Jonathan Wang, founder and CEO of EOS Investors, discusses his investment framework for evaluating hospitality real estate opportunities.
0:00 / 0:14exact quote · 14.4s
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“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.”
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More from Jonathan Wang
Opinion
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.”
Jonathan WangJun 15, 2026▶ 12:52Hotel Investing at EOS – Jonathan Wang (EP.506)
Insight
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…”
Jonathan WangJun 15, 2026▶ 16:14Hotel Investing at EOS – Jonathan Wang (EP.506)
Insight
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.”
Jonathan WangJun 15, 2026▶ 36:03Hotel Investing at EOS – Jonathan Wang (EP.506)
AssertionSupported
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.”
Jonathan WangJun 15, 2026▶ 53:28Hotel Investing at EOS – Jonathan Wang (EP.506)
AssertionPartly supported
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.”
Jonathan WangJun 15, 2026▶ 54:07Hotel Investing at EOS – Jonathan Wang (EP.506)
AssertionPartly supported
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 …”
Jonathan WangJun 15, 2026▶ 14:17Hotel Investing at EOS – Jonathan Wang (EP.506)
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