Briefing JPMorgan private-banking clients, the real estate mogul said offices, hotels, planes, and sports will all be back. But “retail is a little bit like the 80-year-old getting COVID,” he said. “It’s tough”
the billionaire real estate mogul, has been spending the pandemic in paradise. He’s been holed up in his new home in Miami—he paid $17 million for less than an acre of waterfront land in 2015—downing hydroxychloroquine prophylactically , thinking about when we can all get back to work and, of course, how to keep making money for himself and his investors.
He said he was taking his cues from China. He said that while people in China, in April, weren’t going to malls, they had started going back to hotels, which were 35% occupied. He also had been impressed by how well the American people seemed to be handling the lockdowns. “You don’t see a lot of reports about social unrest,” he said. “…I think it goes to the optimism, the spirit of the nation, which I think people miss. I think people really do want to get back to work.
He’s also adapting his investment and underwriting criteria to the new reality. He owns a chain of 200 extended-stay hotels, which he said are at about 75% occupancy with people who had stayed an average of 100 days. But in North Carolina, evictions are frozen until June 1. “The government actually said, ‘You don’t have to pay and you can’t kick them out, so why bother?’” He said the retail “landscape” would be changed forever.
He said he’s keeping around 25% of his net worth in cash, or cash equivalents. He’s raised a small “special situations” fund to invest in public companies, and after studying some 250 companies globally, he said he had invested in eight: three in Asia, four in Europe, and one in the United States. “We’re looking at these companies, and you’ll get a 20% IRR”—internal rate of return—“if you buy them now,” he said.
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