Ep. 24 Jaime Fasja - Mexico City, Mexico
Manage episode 306353479 series 2809065
While this episode’s guest, Jaime Fasja, has a family background in real estate dating back 50 years, he crafted his own way to the highest echelons of retail, hospitality, and industrial real estate investment & development across Mexico and the Caribbean. The 180-person firm that he started from scratch in 2012 and now leads as co-CEO, Thor Urbana, owns assets in 20+ locations, primarily consisting of lifestyle retail centers and luxury hotels. Last week, Jaime and his team opened their latest project, the Ritz-Carlton Mexico City, adding to their roster of hotels featuring such flags as Thompson, Montage, and Four Seasons. As you will hear, Jaime has experienced both pleasant surprises and acute challenges since the start of COVID as he navigated temporary mall closures, pandemic safety protocols, leisure travelers from the USA, and new acquisitions. These aspects notwithstanding, Thor Urbana has emerged stronger than ever from the past 20 months and is ready to continue a steep growth path in the years ahead.
0:42 – Episode Overview
05:50 – CAREER FOUNDATIONS: The Ascent of a Dealmaker
06:04 – Family Real Estate Background and Education
07: 48 – Reasons for Business School
08:57 – Mexico’s Historical Lack of Institutional Capital
10:35 – Relationship with Co-Founder Jimmy Arakanji
12:36 – Steps of Creating Thor Urbana
15:22 – Focus on Retail vs. Hospitality
17:52 – Selection of Partners
19:53 – Leveraging Thor Equities Resources
23:12 – Culture at Thor Urbana vs. Thor Equities
25:46 – Co-CEO Responsibilities
27:44 – Expansion into Other Countries
30:23 – Greatest Challenge at the Moment
32:00 – MAKING THE MARKET: A Research Perspective
32:09 – Real Estate Comparison of Inland Cities vs. Coastal Markets
39:25 – Riviera Nayarit News
41:32 – Mexico City Luxury Hotels
46:39 – Mexico City Rate Increase
47:48 – Domestic and International Guests
49:33 – COVID’s Effect on Mexican Lifestyle
52:44 – Lender Discussions During COVID
57:15 – Pandemic’s Effect on Lease Structure
58:43 – Recent Acquisitions Activity
1:02:54 – Deal Competition
1:04:28 – POLITICIANS AND ATTORNEYS: Bureaucracy and Red Tape
1:04:40 – Pending Legislation Affecting Real Estate
1:06:34 – Entitlement and Permitting
1:08:57 – Legal Action for Title Claims
1:10:53 – Property Taxes
1:12:21 – Frequency of Litigation
1:14:50 – FINANCE AND FORMULAS: The Economics Behind the Deal
1:15:28 – Discovery of Opportunity
1:18:34 – Construction Timeline
1:20:21 – Equity vs. Debt
1:21:31 – Choice of Ritz Carlton as Flag
1:23:39 – Fee Structure Negotiation
1:25:40 – Ritz-Carlton Compared to Comp Set
1:27:54 – Unique Amenities & Technology
1:30:47 – Planned Hold Period
1:32:30 – TOURIST IN YOUR OWN TOWN: How to Spend Three Perfect Days
1:32:36 – To-Do List
1:35:26 – First Time Visitor Tip
Go to KyleNaye.com for full show notes and more info.
26 episodes