MB 246: An Others-Focused Approach to Resort Value-Adds – With Josh McCallen

<p>No question, the hospitality industry is among the hardest hit by COVID-19. And yet, Josh McCallen is thriving. The distressed <a href="https://www.renaultwinery.com/" target="_blank" rel= "noopener">Renault Winery Resort</a> he bought in December 2018 is sold out for 2021, and revenues are up 200% from last year. So, why is Josh doing well while others are struggling? Are there opportunities for investors in the hospitality space right now? And what can we multifamily syndicators learn from Josh’s others-focused approach to business?</p> <p>Josh is the hospitality investment expert behind <a href= "https://accountableequity.com/" target="_blank" rel= "noopener">Accountable Equity</a>, a firm specializing in resort value-add and turnaround projects, and <a href= "https://www.vivamee.com/" target="_blank" rel="noopener">VIVÂMEE Hospitality</a>, the management company that operates those assets. In the past two decades, Josh has led over $100M in luxury residential and hospitality construction projects, growing the revenue of the resorts he manages by 10X in less than six years and increasing the appraised value of those properties by 70%.</p> <p>On this episode of Apartment Building Investing, Josh joins cohost Garrett Lynch and I to share his journey as an entrepreneur and discuss how helping flippers during the boom evolved into the work he does now. He explains how his company’s focus on resorts (not hotels) has helped them thrive despite the pandemic, describing how his team’s expertise in sales drives the kind of distressed assets they buy. Listen in for insight on the opportunities available to investors in the hospitality space right now and learn how a service-based, ministry model helps Josh serve both his guests and investors well.</p> <h3>Key Takeaways</h3> <p>How Josh got his start as an entrepreneur</p> <ul> <li>Sold cotton candy to classmates in grade school</li> <li>Paper boy at 12 (collect pay from customers)</li> </ul> <p>When Josh got into real estate</p> <ul> <li>Bought duplex with wife in la