Josh Tammen
Marcus & Millichap HOSPITALITY
Joining the hospitality sector just four years ago, Josh Tammen, senior associate, Marcus & Millichap, has closed over 30 investment real estate transactions valued over $200 million. “What really drew me to hospitality was the complexity of selling not only the real estate, but also the business,” says Tammen. He attributes his early career success to his grandfather, who instilled in him the importance of hard work. “While it can be a blessing and a curse, I am never satisfied with what I have accomplished and am always looking to do more, achieve more and be the best at everything I do,” he says. Tammen’s work ethic is certainly paying off as he received Marcus & Millichap’s Rookie of the Year Award last year.
Who have been your mentors in the industry? I am surrounded by the best in the business that push me to be not just a better broker but also a better person. I owe a lot to my regional manager, Ryan Sarbinoff, and my mentor, Gordon Allred, who saw a diamond in the rough and helped polish it into what I am now. What’s most exciting is I feel that I am just getting started and fully believe my firm has the resources and the willingness to get me to the top of the brokerage community. Can you give us an update on the hospitality market in Metro Phoenix? Business growth, a warm climate and numerous outdoor activities drove improved occupancy in the Valley of the Sun, with the annual rate up 60 basis points year over year in June to 67.8%. Hotel demand is particularly strong in Scottsdale, where metro occupancy rose 170 basis points to 70.3%, its highest value since at least 2003. How is Scottsdale continuing to attract tourists from around the globe? I think Scottsdale has been able to fuel its demand by continuing to improve and add major attractions like the spring training stadiums, restaurants, casinos and constantly evolving Scottsdale’s entertainment district. Old Town has become a mini Las Vegas or Hollywood in my opinion. What other hot spots are attracting investors to Arizona? I personally love the Sedona Market. Just a 90-minute drive from Sky Harbor Airport, Sedona hoteliers have seen double-digit RevPar growth YOY for the last decade. With its extremely high barriers of entry coupled with Sedona’s low transactional velocity, it has become one of the most desirable markets to own a hospitality asset.
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