Bo Aughtry, Chairman & CEO of Windsor Aughtry Commercial, entered the real estate business out of college and in 1975 helped found Small and Aughtry, a real estate development and brokerage firm. In 1980, Bo established The Aughtry Company, a commercial real estate development and brokerage firm, and Aughtry Securities Corporation, an NASD Broker/Dealer, serving as president of both. In 1988 the companies merged with Windsor Properties, Inc., then a Greenville-based home-building firm, thereby forming Windsor/Aughtry Company, Inc. On this episode, Bo discusses lessons learned through many economic cycles and Short Term Rentals as a competitor. Chris and Bo also chat about how WAC develops hotels - selecting markets, sites, construction, and partnering with hotel brands. Enjoy! Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ Follow Chris on Twitter: www.Twitter.com/FortWorthChris  Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/  Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast   (02:03) - Bo’s Background and Career in Real Estate (05:41) - Bo’s Experience During the OPEC Oil Embargo (10:40) - When you think back on the cycles you’ve experienced, could you sense them or did they come unexpectedly? (13:33) - What are the chain of events that happen during an unraveling? (17:54) - Are you sensing anything right now? Psychology of money by Morgan Housel (25:13) - When the interest rates went to 21.5% prime, how long did they stay that high and what happened during that period? (28:46) - How did you get into hotel development? (32:03) - How do you select sites when developing a hotel? (35:43) - Who is your average guests when building in a college town? (39:12) - Do you try to sign contracts with universities? (40:57) - How do you select the brand of hotel? (42:28) - What’s the differentiation of risk between you and the hotel brand? (44:58) - Do you have to follow the specs of the hotel brand or do they give you freedom of design? (47:11) - What’s an affinity program? (47:53) - Who purchases the furniture for the hotel? (50:47) - What does Hilton provide to you beyond a booking system and marketing? (52:08) - Thoughts on Construction  (56:43) - Thoughts on AirBnb & STR’s (1:03:29) - Why do you pursue heads-up deals and what matters to you in partnerships? (1:09:39) - If you could go back and tell your 35 year-old self some wisdom, what would it be?