Anyone Buying Hotels?

[Isaac Yoshimori]

Aloha,

My Name is Isaac Yoshimori.  I'm from the Island of Kauai in Hawaii, and I'm new to real estate investing.

My background is in Engineering, Electrical and Communications.

Was in Management for many years and retired recently.

I love doing the analysis of properties (BRRRR) especially. I'm in contract on a multifamily property in Tennessee currently but ultimately would like to own a hotel one day.

LOL, Is this too ambitious?

Anyone form a REIT in biggerpockets?

Just yesterday I did an Analysis against Coco Palms resort here on Kauai.  Maybe you've heard of it..  it's where Elvis in Blue Hawaii was filmed.  It has been abandoned since Hurricane Iniki struck Kauai in 1992.   Many investors have come and gone throughout the years.  in my profession we were asked to give a quote on communications upgrades (well new construction pretty much.. there's literally very little to "upgrade" as it sits)

Using an avg room rate, vacancy and opex,  in the area, I was able to value the property at 141M if it was operational. 

With that I thew out the number to the broker to see if  they would send me more info..

Turns out I was pretty close to a professional appraisal and was able to sign an NDA to get more info.

I was way off on the calculations for the redevelopment work so my offers would have been way too high.

Anyone here have any experience with development work on Hotels that could throw some number my way?

thanks,

isaac