In this episode of the Millionaire Mindcast, we have a great guest, Josh McCallen who shares advice and wisdom on the secret to making money in hospitality, how it creates own demand, how to mitigate risks, how to be a great operator, why hospitality is a better inflation hedge versus multi-family, the secret to making money in hospitality, and a ton of cool stuff that you can apply in your own journey!
Josh McCallen is an entrepreneur, investor, business owner, and expert in real estate projects. He is the Co-Founder of Accountable Equity, and CEO of VIVÂMEE Hospitality Group, a company that specializes in the redevelopment of distressed hospitality assets. It ranked as one of the top companies in the world.
This is a fun conversation that talks about some clues and cues that people could extract around experiential hospitality. Likewise, he explains the importance of location and people in this field of delivering love to the public. Josh believes that hospitality is hard work, but he feels in love with it. It has the power that cleans and revives his soul.
Josh’s recession-resistance method has made them a stable revenue stream even during the COVID-19 pandemic. He also emphasizes the importance of not just only taking care of the customers but also the team, and employees to be accelerated in this type of industry. He always makes sure everybody knows what is going on in the business. Everyone must know their WHY, while enjoying their work. Thus, seminars, and masterminds are regularly being taken to promote a genuine love of service.
Some Questions I Ask:
Tell us a little bit about your journey into hospitality? (05:10)
Why have you stayed in your lane and only focused on this particular vertical of hospitality? (08:53)
How did you guys narrow down on what the most important critical one was to make the core focus and build around that? (16:22)
Where do you think hospitality is going? (21:35)
What makes a hospitality investment bad? (28:42)
Talk about some of the pitfalls that you see in operators failing, and the things that make you guys a world-class operator? (35:26)
What the heck are you guys doing next? What’s the 5- and 10-year vision? (41:52)
In This Episode, You Will Learn:
Technique to get rid the bleeps in hospitality business, and grow the Average Daily Rate (ADR) regardless of the economy status (12:00)
Why Josh chose weddings hospitality (18:18)
Why experiential hospitality is growing in popularity right now (22:09)
The method of Viva,Mee Hospitality (25:25)
Hospitality versus Multi-family: A better inflation hedge (30:19)
The three core values of hospitality (37:35)
Quotes:
“A resort is a hotel-based asset that has many other revenue streams.”
“Hospitality is a ministry and not everybody is called to do it.”
Connect with Josh McCallen on:
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