Barry Sternlicht on UJA webcast, a few highlights.

- Remember Mel and Herb Simon, while on the Forbes 400 list, walking into Neil Bluhm's office, crying because they were broke. Malls were trading at 5 caps so they had huge paper net worth, but couldn't service the debt at 10%

- Second deal at JMB was apartment in SF. I flew there, talked to tenants, knew how many blades of grass there were, everything. In IC, Head of Acq. asked me "how far apart are the stripes in the parking lot? We're full - if there's space, then we can add more spaces".

- I didn't know to ask that question. Now, important thing is figuring out what question to ask. When I'm learning about SPACs, or a new industry, I always want to know what the questions are to ask.

- Construction cycles really matter. Buying below replacement cost doesn't matter if there are tons of supply. Austin has 46 towers - how is that getting absorbed? Doesn't matter if they're building at $700 psf and you're at $500 psf, that won't protect you

- Hotels are bifurcated. Some doing terrible - our hotels in NYC is 10% occupied, LA is 4%, South Beach is 96% occupied at $1,600 per night

- Design really can be a differentiator in real estate. iPod wasn't first, it was best. I'm trying to cater to a niche in each brand because then you can price against. You won't pay $1,600 per night for a Sheraton, they will at the 1

- Don't need to be a big chain. 1 Hotel outperforming everything on the market. People find you on the internet. At the high end the people who need to find you will find you if the product / aesthetic is good. Easier than ever to create a brand.