What’s the difference between investing in a hotel and a resort? In hospitality, these two types of lodging choices have many similarities, but the main difference is the experience that guests expect when they stay at a resort. A hotel can be luxurious, but ultimately, guests are seeking a nice hotel room with amenities like a gym or a restaurant. A resort on the other hand is about the experience first. These are special vacations and planned well in advance for relaxation, excursions, and major life events. At a hotel, you may only interact with the check-in desk, but at a resort, you will interact with numerous employees throughout your stay. These experiences can present additional revenue streams when investing in a resort.
Josh McCallen has been able to create world-class resort experiences by focusing on creating a culture of service and care. And as an investor in the hospitality sector, Josh knows that there are differences when investing in hotels and resorts as well. Differences that make resorts a compelling investment vehicle, even in a sector being crushed by the COVID-19 pandemic.
Josh is a renowned entrepreneur who partners with investors for hospitality developments. He is the co-founder of Accountable Equity and CEO of VIVÂMEE Hospitality. They focus on value-add hospitality development, turning hotels, and dated resorts into world-class experiences. In this episode, Josh shares how he started investing in hospitality, why he loves investing in resorts, and how he and his wife created a culture of service.
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Key Insights on Investing in Hotels, Resorts and Culture
How and why Josh started investing in resorts.
Transitioning life experiences into the world of land development.
I didn’t come with an engineering background, I came from an ‘I care’ background.
Coming out of the recession with larger muscles, from selling, leadership, and making prudent choices.
Creating a new business model of flipping dumpy hotels into experiences
You can get exponentially more value from a real estate deal if you focus on service.
Investing in hospitality and the difference between a resort and a hotel. (Resorts have multiple revenue streams)
In commercial real estate, if you change the profit, you immediately change the value of the building
The secret revenue generators of resorts
Generating revenue from creating unforgettable experiences
Share your core values with your potential employees, as you will attract the right people
Building a strong team based on your core values
Implementing principles into your business (The Culture Meeting)
Coaching employees to reach their full potential
Living by your ‘why’
Why this is the time to buy resorts and hospitality assets
Be greedy when they’re fearful -Warren Buffet
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A failed franchise produced the epiphany of “What if this is only the middle of the movie?”
Most Recommended Book:
The Greatest Salesman in the World (Og Mandino)
Weak at daily habits, using Miracle Morning to do better.
Wish I Knew When I Was Starting Out:
Focus on the ‘we’ and share the accolades
The effect of stimulus dollars on real assets
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