Daniel has more than forty years of specialized experience worldwide in hospitality-related: real estate appraisals, economic feasibility evaluations, investment counseling, asset management, receivership, and transactional services of hotels, resorts, conference centers, casinos, mixed-use facilities, spa & wellness properties, and timeshare/fractional ownership properties. On this episode, Jake and Daniel discuss: The Hospitality Investing environment in 2023 Approaches to underwriting deals What deals make sense as we enter a new cycle Links: LW Hospitality Advisors Daniel on LinkedIn Four Seasons Anguilla   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 (00:02:29) Daniel’s journey into hospitality (00:07:19) What’s changed operationally and in investing over the past 40 years in hospitality? (00:09:50) What was the most impactful thing you learned from your time in Switzerland? (00:10:42) The Customer is always right (00:12:07) How do you get people comfortable with the operating side of hospitality? (00:16:29) A walkthrough of advising someone buying via auction (00:20:52) How do you think about Brand Managers? (00:22:15) What are the characteristics of a great hospitality investor? (00:24:50) What hospitality deals could be replicated as we enter a new cycle? (00:29:19) How do you view hotel REITs? (00:30:13) Are you seeing any shifts in how people are investing in hospitality? (00:34:08) What are the major considerations when underwriting a 10-year vs. 5-year hold? (00:38:05) Are you seeing shifts in new investors coming into the market? (00:40:35) What has been most surprising to you about this industry? (00:44:03) What are the most important things when owners are bringing in 3rd party management? (00:46:49) What are the most common frictions between managers and owners? (00:47:55) How do you think about investing in your assets on an ongoing basis? (00:49:54) What are you seeing in experiential hospitality? (00:53:26) Are there certain categories that you view as more challenging in experiential? (00:56:35) Tailwinds from the Pandemic & Airbnb’s shadow supply (01:02:30) If you had $100m right now, how would you deploy it? (01:06:18) What is your favorite hotel?