Bo Aughtry, Chairman & CEO of Windsor Aughtry Commercial, entered the real estate business out of college and in 1975 helped found Small and Aughtry, a real estate development and brokerage firm. In 1980, Bo established The Aughtry Company, a commercial real estate development and brokerage firm, and Aughtry Securities Corporation, an NASD Broker/Dealer, serving as president of both. In 1988 the companies merged with Windsor Properties, Inc., then a Greenville-based home-building firm, thereby forming Windsor/Aughtry Company, Inc.
On this episode, Bo discusses lessons learned through many economic cycles and Short Term Rentals as a competitor. Chris and Bo also chat about how WAC develops hotels - selecting markets, sites, construction, and partnering with hotel brands. Enjoy!
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00:08 - Bo’s Background and Career in Real Estate
03:51 - Bo’s Experience During the OPEC Oil Embargo
08:55 - When you think back on the cycles you’ve experienced, could you sense them or did they come unexpetedly?
11:51 - What are the chain of events that happen during an unraveling?
16:16 - Are you sensing anything right now?
Psychology of money - book
23:39 - When the interest rates went to 21% prime, how long did they stay that high and what happened during that period?
27:16 - How did you get into hotel development?
30:33 - How do you select sites when developing a hotel?
34:16 - Who’s your average guests when building in a college town?
37:46 - Do you try to sign contracts with universities?
38:10 - How do you select the brand of hotel?
39:46 - What’s the differentiation of risk between you and the hotel brand?
42:18 - Do you have to follow the specs of the hotel brand or do they give you freedom of design?
44:39 - What’s an affinity program?
45:25 - Who purchases the furniture for the hotel?
48:24 - What does Hilton provide to you beyond a booking system and marketing?
49:47 - Thoughts on Construction
54:33 - Thoughts on AirBnb & STR’s
1:01:38 - Why do you pursue heads-up deals and what matters to you in partnerships?
1:07:54 - If you could go back and tell your 35 year-old self some wisdom, what would it be?