Bradshaw, president and COO of Parkrise Suites, got about almost just shy of three
decades of experience in the hotel world.
Indirectly, I've probably helped a lot of you make a lot of money through my
background working with and for companies like Marriott, Blackstone, Rockbridge,
Pebblebrook, Host, Apple Reet, any of those that are hotel players, I've worked with
and for pretty much all of them. With park rye sweets, we were very focused and
we've got two very defined verticals. One is on the franchise ore side, so
collecting those royalties. Everybody likes royalty. It's nice, steady cash flow and
it constantly grows as you grow scale. The other vertical is on the asset side,
positions and conversions of existing properties. Those that are getting longer in the
tooth with the legacy franchisors, let's say a home wood suites, the brand doesn't
want to renew that license because they're changing the focus and the way they're
growing that brand. Now that owner has a need on what are we going to do with
this box. And we can acquire that for below replacement value and reposition,
remarket, do some renovation and and CAPEX and now we've got a new viable asset
with our model. What that is is there's this blank space in the hotel world and if
you're not playing in that world I can explain briefly is you've got the extended
stay model and then you've got furnished apartments. There's this gap that has been
unaddressed for years. Right now we're probably in the second inning of that. There's
a lot of jockeying for position. It's kind of like the start of the Daytona 500
and everybody's weaving in and out. That's where we are right now. And it's exciting
to be part of that and really help pave that way for a new segment within the
hotel industry. And as far as kind of where we're investing, we're investing in
urban, primary and secondary markets, top 50 MSA. And And both in urban downtown and
then the suburban areas of those MSAs. And really with the cost of lumber and
steel, new development costs, there are some players going that route. They're having
a tough time to scale. Our focus is solely on the conversion. That gives us quick
to market. You remove all that risk. And we can -- someone earlier in the panel
was talking about finding economies as efficiencies and operational practices.
We're able to take what would normally have 50 to 60 staff, reduce that down to 7
to 9. Labor largest control will expense in a hotel. We're able to knock that down
significantly. As far as number one million dollar insight,
I've really got two. One is curiosity and one is resilience. The curiosity piece is
what's helping this new niche within the hotel space be identified and grow and
evolve. You know, you do the same thing you've always done, you become Blackberry.
Nobody here wants to be Blackberry. We were here 10 years ago, everybody's got a
Blackberry on their hip and we're pumping away at the keyboard, right? Or
Blackbuster. Right, Blackbuster, Blackberry, you know, That's all that.
You don't want to be that. So the curiosity keeps that forward evolution going and
I've learned that throughout my career and some of my mentors have really beat that
into me and I value that and that's really helped us kind of carve our path in
that niche that's evolving. And the other is resilience and every single person in
Michael Jordan said I've taken in my, I know we're in LA, this may be
controversial, but I think Michael Jordan, maybe not Kobe or LeBron was the best NBA
player ever. And he said, I've taken 9 ,000 shots in my career. I've lost over 300
games. I've been trusted 26 times that I've missed the game winning shot.
But because of that failure, it's why I'm successful. And, and that, that, that hold
that true to me. And and that is really that perseverance resilience can really help
Anybody in this room and those who work with us and for us be successful, right?
Yeah, we heard that in the pro panel the the warrior mindset and Michael Jordan is
like You know the greatest ever for a lot of greatest evers I hear that a lot
like some of the top athletes like if you like if you ask Messi like who he
looked up to he probably He'd probably say Jordan and then Roger Feather, you know
said that in order to be effortless