Jonah Sonnenborn

What’s the appetite for luxury real estate development in major U.S. markets now compared with two or three years ago?  

We see strong tailwinds for luxury real estate and development in high-barrier, supply-constrained markets. The operating performance of our existing properties, particularly hotels and condos, gives us confidence that demand from high-income buyers and guests will remain strong. 

Are there any particular areas that you are looking to pursue that you’re not involved in now?  

We like to invest in areas where we have experience and a track record. We’re not looking to become tourists in a new area right now. 

Where are you getting your money? Or how would you describe your investor base?  

We invest permanent, long-term capital into a portfolio designed to be resilient and compound value across cycles. 

Where are financing spreads at now, and where do you think they’re headed?  

I think more happens with proceeds than spreads. 

If you could change one area of global or local tumult, what would it be?  

Peace, everywhere. 

Have you made cuts in your portfolio? 

We haven’t made any cuts to the portfolio. 

We’re comfortable with the assets we own because we’re long-term holders, they are performing in line with expectations, and they’re in the supply-constrained markets we want exposure to.

Is the opportunistic investment window still open, or has it closed?  

Open.

Lightning Round:

Your AI platform of choice? Claude.

Who would play you in a movie? Neil Patrick Harris or Greg Kinnear.

One prompt you’d never give AI. Hmmm… no comment.

Jalen Brunson or Aaron Judge? Aaron Judge — let’s win a World Series!

“Oppenheimer” or “Odyssey”? “Oppenheimer.”

Tom Holland, Andrew Garfield or Tobey Maguire? Tobey Maguire.

Have you ever eaten pizza with a knife and fork? Never.

The most money you’ve ever spent on a hamburger? $21.99 with fries.

Bank or non-bank? Love all our lenders equally.

Last book you read? The Things We Never Say by Elizabeth Strout. 

Borrowing costs — up or down in 2027? Up.

What was your nickname when you grew up/started out? Heart-Attack Kid (I was a pitcher who loaded the bases before striking out the side).

How long do we have before AI kills us all? Never!

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) If I tell, would it be a secret?