What happens when an institutional finance guy stops analyzing deals… and starts operating them?

In this episode of The Room Key, Chase sits down with Tom Bono, Managing Partner of Bono Capital Group, to talk about the real-world playbook behind buying underperforming motel assets and turning them into boutique, higher-performing hospitality properties.

Tom shares how his early career in structured finance shaped the way he underwrites risk, why he prefers “buying potential” instead of paying for stabilized performance, and what practical changes actually move the needle—especially when ADR is frozen, systems are outdated, and operations are running on habit instead of strategy.

You’ll also hear Tom walk through his team’s mindset around adding revenue streams (not just renovating rooms), leveraging dynamic pricing tools and modern PMS platforms, and finding “hidden NOI” in places most owners overlook—laundry ops, cleaning cost structure, and small amenity upgrades that improve the guest experience and the margin.

Topics we cover

1. Tom’s path from Queens/Long Island to Ernst & Young to full-time real estate operator
2. Why boutique motels are trending—and why “motel stigma” is often operational, not inherent
3. The first moves after close: tech stack, management, expense cleanup, and revenue expansion
4. What Tom considers non-negotiable in a modern motel operation (pricing + PMS)
5. Advice for owners thinking about a sale in the next 12–24 months

Disclaimer

This episode is for informational purposes only and is not investment, legal, or tax advice.