Jonathan Wang
Founder & CEO, EOS Investors. On 1 show, 1 appearance. The Shows tab opens the full record on each.
founderexecutiveinvestoroperatorLinkedIn ↗eosinvestors.com ↗
Jonathan Wang founded EOS Investors in 2017, building it into a vertically integrated investment platform across hospitality and residential assets. Prior to EOS, he spent nearly a decade at Northwood Investors as a Managing Director overseeing the acquisition and asset management of its hotel portfolio.
1shows
1appearances
19statements
4resolved
2supported
0contradicted
50%fully supported
1said about them ↓ Everything Jonathan Wang said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Wang: Relying on third-party operators hurts real estate investor upside
“Hey, this is a Bad setup for investors. Because we're reliant on operators to bring us the investment, we're not controlling our funnel of sourcing. Then we're giving up upside if things go well.”
Wang: Hotels Gain Pricing Power Once Occupancy Surpasses 72%
“What's really interesting is that almost every one of these markets has a demarcating line, or if you do a scatter plot for the last 40 years, where above and below a certain threshold, there is a pronounced difference of ability to drive rate. It's not even c…”
Wang: Hotel base case returns shouldn't depend on exceptional design or F&B
“Generally, we never want to make the core business plan or returns that we're banking on dependent on us doing an exceptional job with design or food and beverage outcomes or outperforming the market.”
Wang: Recent Drop in Hotel Demand Broke a 40-Year Historical Pattern
“Since 1987, you've only had hotel demand decrease in years of large global shock. What I left out was that it declined last year. Now you could say was liberation day, global shock, stock markets up. I don't think so. That broke a 40 year rule.”
Wang: The US has flipped from net importer to exporter of travel
“Up until 2019, the U.S. Was an importer of travel. More people came to the U.S. And stayed in hotels than left the U.S. To stay abroad. We have now become a significant exporter of travel. More people leave the U.S. To go abroad than come in.”
Wang: US Hotel Demand Has Grown ~2% Annually Since 1987
“Actually, if you go back all the way to 1987, which is as far back as you updated, you can see that demand for hotel rooms across the U.S. Has grown at just about two percent a year. For 40 years, and only ever declined in periods of global shock. So, 91 with …”
Wang: EOS gives 75% or higher weighting to market over asset underwriting
“What I mean by that is if I had to bifurcate The market underwriting from the idiosyncratic asset underwriting, I would give a 75% weight to getting the market right, if not higher.”
Wang: EOS finances hotels conservatively because hospitality lacks future revenue commitments
“We want to make sure we have a margin of safety from how we're financing ourselves so that if there are short-term shocks, we can ride through that without Being forced to do something that we wouldn't want to do. We have great conviction in a five to 10 year …”
Wang: Post-acquisition team quality matters more than pre-purchase management
“The quality of the team prior to our buying the asset is not as important as the quality of the team that would be in there when we're owning the asset.”
Wang: EOS acquisitions team leads pre-purchase and yields to operations post-closing
“Before we're buying something, our acquisitions team is the majority partner. After we buy it, our acquisition team is the minority partner.”
Wang: Unaligned investment teams set unexecutable pro formas for operators
“If you don't have full alignment between those teams and accountability across the board as one team, you end up with a situation where you've got misalignment of objectives where an investment team says they feel good about something, they hand it to the team…”
Wang: NYC swung from world's best to America's worst hotel market
“If you go back, the most interesting and best performing hotel market In the world from 1987 to 2007 was New York City. The worst performing hotel market in the United States from 2007 to 2019 was New York City.”
Wang: Hospitality investment will surge as banks force troubled asset resolutions
“So I think there's going to be great buying opportunities, but we're finally starting to see, which is exciting, is it banks are starting to make people deal with problems or sellers are now capitulating a bit. There's going to be a much more active investment…”
Wang: Macro Shocks Primarily Accelerate Existing Long-Term Trends
“I generally believe that the shocks that we've seen have been short-term shocks that accelerate trends that we've seen coming for a long time.”
Wang: Real life fulfillment comes from commitment, not maximizing optionality
“So much of what we do is about creating optionality, and you try to maximize optionality, but when I look at my life, I think about getting married, having an amazing wife, my kids, and even starting this business. My greatest joys come from when I have commit…”
Wang: EOS invests 90% of capital in seven cities and coastal resorts
“What we have found over a long period of time is that 90% of what we're going to invest in Is in seven large urban markets, so Boston, New York, DC, Miami, Chicago, San Francisco, LA, and resorts, which the vast majority of the resorts that we invest in are up…”
Wang: EOS made one or zero investments in six of nine years
“I think in six of the nine years that we've been around, We've made one or zero investments.”
EOS Investors launched hotel credit strategy to fill regulatory lending gaps
“Just a few months ago, we launched a hotel credit business to fill a very needed hole that's been created from the way regulations at banks have continued to form and also the way private credit in real estate has formed.”
Wang: EOS aggressively bought senior housing over the past two years
“As a firm, the most interesting opportunities that we've seen for the last two and a half years have largely been in the residential sector in senior housing, where Nicole was early, and we were big buyers of that over the last two years.”
The other half of the tape: Jonathan Wang's own voice is left out of every number here. Other people bring the name up 1 time in 1 episode across the shows. every mention, with the transcript →
Who brings them up most Adam Shapiro 1
Every mention by year
tap a year for its mentions
Capital Allocators 1
One line per show, most statements first. The link opens Jonathan's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| CAPITAL ALLOCATORSLEDGER | Founder & CEO, EOS Investors | 1 | 19 | 50% 2/4 | full record on Capital Allocators → |