Message from Our CEO on Moving Beyond 20 Years
My gratitude also extends to our valued clients, many considered household names, who placed their unwavering trust and confidence in REH to consistently deliver high quality and high value advisory services to them on every assignment.
We launched REH with three guiding principles in mind – to deliver the highest quality and value of services to our clients, to work with clients who share in, and appreciate our high ethical standards, and to be fairly compensated for the value of the services we provide. Add to this, our strong desire to have fun and enjoy what we do as a firm. I point to these guiding principles as the hallmark of our success over the past 20 years.
No doubt there are many challenges now facing our industry, including the lingering effects of the Covid-19 Pandemic, high inflation, labor shortages, high interest rate movements, and the geo-political turmoil running rampant throughout certain parts of the world. Despite these challenges, there are many positive signs I can point to that I believe bode well for the future of our industry.
We are seeing rapid business growth and recovery across nearly all segments of the industry as we move on from the Covid-19 Pandemic. There is also the emergence of many new market opportunities stemming from the Pandemic. For example in hotels, there is "bleisure travel" as a new market segment due to hybrid work schedules, combining business and leisure travel for much longer hotel stays. There is also a trend for adaptive re-use of underutilized urban office buildings and hotels in large urban cores stemming from the Pandemic with conversions to more "in-demand" real estate uses, such as condominiums, rental apartments, or flexible workspaces. Another example is the "on-fire" industrial segment due to the explosion e-commerce fueled by the Pandemic and the need for more warehousing and distribution facilities due to changes in supply-chain logistics.
Tremendous technological innovation is also a huge factor driving major business transformation across real estate and hospitality, especially with the emergence of new artificial intelligence applications leading to more efficient and profitable business operations and improved investment performance. On top of all this, is the "wall of capital" sitting on the sidelines and waiting to pour into our industry once the Federal Reserve signals a stop to interest rate hikes, which in combination with other factors, should make the outlook for the real estate and hospitality sectors look even brighter, barring any short-lived recession.
I am extremely optimistic about the future of our industry and REH stands ready to serve you, our clients, by helping you navigate business challenges and capitalize on business opportunities now, and for many years to come, by delivering the highest quality and highest value advisory services to you on every assignment.
Sincerely,Frank Nardozza, CEO