Hotels

[Nick West]

Hi I'm Nicholas West.  I have been learning commercial real estate and know much about multifamily/student housing deals. I am currently going to college and will be a junior next year. I have been working with Jeff Greenberg and currently working on closing on a large Ohio student housing deal I found. 

I have noticed that multifamily in the midwest US is ranging from the 9 to 10 cap range. I have also noticed that hotels in Houston easily are 14 to 15 caps. I would like to talk to someone who has experience owning and operating hotels. I would like to know what to look for in the hotel arena. I would also like to know how to underwrite hotels. I would also  like to add hotels to my portfolio in the long run due to their cashflow over multifamily. 

I realize that the difference before multifamily and hotels are many. Multifamily is recession resistant and more stable than hotels. This difference is reflected in the cap rate. 

Thanks for all the help.