In this episode, I break down why hotel deals have become one of the most misunderstood investment categories in real estate. The industry has undergone a structural shift, but most investors are still underwriting hotels as if it’s 2013. We unpack the core truth: you’re not buying a building, you’re buying a business that operates inside a building. And the volatility of that business hits your returns every single day.

We dig into the operational risks, the tech-driven transformation of hotel economics, and the new hybrid CapEx model that makes modern operators look more like venture-backed startups than traditional hospitality players. Then we map where capital is actually moving, Saudi, Dubai, Greece, and why each market requires a completely different underwriting lens.

From brand consolidation to brand confusion, from pricing power to cultural relevance, from green leases to aligned incentives, this episode breaks down how value is actually created and destroyed in hotel investments today.

If you want to understand why hotel deals succeed or implode, this episode tells you exactly where to look, and what questions actually matter.

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