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7 questions with Biran Patel

Biran Patel is well-known throughout the hotel industry from his role as chairman of AAHOA through the pandemic and as an owner and operator through BHP Investments Co. His newest endeavor takes him in a slightly different direction but keeps him firmly in the hospitality industry.

Patel recently was named national director of the hospitality division at Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services. He will be responsible for overseeing the firm’s hospitality division, which focuses exclusively on providing investment advisory and transaction services for hospitality, lodging, resort, marina and golf properties. Marcus & Millichap’s hospitality division is comprised of more than 100 professionals who are focused exclusively on providing investment advisory and transaction services for hospitality and related specialty types.

“The addition of Biran is a key part of our ongoing commitment to expand our platform and bring industry expertise to bear in assisting our clients with their investment objectives,” J.D. Parker, Marcus & Millichap’s EVP and COO, said when Patel’s hiring was announced.

A few weeks after joining Marcus & Millichap, Patel shared some thoughts about his new job and his history with Hotel Management.

1. What attracted you to Marcus & Millichap?

“The opportunity to work for a prestigious firm such as Marcus & Millichap was one that I could not pass up. An established leader in the industry with over 50 years of experience and recognition, I knew that by joining the firm, I would be able to maximize my value and experience to further bolster the firm’s hospitality division.”

2. What attracted you to this new role in particular?

“The hospitality industry is in my blood, as I grew up working in the family business, operating hotels. The ability to continue within an industry that coexists with my values and upbringing is of utmost importance to me. I look forward to bringing that experience and perspective to the firm.”

3. How has your background prepared you for this position?

“I spent the majority of my childhood learning the ins and outs of running a successful hotel. As a professional, I helped grow my family’s investment portfolio to the success it is today. Having witnessed all aspects of how to run a successful hotel, I have the unique perspective of first-hand experience of what a hotelier finds most impactful and beneficial when searching for investment opportunities. These experiences allow me to make an immediate impact and serve as a resource to the firm.”

4. What skills/assets do you bring to the job?

“My leadership and management skills that I have acquired will serve as a resource for the firm and the hospitality division. As the chairman for the Asian American Hotel Owners Association, I worked with nearly 20,000 members and was tasked with creating a cohesive unit, strengthening the group through transparent communication, team-building and putting a strong emphasis on collaboration. The experience stemming from that role translates well to leading the firm’s hospitality division.”

5. What are your goals as national director of the hospitality division?

“I am constantly looking for ways to improve, whether it is in the sheer volume that we produce or in the way that we communicate and interact with our fellow employees and clients. I want to create a culture where the division’s evolution is integral. I hope to lend all of the knowledge that I have accrued throughout my career, providing our agents with insights on exactly what hoteliers are looking for in their investments.

“I have bought and sold hotels in the past, and with that perspective, I plan to create and refine an approach for our agents that targets the main factors that hoteliers find most important.”

6. What are you most excited about moving forward?

“The opportunity to grow this brand exponentially because of the platform and tools we have in place. I can bring my experience and implement my past tactics to further strengthen this division, as well as utilizing my established networks to enhance our outreach and prospective client database. My goals are to instill a business plan that has Marcus & Millichap at the epicenter of the commercial real estate world and a leader in the hospitality sector.”

7. What do you expect the overall hotel transaction climate to be like the rest of this year and into 2023?

“2021 rebounded extremely well from the effects of COVID and, given the trends in the market, I foresee continued success with high levels of transactions and demand within the hotel industry.”