Buyers, PIPs & a Cooler Head: 2025 Deals
46 minutes
Season 3
·
Episode 12
In This Conversation
Fresh off a third day at the 2025 Lodging Conference, Ryan Bodine, Senior Vice President and hotel broker at NewGen Advisory, joins Bryan to unpack the mistake he sees over and over: owners who chased 2021-22's cheap-debt highs and are now stuck holding assets they overpaid for, hoping to avoid paying tax rather than banking gains while they could.
Ryan and Bryan dig into the tension between franchisors demanding costly PIPs and owners who can't recoup that spend in a soft market, including a cautionary tale about brand-conversion gambles like Spark leaving early adopters as unwitting guinea pigs. A side-by-side case study steals the show: two nearly identical economy hotels on the same interstate, where one owner spent roughly $50,000-$60,000 on scent, lighting, and an ice cream station — and out-grossed his neighbor by a million dollars a year.
They close on what actually helps a deal close: extended-stay's outperformance right now, why sellers so often show up without a completed transfer PIP or USALI-format trailing-12 financials, and Ryan's blunt read on where 2026 is headed — a slow 16 months, rising defaults, and a lot of owners quietly hoping to just sell for their basis and get out clean.
Key Topics
Hotel Buy/Sell Market Outlook
PIP & Brand-Franchisee Tension
Seller Readiness & Financial Reporting
In This Episode:
Ryan's recap of the 2025 Lodging Conference and why "overpaying" during 2021-22's cheap-debt era is still haunting sellers today
The tension between franchisors demanding costly PIPs and owners who can't recoup that spend in weak markets — and how to pick which PIP items are worth fighting
Why brand-conversion gambles like Spark and Four Points often leave early adopters as unwitting guinea pigs
A real side-by-side case study: two nearly identical economy hotels where roughly $50,000 in "five senses" touches (scent, lighting, an ice cream station) drove $1 million more in annual gross revenue
Why extended-stay assets are outperforming traditional limited-service hotels on profitability right now
What sellers routinely show up without — a completed transfer PIP and USALI-format trailing-12 financials — and why that costs them at the negotiating table
Ryan's outlook for 2026: a slow 16 months, rising defaults, and the "sell at basis" reality many overleveraged owners are facing
Ryan Bodine
Senior Vice President
NewGen Advisory
About Our Guest
Ryan Bodine is a Senior Vice President and hotel broker/advisor at NewGen Advisory, one of the nation's leading hospitality-focused brokerage firms, where he connects global capital with hotel investment opportunities across the Southwest, Mountain West, Northwest, and Midwest. He has been involved in roughly 80 hotel sales representing more than $500 million in transaction volume, guiding institutional groups and private owners alike through everything from franchise agreements and PIPs to financial reporting and post-closing transitions. A Summa Cum Laude graduate of Arizona State University in International Business, he came to hospitality brokerage by way of foreign direct investment sourcing and complex public-sector real estate deals.
