The Distribution by Juniper Square
Sep 22, 2026 · 54 min · 11 segments
Brandon Sedloff and Russ Flicker explore the institutional hotel business and the journey from practicing real estate law to building a vertically integrated hospitality firm. Flicker shares how AWH…
Russ FlickerGuest
Brandon SedloffHost
It's interesting because as I listen to you talk and if I'm pattern matching across my conversations with others in real assets, there's two things that often come up.
You're in development and you've been a developer your whole, you've done elements of development your whole career.
And so, you know, let's just kind of in that upper right quadrant of, you know, high risk, high return, you know, high reward, everything is development and hospitality.
But for those who kind of believe one of one or both of the things I mentioned to be true, hospitality is not for me.
Like, what are some of the misconceptions? What would you tell people based on the fundamentals, your lived experience about hospitality and in particular, some of these development kind of deals that you're either doing today or that you have done in the past?
And there are times when I ask myself, ah, you know, we're in, you know, are we, this business that we chose, you know, how do we compare it? The grass is always greener.
But I'll say that hospitality has always been viewed as risky, and there are elements of that.
However, we went to the great, you know, the dot-com correction and retail was, you know, retail is dead, you know, dot-com, retail, and some retailers are dead.
Office was one of the, you know, the free main food groups, you know, yet coming out of the Great Recession, you had to ask yourself, wow, I'm in the office being riskier, riskier than thought.
So, of course, offices are not dead, but is it shifting? Does it have its own risk profile? Yes.
And then even multifamily where it is as a generically multifamily is one of those areas where, hey, we're going to need more housing.
It's interesting because as I listen to you talk and if I'm pattern matching across my conversations with others in real assets, there's two things that often come up.
You're in development and you've been a developer your whole, you've done elements of development your whole career.
And so, you know, let's just kind of in that upper right quadrant of, you know, high risk, high return, you know, high reward, everything is development and hospitality.
But for those who kind of believe one of one or both of the things I mentioned to be true, hospitality is not for me.
Like, what are some of the misconceptions? What would you tell people based on the fundamentals, your lived experience about hospitality and in particular, some of these development kind of deals that you're either doing today or that you have done in the past?
And there are times when I ask myself, ah, you know, we're in, you know, are we, this business that we chose, you know, how do we compare it? The grass is always greener.
But I'll say that hospitality has always been viewed as risky, and there are elements of that.
However, we went to the great, you know, the dot-com correction and retail was, you know, retail is dead, you know, dot-com, retail, and some retailers are dead.
Office was one of the, you know, the free main food groups, you know, yet coming out of the Great Recession, you had to ask yourself, wow, I'm in the office being riskier, riskier than thought.
So, of course, offices are not dead, but is it shifting? Does it have its own risk profile? Yes.
And then even multifamily where it is as a generically multifamily is one of those areas where, hey, we're going to need more housing.
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