The Future of Hospitality: Expert Predictions for 2023

All right, everybody, welcome to our first Hospitality FM Influencer Roundtable. I'm Will Slickers and I host multiple podcasts within our hospitality network. But also very excited to mostly moderate this time and be the man that's not having to speak so much and really let everyone kind of do the speaking and the talking. We are all in different segments of hospitality. We have experts from short term rentals to hotels to luxury restaurants, you name it, we are going to cover it today. And so if you are tuning in on the live, we're going to try to make this as engaged as possible. So if you're on LinkedIn, YouTube or any of the other streaming platforms that we are pushing this audio and video to make sure that you stick through everybody's presentation and know there's not going to be any slides and boring like presentations. It's really just going to be experts sharing their predictions for 2023 and what they expect for the year ahead and maybe even further on how it's going to impact hospitality. So I'm excited to introduce everybody. I'm going to take myself off screen and then we're going to go one by one, let everyone introduce themselves by name, company and podcast that they're a part of and then we'll jump in to our predictions for 2023. So thank you everybody for tuning in once again. And now for the main show, we're going to welcome everybody to the podcast here. All right. Look at all these beautiful and handsome faces. So excited. How is everyone doing? Kind of with a, you know, not of. Without talking over each other and stuff. You can do all cool. Awesome.

Sweet.

So I already introduced myself. I'm gonna go ladies first. And we're gonna have Stacy St. John, who was one of the first ones to join us on the back end of the stage to introduce herself, her company and her podcast. And then we'll actually just go and order from Stacy, Brandy, Natalie, Michael, Mark, Steve, Michael again. So not to give away everyone's names if you don't know who they are, but Stacy, go ahead and take it away.

Hey everybody. Glad to be here. My name is Stacy St. John and I am the proud founder of the Female Short Term Rental Investors Facebook Group and the Short Term Rental Society. I have a property portfolio under the brand of cozy getaways and I am super duper proud of my brand new podcast called the STR Sisterhood. It's good to be here, Will. Thank you for having me.

Of course. And we love working with you on your podcast and watching it grow crazy. So very excited. Now we'll kick it off to Brandy.

Hi, I'm Brandy Canali. I'm the COO of Sextant Stays based in Miami and I am Will and Michael's co host on Good Morning Hospitality.

Love it. And we love having you on the show. It's been such a game changer having you on.

Thank you.

And here we go to Natalie.

Hi everyone. I am Natalie Palmer and I am the founder of Host with Natalie which is a boutique vacation rental management company in Big Bear. And I'm also the founder of co founder of Level up your listing which is an all women's summit next month in Scottsdale. And I'm the host of no Vacancy, the podcast.

So many awesome ventures and so excited for Scottsdale. So can't wait to see all of you there. And then Next we have Mr. Mike Sjogren. So I will let you take the floor.

Hey, yeah, excited to be here. Mike Sjogren, based out of Boston, Massachusetts, founder of Short term Rental Secrets. We've got the podcast. Also the co founder of the STR Wealth Con that's coming up here in in March. And yeah, just glad to be here and be with some amazing folks on this panel.

Awesome. Well, we're excited to have you and Mark Simpson, the one and only Boost Lease. Let's let you kick it off here.

I see my name is Mark Simpson, founder of Boostly and one of the co hosts of the Boost hospitality podcast. Yeah, thank you very much for having me and obviously tuning in from from the uk. So yeah, thanks for having me everybody.

Thanks for staying up so late for us there. Mark, appreciate you. And now Steve Turk, my main man in Miami.

Let's go, we got a Steve Turk. We'll say hospitality entrepreneur, hospitality consultant, partner at Tangy Management where we have short term rentals across South Florida and the host of the Hospitality Mentor podcast.

Man, that podcast voice is crisp.

I love it.

Way to go. Way to go. All right, and then now we got Mr. Michael Golden. Let you introduce yourself, good sir.

I don't have quite the same voice as Steve, but I am Michael Golden, COO and co founder of Storied Collection and the co host with Will and Brandy on Good morning Hospitality.

I love it. But just to say hello, we have a couple comments. Richard Crumb, we got Paul, Andy and a couple other people saying hello. So just let them say good morning, good night, good evening, whoever they are coming in and we appreciate you guys tuning in. Super excited. So let's go first on hospitality predictions for 2023 I am so pumped to hear what you guys have to say and to see who has maybe something different that stands out or maybe similar compared to everybody else. So I'm going to go with Stacy St. John. She was one of the first to join us behind the stage. So are you ready to kick off the predictions for this year?

I am. And I have to say, well, my first prediction is probably not a shocker to anyone who knows me. I am predicting the rise of the women. Okay, so more than 50, 55% of hosts are women and so many of us who are booking travel are women. And I know from my own community how women really, really have a passion for helping each other and helping fellow hosts together. So I'm a huge believer in community and I, I definitely see magical things happening with women in this industry and I think we are going to continue to see women not only helping support their guests, but support fellow hosts. So that is my first prediction. Prediction number two, I'm going to say the great dividend will occur. And what I mean by that is that with, you know, travel trends and occupancy starting to slow down, we've got more listings than ever. And for the folks who are really dedicated to making their short term rental business a best in class business, they will rise above. And the folks who are maybe not so dedicated into having a best in class business or even treating their business like a business, I think they will see a decline. So I think we're going to have a bigger divide in between folks who are all in being their best driving continuous improvement. And then the folks who are lagging behind are going to lag even further behind. And number three, I'm going to say a great crossover will occur. And what I mean by that is that obviously so many of us are in the short term rental industry and I see people starting to dabble in the midterm rental industry and also maybe thinking, how can my short term rental portfolio help me scale my overall real estate investing portfolio? So I see people not only shifting from short term to midterm, but also looking to grow their long term portfolio. And on the flip side, I see so many people who have been tried and true long term rental investors for many years, they're going to finally dip their toe in the water in the world of short term rentals. Now my prediction is, is once they discover this world of short term rentals, they may never go back to long term. But we'll see.

Those are some mighty predictions there, Stacy. I'm not gonna lie. We've got a couple comments coming in too. Just FYI, we have Elia, forgive me if I mispronounce any names today. I'm the worst with it. So just a heads up coming in with some comments and we are going to save questions for everyone who's just now tuning into live. All of us on this panel are going to ask everyone questions at the end. So now that Stacy has given us three hot predictions for 2023, I'm gonna let actually open up to the floor floor for everyone to ask away to Stacy on anything in particular that they have. And Michael golden with the hand raise, you're gonna go first.

How'd you know it'd be me? Will I do it? So point number two, Stacy, the, the great divide between the professionals who do an even better job and the not professionals who bring everybody down. The downstream effect of that is likely to be stronger, tighter, worse regulations. So how do you foresee this year with regulations as the divide deepens?

Well, that's a really good question. I can't say I'm an expert in anything having to do with regulations, but I will say that I don't necessarily think that all regulations are a bad thing.

Right.

I think regulations obviously are put in place to help protect consumers from the folks who again, maybe aren't doing their best job in being the best host. So we also think that that provides an opportunity, a business opportunity for those who are to again maybe expand their co hosting business or maybe bring education and help bring those people up. But as far as regulations go, you know, I again, I'm going to be the first person to say I thankfully haven't personally had to experience that. But I do know that, you know, educating the rest of the world into the tremendous benefits of our industry and what they can bring to our communities is going to be even more important than ever.

Good answer. Anybody else have questions for Stacy? I know there's quite a few predictions to cover, so no going. Well, I'm going to ask.

I have one.

Okay.

In the, in the women rising, who are the women that stand out to you in the industry right now that you see, other than you, of course, and the ladies here, who else do you see rising up?

I see so many people. I have the good fortune of, of seeing again women helping each other all day, every day. But you know, I think Annette and Sarah from thanks for Visiting are complete rock stars. I continue to see them grow and really make their mark. And you know, folks like Julie George, she's amazing. She is someone who is a Complete visionary and has the best heart. And I think, again, anyone who spends their time helping other people is really, really special. So folks like, of course, Rachel Gainsborough, if. If you don't know. Right. I always say, if you don't know, Rachel, you're living under a rock because girlfriend is everywhere. Right. So, again, I continue to see women like that. So I. I see, I'll say, a bubbling up of women who have a real interest in, hey, I see others helping other people, and I. I see how it's helping them. And so I've got people coming to me saying, how can I. How can I do the same thing? So maybe some names that you wouldn't recognize today, but I'm seeing it definitely bubble up on the back end, and it's certainly exciting.

I love it. I couldn't agree more with those names, too. So I second that on my end, as I think everybody else here does, too. Awesome. Any other questions for Stacy before we get to the Next prediction for 2023? Going once, going twice, sold. All right, Brandy Canally, my friend, you are gonna be next. So are you ready?

Ready to rock and roll, I guess. I mean, that was a amazing first prediction. So I realized mine sound. I went a little bit academic with mine, so I'm going to try to be a bit more fun. But I think my. The prediction is that despite, you know, kind of the growing economic uncertainty, that travel demand will continue to grow, albeit maybe a little bit slower. Right. I saw this report from the Davos Summit that there's all these, you know, the 10 most concerning things that are happening right now. And then the article mentions that it doesn't seem like travelers are paying attention attention or that they care about that at all. And I think that that is true. I think people are still really intent on traveling and want, you know, after being cooped up for so long. And one of the things that we're seeing are shorter booking windows. I'm speaking specifically for our urban markets. We're still seeing, you know, that 14 to 21 days. So people still might feel a little cautious, you know, wanting to wait maybe until the last minute or close to it to make a travel purchase in case something happens. But we're still seeing that people, you know, strong demand, if, albeit nothing like we saw kind of in the pandemic where we saw this tremendous growth in the VR str industries. But, you know, warm weather places, luckily, like the ones we're in, I think we'll still continue to attract people. And then European travel is still very Popular. Although the prices are surging. The, you know, the euro dollar parity is still relatively, you know, in our, not necessarily totally in our favor, but it's cheaper than it has been. And the only reason I was going asterisk I would give to that is that there are upcoming sanctions that are being imposed in February which could cause spikes in energy costs. So even if the monetary comparison is favorable, the prices might be increasing. So that European vacation might not be as attractive. But then on the other side of the world, you have some Asian countries that are fully opening for the first time in the end of the year. So there's that pent up demand. People really want to take those vacations. And it was interesting because across all of the reports that I was reading, there were like two sides to this. People were either seeing, you know, that there was going to be a dramatic drop off or saying a huge surge. So it'll be very interesting to see, you know, what happens. I think like anything, it's probably somewhere in the middle. And because international travel demand might be increasing compared to the last couple of years, but those kind of trips are not available to everyone. So people who might be on a tighter budget or just don't want to spend that much for whatever reason, I think US Domestic demand will still continue to grow. Air DNA had a great report that was like 5.5%, I think in the coming year, which, you know, it's nothing wild, but it's still, you know, consistent growth. So I think that will be really interesting to see. And then the huge impact of the return of Chinese travelers who are finally allowed to kind of leave the country. Huge spending capabilities there. So it'll be interesting to see where they choose to spend those dollars or, you know, and, you know, who gets benefit from those travelers re entering the market.

I'm glad that you mentioned the Chinese opening of borders and stuff because I actually wanted to see what your opinion was. But I'll let everyone else ask questions around Brandy's predictions before I actually go into that. But anybody have a question for Brandy?

Nope.

Okay, I'm gonna ask. Where do you think they're gonna start spend the money when if like, you know, with borders opening up and being able to travel outside of China and other countries in Asia, do you think people are going like, are they going to come to the US and to other places and are they going to spend it in luxury travel, urban destination travel? What do you think is going to be?

Yeah, I think it's going to be a lot of luxury travel. That's kind of, you know, that makes the most sense. Obviously, I don't really think that the United States going to be the primary beneficiary of that. Before COVID you saw a drop in that kind of Chinese traveler spending in the United States. So I think that probably other, you know, whatever popular destinations in Asia that are preferred with Chinese travelers, they're probably going to be the first people. Maybe Canada, there's a huge Canadian Chinese tourism link. So I think that our neighbors to the north will probably benefit the most from that. And then depending on how things go later on in Europe, you know, maybe, you know, a resurgence to continental European travel as well.

It's a bold prediction. I like it.

I mean, we'll see. I have a bibliography ready if anyone wants to see my sources.

We'll need it for the show notes. I think we'll definitely need that. There's going to be some viewers are like, all right, we, we gotta see her. Her source here.

They're gonna fact check me.

Seriously.

Hashtag cancel. Brandy is going to be the new thing on.

Okay.

No, we don't need to start that. Well, okay.

Just joking. I love it. Well, it's very good. I'll let anybody ask a question if they have one. If not, we'll move on. Anybody no one wants going twice. All right, well, Natalie Palmer, I think you are next in line. If we're going to go into the order of people on my screen, it may look different to all of us behind here on, on the stage, but I'm going in screen order. So, gentlemen, looks like we're all going to be last, but Natalie.

Yeah. Okay, so I have two. My, my main, my big one is that I think that this is going to be the year for co hosts and property managers. I think with the rise of PMSs and more technology, a lot of people were going into self management, which I honestly encourage, and I self manage my properties. But I think a lot of people in the last year or so got into hosting because they thought it was a quick cash grab and they didn't really understand how difficult it actually is and how much customer service is involved. And even though you can automate a lot of it, I think a lot of hosts are just. They don't want to. They don't want to take the time to set up this, this whole infrastructure and deal with all that. And so I think there's going to be more and more people looking for co hosts and property managers. The reason I think co hosts specifically are going to crush it. This year is, I think a lot of these big property managers have gotten reputations for just taking a lot of money and not having the best cleaning operations. That's not a blanket statement. I know there's tons of wonderful property managers listening to this, but I think that there is kind of a craving for a co host who gives more of a personal touch and kind of handholds the owner and there's more of a partnership. So that is my big prediction. And also what I'm using to back that is I think a lot of people are scared to buy real estate right now. And so from the opposite end, not just owners looking for co hosts, I think more people will be interested in co hosting. So that's my big one. I think this is the year of the co host. If you want to get into that, this will be the time to do it. And my second one is I think that there will be much more. I think that like hospitality and experiences are going to drive the vacation rental interest industry much more. And so I think that we're going to see kind of a blend of people who are hosting Airbnbs and vacation rentals will also do a Turo car with that or allow you to do like a wedding or something or an elopement at their destination. I think that all sorts of industry stuff is going to kind of, I don't know, converge and you'll be able to hire like private chefs more easily and get yoga, get a private yoga instructor to your listing. I think that hospitality has just. A lot of us have started working together and picking ideas from different, you know, restaurant industry, hotel industry. And I think that we're going to see a big blend of different services and experiences you can offer.

Way to take one of my predictions. Dang it.

Now which one?

That second one. But I love it. Open up the floor for questions.

Hey, Will, I got one. So Natalie, when Stacy was talking about the inspirational women is inspiring her. If only there was a place or a summit or an event coming up in a couple of weeks time that had where all of those women were going to be. Could you think of it? I mean, I can't. Could you?

I wish, I wish. Okay, thank you, Mark. You're the best. Level up your listing summit. You can head there for tickets and let's make. Let's do round table 10. We'll get you 10 off your ticket. We can do that. I'll program that code right after this wraps up. Thank you, Mark.

There might also be a precursor to that summit, possibly the short Term rental virtual summit for women happening next week. Potentially.

Not to.

Not to Shameless Plug or anything. Yeah, we're just gonna throw them all out there. Who else has got a conference? I know. Mike.

Anybody else?

Yeah.

I love it. We do have a question from a live viewer for you, Natalie. So can you please explain co hosting? Is it two people managing the same property as one managing the back end and one that's kind of doing the turnover and communications? Kind of give us your definition of co hosting. And since we did Shameless Plugs, by the way, Natalie and I do kind of COVID this on our vacation rental microschool podcast where we did a week together. So no big, no big deal, but I will let Natalie answer the full question.

Yeah, so in. In my opinion, the way I kind of define co hosting is I think a property manager, full scale comes in and takes over everything.

The.

The owner would not have to lift a finger. Co hosting, I think, is more loosely defined. There are co hosts who all they will DO is take 5% of your commission and just respond to guests in the night hours when you don't want to be bothered. There's co hosts who will go in after the cleaner and just inspect the property and make sure everything's perfect. I think that there. And there are co hosts myself who do the same thing a property manager do. They do everything. But I think it's just more like you can kind of pick and choose, like all the cart, the little pieces that you want to outsource to a co host. So it's to go back to that question. It's not on the screen anymore, so I can't reference it, but it's not two people doing the same job. Yeah, two people managing the same property. I guess it could be if the owner wants to be involved and have a co host help. But essentially it's, you know, just somebody who wants to kind of come on and handhold you and walk you through the process a little bit and pick up some of the tasks you don't want to do. But again, there are co hosts who do full scale property management as well.

I love it. Anybody else in our roundtable here got anything for Natalie? Before?

Yeah, it was kind of like a statement slash question because I'm seeing it in Miami because we're getting calls. And Brandi, I don't know about you because we cover mostly South Florida, but I think a lot of people got into this game thinking it would be easy, and they bought properties or even rented out properties that they couldn't Cover with the rents. And now they're scrambling because they're in desperation mode. Are you seeing that where you're at? Because we're getting a lot of those calls like, please help me. We don't know how to get out of this.

Yes.

Yeah, we're not seeing that quite as much because we deal with full residential buildings. If you know any landlords in Miami that are trying to have somebody manage their building, please let me know. Yeah, send them my way.

Steve. I definitely am seeing that. That's kind of what inspired my prediction and in my area. But also like I'll just do consultations with hosts all over who are all saying like, what happened? My calendar was fully booked. I don't know what's going on this year. I'm tired of managing this and stressing over it. Do you want to manage it? Like I get pitched all the time and so I think that there's just such a hunger for people who they, they liked it when it was kind of easy and coming in and now there's really fierce competition and they don't know how to step it up or they don't want to, which is fine. And that's why I think this is the year of the co host. If you want to do this, this is your moment.

Can I add to that too? Because I also think that there, that also presents an opportunity as a real estate investor, right. With a creative mind to put together creative solutions to make it a win, win scenario if people are in desperation. You know, you always think about creative financing, a person and a problem and when you can identify a solution to that problem from a real estate investing perspective, you definitely have the ability to, to move, move up the ladder.

I will say to everyone who's watching the live or watching us engage, we do have a private chat behind the scenes. So if you hear us laugh and stuff or make faces usually because we're, we're, we're, we're kind of talking to each other. No offense, but. Or something that. But no. I also was going to say, I think, Natalie, your point kind of ties into Stacy on the merging of different things within the hospitality, whether it's, you know, property management companies and co hosts or you know, short term, midterm, long term kind of all going in together. I think it's very interesting watching because I feel like I'm on the middle ground of the traditional vacation rental management company to then the Airbnb co hosts just getting into it type ground. And that's where you're seeing, I Think we're seeing both kind of learn from each other, which is really exciting. So not that that's my prediction. Just an observation. I will let anybody else ask any questions they have for Natalie. If you are good, then Mr. Mike Sjogren is next. So I'll kind of give everyone. Anyone got a question, raise your hand. Nope. All right, Mike, welcome. And I'll let you kick it off.

Love it. Well, hopefully I apologize. My Internet junked out on me, so I had to reboot in the middle of Stacy and Brandy stuff. So if I repeat anything, I apologize, but I think I will reiterate a couple things. And I think Stacy nailed it on the head. And I've been saying for a couple years around like this big dividend. I think 2023 is going to be the year where it really forces everybody to level up their standards. We went through similar times in like 2020 in the heart of COVID you know, March through July of 2020, like right in the middle of COVID where kind of the side hustle host got pushed out because they weren't willing to level up and really push for. For more bookings. So I think 2023 is really going to be a big divide, like Stacy said. Because quite frankly, if you got into this business in the last 18 to 24 months, it's been really freaking easy. Like you could just get anything and throw it online. And there was just so much pent up demand that you would get bookings. And now we're starting to see things level off, like 2019 levels. And so it's. A lot of people are panicking, but for the folks that have been in the game a while, it's like, well, no, it's just kind of normalizing. Like the amount of demand that happened after Covid was not sustainable. I don't care what any data person says. Like, that level of demand was not sustainable. So I think the. The key thing for folks that are in this now is to really make sure that you take a look at your portfolio and that your listings stand out.

Okay.

Just grabbing any one or two bedroom, you know, apartment or house and just putting some furniture in there is not going to cut it anymore. So you really got to pay attention to your design. That's the biggest thing that I'm telling people right now is one, you really got to know your numbers. Like really know your numbers. And I'm happy, Will, if you want, I'm happy to give people my deal analyzer because that's kind of my jam. I'm A numbers guy, but like you have to know your numbers. The amount of people that DM me, I literally, it's funny, we were talking about Miami. I literally had a friend of mine reach out to me and I was analyzing his numbers. I'm like, who the hell told you to buy this deal? I was like, these numbers don't make any sense at all. Like you're losing money. Like it doesn't make sense. So really knowing your numbers, really investing in design, knowing your market, I think based on my experience, I think this is going to be the next 24 months is going to be the year of the boutique hotels we just closed on our third one, our biggest one yet. And I'm seeing more and more people get in the game because there's just a lot more upside and there's a ton of opportunity out there. But I do think, I do think boutique cartels are going to be really big. They've done really well for us in this hybrid approach of really being able to reduce the overstead and overhead and execute on some of the automations and technology that we use in the traditional STR world and taking them into the commercial space. I also think that there's going to be a ton of opportunity, yes, for co hosting, but also for the creative financing. You know, whether it's subject to deals, whether it's seller financing deals. A lot of folks that bought the wrong deals that are now underwater, they're, if they try and sell them with the way that the market is now, they're probably going to take a loss or you know, have to come out of pocket basically to sell that property. So it's a prime environment for doing subject to deals where you basically just take over the mortgage. I think there's going to be a ton, a ton, a ton of opportunity for that. So to kind of summarize it at a high level, the standards are raised, have been risen. So you really got to up your game on the properties that you have through design and hospitality and operations. Like you have to treat this like a business. There is no more side hustle. You know, whip this thing up and it's just going to make money. You really got to pay attention to what's going on. Then there's going to be a lot of opportunity for the creative financing, the co hosting and if you want to go big, the boutique hotels have a, a ton of meat on that bone over the next couple years.

Dang. The, the, the, the behind the scenes chat was popping off. Everyone's like Mike, you're Taking all of our stuff, there's nothing going to be left. So very good stuff. I love watching all of this just because on the back end of Hospitality fm, I get to hear everyone's episodes and conversations and see this, like the content everyone's putting out and the conversations being had and everything you guys are all saying is just like so on point for what I was hoping you guys would all say. So thank you for that. But I will let everybody kind of. I saw Michael golden raise his hand as a good kid that he is. But I'll go ahead and open up for questions here.

Yes, Michael.

Not a question. Well, I guess it is a question. I've got a deal I'd love you to look at and get your financial genius minds, get your input on it, but we'll side table that.

Love it. Love it.

I have a question for Mike. So I know like Stacy kind of touched on that. She thinks there's going to be an increase in midterm rentals, which I kind of think so too. So what do you think about that paired with the boutique hotel model? Are you noticing longer stays in boutique 100?

So the one that we just bought, we're rebuild, it's a heavy Renault. It's like a nine month Renault. We're rebuilding 27 out of the 57 from the ground up and putting in kitchens for that specific reason, especially where I am up in New England. This time of year is like our dead season. And so those midterm stays are a godsend to get us through slow season. I'm not worried about Memorial Day through Thanksgiving, quite frankly. Like, we do really well. But like this time of year, like we have at that 22 unit, we get a bunch of like 30, 60 day stays that are nice. You know, we're not like bankrolling, but it carries us through the slow season and it's nice to be able to have that flexibility. So we'll do about half of the units that have kitchens and then the other half will just be more like higher end. We're debating putting in cooktops in like all of them.

Interesting.

Just for that reason because it just gives you more flexibility for sure.

And what's like the demographic of those midterm travelers? Are they tourists that are coming for longer and off season or they're locals or like digital nomads?

Not usually like going back to like covet times. Right. It was like somebody going to check on mom for like the next month to make sure mom's good. You know, like the elderly parents or Grandparents or whatever. So we snagged a lot of those during COVID Now it's more like, you know, like Dr. Rach talks a lot about is like the, you know, my house burnt down or I'm doing a renovation and I need a place for a month or two months because we're, you know, like 45 minutes north of Boston. We're kind of in the woods. Like, it's not a big urban area. It's an easy ride or an easy train into the city, but we'll get a lot of those. We'll get a bunch of travel nurses that are in there for some local hospitals, kind of the bread and butter stuff that, you know, a lot of the midterm folks have been talking about for a while. So it's kind of a mix.

Where.

Salem, it's super historic. So if you guys aren't familiar with, like, Salem, Mass. It's a very, very historic town, you know, founded in 1600s. I'm thinking about 1626 for the hotel name, by the way, so I'd love you guys take on that, but I thought it was short and punchy, so I'll throw that out there. And it has a wide traveler base, so you get a lot of, like, people that are into the history and then you get a lot of people that are into like the Halloween and the witch trials, because that's where all that stuff happened back in the day. So we're actually going to do some themed rooms, like some crazy themed rooms like we do near Disney, but, like, up there, that'll be really interesting. So I'm excited for that.

Cool.

I know we got two more questions. I see Brandy and Mark both had a question.

Yeah, it was more kind of building off of the, kind of the non sexy part of underwriting these deals because I forget the name of the loan. But there was a program out there where you could get these loans for a vacation rental based on the projected revenue that you thought you were going to make. And so that's during this, like, really frothy time when all these people were, you know, spending months or whatever. Yes. Thank you, dscr. Thank you, Stacey. And so now when reality is heading and you have a more, I think, stabilized market, people are like how everything drives up what's going on. And I love that they blame Airbnb, which, like, that's just not the. Not the reality. And I think that that's the most important part, like you said to know your numbers, like, you have to have strong financials to make these kind of decisions. And a lot of people overlook that.

I'll, I'll give you like my quick and dirty rule of thumb. Obviously you got to do more than this. But like, for a quick sniff test, a property has to bring in 20% of whatever my all in cash investment is. So like if I'm going to spend a hundred thousand on down payment and furnishings and whatever, whatever I need to get it live, that property has to generate at least 20,000 bucks, right? So as you extrapolate, that million dollar property has to bring in at least 200,000 gross. And I found that that rule of thumb, like if you're putting debt on it and you have decent debt terms and everything else, that'll get you between a 25 and 30% cash on cash return. So like, even if I have to reduce a lot of my rates for the next two years, I have so much spread and so much margin that I will always compete because I just have so much spread. And you can find those deals. You just have to be patient. And that's what people don't understand. It's like you can't just throw a dart on Zillow anymore and grab anything and make money. You got to know your numbers. And that's why really getting in the weeds with like STR Insights and Air DNA and all these different data sites. Like, before I bought that place near Disney last year, I bought all the raw data from Air DNA. It was not cheap, but I bought every house, every property's data for the last five years for 37,000 rentals in Kissimmee. And I went, put in some formulas. All right, what's the average one bedroom do? Two bedroom, three bedroom, four bedroom, five bedroom. And after going through all the data, it was like once you got over 10 bedrooms, it was like the revenue went through the roof in certain pockets. So like that research took me like almost two months to do. And then people like, well, wow, like your property's doing well. I'm like, yeah, because I know the numbers. Like, I knew exactly, I knew where to go. But I took the time to do the research, which is not fun. But like, this is a numbers game.

Okay? But I, I have to say this, Mike, you don't just know the numbers, you also lean into the design and the guest experience because there are, I.

Know Stacy just stayed there.

There are, there are places that are right around the corner from you who are the same size house in the same neighborhood and when they only maybe know their numbers and buy it as a strict investment and Then go, all right, that's all I have to do. Those are the people that are hurting.

The thing that I talked about at our boardroom event with Stacy last week was, if you're getting into it now the way that I do it, just like I said, I know the numbers, but then I'm like, I analyze the direct comps and I ask myself, how can I do this better than anybody else? Like, what do I need to do to make this stand head and shoulders above anybody else here so that maybe they got a better location, but mine's okay, but I can make my unit crazy or I can make this way better. Like, what can I do to differentiate myself? That would be way more attractive to. To book with me than anybody else. And it's going to be different depending on whatever market you're in. And there's going to be some baseline amenities that you're going to need in whatever market that you're in. But then you need to ask yourself the question, if I was traveling, what would I want to see and what would I be willing to shell out a little extra money for to make it worth it? And just start doing that. Like, just start asking yourself those questions because it's, again, it is going to get more competitive, so you got to think of ways to stand out. Nobody's doing themed rooms up here, so, like, let's go for it. Let's. Let's do something different.

Yeah, it's a really good point. I love it. Well, do we have any more questions? I know we're kind of getting a little longer on time for this one, but totally open. Mark, if you have a question to jump on in, my friend. All right, cool. You told me to move on. Michael golden, you are next in line. I know this is something you've been looking forward to pretty much all year, quote, unquote, 2023, because it's only like two weeks in, so boom for me. But I'll let you take it over there, my friend, and go for your prediction.

Do you mind moving me back to the main screen? Will?

Yeah.

Question for the group of these seven major hotel chains, how many sub brands exist? Mike, we'll start with you.

How many sub brands off top my head? I don't know, but it's a lot.

Finger to the way.

There's a lot. I could do a quick Google, but I don't know the number off top of my head.

Natalie?

Guess I have literally no idea. Not a clue.

All right, Steve Turk.

I'm going 450.

Oh, wow. I'm big aggressive.

Geez.

Any guess?

No. You're on mute but you're shaking your head now.

Mark.

No, I'm sorry. I'm literally watching Liverpool game in the bottom left hand corner. So the answer is no.

I have no clue. But I'm gonna say 700.

Wow. Not quite that many. There's 165 flags under the major brands. Accor has 40, Marriott has 30, Wyndham has 26, Hyatt has 22, Hilton has 18, IHG has 17 and Choice has 12. 60 of these brands were added in 2019 alone. So all of these flags are really now trying to differentiate and the proliferation of these brands is happening because you can't, when they sell a franchise, you can't have more Marriotts on the same block, on the same street. So they need a different chain, a different brand, a different feel so they can own the whole block. And by them being able to add more flags and more brands they can capture more market share in said markets. People want to stay with brands because they know it's predictable, they know what they're getting. They might identify better with moxie than with, you know, traditional Marriott or Holiday Inn. But at the end of the day the bold prediction is there will be another hotel chain launching or acquiring a multi family apartment brand this year following Marriott's apartments by Marriott. And it's a green pasture segment. You know there's some long term stays but no one's really diving in on the hotel brand going after Airbnb's, you know, playground. So it's, it's green pastures. These parent brands or flags can just spin off and, and start adding them, buying you know, one of yalls companies or creating their own like Marriott has done with apartments. So I don't think it's that bold. I think it's almost certain to happen. But we'll see.

I want to ask you when do you think, if it's almost certain to happen, when do you think? Like give us a rough date, end of the year, mid year, tomorrow? Today as we're live right now, people are listening and they're doing it.

Yeah, it's, I think it could be as soon as anyone wants to. I think IHG has been the slowest to be in the segment of course played in the space. Hyatt's played in the space. Choice is played in the space. Wyndham used to have a, one of the biggest companies in the space. So I think they've all dipped their toes in. But kudos to Marriott for not Only launching homes and villas, but also launching apartments. So they're leading the way. Everyone else is going to be followers.

Mike, you know, it's interesting real quick that I mentioned earlier within a week of closing that last one, one of those five, I won't say who reached out to try and buy this deal like almost immediately.

Does that answer your question, Will?

Yeah, it does. That really does. Awesome. I love it. Any questions for Michael?

Not a question. But you know, obviously it's a little nerve wracking for those of us who operate in urban markets right around the corner from these big brands. But I, I think that it will take a little bit more time. I have a feeling that, that these companies might be take the more Marriott route. They, you know, and build their own brand within, you know, within their main brand and that takes time and Marriott has had the luxury of having their platform and working with operators like Sexton to see kind of how we operate. Their due diligence is a real piece of work. And so it's, you know, they've had the opportunity to learn and I think that that's probably, I would say what the other companies will start to doing.

But others can copy. It's the first mover has a bit of an advantage but everyone else just gets to copy and paste. So.

Yeah.

Very true. Steve, you're a hotel guy, you're a big hotel guy. I'm curious on your thoughts just because.

I've been preaching it for a long time. I think people want to stay with brands that they trust and they learn to trust brands that they stay with in the hotel world. And I would like, I say it a bunch like Nobu kind of does it now. They have these tiny little hotel in malibu. It's just 12 rooms, right? So kind of that boutique hotel but very much high end luxury. You see it with residences popping up like I'm looking across the street, they're building an addition residences here. Soon you got cranes going up everywhere with these branded deals. I just think it's going to be a matter of time and it's going to go through, I think through the residences. Like the St. Regis is building their residences, two of them in this county. And I think it's going to be more and more of that. So it may not be where they acquire it, but they just start living that life and then if you're living there, they team up with a trusted vacation rental or short term rental manager that allows those rentals in those buildings. That's the key is going to be where are you going to use a trusted person? Are you going to allow wild west in these buildings with you know, single property owners renting out their units? So it's going to be interesting to see but I think it going that way too is a way of seeing it.

Yeah, I like that. Awesome. Anybody else have anything for Mr. Golden before we go to Mark? Nope. All right, Mark Simpson, you're up my friend. So stop watching the Liverpool game and get ready to give us the hot predictions.

I know, right? Of all the times I totally got my times wrong and I just saw in the bottom right hand corner Liverpool score a lovely goal. But anyway bringing it back to hospitality. So it's really tricky when you're the last two with the predictions when a lot of people have had some amazing predictions that already. But let's see. I think I want to do a combination of everybody's and just sort of, just sort of go on that. I think first and foremost we will go back to norm. So the 2019 norm. So when Brandy was talking about China and China being able to travel and Chinese people have been able to travel again, if you've been in this game for a few years, if you're around in 2018, 2019 and if your area, your region, your town, your city, your state was well known for having an influx of Chinese tourists come over, then it'll be result to norm. Like there's an area in the lake districts and Chinese people don't really travel in ones or twos, they come in coach loads and it's well known because the Chinese absolutely love Peter Rabbit. I don't know if everybody knows what Peter Rabbit is, it's very British thing but they come over and it's just well known that they literally just come through in the bus loads. They rock up, they, they just ascend on all of the shops and just buy everything and you've just got one very happy Lake district shop owner. So those. So that will result to norm. So obviously Bali, Indonesia, etc places in the uk. But I think what it also means is that we're going to get a return of the, the shoulder season like the true shoulder season. What happened in 2020, 2021 and for the most part in 2022, the shoulder season, aka the slow season or the peak season was extended because like the travel and was so bouncing back so quick and people were sort of not being able to stay in hotels or not going on cruises and this the season that we, we sort of all got too used to was being extended. I think that what will happen. With everything that's going on and all the uncertainty, as Brandy mentioned again, we will go back to that, sort of have a slow season, shoulder season, a true one. But I think what will continue, and I don't think that's going anywhere, is that we've got a new avatar, a new guest, and that is the, the true digital nomad. The, the slow mat, the digital slow mad. The people that are coming for 30, 60, 90 days, people now more than ever have got this office hybrid where, you know, I know so many people that have not gone properly back into the office. They only have to go in a couple of times a month or a very minimum at most. And with that they are able to travel and work while they travel. And I don't think that's going to go anywhere. You know, if, if anything it's going to get more. And what does that mean for you as a host or a management company or a co host or whoever watching this is that there are a lot of people coming into this industry and that's, that's not going to slow down. There's going to be so more people that are going to be tempted to come into it. Like Natalie said, there are people that maybe got involved at the latter end of 2021, the start of 2022, because the numbers were so good and now they're kind of being shaken out because they're getting a little bit of nervous, itchy bum time and they're going to look to, instead of do it themselves, are going to reach out to people like Natalie and companies like this smaller host to, to look after their portfolio. But there's going to be a lot of people still coming in. And so with that being said, if you're complaining about saturation in your market, if you're complaining that there's a lot of people doing this, this, this short term rental game, the way to really stand out. And this is what Mike was saying when everybody's zigging you, Zach. So he really does his research like more than anybody else that I've ever met, does a massive amount of research, knows his numbers. But on the top of that, like what Stacy said, he bottles on top of these numbers with what this, what this industry is all about, hospitality and themed rooms or whatever he could do. And the hosts that really pay attention to hospitality are the ones that won't just survive but will thrive on the other end. There's something that I'm trying to sort of get around and try and get as many people as possible to bring this into their businesses is have a guest success manager because the amount of money that you actually get for your booking should be just one arm of your money making revenue process. In your business there's fantastic offerings like mount with Maddie's business and with Host co, which means now more than ever you're able to upsell, you're able to offer products and services and it's never been easier to bring into your business and make it more automated or make it fit into what you've currently got in. I think the final thing that I will say is that Airbnb and you know I can't do one of these things without having a little Jabba Airbnb. I think they're going to try and have their cake and eat it and they are massively bending over for the guest right now. So what I mean by that is that there has to be just one little social media storm about cleaning fees and it's gone. And they're doing all of these things to make the guests happy and I think when they do that they're going to piss off a lot of hosts. And all you have to do is look at Instagram right now you just have to look at forums. And more than ever hosts are starting to realize that they can't just build their whole business on this one platform. And so you see them start to go multi platform, you see them to now to get property management software tools. And obviously the, the plus side of that with me sitting at the boostie table is that they're looking at Dara bookings. And so I think that there's a couple of things that are going to happen. Hopefully direct bookings continue to rise. But the main thing is is that the host that under promise and over deliver you are going to be absolutely fine. The host that are just going for average, you're the ones that have to be careful this year. So that's my predictions.

Dang. The, the private chat going, going hot back behind the stage, gonna get the live stream shut down calling out Airbnb like that Mark.

Dang.

Well, I'll, I'll leave it open for questions for anybody who's wants to comment. Question on Mark's predictions.

Well, I'm just curious because I have a question coming from the book direct show. You know I heard a lot of great stuff about booking direct and I know you're working with Boost Lee and we're planning our game out here too. But do you see it being successful for people starting out their book direct? Like what is like One or two tips for people trying to get their business up and running away from the platforms.

Yeah, I mean, it's, it's super simple to do. I mean, obviously you're not going to go cold turkey on, on Airbnb verb on like you need them because they're a marketing channel. But the best time to start is write a property one, because if you can instantly put into the the right foundations and the blueprint in place as you grow and you expand and you add in more properties, the whole game is just so much more simpler. The trouble is, and I see this so many times and I speak to a lot, a lot of people and they get going and they list on Airbnb because it's so easy to do. It's like you can literally be up within minutes and they then are on Airbnb. They get settled and secure on there and then they hear about Verbo. So they go and set up a Verbo account. But you don't want to have a, a double booking. Right. So you go and connect your calendars together. But instead of starting where you should be, we've got a proper team management software tool. And then connected to the two will take their Airbnb and they'll link it to Verbo and they'll connect it up there so that they are relying on Airbnb on that connection. And let's just say property number two comes around and then they do the same thing again and then you're starting to build a spider's web where it's all comes back to being heavily reliant on this Airbnb. And that is where the problem assures. So the first thing that everybody can do, if anybody's wondering, well, how do I get started? How do I get going down on this route? The first thing you can do at propping a number one, get a property management software tool, whoever you use, because there's a lot of choice out there. And then you build it off the back of that.

Got it.

That's my one.

Awesome. I know for everyone who's tuning into live, just want to make a quick comment. We are definitely going to go a little bit over today, so we might have a couple of our panelists drop off due to schedules and other meetings, but we'll try to keep everyone that can stay on to be on. And we'll repost this for anyone who is watching and can't stay live because it's only scheduled for the hour. So if you guys want to catch re clips and replays, all that Good stuff. We'll make sure to post and share, but to help close it off before I give a couple nuggets, thank God nobody really actually mentioned my main prediction. So I will let Steve Chirk go first and then we'll close it off with everyone and wish everyone a good rest of the day and weekend. Steve Turk, you are up, my friend.

Let me just get a sip of my Biscayne coffee here before we start.

I love all the infomercials we're doing. It's so good.

So I'm gonna switch it up a little bit. You know, I love all the things we've heard today, but I live in both worlds of hotels and short term rentals and this is more overall hospitality. So the latest jobs report came out and there's still450,000 jobs that are open since the same levels at pre pandemic. So it's a gigantic number. It's more than any other industry out there. And I've seen a lot of my friends that have been working their butts off since March 2020 when that pandemic hit. And now I'm starting to get a lot of inbound calls. This is brand new over like the last three to four weeks where people are now reaching out, asking me how I was able to transition out of being an executive in hotels and to get into something that's more flexible with my time, like consulting and starting the short term rental and starting the podcast and starting a coffee company. They're starting to ask me how they can get out, which is not a great sign for a lot of these hotels that are already short of staff.

Right.

People were trying to stay there, suck it up and make it through, but help just doesn't seem to be on the way. And so I think this is. Now let's get to the good news. That's the bad news. The good news is that the luxury hotels where these guests are paying tons of money to stay there, are now starting to pay up. They're starting to give out lots of big bonuses and they know that usually people get a bonus and they're still looking to leave, maybe find other jobs. So now they're increasing pay and that's across the board from the housekeepers up to the top level executives. And so where I think the opportunity is for these people who are asking. So if you're someone who's been an executive like I was and you're looking to get out, I think that there's a lot of opportunities and a lot of great brain Power that can be shared in the short term rental world where you can bring all the things you know about hotels and luxury standards into that area. And I think you're going to see a lot of people start to get into residences because residences usually are Monday to Friday. Unless you're working in like a food and beverage aspect at these places you have to work weekends. But usually if you're Monday to Friday in these luxury residences and the luxury residences are really going after these hotel people and offering them that kind of quality of life. So my prediction is luxury hotels and everyone else will have to follow and paying up more for people that are giving up the flexibility of their schedules. But that the short term rental industry, I'm doing it right now. We're looking for people in the hotel world that want a more flexible schedule will start coming into this side of the world. So hospitality will start to mesh together a little bit more this year.

I love it. I love it. I love the differentiate or differentialities that you brought in. So anybody have comments, questions, concerns? Just kidding. I've got one part. Yeah, go for it.

Super quick. So with the, the whole recruitment world and coming out of like the last couple of years, how are you finding like getting staff and, and that for the world of hotels etc, are you noticing that like getting the right staff, good stuff, is that still an issue or is that getting back to like normal levels?

No, it's way back. So there's still 450, 000 jobs open and there's people that are going to be getting back like I should never have left. I use me as an example, right, as an executive at a great hotel, but I just didn't see the light at the end of the tunnel. And it's still happening, right? I didn't have two little kids and I never got to see them. But now flexibility is like the, the golden nugget here. The companies that can offer the most flexibility to their team are going to be winning. And we see it now across the brands that are doing that where they're paying up and then offering flexibility. Like some are doing four day work weeks, some are saying, look, you don't have to work every holiday. We'll trade Thanksgiving for Christmas and Christmas for New Year's. And they're trying to give that flexibility to a lot of people, but really it's the perks and a lot of them went away. I actually just wrote about this yesterday on LinkedIn. Was one of my best perk packages, was I worked at the Mandarin Oriental and I got. Got free spa once a month. I got free food that was amazing. Dry cleaning, you know, parking, gym access, all these awesome things. 75 room rentals at, you know, 1500 a night, hotel rooms. But that went away. Right. And those things just aren't out there anymore. So I think you're gonna see a lot of people investing back because a lot of these hotels did have record profits.

Why?

Because there's no one working.

Right.

So people were killing themselves to get those record profits, and now they have to invest that back in the team.

Well, just a funny comment before going on to the next question. Sorry, Brandy, to cut you off. I saw you taking. Ready to take the leap. But Sarah Franzen says she. You can't pay her enough to go back to hotels. Is. I, I guess, you know, I would go back. I've. I've missed my hotel days back in the day.

I miss my team. I miss my team, I'll tell you that.

Yeah, it's different working remote. I think going short term rental to from hotel or being in person is very, very different. But do you think. I guess my question to Sarah more or less and Steve is what would make you go back would be the perks. I. You had me at spa, Steve. I always do the spa thing once a month. Guaranteed 100. Done.

I did it every time. That's why I'm a spa nerd now. I love it.

Yeah, I love it. Go ahead, Brandy. I'll let you take off.

Yeah, I just find that the, you know, the conversation around payroll is very difficult because yet, you know, there is this race, and we've seen it in both our South Florida and New Orleans markets, like trying to compete with hiring housekeeping staff when we have to compete with the Four Seasons, who are paying the same rate we are, but also offering the dry cleaning, the free meals, like, we can't compete with that. And when you start increasing your payroll more and more and more to try to get people in the door and get them to stay, then that becomes a huge problem because the adrs are not necessarily what they used to be. And so then if. If there are tough times coming, the first thing and the most impactful thing that you can do to cut your costs is to cut your payroll. And so I think that that creates just this negative feedback loop where you're racing to raise salaries to attract the talent, and then you get yourself in a position where you can't afford that at all. And then you have to cut them, and then you have to do the whole cycle Again, so I. It's something that, like, you know, I. It's a very tricky situation, and I also wish that I had a monthly spa package. I would definitely.

It was the best.

I literally just met with my team about this earlier today, and again, it comes back to the same mindset of how do you make your properties more attractive than your comps? How do you make your team more attractive than your comps? Right? Like, even doing things now, like, Friday, we're having a huge party at one of our hotels, inviting all the different staff from all different properties, having it catered, dj, like, bar, like, everything, and just doing those little things we used to have, like, pizza Fridays or catered lunch Fridays for all the housekeeping staff at, like, one of the. Just, like, doing little things and just showing your team that you give a. Sorry, I don't know if I'm not supposed to wear on this, but, like, showing people that you care, man, because like, most companies, they don't want to feel like a cog in the wheel. They want to feel like they're part of something bigger. Just like Steve was talking about earlier. You didn't see the light at the end of the tunnel. So do you have a vision that's big enough that's going to captivate your team? That, like, we're going big places and you want to be on this bus and we have a lot of fun and our standards are freaking high, but if you can play ball with us, this is going to change your life. And I personally interview all the employees to figure out what are their personal goals and how can I align our business to help them hit whatever their personal goals are. Like, again, I'm not a massive company. Like, so it's a lot easier for us and for me to train, like, our manager to, like, have those conversations, to just have more of that interaction with their. With our team of, like, what is important to you? And how can you. How can we make sure that you hit that?

Working with us, that's where you start to win you. You'll be able to convince some great hotel employees that have all the experience you're looking for because of the passion you've got. And telling them, I'm gonna. I got your back, right? And I think hotels are realizing that, like, man, we really messed up a couple years ago, and we're still having to gain back the trust of all the people that left. And all people just never are gonna be a lot of never was because you can make $45,000 flipping things on ebay. Right. So that money is not attractive to you to go into a hotel. So it's going to be interesting to see what happens.

Yeah, I was going to say one of the things we kind of built this is outside of the hospitality, like lodging side. But our team, there's a lot of toxicity around. Like, we're a family. We're a family. And everyone tries to use that line for their staff with housekeeping and maintenance and all this other stuff and saying, we're family. Then, yeah, they get canned the next week because again, the adrs weren't good or whatever. So one of our kind of big statements with each other, Claire and Michael will answer to this, is that we're not family, but we're friends and we're allowed to be friends outside of work and we're allowed to have companionship and get to know each other and be aligned personally rather than just a business. Because that mindset is way better than saying, hey, we're a family. But then, oh, guess what, we lost all of our revenue and see you later. Like, we don't really care. And, you know, that's. That mentality, I think, has been a big differentiator for me, especially being in a hotel or other companies that have been quick to slow to hire and quick to fire, be based off of revenue projections and seniority and rather than talent and passion and of course, experience. So it's pretty interesting for. For all that to kind of come back to light. Sweet. Anybody else got something or anybody else got a question? It's not something for Steve on basically his predictions and what he's just mentioned, going once, going twice, sold. Cool. Well, not to close it off on a boring note, because I'm the last one to go, but I will say I wrote down three predictions, being scared that everyone else is going to mention their prediction first. But there was one prediction that I am kind of putting out there and I want to see everyone's faces on this. To go into. It's going to be two of them, but the big one is going to be Vacasa. So obviously Vacasa, not to like dig at them and not trying to do that. It's more of a prediction of what they're going to do because they do get a lot of headline and spotlight news. So my prediction with Vacasa, they did this big layoff. They had gotten rid of a lot of employees. It was big news right before vrma, I believe. And my prediction will be that they are going to let go of homes and properties without density or actual gaining revenue. And then they're actually going to start building rather than buying. So they let go of a lot of their acquisitions team. My prediction is that they're going to go into building kind of a condominium, apart hotel buildings, which is what they're known to be better at, rather than single family homes. And in order to become profitable, they're also going to start looking obviously to build the bigger buildings, multi family structures. But then they're going to become more of an ota, trying to compete with Airbnb and trying to be of course, profitable. I think that's my big prediction for this year slash going into next year. Because obviously building buildings, building buildings takes a lot of time and money. But I also think that they are just trying to focus and not like Saunder where they're trying to do a mass release model and do all these buildings they're actually trying to build on because guess what, owners can't fire them if they own the building. So that's kind of my big prediction for the year. And then my second one going into what a lot of people have said on this panel today would be around mobility, hospitality. So I'm going to predict that things like the sprinter vans and kind of a glamping RV mobile hospitality type inventory glamping is going to become very more popular, especially as the younger generation of travelers, whether there's a recession or not, they're renting, they're spending their money with experiences rather than anything else. So what better experience to do while you're young, dumb and broke is to hop in a sprinter van with someone, whether it's a significant other or a friend, and hit the road. And guess what? If you can't afford gas, then you can at least camp out and wait until you get your next paycheck in order to move on to the next spot. So I think that's going to be the next big thing for hospitalities such as like experiential hospitality. But yeah, I'll let you guys do with that as you want. Anybody got questions?

Yeah, I want to go.

I have a question for Will. So do you think that with the campers that that's going to be like more of a drive to like rent them, to drive them or to go to like the parked like glam site that has the deck built out in the hot tub and everything? And I'm literally in a camper right now. This is the Airstream we bought and I'm still looking for land to park it. So maybe you'll convince me to just rent it from my driveway and let people drive it out.

Yeah, I was going to say, I think it's more of like the mix of like, hey, we're going to. We have, we, we work remote, so we're going to go just hit the road and hit all the spots that we want to, whether it's like Colorado or going into the Pacific Northwest and experiencing maybe even Arizona, going out to the desert, multiple different locations. But then also the, hey, guess what, we are out of PTO or whatever, but we have the weekends off 9 to 5 type hustle, and we're just going to take the sprinter van or the RV or hit a glamping site for the weekend just to get away. One of my big kind of reasons for this would be coming from. Inspired from Tori and Seth Bolt out with Bolt Farm tree house out in the. Actually, I'm not going to say where because I don't remember fully, but they have an amazing acreage and they're building a community of glamping huts and tree houses and mirror cabins and all sorts of stuff. And I think that trend is not even a trend. It's more of a futuristic experiential hospitality that a lot of people are wanting to seek, whether it's for a weekend or for a kind of a lifestyle thing. So I think the van life is also going to translate into that. It's going to be like an easier transition.

See, I can speak to this because I grew up on a 200 acre farm stay business. So it's amazing to me as a British person that the whole glamping thing hasn't properly taken off in the States. And I can see it getting bigger.

And bigger and bigger.

And you know, if you just come over here, if you go to any village or any countryside, these farms that used to be just working farms have now got some element of an experience day built into it, whether it is camping, glamping huts, whatever you want to call it, right? And it is getting huge or bigger and getting more known over in, over in the States. And so, yeah, I can totally, totally buy into that. Totally see that. And you know, it's, it's funny, when the 2020 started to go a bit crazy, you could not buy a camper, an rv, a caravan in the UK for love, no money, because that was, you know, everywhere was closed up. And literally the only way you could do it is if you jumped in a caravan. And I'm sure I heard this right from Airbnb on a podcast, like, they are officially the Second largest renters of RVs without even meaning to be. So it's crazy. So there's a. There's a. Definitely a demand. There is definitely room for somebody to create a massive booking platform around it. Definitely. And yeah, it's a good prediction. I'm even more intrigued about Vacasa becoming an ota, but that's for another day, another show.

Yeah, I figured that's what Brandy was going to ask because that's been the one that we've. I love the Steve Milo comment who said that in the. The chat. Yeah, Mark, I love it. It was good. He's like, no, no, go ahead, Brandy.

Yeah, it wasn't necessarily about them becoming an ota, but I can see that. And that's definitely. I'd love to get into that conversation, but it was more on them, you know, trying to get into the multifamily space, the apart hotel. And I definitely think they're going to try to buy urban operators. I have a very strong feeling that that is already in motion and there is probably some distressed operators out there that will take them up on that.

So, yeah, yeah, builder buy is always a question. And I know Michael golden and a couple of us actually always kind of talk about builder buy. I think with their acquisition team being let go, mostly majority. Yeah, that's where I struggle with, is like buy or build.

Are they going to Casa will not buy their own.

You don't think so?

It's two different. The return structures on real estate companies versus what they're trying to trade at as a tech company. It's. That's why Marriott, Hyatt, Hilton don't own properties they spun off. Host group is part of Marriott, but it's not under the publicly traded stock ticker. So no, they will not buy. They might partner with a reit and a REIT buys all the real estate and they manage it. But yeah, I don't see them purchasing their own assets.

Yeah, well, I'm passionate on the build part, so that would be my prediction, and I'm happy to stick with that part.

At least stick to your guns.

Yeah, yeah, yeah. Awesome. Anybody else got anything? Nope.

Cool.

Well, I do want to say a quick thank you to everyone who joined on the panel. You guys are amazing. This has been super fun. It's rare to get us all in one room unless we're at a conference that we all happen to go to. So this is exciting. Again, appreciate you guys. And then to everyone who has tuned into the live. Seriously, the. The comments and the. The messages, I'VE as I took my phone off of do not disturb have been awesome. Thank you guys. A lot. We, you know, kind of wanted to do something different and interesting and I think bringing different groups of people from short term rentals to hotels to even other places like Steve's got the best background with fine dining and of course the. The hotel side. I love watching his hospitality mentor videos where he goes around and and dives into these venues deeper. So stuff like that, we wanted to keep doing this and so if you guys like this model, let us know how we could keep doing it. And we'll bring on new faces and names to the the panels. But for any of you on this current roundtable right now, would you like to say anything to the audience before we end the live and head off for the rest of our day? Nope.

Picture events. Go on. Picture events, Mike.

Yeah, Picture events too.

Str. Wealthcom without the. What I was gonna say was we, we had a lot of negatives on this. Don't let that scare you. Right? Like if you listen to the wise like Buffett, like, when people are fearful, be greedy. I'm going on a hunt this year. I'm telling you guys right now, and I'm calling my shot. Like I'm gonna expand a lot in 2023. So when people are fearful, be greedy. And when people are greedy, be fearful. So don't let that hold you back.

That's good. I love it. Well, that's a good note. I know there's a couple events, so I'm actually gonna just let. I. I know Mikey just said you didn't want to pitch it, but we're gonna let you pitch it. So Stacy, go ahead with your virtual one leading into. I know Natalie's got the level up your listing summit, which I'll be emceeing of. And I'm so excited for the only guy in a room full of women in the short term rental. So it's gonna be a shark frenzy. I, I feel like in not a good way probably I'll probably get destroyed on stage. But all good. I will let everyone just kick off from there and if you guys have anything else to add, would love to hear it. So go ahead, Stacey, kick it off.

Thank you, Will. So yes, ladies, if you are interested in connecting with some amazing, amazing speakers, a few of which are on this panel right now. Next week go to strvirtualsummit.com and we would love to welcome you and a friend. So we're. We launched a bogo deal buy one get one. So, so many people are interested in this short term rental thing but not quite sure about it or curious. So feel free to invite a friend or a family member to come with you. And again, thank you, Will, for putting this amazing panel together.

Of course. Love it. Natalie, go ahead. Leeway into that.

One final pitch I've mentioned a few times, but level up your listing summit. It's an all women's short term rental Summit in Scottsdale, Arizona, February 27th, 28th and March 1st. Stacy is one of our speakers. Will is our MC and Mike's wife Kristen will be talking about. She'll be on our design panel. So I can't wait for her to talk about all the themed fun designs they're doing. So if you guys want level up your listingsummit.com and you can use code Roundtable10 for 10 off your ticket.

I love that Round Table 10, Mike Wealthcon coming up up March.

Yeah. So the STR Wealth Conference, it's going to be March 20th to the 22nd. I was actually just checking. We literally have, we have a thousand seats for this thing. We have 35 left. Like I'm no exaggeration. So if you're going to go, I'd highly encourage you because I know Bill's gonna fire off an email after he hears that and he's just gonna finish selling it out because that's what he does. And so there's literally 35 seats left that just checked the dashboard. It's going to be awesome. I'm super pumped. It was a lot of fun last year and we we're gonna do it bigger and better this year. A lot of my friends are coming back and kudos to, to our boy over here. Mark Simpson hooked me up with an intro to Mike Michalowicz, who we landed for our keynote speaker, author of Profit first and pumpkin plan and a ton of books that I absolutely love. So Mike's gonna be keynoting that and you guys can check it out@strwealthconference.com we have an incredible lineup. A lot of people that are up here and the networking is just a blast, man. Like, we have a lot of fun, we learn a lot and there's gonna be a thousand other hosts there.

So super, super excited you're gonna be able to whip up a code like Natalie did or, or we're gonna leave the listeners hanging.

Use promo code.

He doesn't need one.

Let's just see what happens.

I love it. How about Michael golden and Steve Turk? Any events you guys are excited to attend or go to this year. Are you putting on a conference? Am I missing something? Or are you guys just gonna tune in for the. For the good stuff?

Nope, not putting on any conferences that I know of.

Okay.

Just making sure. You never know. How about you, Steve? You're muted, my friend.

I'm excited to see if I can at least attend one of these this year. I know I'm not invited to the all women's one, so what kind of wipes out the ones.

We'll let you in. We'll sneak you in.

But I'm excited to get more and more involved this year in the. In the short term rental world. So I'm excited to see some of you out there live.

Awesome. Well, appreciate all of you guys. Once again, thank you so much for tuning in for all of our live viewers and listeners and this amazing round table. Maybe we'll come back at the end of the year and see what came true and what didn't. So excited to continue on and thank you guys again.