PERSONALITIES
DEVELOPER ’ S ADVICE on rigor , transparency
Vinyl Manohar , 36-year-old co-founder and managing principal , acquisitions , development and strategy at Austin , Texas-based Twin Crest Capital , has immersed himself in commercial real estate since his early 20s . After “ shaking the tin cup ” to raise his first US $ 2 million and start his own business , Manohar ’ s group has invested in 19 deals and is raising US $ 74 million for six deals in the pipeline . He was voted into the prestigious University of Texas Real Estate Council as a hotel expert on the first try , and he mentors students in University of Texas at Austin ’ s McCombs School of Business . But if you ask this accomplished leader what has contributed most to his success , he will tell you that he defines success by what someone contributes to society . “ I have a long way to go ,” he says . “ I ’ m just getting started .” HOTELS : What trends are you seeing ? Vinyl Manohar : When we look at opportunities in commercial real estate , we don ’ t only look at investing in or developing an asset — we look to see if there is an opportunity to invest in the space overall . The space I see as the next big thing is modular construction . However , it will take more manufacturing facilities nationwide to decrease construction and transportation costs .
The other trend I see is franchise agreements going from 20 years down to 15 and 10 years in the future . Right now , you ’ re seeing a lot of adaptive reuse developments , but a lot of those deals are extremely expensive and will become cost-prohibitive down the road .
As far as what will go by the wayside , I think hoteliers and brands that allow dual or triple brands are a passing fad . I personally believe that the only reason people do it is to shield competition from
Vinyl Manohar
entering their spaces and taking hits at their bottom lines . I think it ’ s very confusing for the guest .
H : How prevalent is the old boys ’ network in your discipline ? Has it changed ? VM : It ’ s personally taken me since I started my commercial real estate career in 2006 until now to build rapport , respect and relationships with the brands , and to show them that I ’ m a serious player in the future hotel space . The old boys ’ network is still very prevalent , especially for hoteliers who are taking over their parents ’ networks and growing that space with their own capital sources . They ’ re getting first looks at deals or special financing packages from the brands . I personally am seeing that for myself as well , starting within the past couple of years .
H : How are younger professionals creating their own networks ? How do you develop your network ?
VM : Younger professionals are networking by being more transparent with their needs and connecting with individuals or groups that can execute . It ’ s not just about yourself . That ’ s the mentality I try to lead our organization with — how can we help one another ? What ’ s in the best interest of not just ourselves , but our neighbors ?
H : What do you think are the needs of next-gen leaders ?
VM : When I look for members to join our team , I look for an exact skill set — a certification or a qualification . I would say that the older generation is more referral-based . We want to give everyone an equal opportunity to succeed . Another thing I see is that the younger generation is much more family-oriented . I have two young kids myself and for me , that ’ s the most important thing . I spend the morning with them and go into work a little later . Then I ’ ll work through lunch and come home for dinner .
H : What ’ s your best advice to next-gen people in your field ?
VM : Before they have the opportunity to start a relationship or get married , I would do exactly what I did : get in the office at 5 a . m . and leave at 10 p . m . or 11 p . m . — just work your tail off . Absorb as much knowledge as you possibly can .
Also , absorb different cultures around the world . That in itself will create opportunities for you and change your perspective on how you look at different investment opportunities or relationships through networking . At the end of the day , people want to do business with people they connect with , and you have the opportunity to connect with more people by having more experiences yourself . Become worldly . H : To what do you attribute your success ?
VM : I don ’ t feel successful or like I have accomplished anything . I feel that I need to work harder , surround myself with the brightest minds , whether in real estate or not , just to get diversity of thought . I attribute my success to acting as though I have not yet attained my goal . I don ’ t think success is defined by monetary value . It ’ s defined by what you ’ re contributing back to society .
20 hotelsmag . com September 2019