Post by NOT DONE Podcast

On the latest episode of NOT DONE Podcast, host Sloan Dean sits down with Nate Tyrrell, the EVP & Chief Investment Officer of Host Hotels & Resorts, to find out. Nate has spent 21 years building what he calls the Host "platform" — a team with 14-year average tenure, an investment-grade balance sheet that eliminates forced selling, and an enterprise analytics group that was using IBM Watson for predictive market analytics before most of the industry was talking about AI. The results speak for themselves. Host grew comparable RevPAR 3.8% in 2025 — roughly 200bps above the broader market. Their Marriott Transformational Capital Program delivered 8.7 points of RevPAR index gain against a 3-5 point target. The Phoenician went from $35M to $75M in EBITDA under their ownership. The Four Seasons Orlando and Jackson Hole round-trip? An 11% unlevered IRR and $200M+ in total profit. But this episode goes well beyond deal math. Nate and Sloan dig into why Bonvoy may now be Marriott International's most important "brand," how One Hotel built a luxury powerhouse without a loyalty program, why the GM role is the quarterback position of every hotel, and whether AI will erode or enhance the humanity of hospitality. Nate's take on AI: underhyped. His take on scarcity in a world of abundance: the assets and experiences that can't be replicated will only become more valuable. One of the most complete owner-lens conversations Not Done has featured. Full episode link in comments. 🎧 #NotDone #Hospitality #HotelInvesting #HostHotels #AI #Leadership #Hotel #Hotels

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