Sabrina's Podcast

Sabrina Wu

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Business

A deep dive into investments. sabrinawunysi.substack.com

12/12/2025

Hotels aren’t real estate

In this episode, I break down why hotel deals have become one of the most misunderstood investment categories in real estate. The industry has undergone a structural shift, but most investors are still underwriting hotels as if it’s 2013. We unpack the core truth: you’re not buying a building, you’re buying a business that operates inside a building. And the volatility of that business hits your returns every single day. We dig into the operational risks, the tech-driven transformation of hotel economics, and the new hybrid CapEx model that makes modern operators look more like venture-backed startups than traditional hospitality players. Then we map where capital is actually moving, Saudi, Dubai, Greece, and why each market requires a completely different underwriting lens. From brand consolidation to brand confusion, from pricing power to cultural relevance, from green leases to aligned incentives, this episode breaks down how value is actually created and destroyed in hotel investments today. If you want to understand why hotel deals succeed or implode, this episode tells you exactly where to look, and what questions actually matter. Get full access to Sabrina's Substack | All about private capital & Hospitality at sabrinawunysi.substack.com/subscribe

12 min
11/13/2025

The Two-Sided Capital Market Driving Global Hospitality

When construction costs explode, operators don’t wait for new builds, they convert independents. Conversions now account for up to half of new deals for major brands. Why? It’s a clean arbitrage: Operators lift performance through loyalty, tech, and distribution, without needing new physical assets. Owners get a demand engine; brands get network growth with minimal capital burn. Get full access to Sabrina's Substack | All about private capital & Hospitality at sabrinawunysi.substack.com/subscribe

2 min
11/12/2025

How Marriott turns loyalty into cashflow

Marriott cracked the code: own the brand, not the buildings. This episode unpacks how its loyalty engine and tech stack turn margin into magic, half of all stays booked direct, zero OTA bleed, and fee streams that print cash without property risk. In hospitality’s new economy, Marriott shows that the smartest assets are digital, not physical. Get full access to Sabrina's Substack | All about private capital & Hospitality at sabrinawunysi.substack.com/subscribe

2 min
11/11/2025

Global Family Office Investment Themes & Allocation Shifts

Family offices are in their confident-but-cautious era, still expecting double-digit returns while pretending not to notice how wobbly the markets look. They’re piling into private credit and AI-linked infrastructure, chasing the big themes shaping the decade. AI isn’t just an investment story anymore; it’s the new obsession, the “can’t-miss” line item in every family office deck. Meanwhile, Europe’s money is playing it safe with bonds and cash, while the U.S. and Asia are still out hunting growth... Get full access to Sabrina's Substack | All about private capital & Hospitality at sabrinawunysi.substack.com/subscribe

3 min
11/11/2025

Family Office Decision-Making

Family offices are evolving, confident in their investment abilities but still held back by internal habits. The episode breaks down three things: their optimism about returns, the governance gaps that leave them exposed, and the tech paradox where they fear cyber risk but adopt digital tools slowly. To stay competitive, they’ll need to get more disciplined, structured, and tech-enabled. Get full access to Sabrina's Substack | All about private capital & Hospitality at sabrinawunysi.substack.com/subscribe

3 min
11/10/2025

Decoding Alternatives & Derivatives

To solidify the understanding of how these vehicles manage risk, consider the difference between a high-rise office complex and a lightning rod. Alternative Investments (AI) are like buying the high-rise complex - it offers high potential returns, but it's expensive to buy (large capital size) and difficult to sell quickly (illiquid structure). Its risks (like property market downturns) are systemic but generally independent of the stock market. Derivatives used for speculation are like holding a highly leveraged lightning rod - they don't require much metal upfront (low capital), but they are designed to dramatically magnify the impact of market movements (leverage), making small storms (price changes) feel like massive bolts, for good or ill. Derivatives used for hedging, however, are like using the lightning rod to safely shunt risks away from the building, protecting the structure's value. The comparison of different investment vehicles, including alternatives and derivatives, across risk, return, and structure, reveals significant differences in their characteristics and investor exposure, as discussed in this episode. Get full access to Sabrina's Substack | All about private capital & Hospitality at sabrinawunysi.substack.com/subscribe

12 min
11/10/2025

Understanding the J-curve

The J-curve effect describes the pattern of returns observed in an alternative investment fund, particularly those with a long time frame such as a private equity fund or a venture capital fund. Get full access to Sabrina's Substack | All about private capital & Hospitality at sabrinawunysi.substack.com/subscribe

14 min

7 Episodes

A deep dive into investments. sabrinawunysi.substack.com

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Sabrina Wu
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2K
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7
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Clean
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Sabrina's Podcast