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.

This episode was originally released November 2023

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 business

Links:

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/jwurzak

Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/

Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo

Topics:

(00:00:00) - Intro

(00:01:41) - 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.

This episode was originally released December 2023

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 capital

Connect & Invest with Jake:

Follow Jake on Twitter: https://twitter.com/jwurzak

Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/

Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo

Links:

Adler Real Estate Partners

Solo Ep on fees

Four Seasons Golden Triangle Thailand

Topics:

(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 Twitter

Take the Hospitality Investing Masterclass

Learn How to Invest with DoveHill

Topics:

(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.

This episode was originally released July 2023

On this episode, Jake & Glenn discuss:

Links:

Opterra Capital

Glenn on LinkedIn

Connect & Invest with Jake:

Follow Jake on Twitter: https://twitter.com/jwurzak

Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/

Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo

Timecodes:

(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:

Aatmos

Mahavir on LinkedIn

Connect & Invest with Jake:

Follow Jake on Twitter: https://twitter.com/jwurzak

Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/

Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo

Topics:

(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/jwurzak

Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/

Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo

Links:

Cyrus on LinkedIn

HWE

Topics:

(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 LinkedIn

The Pacaso Backstory

Connect & Invest with Jake:

Follow Jake on Twitter: https://twitter.com/jwurzak

Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/

Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo

Topics:

(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/jwurzak

Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/ 

Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo

Timestamps

(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/jwurzak

Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/

Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo

Topics:

(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:

Connect & Invest with Jake:

Follow Jake on Twitter: https://twitter.com/jwurzak 

Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/

Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo

Links:

Sean on LinkedIn

Trinity Investments

Topics:

(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?