Kevin Fleming

@Keith_Wasserman Current portfolio: 8 independent, boutique hotels in upscLe leisure markets Pipeline: 🤫

What kind of RE deals are you all currently working on? Be specific!

@visualsofearth1 cannonbeachhotelcollection.com

Oregon Coast

@ImSmilingRn Mendocino 🔥

Scientists are studying this region to find out what happens there

@moseskagan @ReSeedPartners Really enjoyed your recent Ressed discussion with Rhett and Chris on the Powers podcast, great stuff!

Very good post @ReSeedPartners, the platform some partners and I started ~3 yrs ago to seed emerging real estate operators, recently reached "default alive", reminding me yet again how powerful a position that is

@moseskagan Yes. Opposite of VC

Because real estate deals generally lack the potential to go to the moon (like start-ups or crypto or whatever): As an investor looking to maximize expected returns, you want to focus disproportionately on removing the subset of outcomes where you go to zero.

@chernobelskiy 🙋‍♂️

GP-LP Match had its best week last week (multiple $1m+ checks from LPs) and I'd like to try something new today If you're a real estate GP, please leave a comment and we can chat on the phone today - I cleared my calendar for 10 conversations

@moseskagan Totally agree

Very instructive interaction for small business types to read. (I don't personally have all of the skills required on the management side, but I 100% could still do the entire acquisitions job, from generating dealflow to underwriting to getting a deal in contract to diligence to raising equity to arranging debt to closing.)

@SievaKozinsky As one of our investors told me… hotels are a f-ing knife fight. Machete is appropriate!

@SievaKozinsky Welcome to the hotel jungle my friend! Looks awesome

@Slackwatercap Mid roll up, will DM!

Searchers, did you take on a bit too much leverage to fund your acquisition and now find yourself strapped for cash? Slack Water is open to considering various structures for injecting additional equity for working capital. We will also look at growth equity opportunities to fund additional add-on acquisitions or de novo growth strategies for established businesses and entrepreneurs. My DMs are open.

@dorse054 Iconic!

Rate my background

@BowTiedBull This is the way

People still debate what metric to track Uhh *sales + margins*. All else is waste Whatever converts the most to sales and thickest margins. Views, emails all meaningless compared to actual purchase + profit margin

@dorse054 “Days Inn & Surtes” 😅

@dorse054 For sure, most helpful when comparing different properties, as RevPAR normalizes for unit count. Do you use STR?

@KevinFleming_ With a bigger portfolio I could see it making more sense to be fair With just my one property I’m fine looking at ADR & occupancy and then trying to keep OOO room count to 0

RevPar is a made up BS metric and you can’t convince me otherwise What even is RevPar? Can I pay my employees or my mortgage with it?

@tsludwig Hey Tim - Are you going this year?

Quick recap of my attendance at the UCLA EtA Conference yesterday: - UCLA is a gorgeous campus and the weather was perfect - There was good attendance and the audience was much more diverse than the last EtA conference I attended a few years ago (progress!) - Kent Weaver has done a fantastic job seeding and building the EtA community at the school. LA should have a much deeper and engaged network given the size of the population and the abundance of other critical ingredients (capital, businesses, advisors, etc.). -- UCLA is likely where the nucleus for future growth in the area will come from - More searchers, more capital, more competition! The small business buyout industry is booming. - There's a general sentiment among longer-term participants that, all else equal, returns will likely come down from historical levels going forward (too much money chasing deals, process of buying has been demystified, average quality of talent and opportunities is becoming diluted) - There are still lots of amazing success stories and deep passion for entrepreneurship and operations - A possible stratification of searchers and their economics is coming (i.e., top prospective searchers may get above-market economics and have more ability to raise permanent capital vehicles, laggards may get below average deal terms, etc.)...but, no evidence that this is taking place today; still just speculation that it could happen. Great to see some old friends (@EndresenHeather and @CTW_SMB) and to meet some new ones!

@TheMotelMan 12% caps don’t grow on trees… Is this a 12% cap on NOI after management fee and FF&E reserves?

Listing one of my extended stay properties for sale at a 12% cap. Don’t need to sell, but would like to see if I can find buyers for stabilized extended stays. Going full cycle on a deal also helps my underwriting for future deals.

@dorse054 New supply will hurt

Just found out a brand new $15M 80 room hotel is being built in our small town where our hotel is Pros: >$15M new money betting on the area Cons: 80 new rooms in the market to soak up demand Maybe it helps drive our ADR higher?.. torn about it

@chernobelskiy Interested to join as GP

I am putting together a simple platform to match GPs and LPs Simple onboarding, free to use: - GPs will submit live deals within a minute - LPs will receive deals subject to their selected criteria directly to their inbox Lmk if you'd like to be part of the initial beta test

@dorse054 @GravityHaus Hotel concept that also sells memberships to locals for access to gym, coworking spaces, etc. travelweekly.com/Travel-News/Ho…

@KevinFleming_ @GravityHaus What is it sir?

Gyms + Hotels? They say both are difficult businesses Most don’t know difficult. Difficult is FANNG enslavement.