Do you have what it takes to weather the storm? In this episode of the I Own It Podcast, we are grateful to have Richard Stockton on the show. He is the President and CEO of Braemar Hotels and Resorts, a real estate investment trust (REIT) focused on investing in luxury hotels and resorts. Richard believes that his education and perseverance have taken him around the world. Now, he’s hitting one lofty goal after another... not just in real estate but also in his personal relationships! A little bit of humility, understanding, and the spirit of collaboration got him this far. He wants everyone in his field and aspiring entrepreneurs to work hard and balance time with loved ones. Tune in as Richard answers Ben’s relevant questions on choosing the right luxury real estate investment, weathering the pandemic and a possible recession, attracting top talent, and the US cities with the highest potential for a flourishing real estate market. Timestamps: 01:31 Getting started on real estate 04:15 What is REIT? 06:38 Being strategic in COVID-19 11:52 Best US areas to invest right now 14:26 What to look for in luxury real estate 18:16 Independent vs. established brands 21:14 REVPar and franchising models 25:49 The future of the economy 30:34 Staffing during the pandemic 33:45 How to attract the best talent? 36:37 A time when Richard didn’t own it 39:59 Richard’s advice to his 16-year-old self 41:31 What would Richard’s last meal on Earth be? 43:53 Richard’s favorite band Quotations: “The key to business is the ability to hold.” - Ben Reinberg “The RevPAR is directly correlated to the quality of the hotel. So the higher the RevPAR, the higher the quality of the hotel.” - Richard Stockton “In order to attract the best talent, you’ve got to compete with these other industries, and you’ve got to pay up people.” - Richard Stockton “Be a little bit more humble, a little bit more understanding, and a little bit more collaborative.” - Richard Stockton “Seek the truth in what they’re saying. You might not agree with them, but if you could seek the truth... you’ll grow faster, you’ll learn faster, and you’ll probably end up making more money, too.” - Ben Reinberg Get in touch with Richard Stockton. LinkedIn: https://www.linkedin.com/in/richard-stockton70/ Website: https://richard-stockton.com/ Braemar Hotels: https://www.bhrreit.com/ Connect with Ben: benreinberg.com Instagram, Twitter, and TikTok: @therealbenreinberg LinkedIn: linkedin.com/in/benreinberg Facebook: facebook.com/TheRealBenReinberg Check out Ben's firm here: https://alliancecgc.com/ #iownit #realestateinvesting #luxuryrealestate
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