It's no secret that my operations have moved into the Hotel business again, however, this time it's hotel real estate and operations. I'd like to share with everyone why I've decided to focus on hotels.
I've always had a heart for hospitality. From being in the front lines at McDonald's learning their "fool-proof" system, to mid-size hotel operations and financial accounting, my spot was in Hotels. I also loved real estate. When I was working for a hotel, I managed to study and get a real estate license. I loved both industries.
My father, also a real estate broker in New York, has a heart for hotels as well. He was more of an owner/operator. He loved how it changed his life when he first bought his first motel and ran it himself and decided that real estate was his passion as well. He now works with me in California.
So why now, after these years of REO's and BPO's in the residential field?
Our opportunity now comes in a form of a private group from China with LARGE sums of cash. We are talking 9 digits dollar figures and they want flagged properties with existing management operations. We must not let this opportunity go past us!
This group is mainly from overseas looking for USA opportunities and moving their currency from the undervalued markets in Asia.
Quite an interesting thought here because when they move the money to the US, then the valuation of their currency stablizes (most likely in a few years), they are going to make a ton of money when they sell their properties. In the meantime, they will bank on US dollars with the cash flow of the hotel operations each year until they liquidate! What an amazing concept!
Our perspective, since our initial contact with the buyer-client, we are sure that there will be smaller groups that will come around and seek our expertise and help and in return alleviate the distressed hotel market that the nation is experiencing. (Currently over 200+ NPN and/or defaulted hotel properties in the SF Bay Area alone!!).
We consult and advise any new owners how to run a hotel operation, large or small.
If you have any hotel NPN and/or assets you need help with, please look to us. We can bring buyers in with agressive action without compromising operations.
We are Legacy Hotel Group