This episode explores the developing trend of converting hotels into new multifamily properties with Ryan Bodine and Kishan Gohel of NewGen Advisory.
The Crexi Podcast explores various aspects of the commercial real estate industry in conversation with some of the top CRE professionals in the space. In each episode, we feature different guests to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate.
In this episode, Crexi’s Yannis Papadakis sits down with Ryan and Kishan to cover the current landscape of hospitality-to-multifamily conversions, where opportunities lie in waiting, how public and nonprofit entities are helping drive more affordable housing, and much more. Their wide-ranging conversation includes:
- Introductions and early steps along their CRE career paths
- Key mentors and important lessons learned that set them up for future success.
- The importance of treating each client as a unique case, being able to pivot, and how to create meaningful value in business relationships
- What makes hotels such well-positioned assets for conversions and adaptive reuse
- Where investors are currently focusing from a market and growth perspective on adapting hotels
- What goes into the conversion process and how to evaluate whether an asset fits the criteria for a good conversion project
- Comparing potential upsides and challenges when converting hotels to multifamily or other adaptive reuse
- Incentives for pursuing hotel conversions, including tax credits and other funding opportunities
- The most important advice investors should consider when evaluating a hotel conversion.
- Rapid-fire questions and sign-offs.
- And much more!
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About Ryan Bodine:
As SVP at NewGen, Ryan Bodine primarily focuses on representing and identifying hospitality investment opportunities nationwide for his domestic and international partners.
Before NewGen, Ryan sourced foreign direct investment for Green Card Fund, an EB-5 Invest to Immigrate Regional Center, worked as an Executive Consultant for an education reform organization, and owned an international promotional product company.
Ryan attended college at the University of Hawaii at Manoa, Roehampton University in London, and finished his degree in International Business from Arizona State University, graduating Summa Cum Laude.
He is a member of the Asian American Hotel Owners Association, Arizona Lodging Tourism Association, Urban Land Institute, Arizona Association of Economic Development, the Greater Phoenix Economic Council, the Phoenix Committee on Foreign Relations, and the Global Shapers Phoenix HUB Community.
About Kishan Gohel:
Kishan is a W. P. Carey School of Business graduate at Arizona State University. He brings a wealth of business management knowledge from being around a hard-working family that owned various businesses while growing up.
Kishan has spent much time in hotel brokerage curating new relationships and building existing client friendships. He has extensive experience in market research, which sets him apart when he secures a buyer for his listings and helps his clients find the next business opportunity.
When the world endured the pandemic in 2020, travel demand fell, and the need for affordable housing increased. With government relief funds distributed through multiple channels, Kishan and his partners saw an opportunity to help clients sell their hotels as a conversion to an alternative use. He has successfully assisted non-profit organizations and investors to convert hotels to market-rate apartments, affordable/transitional housing, and behavioral health.
In his spare time, he enjoys spending time with his family, going to car shows, and being outdoors in Arizona’s beautiful 300+ days of sunshine.
Crexi is transforming commercial real estate with advanced, integrative technology and data analytics designed to accelerate every CRE stakeholder’s success. From trading properties to machine-learning-powered industry Intelligence, Crexi’s intuitive CRE solutions accelerate transaction velocity and have empowered over 2 million monthly users to close $540 billion in deals and market over $5 trillion in property value.