#71: Hotel & Podcast Updates
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It’s been 8 months since COVID-19 hit the United States and the NBA canceled their season. And while I recorded a few unedited episodes to share what was happening with our hotels, in today’s episode we share a full update as well as some changes with the podcast.
In this episode, we’re discussing…
The steps Mike took immediately in March and April just as our hotels were gearing up for our biggest season and COVID-19 shut down travel.
Leveraging the reduced occupancy timeframe to complete a remodel.
What steps Mike continues to take today to navigate this challenging time.
Which areas are performing well and which are challenged?
Are there any hotel deals right now?
What advice Mike has for someone looking to get into hotel investing.
Podcast transition.
Mike’s Top Tips:
Our hotel investment criteria has changed – we like rural areas, close to major metropolitan cities, right off major highways, and access to truck parking.
Hotel deals – we are starting to see some opportunities in the CMBS space but there are still many unknowns and deal flow has been slow.
Find a partner – if you don’t have hotel experience but want to take advantage of the deals you believe are coming, find a partner, or reach out to Mike for ideas.
Resources:
Mike Stohler | https://www.linkedin.com/in/michaelstohler/ | www.gatewaype.com
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ABOUT NICHOLE AND MIKE
Mike Stohler is the founder of Gateway Private Equity Group, a real estate investment firm whose portfolio has included a hotel, multifamily, and residential properties. Mike is a Navy Veteran and previous commercial Airline Pilot. Between apartment complexes, houses, and their hotel, Mike has owned or operated over 1300 units. When Nichole and Mike first started in real estate investing in 1999, they lacked experience and failed. Through committed action to learn, grow their skills, and help others, they have created immense change in their business and lives.