I’m shocked this hasn’t come up more in discussions about new deals - labor inflation in hospitality could get pretty nuts again. Assuming Contract Labor and small owner / operators are where all the undocumented workers sit (most likely), we can start to predict markets / asset types that are f’d

Thoughts on Sonder, for @ellliotttb.bsky.social When asked in a DM on the other site what I thought about a group getting offered a NNN lease on their hotel to enable a refi, here was my response:

Driving for a tertiary market deal tomorrow… thoughts & prayers accepted