12:00 PM |
Registration and Networking
Real Estate Impact Conference Highlights Key Trends Shaping U.S. and Global Markets Tax reform, online retailing, smart homes, and shifts in consumer demand are changing U.S. and global real estate markets, according to participants at the University of Miami Real Estate Impact Conference hosted by the School of Architecture, Miami Business School and the School of Law on February 9 at the Four Seasons Hotel. “When you look at the connections between retail centers, logistics Hundreds of University of Miami students and alumni, along with commercial real estate and finance professionals from across the country, gained insights into the rapidly evolving hospitality, retail, office, industrial, and residential markets from leaders like Barry Sternlicht, chairman and CEO, Starwood Capital Group, and Arne Sorenson, president and CEO, Marriott International. “This conference is a great example of how we generate a productive dialogue in our community,” said University of Miami President Julio Frenk. “We are breaking the silos to bring students and faculty from these three schools together, and we are proud of our growing number of programs in real estate.” In introducing panelists for one of the three conference sessions, John Quelch, dean of Miami Business School, said he was “awestruck” by the caliber of the participants. “This is one of the most important real estate conferences in the country,” he said. “It puts the University of Miami firmly on the national and global map as one of the top schools in real estate.” After thanking the conference sponsors, including Douglas Elliman Real Estate, Kislak |
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1:00 PM |
Keynote SessionBarry Sternlicht, Founder, Chairman and CEO, Starwood Capital Group Cathy Marcus, Moderator, Chief Operating
Insights from Starwood In a keynote conversation with Cathy Marcus, global chief operating officer, PGIM Real Estate, Sternlicht discussed how Starwood Capital Group has prospered in strong and weak economic environments. “We take a very disciplined approach to lending, and we look at any asset class, anywhere in the world,” Sternlicht said. “As a result, we’ve had no losses in the past nine years. On the equity side, we like multifamily rentals and have a large number of assets in Florida.” Asked about trends in the hospitality market, Sternlicht said he likes properties in the luxury and the value segments, but not the middle market. “You have to be a brand, rather than a commodity,” he said. “You have to connect emotionally with your guests, just as you do in retailing.” While From a broader perspective, Sternlicht said U.S. tax reform will provide a short-term windfall for the real estate industry due to lower corporate rates and deductions for pass-through entities. But he warned that the tax cuts have the potential to overheat the economy, leading to higher inflation.
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2:30 PM |
Panel: The Future is NowTechnology, the environment Joseph Brancato, Managing Principal, Gensler Benjamin Conwell, Senior Managing Director and National Practice Leader eCommerce and Electronic Fulfillment Group, Americas, Cushman & Wakefield Juan Núñez, President, Florida Region, Whole Foods Market Fred Rothman, President, East Region, Lennar Corporation
"The Future is Now" Technology is also impacting real estate markets, said “Architects and designers have new tools like virtual reality, augmented reality and 3D printing to bring information to clients early in the process and to collaborate on projects around the world,” said Brancato. Nuñez said the merger between On the residential side, the “smart home” segment will finally take off, according to Rothman. “Today, every new product has a device that can be picked up by some application,” he said. “In turn, those devices give you access to retail shopping and entertainment, so ultimately your home may be worth more as a retail center than as bricks and mortar.” At the end of the discussion, the moderator and panelists offered their advice to students. “Don’t be afraid to fail,” said Payne. “Just figure out how to get back on your feet.”
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4:00 PM |
Keynote SessionArne Sorenson, President Steven C. Witkoff, Moderator,
Marriott’s Perspective in the second conference keynote, Steven Witkoff, founder, The Witkoff Group, engaged Sorenson in a dialogue about Marriott’s global success, including the 2016 acquisition of Starwood Hotels and Resorts Worldwide. “After a year and a half, things are going great, but there is a lot of work ahead of us,” Sorenson said, noting that one of the goals for 2018 is to merge the two companies’ rewards programs. While the U.S. is still Marriott’s largest market, China is growing quickly, Sorenson said. Currently, Marriott has opened about 300 luxury hotels and has another 300 under construction. Looking ahead, Sorenson said global urbanization is creating new opportunities for mixed-use projects with hospitality and residential components. “Being able to offer a unit with hotel services can increase the value of both uses, provided the development is large enough to support the hospitality side,” he said. Another trend to watch is the use of modular technology to accelerate the construction and reduce the cost of new lower-end properties.
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South Florida Business Journal: Real estate heavyweights from Starwood, Whole Foods, Lennar
The Real Deal: “They just went f*cking bonkers and lost all fiscal discipline”: Sternlicht February 9, 2018
Daily Business Review: Miami Real Estate Conference Examines Autonomous Cars, Changing Face of Retail February 12, 2018
The Real Deal: Marriott CEO makes Airbnb prediction February 12, 2018
Schwartz Media Strategies: UM Conference Takes a Hard Look at the State of Real Estate February 14, 2018