00:00:01.663 –> 00:00:03.126
I don’t know if it’s me, but Anthony,

00:00:03.146 –> 00:00:04.288
you’ve never looked better.

00:00:05.211 –> 00:00:06.573
Why, thank you, Glenn.

00:00:07.275 –> 00:00:07.796
I’m Anthony.

00:00:07.976 –> 00:00:09.298
Welcome to No Vacancy Lives.

00:00:09.618 –> 00:00:10.500
That’s my friend Glenn.

00:00:10.660 –> 00:00:11.423
You’re watching the number

00:00:11.503 –> 00:00:12.824
one show in hospitality.

00:00:26.481 –> 00:00:27.062
Hey, everybody.

00:00:27.123 –> 00:00:29.085
Welcome to No Vacancy Live.

00:00:29.144 –> 00:00:29.364
All right.

00:00:29.385 –> 00:00:30.025
To be fair,

00:00:30.085 –> 00:00:31.748
we recorded this show an hour

00:00:31.807 –> 00:00:32.990
before we were running it.

00:00:33.049 –> 00:00:34.530
I’m not even sure why we did that.

00:00:34.551 –> 00:00:35.512
I’m Glenn Hausman.

00:00:35.953 –> 00:00:38.295
That is Dr. Producer Suzanne

00:00:38.335 –> 00:00:40.277
Bagnera covering for Anthony,

00:00:40.298 –> 00:00:41.598
who’s on assignment today.

00:00:41.658 –> 00:00:42.661
I’m so happy that we’re in

00:00:42.701 –> 00:00:44.482
the office and I’m back on

00:00:44.643 –> 00:00:47.006
air doing live shows all week.

00:00:48.393 –> 00:00:49.533
I know.

00:00:49.554 –> 00:00:51.475
I think I sent you a text like,

00:00:51.515 –> 00:00:52.637
look at the camera while

00:00:52.656 –> 00:00:53.557
you were doing click

00:00:54.557 –> 00:00:56.000
because I was not with you.

00:00:56.020 –> 00:00:58.801
And they went unanswered.

00:00:58.881 –> 00:01:01.524
It was not unanswered, Dr. Producer.

00:01:01.784 –> 00:01:03.826
I acknowledged it on air.

00:01:03.847 –> 00:01:05.268
Did you?

00:01:05.408 –> 00:01:06.129
I did, yeah.

00:01:06.168 –> 00:01:07.810
We had a whole conversation about it.

00:01:07.849 –> 00:01:09.512
I’m sorry that you’re just

00:01:09.852 –> 00:01:11.873
flaming me and then leaving

00:01:12.194 –> 00:01:13.614
right away without even-

00:01:14.756 –> 00:01:16.477
I myself was at another conference.

00:01:16.578 –> 00:01:18.060
And so I got the alert.

00:01:18.219 –> 00:01:18.859
I’m looking.

00:01:18.879 –> 00:01:20.903
I’m like, I can’t do two things at once,

00:01:21.322 –> 00:01:23.906
but I can send a text and go run away.

00:01:23.945 –> 00:01:24.406
Totally.

00:01:24.465 –> 00:01:25.227
Well, you know what?

00:01:25.266 –> 00:01:25.867
You mentioned it.

00:01:25.908 –> 00:01:27.209
We are in conference season.

00:01:27.248 –> 00:01:27.730
Last week,

00:01:27.750 –> 00:01:28.811
we were at our friend Craig

00:01:28.850 –> 00:01:30.132
Sullivan’s California

00:01:30.191 –> 00:01:31.573
Lodging Investment Conference.

00:01:31.713 –> 00:01:33.516
What a great event that was.

00:01:33.536 –> 00:01:35.138
I encourage all of you to

00:01:35.418 –> 00:01:36.638
catch all of the coverage

00:01:36.679 –> 00:01:37.379
that we did the week before.

00:01:37.500 –> 00:01:38.060
Before that,

00:01:38.500 –> 00:01:40.501
I was at Remington Hospitality’s event.

00:01:40.540 –> 00:01:41.762
The week before that or two

00:01:41.781 –> 00:01:42.302
weeks before that,

00:01:42.322 –> 00:01:43.742
I was at First Hospitality’s event.

00:01:43.783 –> 00:01:46.864
It is conference season, I will tell you.

00:01:47.084 –> 00:01:49.144
And remember how great Click was.

00:01:49.204 –> 00:01:50.665
And you know I love that event.

00:01:50.686 –> 00:01:52.486
I’m also super stoked for next week.

00:01:53.126 –> 00:01:55.287
You know, what’s going on next week?

00:01:55.347 –> 00:01:55.628
Anything?

00:01:55.908 –> 00:01:56.308
I don’t know.

00:01:56.347 –> 00:01:57.808
It’s something that I don’t

00:01:57.890 –> 00:02:00.010
have the excited pleasure to go,

00:02:00.070 –> 00:02:02.112
so I’m going to be super jealous today,

00:02:02.192 –> 00:02:04.715
but let’s go on a hunt.

00:02:04.974 –> 00:02:08.157
I’m excited because not only

00:02:08.197 –> 00:02:09.598
do I get to have Gus’s

00:02:09.617 –> 00:02:11.500
Fried Chicken in downtown Atlanta,

00:02:11.819 –> 00:02:12.580
but more importantly,

00:02:12.881 –> 00:02:14.062
I get to go to the Hotel

00:02:14.181 –> 00:02:15.082
Investment Conference,

00:02:15.122 –> 00:02:16.364
and I got with us both

00:02:16.463 –> 00:02:18.305
Teague and Lee Hunter,

00:02:18.905 –> 00:02:20.205
masterminds behind the event.

00:02:20.225 –> 00:02:20.806
Hey, Teague.

00:02:20.847 –> 00:02:21.747
Lee, how are you guys doing?

00:02:21.768 –> 00:02:23.288
Hey, Glenn.

00:02:23.308 –> 00:02:23.348
Hi.

00:02:24.419 –> 00:02:24.900
Hey, Glenn.

00:02:24.919 –> 00:02:25.420
Doing great.

00:02:25.480 –> 00:02:25.841
How about you?

00:02:25.860 –> 00:02:26.602
Hi, Suzanne.

00:02:26.622 –> 00:02:27.282
You look great.

00:02:28.062 –> 00:02:28.604
Oh, thank you.

00:02:28.623 –> 00:02:30.205
I appreciate it.

00:02:30.224 –> 00:02:31.665
Tell Anthony we don’t need

00:02:31.725 –> 00:02:32.426
Anthony anymore.

00:02:32.766 –> 00:02:34.609
Yeah.

00:02:34.649 –> 00:02:35.229
We sure don’t.

00:02:35.649 –> 00:02:37.431
Gentlemen, I’m so excited.

00:02:37.450 –> 00:02:38.391
Next week,

00:02:38.912 –> 00:02:42.474
35th annual Hunter Hotel

00:02:42.655 –> 00:02:43.795
Investment Conference.

00:02:43.816 –> 00:02:44.477
And I was joking with you

00:02:44.836 –> 00:02:45.698
before we went on air.

00:02:45.717 –> 00:02:47.800
I think up to at least 20 of them,

00:02:47.860 –> 00:02:50.141
maybe more than that.

00:02:50.382 –> 00:02:51.562
It’s kind of crazy.

00:02:53.227 –> 00:02:55.268
It’s kind of crazy that this is 35 years.

00:02:55.907 –> 00:02:57.127
That doesn’t count.

00:02:57.168 –> 00:02:58.367
That just ages all of us.

00:03:01.088 –> 00:03:02.088
Yeah,

00:03:02.109 –> 00:03:04.409
I had a lot less gray hair the first

00:03:04.509 –> 00:03:05.129
ones I went to.

00:03:05.469 –> 00:03:06.790
But what’s been amazing

00:03:06.830 –> 00:03:08.911
about that event is I really saw it.

00:03:08.971 –> 00:03:11.092
It started out as kind of a niche,

00:03:11.252 –> 00:03:13.913
southeastern kind of an event.

00:03:13.973 –> 00:03:15.592
And then over my years,

00:03:15.673 –> 00:03:17.193
I noticed it started to

00:03:17.294 –> 00:03:18.813
spread out and out.

00:03:18.933 –> 00:03:21.115
And while it’s still not a

00:03:21.175 –> 00:03:22.534
national national event,

00:03:23.155 –> 00:03:24.716
It really is, at this point,

00:03:24.917 –> 00:03:26.957
a national hotel conference

00:03:26.997 –> 00:03:27.979
and one of the major ones

00:03:27.998 –> 00:03:30.561
that I like to attend every single year.

00:03:30.621 –> 00:03:31.882
So before I let you speak,

00:03:32.361 –> 00:03:33.242
let me just say I’m looking

00:03:33.263 –> 00:03:34.723
forward to being there next week.

00:03:35.185 –> 00:03:37.026
Join us there.

00:03:37.406 –> 00:03:39.807
Please, it’s next Tuesday, Wednesday,

00:03:39.968 –> 00:03:41.669
and Thursday of next week,

00:03:41.689 –> 00:03:42.229
starting on the 18th.

00:03:43.531 –> 00:03:44.992
Monday the 18th is registration,

00:03:45.032 –> 00:03:45.853
all that kind of stuff.

00:03:45.872 –> 00:03:47.534
Check in Tuesday, Wednesday, Thursday.

00:03:47.875 –> 00:03:49.355
Guys, how’s it shaping up?

00:03:49.735 –> 00:03:49.937
Lee,

00:03:49.977 –> 00:03:51.758
you looking forward to this year’s event?

00:03:51.818 –> 00:03:54.300
What’s the overall synopsis

00:03:54.400 –> 00:03:55.401
of what’s going on there?

00:03:55.801 –> 00:03:56.741
Yeah, Glenn,

00:03:56.801 –> 00:03:57.943
we’re really looking forward

00:03:58.022 –> 00:03:59.465
to the event this year.

00:03:59.485 –> 00:04:00.504
The team has done a great

00:04:00.564 –> 00:04:02.907
job of putting together an

00:04:03.788 –> 00:04:04.889
array of speakers.

00:04:05.530 –> 00:04:07.591
We got a lot of new faces this year.

00:04:08.632 –> 00:04:09.752
I think we’ve got over 50%.

00:04:11.692 –> 00:04:12.993
from a diversity perspective.

00:04:13.074 –> 00:04:14.074
So that’s really good.

00:04:14.134 –> 00:04:16.737
But our theme is no, no limits,

00:04:17.598 –> 00:04:18.819
which is a call to action,

00:04:18.858 –> 00:04:20.721
get everybody excited moving forward.

00:04:20.800 –> 00:04:22.781
So we’re really looking forward to it.

00:04:22.841 –> 00:04:24.423
We’re pacing well ahead of

00:04:24.463 –> 00:04:25.725
where we were last year at

00:04:25.745 –> 00:04:26.466
this point in time.

00:04:26.985 –> 00:04:28.026
And last year we had over

00:04:28.026 –> 00:04:29.608
2000 people in attendance.

00:04:30.149 –> 00:04:31.651
So we’re certainly expecting

00:04:33.012 –> 00:04:34.613
to surpass that number this year.

00:04:35.355 –> 00:04:38.398
Registration does close on Thursday.

00:04:38.418 –> 00:04:40.680
And once that closes Thursday,

00:04:41.120 –> 00:04:43.622
everything moves to on-site registration.

00:04:43.642 –> 00:04:44.564
So pricing will change.

00:04:44.803 –> 00:04:45.865
You can still register for

00:04:45.884 –> 00:04:47.225
the conference after Thursday,

00:04:47.867 –> 00:04:48.867
but Thursday is the last

00:04:49.228 –> 00:04:50.269
opportunity you’ll have to

00:04:50.309 –> 00:04:50.910
do that online.

00:04:51.353 –> 00:04:52.593
It’s amazing to me how many

00:04:52.653 –> 00:04:56.314
people still show up day of conference.

00:04:56.375 –> 00:04:56.634
I mean,

00:04:56.795 –> 00:04:58.154
I’ve had my flight booked for like

00:04:58.295 –> 00:05:01.315
three months already, you know?

00:05:01.836 –> 00:05:02.336
You know, Glenn,

00:05:02.355 –> 00:05:02.995
that’s sort of a number

00:05:03.036 –> 00:05:05.656
that we track and we’ll be, you know,

00:05:06.057 –> 00:05:07.637
plus or minus 100 people.

00:05:08.478 –> 00:05:11.538
If it holds true, you know, year over year,

00:05:11.577 –> 00:05:12.697
we’re always plus or minus

00:05:12.697 –> 00:05:13.879
100 people that actually

00:05:14.319 –> 00:05:15.858
register for the conference

00:05:16.178 –> 00:05:19.019
on site when they arrive either, you know,

00:05:19.060 –> 00:05:20.519
Monday afternoon or Tuesday morning.

00:05:21.209 –> 00:05:22.610
God bless people who could

00:05:22.629 –> 00:05:23.790
handle that kind of

00:05:23.810 –> 00:05:25.410
flexibility in their lifestyle.

00:05:25.790 –> 00:05:27.810
Teague, you know, it’s one week out.

00:05:27.831 –> 00:05:28.651
This is when everybody’s

00:05:28.670 –> 00:05:29.911
kind of getting crazy.

00:05:29.932 –> 00:05:32.392
So what are you looking

00:05:32.473 –> 00:05:34.213
forward to most about

00:05:34.233 –> 00:05:35.533
getting everybody together

00:05:35.673 –> 00:05:39.514
for our pre-spring hospitality checkup?

00:05:40.105 –> 00:05:40.406
I mean,

00:05:40.846 –> 00:05:42.908
it’s chaos around the office right now.

00:05:44.209 –> 00:05:45.831
I’m looking forward to that being over.

00:05:47.072 –> 00:05:48.454
But come on, you know,

00:05:48.473 –> 00:05:49.295
I’m a people person.

00:05:49.355 –> 00:05:50.235
I love getting these

00:05:50.276 –> 00:05:51.797
conversations with everybody together.

00:05:51.836 –> 00:05:53.358
Let’s get together, see each other,

00:05:53.459 –> 00:05:54.338
give a bunch of hugs to a

00:05:54.379 –> 00:05:56.240
friend you haven’t seen in a while.

00:05:56.581 –> 00:05:58.562
And I don’t know, talk about business,

00:05:58.603 –> 00:05:58.963
I guess.

00:05:59.103 –> 00:06:00.045
Try and get some deals done.

00:06:00.807 –> 00:06:01.307
Yeah, you know,

00:06:01.326 –> 00:06:02.547
it’s funny you say try to

00:06:02.567 –> 00:06:03.447
talk about business because

00:06:03.487 –> 00:06:04.088
one of the things that I

00:06:04.127 –> 00:06:05.427
like about this event is

00:06:05.567 –> 00:06:07.567
it’s more casual and laid back.

00:06:07.648 –> 00:06:08.588
And I don’t mean to imply

00:06:08.627 –> 00:06:09.488
it’s not serious.

00:06:09.548 –> 00:06:10.949
What I mean is that the

00:06:11.389 –> 00:06:13.129
atmosphere is one of such

00:06:13.209 –> 00:06:15.009
that it’s easy to approach people.

00:06:15.389 –> 00:06:16.449
It’s great to have some

00:06:16.550 –> 00:06:17.910
conversations with people

00:06:18.490 –> 00:06:19.449
and that it’s all

00:06:19.589 –> 00:06:20.911
self-contained within the

00:06:20.990 –> 00:06:22.930
Atlanta Marriott marquee is

00:06:22.971 –> 00:06:26.071
a great way to keep the group together.

00:06:26.130 –> 00:06:26.552
Suzanne,

00:06:26.572 –> 00:06:28.891
I feel like we’re ignoring you over here.

00:06:30.035 –> 00:06:31.036
No, that’s a great property.

00:06:31.076 –> 00:06:32.375
I’ve had the pleasure of staying there,

00:06:32.435 –> 00:06:33.615
just not going to the conference.

00:06:33.675 –> 00:06:35.836
And so I think when events

00:06:35.937 –> 00:06:37.838
are able to be self-contained that way,

00:06:37.997 –> 00:06:39.137
it does lead to better

00:06:39.177 –> 00:06:40.918
relationship building and networking.

00:06:41.019 –> 00:06:41.858
And for me,

00:06:41.918 –> 00:06:43.139
that’s always one of the best

00:06:43.199 –> 00:06:44.600
parts of going to conferences.

00:06:44.680 –> 00:06:45.779
So it’s great to hear that

00:06:46.141 –> 00:06:47.581
that’s the type of environment.

00:06:47.620 –> 00:06:49.322
So for those last 100 people

00:06:49.341 –> 00:06:50.382
that haven’t registered,

00:06:50.781 –> 00:06:53.502
make it happen and get in on that.

00:06:54.464 –> 00:06:55.665
Yeah, for sure.

00:06:56.005 –> 00:06:57.026
And always,

00:06:57.387 –> 00:06:58.807
besides the fact of people

00:06:58.827 –> 00:07:00.408
doing deals in the hallway and all that,

00:07:00.449 –> 00:07:03.331
you’ve got a great lineup as always.

00:07:03.810 –> 00:07:05.232
Man, big coups.

00:07:05.252 –> 00:07:07.072
You got Tony Capuano,

00:07:07.153 –> 00:07:09.035
the big chief from Marriott,

00:07:09.074 –> 00:07:10.656
coming in to do a fireside chat,

00:07:10.815 –> 00:07:12.016
as well as, of course,

00:07:12.036 –> 00:07:13.877
Atlanta-based Ed Bastian,

00:07:14.517 –> 00:07:16.800
CEO of Delta Airlines.

00:07:16.860 –> 00:07:18.321
I feel like Ed and I are

00:07:18.360 –> 00:07:19.682
really great friends

00:07:20.221 –> 00:07:21.403
because I spend so much

00:07:21.463 –> 00:07:22.863
time with him and his team.

00:07:24.884 –> 00:07:25.185
Sorry,

00:07:25.225 –> 00:07:30.988
I don’t know why my soundboard just

00:07:31.369 –> 00:07:32.569
did that.

00:07:33.069 –> 00:07:33.509
Yeah, Teague,

00:07:33.529 –> 00:07:37.372
I’m almost at 1.3 million with Delta now.

00:07:37.413 –> 00:07:38.793
And I’ve been like, you know,

00:07:38.853 –> 00:07:40.134
watching it climb and I’m

00:07:40.153 –> 00:07:41.334
getting very excited.

00:07:41.535 –> 00:07:43.456
And my biggest regret is not

00:07:43.475 –> 00:07:44.956
starting flying with them until 2007,

00:07:44.956 –> 00:07:48.319
you know, but what are you going to do?

00:07:48.439 –> 00:07:49.079
So Teague,

00:07:49.459 –> 00:07:51.461
We’ll get you a autograph from Ed Bastian.

00:07:51.982 –> 00:07:52.822
Thank you.

00:07:53.043 –> 00:07:53.884
I would love that.

00:07:53.903 –> 00:07:54.785
It’ll go right next to the

00:07:54.865 –> 00:07:57.146
one that I got with Goober

00:07:57.206 –> 00:07:58.528
from the Andy Griffith show.

00:07:59.569 –> 00:08:00.870
I actually met him when a

00:08:01.310 –> 00:08:02.531
major hotel brand tried to

00:08:02.571 –> 00:08:05.553
do these small little 50-room hotels,

00:08:05.834 –> 00:08:07.536
and he was the celebrity

00:08:07.696 –> 00:08:09.757
person who did the opening event there.

00:08:09.798 –> 00:08:12.319
So I’m excited about Teague, though.

00:08:13.940 –> 00:08:14.882
Tell us a little bit about

00:08:14.942 –> 00:08:15.642
what else people could

00:08:15.702 –> 00:08:16.944
expect at the event.

00:08:17.728 –> 00:08:18.869
I mean, again,

00:08:18.908 –> 00:08:20.389
Fireside Jam at Bastion and

00:08:20.449 –> 00:08:23.230
Tony Capuano owes a mentalist,

00:08:23.672 –> 00:08:24.932
which is going to be exciting.

00:08:25.112 –> 00:08:26.312
That’ll keep everybody on their toes.

00:08:26.774 –> 00:08:27.314
But listen,

00:08:27.334 –> 00:08:28.935
we’ve always been known for the

00:08:28.975 –> 00:08:30.036
conference where deals get done.

00:08:30.175 –> 00:08:30.956
That’s not a secret.

00:08:31.377 –> 00:08:32.537
All the brand guys say it.

00:08:32.596 –> 00:08:34.698
All the hotel owners say it.

00:08:35.158 –> 00:08:36.919
So we’re going to see what

00:08:36.940 –> 00:08:38.900
deals we can get done at the conference.

00:08:38.961 –> 00:08:39.481
I’m feeling it.

00:08:39.522 –> 00:08:40.621
I think it’s going to be very active.

00:08:41.503 –> 00:08:42.442
That’s awesome.

00:08:42.462 –> 00:08:42.984
What about you, Lee?

00:08:43.965 –> 00:08:44.284
Yeah, no,

00:08:44.325 –> 00:08:46.485
I would second what Teague just said.

00:08:46.566 –> 00:08:48.307
All our brand guys will tell

00:08:48.346 –> 00:08:50.268
you they get more deals

00:08:50.307 –> 00:08:52.149
done here at Hunter than

00:08:52.168 –> 00:08:54.250
they do at Alice NYU Lodging,

00:08:54.289 –> 00:08:55.191
and they’ll tell you that.

00:08:55.691 –> 00:08:56.931
And this year, like I alluded to earlier,

00:09:00.489 –> 00:09:00.688
You know,

00:09:00.808 –> 00:09:02.210
we’ve sort of restructured the

00:09:02.289 –> 00:09:03.811
programming to allow for

00:09:03.850 –> 00:09:04.572
more networking

00:09:04.652 –> 00:09:06.072
opportunities and more time

00:09:06.153 –> 00:09:08.134
for for people to get deals done.

00:09:08.595 –> 00:09:11.236
So and have meetings and and we’ll see.

00:09:11.376 –> 00:09:11.996
Like I said,

00:09:12.017 –> 00:09:14.198
we anticipated being very

00:09:14.318 –> 00:09:15.339
active conference, you know,

00:09:15.399 –> 00:09:17.221
not only in the sessions,

00:09:17.301 –> 00:09:18.201
but also outside the

00:09:18.260 –> 00:09:19.062
sessions in the hallways.

00:09:19.101 –> 00:09:20.062
Yeah.

00:09:20.222 –> 00:09:20.982
And thank you for putting

00:09:21.043 –> 00:09:21.783
out all of the snacks

00:09:21.803 –> 00:09:23.325
throughout the day outside the sessions.

00:09:23.345 –> 00:09:25.245
It makes it a lot easier to

00:09:25.265 –> 00:09:26.126
get things done.

00:09:26.206 –> 00:09:26.966
It looks like you’re ready

00:09:27.008 –> 00:09:27.548
to say something.

00:09:28.068 –> 00:09:29.429
Yeah, I was just thinking,

00:09:29.450 –> 00:09:30.769
and we’re giving our award this year.

00:09:30.789 –> 00:09:32.051
We’re giving it to Bob Hunter.

00:09:32.150 –> 00:09:34.272
I was just going to lead into it.

00:09:34.371 –> 00:09:35.072
It’s so great.

00:09:35.111 –> 00:09:37.932
So let me set that up so you

00:09:37.952 –> 00:09:39.634
guys don’t have to seem so self-serving.

00:09:39.693 –> 00:09:42.375
So I’m really excited because this year,

00:09:42.394 –> 00:09:43.134
everybody’s going to be

00:09:43.254 –> 00:09:46.976
able to really honor Bob Hunter.

00:09:46.996 –> 00:09:47.937
He’s the founder, of course,

00:09:47.976 –> 00:09:49.317
of Hunter Hotel Advisors

00:09:49.638 –> 00:09:51.339
and of the conference,

00:09:51.739 –> 00:09:53.940
the Hunter Hotel Investment Conference.

00:09:54.120 –> 00:09:54.240
And

00:09:55.000 –> 00:09:55.660
He’s always been an

00:09:55.801 –> 00:09:56.880
incredible human being.

00:09:56.921 –> 00:09:58.523
And I remember getting the

00:09:58.562 –> 00:09:59.864
chance to do podcasting

00:09:59.903 –> 00:10:01.664
with him back when I first

00:10:01.825 –> 00:10:02.565
started with it.

00:10:02.605 –> 00:10:05.027
I’m going back like a dozen years now.

00:10:05.126 –> 00:10:06.548
And although he didn’t

00:10:06.567 –> 00:10:07.629
really know what to make of it,

00:10:07.989 –> 00:10:10.870
he totally got into it and enjoyed it.

00:10:10.890 –> 00:10:11.631
And ever since then,

00:10:11.692 –> 00:10:12.472
I felt like I really

00:10:12.513 –> 00:10:13.874
connected with him in a

00:10:13.933 –> 00:10:14.774
kind of deeper way.

00:10:15.114 –> 00:10:16.956
And I saw why he was able to

00:10:17.015 –> 00:10:18.777
build such a successful business.

00:10:18.836 –> 00:10:20.938
So congratulations on

00:10:20.979 –> 00:10:22.559
finally having the right opportunity to,

00:10:23.801 –> 00:10:24.000
you know,

00:10:24.501 –> 00:10:25.464
to celebrate such an

00:10:25.484 –> 00:10:26.765
incredible man who might

00:10:26.787 –> 00:10:28.910
just happen to be your dad as well.

00:10:30.196 –> 00:10:30.995
We’re a little biased.

00:10:31.596 –> 00:10:32.277
Yeah.

00:10:32.716 –> 00:10:35.078
Was it weird picking him to do it?

00:10:35.578 –> 00:10:36.220
I’ll let Lee tell you,

00:10:36.240 –> 00:10:37.120
but it wasn’t our idea.

00:10:37.139 –> 00:10:38.260
And he said no for years.

00:10:39.360 –> 00:10:40.522
They finally twisted his arm

00:10:40.542 –> 00:10:41.363
enough that he said yes.

00:10:41.383 –> 00:10:42.222
And I’m ecstatic because

00:10:42.263 –> 00:10:43.124
he’s unbelievable.

00:10:43.144 –> 00:10:43.724
He’s our father.

00:10:43.764 –> 00:10:44.203
I’m biased.

00:10:44.264 –> 00:10:45.365
But he did this.

00:10:45.565 –> 00:10:46.446
He put this thing together.

00:10:46.485 –> 00:10:47.446
This is a heck of an event.

00:10:47.485 –> 00:10:49.047
He worked his tail off for a lot of years,

00:10:50.148 –> 00:10:51.589
sacrificing and putting this out there.

00:10:51.629 –> 00:10:53.429
So it’s going to be great.

00:10:53.470 –> 00:10:54.769
It’s going to be a tearjerker,

00:10:55.331 –> 00:10:55.931
I have a feeling.

00:10:56.110 –> 00:10:56.932
But it’s going to be great.

00:10:57.912 –> 00:10:58.393
I bet.

00:10:58.712 –> 00:10:59.374
It’s a good thing I’m

00:10:59.413 –> 00:11:00.914
working with a new company

00:11:00.955 –> 00:11:02.655
that does tissues.

00:11:02.836 –> 00:11:03.496
So I’m going to bring some

00:11:03.517 –> 00:11:04.557
of those with me.

00:11:04.597 –> 00:11:04.817
Lee?

00:11:05.399 –> 00:11:05.859
Yeah, no.

00:11:06.158 –> 00:11:07.360
As Teague alluded to,

00:11:07.440 –> 00:11:08.620
this wasn’t a Lee and

00:11:08.682 –> 00:11:09.761
Teague Hunter decision.

00:11:09.822 –> 00:11:12.784
On our advisory board,

00:11:12.825 –> 00:11:15.827
we have a subcommittee for

00:11:16.327 –> 00:11:17.288
the conference award.

00:11:17.568 –> 00:11:19.410
And Teague and I are not a

00:11:19.451 –> 00:11:20.631
part of that subcommittee.

00:11:21.072 –> 00:11:21.572
So this was…

00:11:22.865 –> 00:11:23.405
an award.

00:11:23.926 –> 00:11:25.647
The committee chose Bob,

00:11:25.706 –> 00:11:26.508
as Teague alluded to.

00:11:26.888 –> 00:11:28.948
They’ve wanted to choose Bob

00:11:28.989 –> 00:11:30.309
for the last several years now,

00:11:30.389 –> 00:11:30.971
and Bob has,

00:11:30.990 –> 00:11:35.033
I don’t want to say declined the award,

00:11:35.094 –> 00:11:37.514
but for Bob, this is not about him,

00:11:37.575 –> 00:11:37.774
right?

00:11:37.794 –> 00:11:39.976
He didn’t start this

00:11:40.017 –> 00:11:41.357
conference to be about him.

00:11:41.618 –> 00:11:42.778
He started it to be about

00:11:42.818 –> 00:11:44.279
the industry and for the industry.

00:11:44.995 –> 00:11:46.177
And so it’s sort of the same

00:11:46.197 –> 00:11:47.259
reaction with the award.

00:11:48.100 –> 00:11:50.582
But this year, the committee members were,

00:11:51.365 –> 00:11:51.884
dare I say,

00:11:52.046 –> 00:11:54.349
adamant with it being the 35th

00:11:55.129 –> 00:11:56.572
year that he accepted.

00:11:56.672 –> 00:11:59.096
And we had committee members

00:11:59.196 –> 00:12:00.278
fly into Atlanta

00:12:00.798 –> 00:12:03.859
to meet with Bob and more or

00:12:03.879 –> 00:12:06.519
less force him to accept the award.

00:12:07.000 –> 00:12:07.299
Good.

00:12:07.320 –> 00:12:10.900
We’re proud.

00:12:11.441 –> 00:12:13.981
I love that you folks didn’t

00:12:14.361 –> 00:12:15.381
want to make it happen

00:12:15.461 –> 00:12:17.081
because it’s such a great

00:12:17.121 –> 00:12:18.043
testament to everything

00:12:18.062 –> 00:12:19.663
that he’s achieved that the

00:12:19.763 –> 00:12:20.523
folks that are on your

00:12:20.543 –> 00:12:23.403
advisory board demanded that it happen.

00:12:23.884 –> 00:12:25.284
So I can’t wait to see him

00:12:25.325 –> 00:12:27.307
and congratulate him in person.

00:12:27.346 –> 00:12:29.727
Also, shameless plug for me.

00:12:29.748 –> 00:12:34.171
I will be hosting a panel at

00:12:34.171 –> 00:12:36.673
1115 next Wednesday on the

00:12:36.732 –> 00:12:39.134
brands and owners coming together.

00:12:39.294 –> 00:12:40.816
I’m really excited on that

00:12:40.855 –> 00:12:41.816
particular panel because

00:12:41.855 –> 00:12:43.918
I’ve got Shruti Gandhi

00:12:43.957 –> 00:12:46.178
Buckley with Hilton, Matt Marquis,

00:12:46.219 –> 00:12:48.841
CEO of Pacifica Hotels, Dupree Scovel,

00:12:48.880 –> 00:12:50.902
Jim Tierney, Todd Turner.

00:12:51.363 –> 00:12:51.842
Dang, man.

00:12:52.110 –> 00:12:53.250
Great panel, guys.

00:12:53.270 –> 00:12:54.571
That’s probably true, Glenn.

00:12:55.172 –> 00:12:55.451
I know.

00:12:55.831 –> 00:12:56.633
And they’re all people that

00:12:56.653 –> 00:12:57.953
are right up my alley, too.

00:12:58.033 –> 00:13:00.054
So that’s going to be out of control.

00:13:00.115 –> 00:13:01.034
The other cool thing that

00:13:01.075 –> 00:13:04.116
I’m participating in is the table.

00:13:05.337 –> 00:13:06.558
I love this idea.

00:13:06.599 –> 00:13:07.960
You started it last year.

00:13:07.980 –> 00:13:08.919
Why don’t you guys share a

00:13:08.960 –> 00:13:10.221
little bit about what that

00:13:10.441 –> 00:13:11.542
is and why it’s so

00:13:11.942 –> 00:13:13.562
important to the future of hospitality?

00:13:14.417 –> 00:13:16.658
Yeah, the table has grown.

00:13:16.678 –> 00:13:17.460
You know,

00:13:17.500 –> 00:13:19.321
it started with the Castell

00:13:19.360 –> 00:13:22.123
Project a few years ago and

00:13:22.163 –> 00:13:23.764
has grown and turned into

00:13:23.804 –> 00:13:25.046
what we’re now calling the table.

00:13:25.086 –> 00:13:27.847
And it’s the reason for the table is, hey,

00:13:27.947 –> 00:13:29.909
it’s come have a seat at

00:13:29.990 –> 00:13:31.571
the table and learn and

00:13:31.610 –> 00:13:32.751
grow your careers.

00:13:33.773 –> 00:13:33.993
Again,

00:13:34.033 –> 00:13:36.294
it grew out of the Castell Project

00:13:37.076 –> 00:13:37.817
with Peggy Berg.

00:13:38.947 –> 00:13:39.589
And as now, you know,

00:13:39.609 –> 00:13:41.289
we’ll have 25 roundtables

00:13:41.691 –> 00:13:44.232
with moderators such as yourself,

00:13:44.832 –> 00:13:45.114
you know,

00:13:45.214 –> 00:13:48.015
attending and moderating these panels.

00:13:48.216 –> 00:13:50.278
And again, it’s a roundtable discussion on,

00:13:50.658 –> 00:13:50.859
you know,

00:13:50.899 –> 00:13:52.440
how to grow your career and what

00:13:52.500 –> 00:13:53.740
you do in your career and

00:13:54.261 –> 00:13:56.163
just a discussion amongst, you know,

00:13:56.202 –> 00:13:56.823
industry peers.

00:13:57.725 –> 00:13:59.947
Suzanne, let me get you back in here.

00:14:00.727 –> 00:14:01.008
Yeah,

00:14:01.048 –> 00:14:03.389
so I would say great opportunity to

00:14:03.448 –> 00:14:04.749
hear that that’s happening

00:14:04.869 –> 00:14:05.750
and being a spinoff.

00:14:05.809 –> 00:14:07.309
I love seeing how Peggy’s

00:14:07.389 –> 00:14:08.370
program with Castell

00:14:08.389 –> 00:14:09.451
Project has really started

00:14:09.471 –> 00:14:11.772
to infiltrate our entire

00:14:11.892 –> 00:14:13.371
industry and that you all

00:14:13.432 –> 00:14:14.572
are leveraging those

00:14:14.633 –> 00:14:16.653
components from a career standpoint.

00:14:17.613 –> 00:14:19.234
Myself being in the field of

00:14:19.313 –> 00:14:20.614
higher education and really

00:14:20.653 –> 00:14:21.975
trying to get students and

00:14:22.034 –> 00:14:23.095
new entrants into our

00:14:23.174 –> 00:14:25.216
industry excited about what we have.

00:14:25.850 –> 00:14:27.873
that is an amazing way to

00:14:27.932 –> 00:14:29.033
continue to leverage and

00:14:29.053 –> 00:14:30.254
tap into all the knowledge

00:14:30.293 –> 00:14:31.375
of folks that are right there.

00:14:31.455 –> 00:14:32.076
So that’s great.

00:14:32.515 –> 00:14:32.676
Now,

00:14:32.796 –> 00:14:35.317
what I want to hear about in knowing

00:14:35.378 –> 00:14:38.181
that now this is your 35th conference,

00:14:38.841 –> 00:14:40.001
can you take us with a

00:14:40.042 –> 00:14:41.462
little step backwards to

00:14:41.503 –> 00:14:42.943
get to where you are now?

00:14:43.544 –> 00:14:44.785
What are some of the things

00:14:44.865 –> 00:14:48.869
that you’ve changed or infiltrated or,

00:14:48.889 –> 00:14:49.269
you know,

00:14:51.225 –> 00:14:53.696
gotten excited about the past,

00:14:53.777 –> 00:14:54.921
the coming together with

00:14:54.961 –> 00:14:55.624
where you’re at now.

00:14:57.975 –> 00:14:58.715
Oh, you know,

00:14:58.875 –> 00:15:01.197
I think our growth is the exciting thing.

00:15:01.216 –> 00:15:03.118
You know, we always, you know,

00:15:03.158 –> 00:15:04.677
Bob from day one wanted

00:15:04.717 –> 00:15:07.679
this to conference to be owner focused,

00:15:08.080 –> 00:15:09.480
focused on the owner,

00:15:09.541 –> 00:15:11.601
the investor of the asset.

00:15:12.121 –> 00:15:14.383
And his mindset was if we have the owner,

00:15:14.462 –> 00:15:16.403
the investor in attendance,

00:15:16.724 –> 00:15:17.724
then everyone else who

00:15:17.764 –> 00:15:19.705
wants to do business with that owner,

00:15:19.745 –> 00:15:22.067
that investor will be in attendance also.

00:15:22.746 –> 00:15:24.707
And so as we we keep that

00:15:25.408 –> 00:15:27.729
owner focus in mind with everything we do,

00:15:27.769 –> 00:15:29.610
with panels that we have,

00:15:29.671 –> 00:15:30.990
with speakers that we have.

00:15:31.211 –> 00:15:33.952
It’s, hey, is this something an owner,

00:15:34.173 –> 00:15:36.173
investor in the asset wants

00:15:36.214 –> 00:15:36.793
to hear about?

00:15:36.913 –> 00:15:38.434
Is this a person, the owner,

00:15:38.855 –> 00:15:39.975
the investor in the asset

00:15:40.056 –> 00:15:40.777
wants to hear about?

00:15:41.136 –> 00:15:43.217
And so we keep that person in focus.

00:15:43.238 –> 00:15:45.038
And if we keep that person in focus, again,

00:15:45.999 –> 00:15:46.919
brands will show up,

00:15:47.299 –> 00:15:48.301
attorneys will show up,

00:15:48.380 –> 00:15:49.301
lenders will show up,

00:15:49.400 –> 00:15:50.461
architects will show up,

00:15:50.861 –> 00:15:52.302
management companies will show up.

00:15:52.965 –> 00:15:53.626
And I think we’ve done a

00:15:53.647 –> 00:15:55.009
very good job of doing that

00:15:55.649 –> 00:15:57.673
over the years and just

00:15:57.693 –> 00:15:58.414
being focused and

00:15:58.434 –> 00:16:00.158
maintaining the focus on

00:16:00.678 –> 00:16:01.600
the owner of the asset.

00:16:02.844 –> 00:16:03.923
I think I’ll chime in Suzanne.

00:16:03.964 –> 00:16:05.085
I also think the,

00:16:05.164 –> 00:16:06.004
and I mean this sincerely,

00:16:06.044 –> 00:16:07.044
the diversity of the

00:16:07.085 –> 00:16:09.306
speakers this year is very impressive.

00:16:09.686 –> 00:16:11.586
And what I’m really behind the scenes,

00:16:11.966 –> 00:16:12.885
the team was really focused

00:16:12.905 –> 00:16:15.006
on getting fresh new faces up there.

00:16:15.106 –> 00:16:16.527
Cause you know, we’ve been talking,

00:16:16.567 –> 00:16:17.687
we all know the same people

00:16:18.067 –> 00:16:19.648
and in getting fresh new faces,

00:16:19.827 –> 00:16:20.967
it just organically turned

00:16:21.087 –> 00:16:23.009
out that we’re over 50%

00:16:23.009 –> 00:16:24.168
diverse on our panels.

00:16:24.528 –> 00:16:27.129
And I think that’s a sign of our industry.

00:16:27.590 –> 00:16:28.610
And that’s, it’s not just us.

00:16:28.690 –> 00:16:30.049
It’s a sign of the industry

00:16:30.530 –> 00:16:31.571
coming about and we should

00:16:31.591 –> 00:16:32.311
all be proud of that.

00:16:33.158 –> 00:16:34.438
Yeah, we should be.

00:16:34.799 –> 00:16:36.841
And it must be difficult for

00:16:37.261 –> 00:16:38.322
you folks because you want

00:16:38.342 –> 00:16:39.663
to present the people with

00:16:39.683 –> 00:16:41.245
the best titles in the industry,

00:16:41.285 –> 00:16:42.407
but you also want to be

00:16:42.466 –> 00:16:44.168
very representative of what

00:16:44.208 –> 00:16:46.932
the hospitality industry is of today.

00:16:46.951 –> 00:16:47.032
So I…

00:16:48.592 –> 00:16:50.034
I’ve said this before publicly.

00:16:50.054 –> 00:16:51.836
I can’t wait till we get to

00:16:51.876 –> 00:16:52.977
a time where we don’t have

00:16:52.998 –> 00:16:54.419
to talk about the diversity

00:16:54.500 –> 00:16:55.520
in panels and stuff and

00:16:55.561 –> 00:16:56.481
people on them anymore

00:16:56.822 –> 00:16:58.845
because it’s just a given fact.

00:16:59.125 –> 00:16:59.706
But until then,

00:17:00.025 –> 00:17:01.607
thank you for continuing to

00:17:01.628 –> 00:17:02.828
try to push forward new

00:17:02.869 –> 00:17:03.990
faces within our industry

00:17:04.029 –> 00:17:05.071
so everyone gets a seat.

00:17:05.807 –> 00:17:06.588
at the table.

00:17:06.828 –> 00:17:07.769
Well, Glenn,

00:17:07.969 –> 00:17:09.089
I can tell you with certainty

00:17:09.170 –> 00:17:10.371
it is changing.

00:17:10.391 –> 00:17:10.990
Thank goodness.

00:17:11.010 –> 00:17:12.192
Because when you look at the panels,

00:17:12.571 –> 00:17:13.573
we do have a lot.

00:17:13.893 –> 00:17:14.693
You’re exactly right.

00:17:15.153 –> 00:17:17.214
We need titles and sponsors

00:17:17.255 –> 00:17:18.695
want titles and things of that nature.

00:17:20.928 –> 00:17:21.429
It’s changing.

00:17:21.489 –> 00:17:24.491
Those titles, those positions that we need,

00:17:24.912 –> 00:17:26.834
you know, on the stage and speaking,

00:17:27.434 –> 00:17:29.757
you know, they’re becoming more diverse.

00:17:29.797 –> 00:17:32.680
So it’s not as hard as you might think.

00:17:33.180 –> 00:17:35.702
And Suzanne, with respect to universities,

00:17:35.762 –> 00:17:36.002
you know,

00:17:36.042 –> 00:17:39.006
we have representatives and

00:17:39.046 –> 00:17:41.067
faculty and students from

00:17:41.067 –> 00:17:43.049
12 different universities

00:17:43.109 –> 00:17:43.790
attending this year.

00:17:44.392 –> 00:17:47.694
So we do have an academic rate,

00:17:47.795 –> 00:17:48.296
if you will,

00:17:48.375 –> 00:17:50.337
for professors and students to attend.

00:17:50.877 –> 00:17:51.898
And there’s representation

00:17:51.939 –> 00:17:52.599
from 12 different

00:17:52.660 –> 00:17:55.481
universities at the conference this year.

00:17:55.521 –> 00:17:56.563
So we’re bringing along the

00:17:56.583 –> 00:17:57.203
next generation.

00:17:58.628 –> 00:17:59.509
That’s what it’s going to be

00:17:59.528 –> 00:18:00.430
about because if we don’t

00:18:00.529 –> 00:18:01.390
all work that way,

00:18:02.029 –> 00:18:02.650
we’re not going to have

00:18:02.690 –> 00:18:03.569
those titles for those

00:18:03.631 –> 00:18:05.490
other folks that are coming up.

00:18:05.510 –> 00:18:06.270
So it’s great to hear.

00:18:07.672 –> 00:18:08.051
Yeah,

00:18:08.451 –> 00:18:10.132
it’s great to see all the new people

00:18:10.172 –> 00:18:11.613
coming into the business.

00:18:11.873 –> 00:18:12.932
I don’t know what happened

00:18:12.952 –> 00:18:13.953
because we’re talking about the table,

00:18:13.993 –> 00:18:16.334
but I remember being so

00:18:16.394 –> 00:18:17.315
excited and telling my

00:18:17.355 –> 00:18:18.234
parents that I think I was

00:18:18.355 –> 00:18:20.055
finally at the adults table

00:18:20.476 –> 00:18:21.816
in the hospitality business

00:18:21.875 –> 00:18:22.756
when I got promoted from

00:18:22.776 –> 00:18:23.997
the kids table over there.

00:18:24.537 –> 00:18:25.997
And now all of a sudden I’ve

00:18:26.017 –> 00:18:27.097
turned into Grandpa Glenn.

00:18:27.218 –> 00:18:28.317
I don’t know what

00:18:28.817 –> 00:18:30.459
the heck happened there.

00:18:30.479 –> 00:18:31.839
I remember when all of us were like,

00:18:32.359 –> 00:18:34.300
you know, young, but whatever.

00:18:34.320 –> 00:18:35.741
Be careful what you wish for, Glenn.

00:18:36.142 –> 00:18:36.842
Dude, seriously,

00:18:36.902 –> 00:18:38.403
my greatest fear is to get

00:18:38.442 –> 00:18:39.363
a lifetime achievement

00:18:39.522 –> 00:18:41.243
award at this point.

00:18:41.304 –> 00:18:41.704
Well, for me,

00:18:41.724 –> 00:18:44.165
it would be a lifetime of unachievement,

00:18:44.266 –> 00:18:44.865
but that would be,

00:18:44.925 –> 00:18:46.527
that’s a different story.

00:18:46.787 –> 00:18:47.207
You know,

00:18:47.366 –> 00:18:49.028
we’ve all been doing this a long time,

00:18:49.107 –> 00:18:50.509
Glenn.

00:18:51.108 –> 00:18:52.809
It’s scary when I look out in the office,

00:18:52.869 –> 00:18:53.830
I’m the oldest person here.

00:18:53.851 –> 00:18:54.391
Right.

00:18:56.423 –> 00:18:57.183
It’s so strange.

00:18:57.804 –> 00:18:59.505
Anyway, but you know,

00:18:59.825 –> 00:19:02.366
you got an owner’s focused conference.

00:19:02.406 –> 00:19:03.367
So I thought let’s spend a

00:19:03.407 –> 00:19:04.388
few minutes talking about

00:19:04.429 –> 00:19:05.970
what’s going on with

00:19:06.150 –> 00:19:08.230
ownership and the ownership mindset.

00:19:08.310 –> 00:19:09.332
And as I mentioned in,

00:19:09.511 –> 00:19:10.932
in before I’m bringing you guys on,

00:19:11.334 –> 00:19:12.914
I’ve been on the road a lot this year.

00:19:13.255 –> 00:19:14.096
And one of the things that I

00:19:14.135 –> 00:19:15.957
keep hearing is that owners

00:19:16.057 –> 00:19:18.739
want to keep moving forward and

00:19:19.239 –> 00:19:20.079
And it looks like,

00:19:20.701 –> 00:19:21.561
according to like Bruce

00:19:21.602 –> 00:19:22.903
Ford Development Pipeline,

00:19:22.982 –> 00:19:24.565
things are going to start picking up.

00:19:24.805 –> 00:19:25.766
I’m hearing from title

00:19:25.826 –> 00:19:27.228
companies that things are

00:19:27.607 –> 00:19:29.390
really picking up right now.

00:19:29.770 –> 00:19:30.131
Teague,

00:19:30.632 –> 00:19:32.594
what’s your prognostication on the

00:19:32.634 –> 00:19:33.255
deal market?

00:19:33.295 –> 00:19:34.675
Put on your Hunter Hotel

00:19:34.715 –> 00:19:36.939
Advisors cap now for a second.

00:19:37.219 –> 00:19:37.960
How do you see 2024 playing out?

00:19:39.229 –> 00:19:39.469
Yeah.

00:19:39.548 –> 00:19:40.809
Lee, what’s our conference theme?

00:19:40.950 –> 00:19:41.730
No, no limits.

00:19:42.530 –> 00:19:42.691
I mean,

00:19:42.711 –> 00:19:45.471
that was our positive spin on let’s go,

00:19:45.531 –> 00:19:45.932
everybody.

00:19:45.971 –> 00:19:46.872
Let’s no, no limits.

00:19:48.752 –> 00:19:49.933
We’re as busy as we back.

00:19:49.953 –> 00:19:51.213
Tell you on the transaction side,

00:19:51.434 –> 00:19:52.615
in the brokerage side,

00:19:52.654 –> 00:19:54.256
we are as busy as we have ever been.

00:19:54.756 –> 00:19:55.356
Now, it’s hard.

00:19:55.537 –> 00:19:56.376
Everybody knows that it is

00:19:56.457 –> 00:19:57.877
hard out there to get deals done today.

00:19:58.259 –> 00:19:59.479
Debt is very expensive,

00:20:00.200 –> 00:20:01.520
but we are very busy.

00:20:02.402 –> 00:20:04.202
It’s complicated everywhere

00:20:04.222 –> 00:20:05.663
from operations to getting

00:20:05.703 –> 00:20:07.005
a transaction done.

00:20:07.424 –> 00:20:09.787
But there is no lack of

00:20:10.047 –> 00:20:11.367
options out there today.

00:20:11.948 –> 00:20:13.229
We probably have more net

00:20:13.308 –> 00:20:14.410
sellers today than we’ve

00:20:14.450 –> 00:20:15.451
had in a long time.

00:20:16.000 –> 00:20:16.201
Wow.

00:20:17.201 –> 00:20:18.721
So let me ask you this, Lee.

00:20:19.541 –> 00:20:20.521
I got to ask this question.

00:20:20.561 –> 00:20:22.402
I’m required to buy a contract.

00:20:23.182 –> 00:20:24.803
Is money still sitting on the sidelines?

00:20:24.883 –> 00:20:28.243
And what’s the deal with that?

00:20:28.344 –> 00:20:29.324
There’s definitely a lot of

00:20:29.403 –> 00:20:30.864
equity in the market today

00:20:31.483 –> 00:20:33.125
looking for opportunity.

00:20:33.224 –> 00:20:33.605
Obviously,

00:20:33.625 –> 00:20:35.164
with the increase in interest

00:20:35.184 –> 00:20:36.384
rates over the last year,

00:20:36.904 –> 00:20:38.806
that bid-ask spread has widened.

00:20:39.925 –> 00:20:41.326
I would say, and Teague,

00:20:41.566 –> 00:20:43.186
you can verify this as well.

00:20:43.487 –> 00:20:44.287
I would say that bid-ask

00:20:44.326 –> 00:20:45.047
spread is narrowing.

00:20:45.888 –> 00:20:46.950
There’s a desire to get

00:20:47.570 –> 00:20:49.112
transactions done on both

00:20:49.152 –> 00:20:50.492
sides of the equation today.

00:20:50.854 –> 00:20:51.994
So I think that bid ask

00:20:52.035 –> 00:20:53.615
spread is beginning to narrow,

00:20:53.895 –> 00:20:55.257
which will lead to a lot

00:20:55.298 –> 00:20:56.558
more transactions happening

00:20:56.598 –> 00:21:00.342
in 24 than happened in 25.

00:21:00.342 –> 00:21:01.982
I think we’re at the trough

00:21:02.022 –> 00:21:03.463
of pricing is what I think.

00:21:03.884 –> 00:21:05.203
I don’t know how long we’ll be down here,

00:21:05.263 –> 00:21:06.085
but we’re definitely off

00:21:06.105 –> 00:21:07.885
20-ish percent in value.

00:21:07.905 –> 00:21:09.705
But I think we are where we are.

00:21:11.326 –> 00:21:12.528
Barring something major happening,

00:21:12.548 –> 00:21:13.367
I think we are where we are.

00:21:14.608 –> 00:21:15.689
Interest rates will go down

00:21:15.749 –> 00:21:16.769
into the second half of the year.

00:21:16.789 –> 00:21:19.090
It will be longer than people want.

00:21:19.111 –> 00:21:20.191
They all want it now,

00:21:20.791 –> 00:21:22.752
but maybe fourth quarter.

00:21:23.133 –> 00:21:24.212
But interest rates will go down.

00:21:24.272 –> 00:21:25.193
Values will come back.

00:21:26.513 –> 00:21:27.355
But it’s happening.

00:21:27.394 –> 00:21:27.575
Right.

00:21:27.615 –> 00:21:28.275
Make your decision.

00:21:28.295 –> 00:21:29.336
Make your move right now.

00:21:29.715 –> 00:21:29.855
Right.

00:21:29.895 –> 00:21:30.855
It looked like the Fed was

00:21:30.895 –> 00:21:31.916
more bullish on dropping

00:21:32.017 –> 00:21:33.458
interest rates originally

00:21:33.518 –> 00:21:34.817
had they indicated towards

00:21:34.837 –> 00:21:35.818
the top of the year that

00:21:36.318 –> 00:21:38.380
had changed as the economy

00:21:38.400 –> 00:21:39.441
has not cooled off to a

00:21:39.500 –> 00:21:40.520
level where they feel that

00:21:40.560 –> 00:21:41.340
they could do that.

00:21:41.801 –> 00:21:42.922
But you’re right.

00:21:43.001 –> 00:21:44.522
I do still believe there

00:21:44.583 –> 00:21:47.003
will be some interest level relief.

00:21:47.183 –> 00:21:48.384
And based on that.

00:21:48.904 –> 00:21:49.345
I’d be curious,

00:21:49.424 –> 00:21:50.646
are people waiting to get

00:21:50.686 –> 00:21:51.686
deals done for that?

00:21:51.787 –> 00:21:53.108
Is it even worth it?

00:21:53.509 –> 00:21:54.589
And how does a drop in

00:21:54.690 –> 00:21:55.911
interest rates later this year,

00:21:55.931 –> 00:21:56.711
do you think,

00:21:57.172 –> 00:21:59.673
will change the deal-making environment?

00:22:00.134 –> 00:22:02.375
Yeah, there’s a yin and yang to all of it,

00:22:02.436 –> 00:22:02.576
right?

00:22:02.616 –> 00:22:03.057
I mean, yes,

00:22:03.096 –> 00:22:04.038
we want interest rates lowered.

00:22:04.077 –> 00:22:05.378
But one of the reasons why

00:22:05.459 –> 00:22:06.299
there are so many assets on

00:22:06.319 –> 00:22:07.161
the market at the moment is

00:22:07.201 –> 00:22:09.122
because you might normally refinance.

00:22:09.663 –> 00:22:10.522
And those people who would

00:22:10.563 –> 00:22:11.944
refinance are not refinance.

00:22:11.964 –> 00:22:12.724
They’re not able to.

00:22:13.086 –> 00:22:14.386
So they’re just selling the asset.

00:22:14.906 –> 00:22:15.487
So great.

00:22:15.567 –> 00:22:16.307
That’s opportunity.

00:22:16.508 –> 00:22:17.667
So if you’re a long term holder,

00:22:17.688 –> 00:22:18.488
if you’ve got capital,

00:22:18.509 –> 00:22:19.409
which there is still a ton

00:22:19.429 –> 00:22:20.969
of capital out there in the market,

00:22:21.049 –> 00:22:21.769
you’ve got capital,

00:22:22.089 –> 00:22:22.910
you should be gobbling up

00:22:22.950 –> 00:22:23.631
everything you can.

00:22:24.530 –> 00:22:26.051
The interest rates lowering is remember,

00:22:27.132 –> 00:22:27.991
you lower interest rates

00:22:28.152 –> 00:22:29.893
when the market doesn’t do well.

00:22:30.353 –> 00:22:30.553
Right.

00:22:30.593 –> 00:22:31.794
The market’s still too strong.

00:22:32.213 –> 00:22:33.094
How do you lower interest

00:22:33.114 –> 00:22:34.275
rates when the stock market

00:22:34.375 –> 00:22:35.474
is at all time high?

00:22:35.935 –> 00:22:36.155
Right.

00:22:36.615 –> 00:22:36.796
Yeah.

00:22:37.768 –> 00:22:39.509
So something’s got to happen

00:22:39.970 –> 00:22:41.151
in the macro economy,

00:22:41.570 –> 00:22:42.412
which will be negative

00:22:42.612 –> 00:22:45.273
before they raise rates to

00:22:45.394 –> 00:22:46.355
juice the economy.

00:22:47.355 –> 00:22:47.855
Makes sense.

00:22:47.895 –> 00:22:50.617
Lee, you want to comment?

00:22:50.637 –> 00:22:51.118
Yeah, no.

00:22:51.138 –> 00:22:52.819
Like Dick alluded to,

00:22:52.980 –> 00:22:53.780
I think there will be

00:22:55.241 –> 00:22:56.383
interest rates dropped this year,

00:22:56.423 –> 00:22:57.303
if for no other reason,

00:22:57.343 –> 00:22:58.983
it’s an election year, right?

00:22:59.304 –> 00:23:01.664
And so I do think it’ll be

00:23:01.865 –> 00:23:03.486
closer toward the fourth quarter,

00:23:03.986 –> 00:23:05.446
not the second,

00:23:05.547 –> 00:23:06.626
third that everybody was

00:23:06.646 –> 00:23:07.528
sort of hoping for at the

00:23:07.548 –> 00:23:08.307
beginning of this year,

00:23:08.448 –> 00:23:10.588
given the current economic situation.

00:23:10.608 –> 00:23:11.670
But I do think there will be

00:23:12.390 –> 00:23:14.171
a drop in interest rates.

00:23:14.770 –> 00:23:16.912
Obviously, when interest rates, you know,

00:23:17.031 –> 00:23:18.393
it’s a function of, you know,

00:23:18.413 –> 00:23:19.354
the cap rate’s a function

00:23:19.394 –> 00:23:20.374
of an interest rate, right?

00:23:20.554 –> 00:23:21.815
It’s a math equation.

00:23:22.154 –> 00:23:24.436
You know, interest rates, you know, go up,

00:23:24.497 –> 00:23:26.157
cap rates go up, values go down.

00:23:26.637 –> 00:23:27.979
So when interest rates go down,

00:23:28.038 –> 00:23:29.400
cap rates will go down,

00:23:29.579 –> 00:23:30.941
values will go back up, right?

00:23:30.980 –> 00:23:31.701
It’s a math equation.

00:23:32.280 –> 00:23:34.162
So I do think you’ll start

00:23:34.241 –> 00:23:35.563
seeing transactions.

00:23:36.104 –> 00:23:36.304
Again,

00:23:36.344 –> 00:23:38.285
that bid-ask spread will narrow and

00:23:38.305 –> 00:23:39.525
the transaction phase will pick up.

00:23:40.165 –> 00:23:40.526
Suzanne?

00:23:40.546 –> 00:23:42.846
I was going to say, it’s economics 101.

00:23:43.127 –> 00:23:43.748
Don’t we teach that?

00:23:47.369 –> 00:23:48.330
Yeah, that’s for sure.

00:23:48.351 –> 00:23:48.651
So, Lee,

00:23:48.691 –> 00:23:50.192
I got to ask you this question as well.

00:23:50.292 –> 00:23:51.755
And I’ve been asking a lot

00:23:51.795 –> 00:23:53.416
of folks this question

00:23:53.436 –> 00:23:55.118
because it really surprises me.

00:23:55.159 –> 00:23:56.180
People keep saying that

00:23:56.200 –> 00:23:57.020
deals can’t get done

00:23:57.040 –> 00:23:58.423
because of high interest rates.

00:23:58.502 –> 00:24:00.285
But guys our age remember

00:24:00.325 –> 00:24:01.326
when interest rates were

00:24:01.365 –> 00:24:03.147
higher before the Great Recession.

00:24:03.909 –> 00:24:05.430
My theory is, and again,

00:24:05.470 –> 00:24:06.609
I’m just as an outsider,

00:24:07.029 –> 00:24:08.010
we trained a whole

00:24:08.050 –> 00:24:09.771
generation of hoteliers and

00:24:09.811 –> 00:24:11.192
investors to expect below

00:24:11.271 –> 00:24:13.012
natural interest rates.

00:24:13.794 –> 00:24:16.115
Does this play a factor into

00:24:16.174 –> 00:24:17.494
how deals are getting done?

00:24:17.894 –> 00:24:19.096
Because we’ve retrained

00:24:19.715 –> 00:24:20.656
people to think of what

00:24:20.717 –> 00:24:22.297
interest rates should be as

00:24:22.356 –> 00:24:23.458
opposed to what we thought

00:24:23.498 –> 00:24:26.398
that they should be before 2008,

00:24:26.398 –> 00:24:27.779
if I’m making any sense there.

00:24:28.279 –> 00:24:28.480
Yeah.

00:24:28.559 –> 00:24:29.080
No, I mean,

00:24:29.260 –> 00:24:31.643
I saw a stat a couple of weeks ago,

00:24:32.103 –> 00:24:35.605
the average for the last 50 years.

00:24:37.207 –> 00:24:38.667
Now, this was residential mortgages.

00:24:38.909 –> 00:24:39.548
Right.

00:24:39.608 –> 00:24:40.890
The average residential

00:24:40.910 –> 00:24:42.531
mortgage rate for the last

00:24:42.531 –> 00:24:44.313
50 years is like seven and

00:24:44.333 –> 00:24:45.013
a quarter percent.

00:24:46.654 –> 00:24:49.217
You know, it’s at it’s at six and a half,

00:24:49.636 –> 00:24:50.877
six and a quarter now.

00:24:51.519 –> 00:24:53.220
And everybody’s saying, wow, that’s high.

00:24:53.279 –> 00:24:53.901
Wow, that’s high.

00:24:53.941 –> 00:24:54.101
Right.

00:24:54.641 –> 00:24:56.762
It’s below the 50 year average.

00:24:58.098 –> 00:24:59.540
So I think you’re right, Glenn.

00:24:59.800 –> 00:25:02.243
Everybody’s been used to, you know,

00:25:02.284 –> 00:25:05.087
that three, four or 5%, you know,

00:25:05.147 –> 00:25:05.667
on the debt.

00:25:06.548 –> 00:25:07.790
Now they’re gonna have to, you know,

00:25:09.032 –> 00:25:10.814
going to the mean, if you will.

00:25:11.473 –> 00:25:12.335
And everybody’s going to

00:25:12.355 –> 00:25:13.375
have to get used to that.

00:25:13.736 –> 00:25:14.175
And hey,

00:25:14.215 –> 00:25:15.916
we’re just you got to do your

00:25:15.957 –> 00:25:16.416
underwriting.

00:25:16.477 –> 00:25:16.717
Yes,

00:25:16.777 –> 00:25:19.439
it’ll affect value because borrowing

00:25:19.459 –> 00:25:20.179
costs are higher.

00:25:21.160 –> 00:25:23.361
So it’ll affect value in the marketplace.

00:25:24.041 –> 00:25:26.482
But, you know, on the long run,

00:25:26.603 –> 00:25:27.644
historical average,

00:25:28.104 –> 00:25:29.644
we’re still in a good position.

00:25:30.325 –> 00:25:33.166
What was the mortgage on your first house?

00:25:34.823 –> 00:25:38.546
Yeah, well, remember, I was a journalist,

00:25:38.566 –> 00:25:40.907
so I couldn’t buy anything

00:25:40.928 –> 00:25:42.409
until I was like 40.

00:25:42.409 –> 00:25:44.971
Yeah, it was higher.

00:25:45.451 –> 00:25:47.212
But when I got this house 10 years ago,

00:25:47.272 –> 00:25:49.694
I started out at like 4.7, 4.8,

00:25:49.694 –> 00:25:51.276
but then I refinanced

00:25:52.037 –> 00:25:53.218
during the trouble we might

00:25:53.258 –> 00:25:57.540
have had back in like 21 or so at 2.6.

00:25:57.540 –> 00:25:59.083
And to highlight what you

00:25:59.103 –> 00:26:00.063
were saying about hoteliers,

00:26:00.443 –> 00:26:01.724
even if I wanted to move,

00:26:02.285 –> 00:26:03.686
I’m not going anywhere.

00:26:03.707 –> 00:26:06.369
It would be stupid for me to

00:26:06.770 –> 00:26:09.493
trade what I’m doing right now.

00:26:09.574 –> 00:26:10.575
I also knocked off a number

00:26:10.634 –> 00:26:12.537
of years from my mortgage.

00:26:12.577 –> 00:26:13.479
So that was exciting.

00:26:13.499 –> 00:26:15.661
A lot of that going on.

00:26:16.362 –> 00:26:18.003
Yeah, for sure.

00:26:18.785 –> 00:26:19.085
Suzanne,

00:26:19.105 –> 00:26:20.446
you got any more questions for our

00:26:20.487 –> 00:26:21.008
friends over there?

00:26:22.996 –> 00:26:25.018
I want to know what event

00:26:25.077 –> 00:26:26.720
are you most excited about

00:26:26.799 –> 00:26:27.601
for the conference?

00:26:27.961 –> 00:26:29.221
Like which panel?

00:26:29.321 –> 00:26:30.682
And I know that’s like, you know,

00:26:30.722 –> 00:26:31.964
your favorite child,

00:26:32.065 –> 00:26:33.566
but what is going to jazz

00:26:33.586 –> 00:26:34.207
you up the most?

00:26:34.586 –> 00:26:36.209
And are you having the puppies come back?

00:26:36.229 –> 00:26:38.250
Yes.

00:26:38.270 –> 00:26:38.471
Right.

00:26:39.652 –> 00:26:39.872
Yeah.

00:26:39.951 –> 00:26:40.132
Okay.

00:26:45.068 –> 00:26:47.432
I guess I can’t say my own panel, can I?

00:26:48.031 –> 00:26:48.633
Yes, you can.

00:26:49.294 –> 00:26:50.796
Go for it.

00:26:51.115 –> 00:26:52.877
I’m biased, but I’m doing two.

00:26:52.917 –> 00:26:55.019
I’m doing a broker panel at 10 a.m.

00:26:55.079 –> 00:26:56.682
on Tuesday to kick the conference off,

00:26:57.163 –> 00:26:57.863
and then I think another

00:26:57.903 –> 00:26:58.904
one at 10 in the afternoon.

00:27:00.385 –> 00:27:03.549
Sorry, 4 in the afternoon on Tuesday,

00:27:04.109 –> 00:27:05.031
the Main Street panel.

00:27:05.854 –> 00:27:06.855
So the Washington panel is

00:27:06.875 –> 00:27:08.357
always very good.

00:27:08.657 –> 00:27:09.920
Shai Brookfield will be here.

00:27:09.960 –> 00:27:10.861
Mitch Shaw will be there.

00:27:11.622 –> 00:27:13.223
There’s a bunch of really

00:27:13.265 –> 00:27:14.205
good personalities that

00:27:14.226 –> 00:27:15.267
will be talking to the conference.

00:27:16.239 –> 00:27:16.798
Awesome.

00:27:16.898 –> 00:27:17.338
I’m excited.

00:27:17.839 –> 00:27:18.700
I’m excited too.

00:27:19.200 –> 00:27:19.400
All right.

00:27:19.440 –> 00:27:20.599
I’ll do a big plug for you guys.

00:27:20.641 –> 00:27:22.221
Hunterconference.com.

00:27:22.381 –> 00:27:24.001
Hunterconference.com.

00:27:24.162 –> 00:27:26.781
Love to see you all there next week.

00:27:27.663 –> 00:27:29.522
I know I’ll be hosting the table event.

00:27:29.563 –> 00:27:31.243
I got that great brands

00:27:31.644 –> 00:27:32.963
hotel owners panel.

00:27:33.003 –> 00:27:34.085
I’m going to be sitting in

00:27:34.285 –> 00:27:35.785
on the Anthony Capuano,

00:27:35.964 –> 00:27:37.246
CEO of Marriott panel.

00:27:37.605 –> 00:27:39.445
I’m going to be stalking Ed Bastian,

00:27:39.686 –> 00:27:40.446
begging him.

00:27:41.166 –> 00:27:42.406
for an autograph and

00:27:42.507 –> 00:27:45.127
unlimited Sky Lounge entry

00:27:45.147 –> 00:27:46.008
for the rest of my life.

00:27:46.028 –> 00:27:47.509
So look out for that.

00:27:48.189 –> 00:27:49.548
And I’ll be going to

00:27:49.588 –> 00:27:50.990
Teague’s panels as well.

00:27:51.170 –> 00:27:51.670
And, of course,

00:27:51.730 –> 00:27:53.170
you could find me nibbling

00:27:53.250 –> 00:27:55.351
on some pretzels out in the

00:27:55.411 –> 00:27:56.550
lobby because you guys had

00:27:56.570 –> 00:27:57.671
those nice soft pretzels.

00:27:57.971 –> 00:27:59.892
I mean, we’ve got to get Suzanne a badge.

00:28:00.031 –> 00:28:00.791
We’ve got to figure out how

00:28:00.832 –> 00:28:01.971
to get her to a conference.

00:28:01.991 –> 00:28:03.673
Here are some FIU students, Suzanne.

00:28:04.246 –> 00:28:04.445
Yeah.

00:28:05.405 –> 00:28:07.307
Let’s plan that for 2025.

00:28:08.728 –> 00:28:11.148
Guys, anything else you need to say?

00:28:11.189 –> 00:28:12.148
Any more plugs that you need

00:28:12.169 –> 00:28:14.470
to get out before we let

00:28:14.490 –> 00:28:15.349
you gentlemen go today?

00:28:15.690 –> 00:28:16.589
I just look forward to

00:28:16.631 –> 00:28:17.730
seeing everybody next week

00:28:17.770 –> 00:28:18.351
here in Atlanta.

00:28:19.191 –> 00:28:19.471
Awesome.

00:28:19.771 –> 00:28:21.172
Big thanks to the Honor team

00:28:21.192 –> 00:28:21.832
for all their work.

00:28:21.912 –> 00:28:23.053
They’re crushing it right now.

00:28:23.887 –> 00:28:24.127
Yeah.

00:28:24.367 –> 00:28:24.689
Awesome.

00:28:24.788 –> 00:28:24.929
Well,

00:28:26.329 –> 00:28:27.510
I can’t wait to see what you guys

00:28:27.550 –> 00:28:28.171
have in store.

00:28:28.230 –> 00:28:30.452
One of my favorite conferences of the year,

00:28:31.032 –> 00:28:32.575
Lee Hunter, Teague Hunter.

00:28:32.875 –> 00:28:33.434
Thanks so much.

00:28:33.474 –> 00:28:34.455
Can’t wait to see you next week.

00:28:34.476 –> 00:28:36.196
And of course, honor your father,

00:28:36.577 –> 00:28:37.959
incredible Bob Hunter.

00:28:37.999 –> 00:28:39.619
See you guys later.

00:28:39.799 –> 00:28:40.601
I appreciate that.

00:28:41.020 –> 00:28:42.221
Suzanne, what’s your big takeaway?

00:28:43.951 –> 00:28:45.711
It was definitely

00:28:45.791 –> 00:28:46.813
interesting to hear that

00:28:46.853 –> 00:28:47.992
deals are still happening,

00:28:48.053 –> 00:28:49.212
that it’s just different.

00:28:49.813 –> 00:28:51.773
And I really appreciate the

00:28:51.814 –> 00:28:52.773
fact that a conference

00:28:52.834 –> 00:28:55.234
builds in that opportunity

00:28:55.295 –> 00:28:57.214
for relationship building, networking,

00:28:57.275 –> 00:28:58.895
and truly making deals happen,

00:28:59.476 –> 00:29:00.715
especially living up to the

00:29:00.756 –> 00:29:02.056
spirit that was started 35

00:29:02.056 –> 00:29:03.396
years ago by their dad.

00:29:03.457 –> 00:29:04.936
So that’s pretty exciting.

00:29:05.516 –> 00:29:05.996
I love that.

00:29:06.016 –> 00:29:06.817
And I want to make sure that

00:29:06.876 –> 00:29:08.416
you guys come and say hello to me.

00:29:08.557 –> 00:29:09.798
I will be recording a lot of

00:29:09.877 –> 00:29:11.178
great content next week.

00:29:11.218 –> 00:29:12.519
And while we won’t have live shows,

00:29:12.558 –> 00:29:13.419
that’s because I want to

00:29:13.439 –> 00:29:15.680
talk to as many people as possible.

00:29:16.039 –> 00:29:17.961
So be sure to follow us, you know,

00:29:17.980 –> 00:29:19.080
wherever you get your podcast,

00:29:19.101 –> 00:29:21.142
the audio feed, wherever you want.

00:29:21.261 –> 00:29:22.281
We are there.

00:29:22.342 –> 00:29:23.583
And if you want to take a look at us,

00:29:23.623 –> 00:29:25.864
watch us at NoVacancyNews.com.

00:29:26.144 –> 00:29:28.704
Brand new, all new website coming very,

00:29:28.785 –> 00:29:29.305
very soon,

00:29:29.365 –> 00:29:31.486
hopefully within the next month.

00:29:31.506 –> 00:29:33.286
Check us out on LinkedIn, Facebook,

00:29:33.547 –> 00:29:34.527
and wherever you go.

00:29:34.707 –> 00:29:35.547
get your shows all right

00:29:35.567 –> 00:29:36.647
everybody we’ll see you

00:29:36.667 –> 00:29:38.128
tomorrow with a real live

00:29:38.229 –> 00:29:39.669
show and don’t forget

00:29:39.689 –> 00:29:40.670
you’ve got one life so

00:29:40.710 –> 00:29:42.711
blaze on and follow your

00:29:42.730 –> 00:29:44.451
passion see you guys later bye