From Motel Kid to Hotel Broker: Inside Today's Hotel Market with Suraj Bhakta

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Suraj Bhakta grew up living inside his parents' motel and swore he would never work in hotels. Today he runs a hotel brokerage that works deals coast to coast.

Suraj is the CEO of NewGen Advisory. He was a lawyer until he sold one hotel for his parents and realized he loved the business. Now he gives Dave a straight update on where the hotel market stands.

He covers why investors like hotels, the real downsides, and why building a new hotel now costs so much more than it did a few years ago. He also explains extended stay, a hybrid of multifamily and hotel, and how owners grow with 1031 exchanges.

Key topics

Growing up in a family run motel
Hotels vs multifamily: the pros and the trade offs
Seasonality, labor, insurance and interest rates
Build costs from $75,000 to $150,000 a door and up
Why modular builds did not work for one client
How COVID changed hotel service
Extended stay and why margins grow fast
Trading up with 1031 exchanges

About the guest

Suraj Bhakta is the CEO of NewGen Advisory, a commercial real estate brokerage focused on hotels and lodging, based in Phoenix, Arizona. He has worked in hotels for about 27 years, first on the legal side and now on the brokerage side, with deals across the country.

Links

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