Hospitality 101: The Current State of Hotels

The Crexi Podcast: Conversations in All Things Commercial Real Estate

This episode covers everything to know about today’s hospitality market with Jigar “Jay” Desai and King Jeremiah of NewGen Advisory.

The Crexi Podcast explores various aspects of the commercial real estate industry in conversation with some of the top CRE professionals in the space. In each episode, we feature different guests to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate.

In this episode, Crexi's Yannis Papadakis dives deep with Jigar and King about all aspects of the hospitality sector, ranging from current investment trends and franchising to what opportunities are worth investigating heading into 2024. Their wide-ranging conversation includes:

• Introductions and early career path moves
• Key mentors, lessons learned, and clarifying expectations in transactions
• Daily habits, the importance of responsiveness, and nourishing relationships
• What makes hospitality unique from other asset classes and how to find opportunities
• Key evolutions in hospitality in the last 5-10 years, including technological advancements and shifting desired guest experiences
• How hospitality is slowly gaining favor after disruption from AirBnb, VRBO, and other lodging startups
• The basics, opportunities, and drawbacks of hotel franchising and what prospective owners need to know
• A 30,000-foot overview of the hospitality sector today amid macroeconomic factors, differences among markets, and other variables
• Shifts in transaction velocity, who’s entering/exiting the hospitality space today, and rising seller-financing
• How tech such as AI and other innovations are transforming the hospitality sector
• Rapid fire questions and sign-offs
• And much more!

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About Jigar “Jay” Desai:

Jigar "Jay" Desai joined the NewGen Advisory team of Arizona in 2017. He is focused throughout the Southwestern regions of Texas to California, assisting clients with all their hotel and lodging transactional needs. Before joining the NewGen team, Jay was immersed in the financing and lending world with a large national bank, giving him a unique view into the lending world and providing the connections that allowed his clients to seek out financing for even the most challenging assets.

Jigar graduated from the University of Arizona in 2011, attaining a dual degree from Eller College of Management in Finance and Real Estate. Jigar is a member and ambassador for the Asian American Hotel Owners Association (AAHOA) and holds certifications for Choice Hotels and Best Western and owns a few hotels himself. He has been in the hotel industry since the age of 9 working alongside his parents learning all sides of operations.

About King Jeremiah:

King Jeremiah brings more than 30 years of experience in the hotel business to the NewGen Advisory team in Arizona. He has a passion for hospitality, service, and a global perspective based on his work with hoteliers across the United States and more than 80 countries.

King began his career in hospitality in his home country of Grenada, in the Caribbean. During his years at Berea College in Kentucky, he coupled his studies in Business Administration & Hotel Management with practical work experience at the historic Boone Tavern Hotel. After graduating with his Master's degree from Eastern Kentucky University, King continued as General Manager and Sales Director for many hotels in Kentucky. Starting in 2000, King joined Best Western Hotels and Resorts, where he held key corporate positions in Consulting, Branding, Training, and Quality Assurance for over 4000 hotels.

Throughout his career, King has received many industry-leading designations, which include Certified Hotel Administrator (CHA), Certified Hospitality Trainer (CHT), and Certification in Hotel Industry Analytics (CHIA). He is also actively involved in the hospitality industry as a member of the National Association of Black Hotel Owners Operators and Developers (NABHOOD), Asian American Hotel Owners Association (AAHOA), and the Latino Hotel Association (LHA).

If you enjoyed this episode, please subscribe to our newsletter to receive the very next one delivered straight to your inbox.

For show notes, past guests, and more CRE content, please check out Crexi's blog.

Ready to find your next CRE property? Visit Crexi and immediately browse hundreds of thousands of available commercial properties.

Follow Crexi:

https://www.crexi.com/​

https://www.crexi.com/instagram​

https://www.crexi.com/facebook​

https://www.crexi.com/twitter​

https://www.crexi.com/linkedin​

https://www.youtube.com/crexi