Pay It Forward: "The Second You Think You Made It Is The Start Of Your Downfall"
"I am very proud of the work we are doing to give back to our local community," says Darshan Patel of Hotel Investment Group.
Darshan Patel, Esq., CEO & chief legal officer, Hotel Investment Group, San Diego.
Area of expertise: Commercial Real Estate
Patel is responsible for overseeing and optimizing the value of a portfolio of commercial properties, including a mix of property types, from hotels to multi-family assets.
What has been your biggest challenge in your particular role and how have you overcome those obstacles/? Recently, it has been the uncertainty in the markets caused by COVID and understanding the need to be fluid with our strategy as it may change based on the altering landscaping.
After the Great Recession, my father, who was CEO at the time, opted to balance Hotel Investment Group’s heavily weighted hospitality portfolio by entering the multifamily and medical office space. I have continued those efforts since assuming the role of CEO, expanding our residential portfolio through new construction, adaptive re-use and acquisition.
All our multifamily development and management is now done under the auspices of DPA Capital, a subsidiary of HIG keenly focused on providing housing for the underserved middle-income resident.
What about your current role/position at the company are you most happy with? I really enjoy watching the progression of our various projects. Seeing a project go through its transformation from “before” to “after” is rewarding, especially when it comes to our increased multifamily development efforts. Today, we are at the forefront of identifying opportunities for adaptive re-use and transforming commercial buildings into residential communities, a much-needed affordable housing model in Southern California.
What is the best piece of advice you have received that has helped you succeed in your industry? “If it was easy, everyone would do it.” This is a common quote but the meaning as it pertains to real estate brokers is different. The brokerage world is seen as being easy, so everyone does it, but only a few truly succeed at it. There are thousands of brokers/agents in San Diego, but when it comes to a particular class of property, there are only a handful who are truly successful. With that in mind, my best advice for younger generations would be to find your niche and become an expert in it. Do not try to specialize in all classes – pick one and make yourself the best in that class.
Would you advise any younger person to begin a career in CRE? A career in CRE is not for the feint-hearted, but it is quite rewarding for anyone who doesn’t mind dedicating their life to the endeavor. For those that are willing to sacrifice short-term personal life gain for long-term professional gain, it is the right move.
Please share with us the best lessons learned or a surprising component of your unique journey. The long plays are always the most rewarding when they actually pay off. When you can successfully navigate a government organization, buyer and seller in a three-way transaction that took two years to reach fruition, there is no better feeling.
I am also very proud of the work we are doing to give back to our local community. In the last year, we have partnered with all four refugee resettlement agencies in San Diego County to provide short-term housing and job opportunities at our various hotel properties for newly arrived immigrants working toward building more stable, secure lives for themselves and their families. We also work with other nonprofits to provide similar opportunities for women experiencing homelessness. As HIG grows and succeeds, we feel it is vital to pay that success forward.
In your opinion, what takeaways did we learn from the COVID-19 crisis? The need to diversify and expand our portfolio has never been more apparent. The hospitality industry took a major hit throughout the pandemic, so at HIG, we took the time to focus on multifamily projects. Now that things are finally starting to rebound, we are in a prime position to continue expanding our commercial portfolio.
What mantras would you use to describe your work mindset? My three top mantras: “I am always late and always poor.” “Never rest on your laurels.” “The second you think you made it is the start of your downfall.”
Find more CRE career advancement tips and inspiring stories from industry leaders in our Pay It Forward series.
