It's Personal Stories, A Hospitality Podcast

Michelle Russo, Founder & CEO, hotelAVE, interviewed by Lan Elliott

• David Kong

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Michelle’s insights reinforce that personal success is built through curiosity, preparation, and intentional choices. Her advice encourages professionals to rely on data, communicate clearly, and focus on areas where they can create real impact. By advocating for yourself with confidence, building authentic relationships, and staying curious, you position yourself for sustained growth. Her message reminds us that doing work you love fuels excellence, resilience, and long-term fulfillment.

Lan Elliott:

welcome to its Personal Stories. My name is Lan Elliot on behalf of its personal stories, and today I'm really pleased to have Michelle Russo. As our guest advisor, Michelle is the founder and CEO of hotel, a VE, and if you are not familiar with her many accomplishments, you can go to our website to learn more about her. Welcome, Michelle. Thank you for having me. Thrilled to have you here. I have followed your career from afar for many years, and I know you've had a fascinating career journey, and I'm so glad that we now serve on a board together because I'm really getting to know you. And I would love it if you could share some of the inflection points in your career and if there was a particular factor or factors that you think contributed to your success.

Michelle Russo:

Okay. So the first was the infection points. When I graduated college, I started in a hotel, real estate appraisal firm, HVS. So I would say. My first major inflection point was I spent six years there. So it was transitioning from that to asset management and I also worked in between at a similar firm or weighted to advisory, but it was really that transition from appraisal asset and advisory into asset management. And it was an inflection point because that's when I realized that I found my passion. And I loved it because I was accountable for the results versus just doing analysis and telling someone where there could be opportunities or value enhancement. So I'd say that's a big one. And then the second was leaving Deutsche Bank. So after after John Hancock, which is where I started my asset management career, I went to. Deutsche Bank because John Hancock Demutualized, and that's effectively like going public. And we sold all of our real estate. So I worked my way out of a job. So I left to go to Deutsche Bank. And so I would say another, the second big inflection point was when I decided to leave Deutsche Bank, I was a stock analyst. Looked backwards realized that, I had found my passion as an asset manager and then decided to start hotel a VE. So that was a big a big inflection point, career change. But I really, I wanted to build something that we could use data and insight and directly drive owner value, which we've done. And then more of a professional, I guess I would say. Inflection point for me was prior to hotel a VE, I'd only ever had one employee, so I did not have management experience. Managing almost 50 people today is very different than. Then managing one. And so that required new skills and a mindset, and it was it was really tough early on, but the more I leaned into it and got more comfortable with my style I think it's, yeah, I'm in a good place now, but it took a while and some toe stubbing to get there. A few success factors. I'd say curiosity grit, definitely hard work. And surrounding myself with really smart people and not being afraid of that, which sometimes I see people being afraid of surrounding themselves with really smart people.

Lan Elliott:

So definitely I love the call out of learning too. Lead other people. It's probably one of the biggest leaps I think people go through going from being an excellent individual contributor and controlling everything that you do. Then going to leading other people and having to work through them. So especially if you have. Had tight control over your work product, then working through other people becomes more of a challenge. But I also really loved your mentioning taking on challenges and learning new things because that's exactly what I wanted to talk about next. I'm curious, you had mentioned learning how to lead a team now quite a big team of 50 people. Were there other skills wished you had learned earlier?

Michelle Russo:

Yes. If I reflect back, I would say sourcing acquisitions would be a skill that I didn't have before I started Hotel a I, I had in, in consulting, had done a lot of acquisition. Diligence. Same thing. When I started Hotel A, we did a lot of that work. I sold a lot of hotels. While at John Hancock I had a portfolio of 15 hotels and as I mentioned right as we demutualized and sold everything, I had really good experience at selling hotels, but not really sourcing acquisitions. And that exposure right to of buying hotels and quite honestly, I asked my clients to teach me. And everyone has a slightly different approach, which is, I think sometimes the benefit of working in a third party asset management firm is you can see how many different people approach a similar task. But it gave me a whole perspective of what drives their investment decisions. And sometimes it's just it could be political as or or just different investment thesis. But it was more than just operational metrics and how these investors would tie back kind of long-term value creation. We, since we've actually acquired over 15 hotels with our clients. So now I'd say I've learned how to source, but it was definitely something that I didn't start my company with. And have a lot of respect for people who have a really, a good acquisition nose, I will say.'cause I do think it's a real talent.

Lan Elliott:

Yeah, there is a big part of getting comfortable stepping off the ledge when you make an acquisition. The go or no go is I think the piece where really smart, analytical people can get stuck, and I've seen people who are wildly experienced and know a lot, but then making that decision can be. A point where they don't get past it. So thank you for sharing that and how you grew that skill by working with your clients. I wanted to talk about overcoming obstacles because one of the things you do is represent your clients, the hotel owners, and. You and your teams work every day with hotel operators, and especially in recent years, owners and operators have faced a lot of ambiguity and challenges. How do you think about overcoming obstacles or dealing with challenges when you come through that?

Michelle Russo:

So I think we've been getting to know each other, and if you don't know this already, I love data. I'm a big data-driven fan, and so I start with data. And I always say to people that right data is not confrontational or emotional. And there's a ton of data available in our industry and that can also get overwhelming, but it's. It's data. I think that really helps keep you grounded. And it also really quantifies an opportunity or identifies a problem, and then you can then you can get your arms around it, right? And understand the magnitude of it and is it a big problem or a little problem? And just, and, eliminate that noise. So I'd say data. And then I think the other thing is like what is in your control, right? And what's not. So if we think back to COVID, or even in February of this year where all the tariff news was changing by the day. Like we knew we couldn't control the top line. It was, we knew that we could control the middle of the p and l, so that's where we focused and created impact. So I would say breaking it down and understanding what's in your control and what's not, and focusing your energy on where you can control versus lamenting over what you can't. And then the other thing is communication, right? And that's with my team. That's with our operators. That's with our clients, right? I think, I really think transparency builds trust even when the news isn't great. It helps people align and move forward together because if you're transparent and communicate, people don't always agree, but at least they can get on board and rationalize and understand. I love that. That's how I overcome obstacles.

Lan Elliott:

I love that you started with the data. I think when I was interviewed, I had the exact same first reaction. First go get the information and get smart on the information. But I also really love that you talked about focus on the things that you can control, because there's always going to be things that you can't, and I think it is. Something I had to learn along the way. You just can't shout into the wind at everything. You have to pick the things that are gonna move the needle and the things that you can actually impact. Otherwise, you're just gonna frustrate yourself and everybody around you. So really great advice on that. Thank you. Thank you. I wanted to move over to networking because you have an incredible network of. Clients, but also people that you know throughout the industry. And I think for a lot of people, networking is an uncomfortable thing. They first think about walking into that ballroom at the hotel conference with hundreds of people, and it can be really intimidating, but networking can be a lot of different things. And I'm curious how you've built your network in a way that has felt authentic and comfortable for you.

Michelle Russo:

I agree with you. It's really uncomfortable and I remember being at HVS and once you got to a certain level in that company you had to bring in your own business. And so that meant forced networking. And I was trying as a younger person to network with very senior people in the organizations where I was targeting to get business from. And so one of my lessons, and I say this to my team all the time, is network at your level. Instead of trying to network way above you and the, and through your level and your peer set right, you'll get to the decision maker. You'll just get there through those individuals and. And that peer group, you'll grow together and build experiences and for me, that's been the best way to network in terms of meeting new people. I'd also say that I've always had this say yes approach to situations meaning. If people ask me, would you be on this committee? Will you do this project? Will you talk to this? Do that? I've always said, yes. And I don't know that it was conscious early on, truthfully, but through those situations, I've met people that I would've never had the chance to meet because they were not in my peer group. And I've built relationships with them that that I can reach out to them. I think it's about engaging in situations and not always knowing that there's gonna be a, an outcome or a benefit, but there always seems to be and really networking with your peer group. And the other thing I'd say is I'm just a big believer in. And part of connecting with people is also sharing information, so being really helpful whenever I can right, has built credibility and the favor that I might do today may not come back around for six months or a year, but it builds, it continues to build those relationships and make, and makes them. Real and genuine. So I think those are the my advice networking peer group say Yes and help out and that's just a great way to build a network.

Lan Elliott:

I love the advice that you gave, which was to start at your peer group and what on an org chart isn't always the path to the right person. If you can actually develop a relationship with somebody within the organization, then. They might get you to the correct person, whereas looking at the org chart or the titles on a website may not actually be the right answer. So really great advice and I love the idea of growing with your peer group. I also really love the idea of saying yes to opportunities, and as I've started to join more. Boards, I've started to meet incredible people. You being one of them, because obviously we've been in the industry together for many years, but I never really had a chance to get to know you. So saying yes to these other opportunities can also really broaden your network. So thank you for sharing that. Of course. I wanted to move over to support systems, whether it's mentors and champions, or a personal board of directors. This is something I wish I had focused on earlier in my career. I'm curious how you identify who you go to when you need support, and what types of things do you go to them for?

Michelle Russo:

So I am a big believer of peer review and that there's never a level that doesn't need, a sounding board or someone to take a look at something. So it, I guess it depends. On the situation. Internally if I'm doing something, I may ask one of the other executive team to review it. Because when you get very close to a situation, you need someone to pull up a bit and look at it from a different altitude. When it comes to. Business decisions? I would say I have right a circle of friends that, that I respect and trust. A couple college mates in particular that have always dropped everything to listen to me and be a sounding board. My dad he has. Just so much experience. I tend to go to him with kind of the business directional decisions like I'm thinking about. Moving the business in this direction or I'm thinking about changing my org chart to look like this or whatever. Like he always has incredible advice and ways to look at things or just makes me think about things I haven't. He's great with especially some tough leadership call decisions I've had to address. So I think also having people outside the industry give you a perspective is invaluable. Although I'd say most of my circles in the industry in some capacity. And then as we've gotten bigger as an organization, we now have a strategic advisor who is just totally independent. Calls it like it is. Sometimes I can't talk to my executive team or I don't wanna talk to people in the industry. I want something to stay very quiet. So he's been great at helping us navigate big decisions. And I also the entire executive team has access to him. So it's not just me, it's, he supports the whole executive team which has been good for all of us. I just remember, we were going through with him all of our different lines of business and he started asking questions like, how many resources are against this? What's your revenue from that? And basically challenged us I think you need to drop these, these lines of business that are not your core. I know you wanna grow them, but you still have so much growth opportunity in your core and your return on time and these other areas is very low. And it's just a simple, it's really simple message, right? But sometimes you need to hear, you hear it from somebody else and you are like, yeah, they're right. And it helps you pivot and think about. You know how to reintroduce future business opportunities.

Lan Elliott:

I think this idea of having someone outside of the company take a look at your business and the paradigm shift that can happen when they come in, as you mentioned from a. Another altitude and look at your business and the advice they can give you is so valuable. So thank you for sharing that.

Michelle Russo:

Of course,

Lan Elliott:

one of the things that we do in business is, especially in a business like yours, where you are advocating for your clients, for other owners, I've always found advocating for my company or for. Other people to be far easier than advocating for myself. What advice do you have for our audience who are looking to advocate for themselves? Maybe to ask for that promotion or raise or something that's important to them?

Michelle Russo:

Yes. Advocating is I think, something that comes more naturally to men than women. And when I, in my younger career, what I would do ahead of performance reviews, for example, is I would give my then boss like a transcript or a list of my accomplishments that year. So that they could re-remember what I had done. And that was a way to, for me to use data again to demonstrate that that I was performing or overperforming, hopefully right in my role. I do see men ask, just ask for what they want. Sometimes not merited, and I listen to women ask, what do I have to do to get there? Versus versus just saying they want it or they deserve it. So I, when I hear that, particularly with my women associates I say, tell me what you really wanna ask me. Ask me what you really want to ask me. And I think there's a way to deliver that with the right tone and timing. And I think there's nothing wrong with being. Prepared, like in my example or direct versus what do I have to do? And I don't think that comes across aggressive. I think it's if the message is delivered with the right tone it's confidence not. Not being aggressive. And it's building your case with facts again, right data and facts. It all comes down to data again. And showing your value. It's hard to argue with performance. I think

Lan Elliott:

that's really great advice. I love going back to the data. I love giving your boss the list for your performance review. I think that's very clever and I love that you. Ask your women leaders to ask me for what you really want. Tell, tell me straight out what you really want. Sometimes it can be so scary just to ask, and so I love that you give them the space. In order to do that. I wanted to switch over to the assertiveness, double bind, which is something that women sometimes struggle with because. There is this idea where if a woman is too nice, she's not strong enough to be a good leader, and on the other hand, if she's very strong and competent and direct, people don't like her and it makes it difficult for her to get ahead and to develop the alliances that she needs to move ahead. And I'm curious how you've navigated the assertiveness double bind, because I know you're not one to back down when you feel like you're doing the right thing for your client or for what needs to happen in the business. And if you've got the data to back you up, how do you balance that? Needing to state what you want, but also do it in the right way?

Michelle Russo:

Oof. I think first is separating the issue from the emotion, right? In a negotiation. It's really trying to understand the other side's agenda and view and right. How to be clear with what. My agenda and goals are and acknowledging theirs and not personalizing it. But I've also always appreciated when, people say to me this is the situation. This is as far as I can go. This is what I can do. Versus yelling and screaming. so I think it's being direct and respectful and firm. To some extent it's not that different from parenting and I know that's probably a horrible comparison, but there's boundaries, there's respect and there's communication. I'm, I am my children's parent, right? I'm not their best friend. And we all. Just need to understand sometimes what those relationships are and the roles that we have to fulfill. And not I would err on the side of being direct versus too nice. And I think, again it's delivery. It's using data. You can't win every point. Or, like you have to pick your battles. But again it's back to the analogy of being a parent. You as a parent, you pick your battles too. And you can't have, you can't do scorched earth all the time otherwise, whether you're a man or a woman, you you get the reputation of. Being very difficult to work with. So I think there's, I don't think that means you have to be over. Nice. And again, I also think it's tone, right? And I, and we work with tone with a lot of our young people in emails, right? Because tone can go very south quickly in emails, right? Which point I say pick up the phone, right? It doesn't weigh 800 pounds. Call the person, right?

Lan Elliott:

That's great advice. Rachel Humphrey, who's a co-host on this podcast has even reminded me recently. The phone call is a lost art today, but really terrific advice and the call out of tone being so important. Michelle, we're coming to the end of our discussion, but I did wanna ask you two last questions. The first is one of my favorite questions on our podcast, which is what advice would you give to your younger self? Let's say 22-year-old Michelle graduating from school. What would you want her to know?

Michelle Russo:

I would tell her to find her passion sooner. And I loved my experience at HVS for six years and then three years with with pinnacle Advisory Group with Rachel. But. I did not enjoy writing big, long reports for people who didn't, weren't particularly interested in what the word said, and were more focused on a number. And I didn't particularly enjoy not being able to then go fix the problem, if you will. So I should have extracted myself from that situation earlier. And I just didn't, I just didn't know. So that's what I would say. Find your passion sooner and if you're if work seems like work and it doesn't fly by and you're not continuing to build skills and experiences that gets you mentally stimulated, then. It's time to move on. So

Lan Elliott:

really great advice. Find what work that you love and where you're continuing to grow and be challenged. Michelle, you've offered us quite a bit of incredible advice during this discussion. For our audience, do you have any final nugget of advice, keeping in mind that the. Motto of our podcast is around empowering personal success.

Michelle Russo:

So again, parlaying on what I just spoke about. I think do what you love. Not what you think you should be doing, not what your peer set is doing. Not where you think you can make the most money. Because I think when you do what you love you put in that extra effort, you become excellent because you want to, and that's what sets you apart and everything else comes after that. And I think it also, when you do what you love, you stay more curious. And the industry, our industry is constantly changing and I think. Those who keep learning are always relevant, so that would be my advice.

Lan Elliott:

Fabulous advice to end on. Thank you so much, Michelle, for coming on today and sharing all this incredible advice with our audience. You've had such an incredible career. I would've loved to have had this interview to watch when I was 22 coming out of school, so I am very grateful to you for sharing your wisdom with our audience. Of course. Okay. And for our audience, if you've enjoyed this interview with Michelle, I hope you'll go to our website, it's personal stories.com, where you can find many more in interviews with hotel industry leaders.