Florida(00:12:38) - What are your partner's perceptions of you?(00:15:57) - How do you think about risk and diversification?(00:17:39) - How involved are you in the deal process?(00:20:11) - What have you learned about simplicity in complicated transactions?(00:25:36) - A walkthrough of a condo development(00:34:18) - Target returns & deal structures(00:37:25) - How are you compensated for your work?(00:39:57) - What area of Florida are you interested in investing in?(00:42:59) - Timing construction with sales(00:46:56) - Branding(00:51:59) - The future of Florida(01:00:09) - Isaac's biggest mistake, marriage, and parenting(01:02:41) - Negotiation(01:05:04) - What is your favorite hotel?

Sean is a Principal and Managing Partner of Trinity Investments as well as the President and Chief Executive Officer of Trinity Investments and Trinity Fund Advisors LLC. He oversees the firms' investment activities, including sourcing and executing investment opportunities, formulating investment strategies, and structuring acquisitions and dispositions. Prior to joining Trinity, Mr. Hehir worked for HVS International.Mr. Hehir received a Bachelor of Science Degree in Hotel Administration from Cornell University and a Diploma in Hotel Administration from the Hotel Institute Montreux, Switzerland.On this episode, Sean and Jake discuss:Executing $500m of renovation projectsRaising capitalFostering a no-asshole cultureStrategies and deal criteriaConnect & 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/3yg8PwoLinks:Sean on LinkedInTrinity InvestmentsTopics:(00:00:00) - Intro(00:02:11) Sean's journey from Botswana to the United States(00:06:50) Influences on Sean's investment decisions(00:07:56) Where do you see hotel labor moving within the US?(00:10:31) How did you learn to be an investor?(00:13:49) Why drew you to hospitality?(00:16:25) Does being in Hawaii make you feel left out?(00:17:53) What trends are you focusing on now that will pay dividends in the next decade?(00:22:10) Executing $500m of renovation projects(00:26:02) Raising Capital(00:27:48) Do you fear more pain in the hotel industry?(00:29:39) Where will you be investing as we enter another cycle?(00:31:18) Learnings from the GFC(00:33:04) What is a GP fund?(00:36:43) How do you go to major banks and borrow from them?(00:39:57) How do you design your fee structure?(00:40:55) What did you learn from the GFC that showed you the massive opportunity coming from Covid?(00:45:41) How do you think about the enterprise value?(00:48:16) Thoughts on WFH from a business owner perspective(00:51:19) Fostering a no-asshole culture(00:52:36) The process of raising funds(00:59:28) How do you execute your business plan with an existing manager in place?(01:02:18) How do 4 Seasons and Hilton differentiate in their focuses?(01:04:07) Navigating luxury F&B and discussing deals(01:12:05) Strategy and deal criteria(01:12:08) Micro resorts(01:25:23) What makes a great partner?(01:29:00) What is your favorite hotel?

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 businessHow to build successful partnershipsCreating long-term investment structuresLinks: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 organizationConverting Office to ResidentialDeveloping Hotel PropertiesIncentivizing teams and developing cultureLinks: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?

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.On this episode, Jake & Scott discuss:Important retail trends that will shape the next decadeThe science of placemakingThe opportunity for OfficeWorking with Family Office InvestorsBuilding Torose EquitiesConnect & 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 dealsAvoiding competing with institutional capitalStructuring deals for acquisitions vs. developmentsThe advantages of being vertically integrated -Casey's 6-month sabbatical and how to have your company be successful without youConnect & 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

In 2004, Scott and his father, Bob, started Moss. Together they created the company's first winning presentation and managed the company's first project. Today, Moss employs over 1,600 people across the US with revenue exceeding $3 billion. As CEO of Moss, Scott inspires and empowers his team to create the exceptional. His innate curiosity drives a culture of continuous learning where insight, engagement, and determination define an individual's success. Links: Scott on LinkedIn Moss Construction The Palace in St. Moritz Connect & Invest with Jake: Follow Jake on Twitter Take the Hospitality Investing Masterclass Learn How to Invest with DoveHill Topics:(00:00:00) - Intro(00:02:50) - Scott's career in construction(00:12:56) - Do you set goals every year or every 5 years?(00:13:50) - How has the construction market changed over the past 10 years?(00:16:21) - Are you seeing non-diversified companies go under?(00:17:44) - How do you select new markets?(00:20:51) - How do you think your customers view your company?(00:23:19) - What are some mistakes you see developers make?(00:27:40) - When should people start the conversation with their General Contractor?(00:29:53) - What are your first steps when you begin a project?(00:33:19) - When a market is lacking sub-contractors, do you ever bring in subs from out of the market?(00:34:48) - What's changed in your strategy over the past 5 years?(00:37:53) - How do public and private jobs differ?(00:41:23) - Scott's Vision Leadership Council(00:48:38) - Can you repair trust once it's broken?(00:50:24) - How do you view your role with regard to this council?(00:51:32) - How do you ensure your culture scales with the company's growth?(00:56:59) - What meetings are you attending that help you keep a pulse on the business?(01:01:18) - Where is most of your energy spent on a weekly basis?(01:04:13) - What are your goals for the solar side of the business?(01:06:04) - How much does China impact the future of your business?(01:09:40) - Are you seeing any major shift in your industry right now?(01:15:23) - How are you building Moss to be a generational business?(01:21:32) - What is your favorite hotel?