Napali Capital invests in hospitality assets through Napali Hospitality Group, led and advised by industry experts, to provide a world-class culture of service to our employees, guests, and investors.


Our vision is for Napali Hospitality Group to be a recognized leader in the hospitality industry through select- and full-service hotel ownership and management by delivering the highest level of employee and guest service and by achieving profitable returns for our investors and stakeholders.

Reasons why select
and limited service hotel
real estate should be in
your portfolio

  • Strong brand recognition
  • Large pool of assets with strong in-place net promoter scores (NPS)
  • Higher cap rates allow for greater returns
  • Longer asset hold terms
  • Attractive long term non-recourse debt financing


The combined experience and talent of Napali Hospitality Group leadership includes hospitality investment, strategic planning, development, and operations and provides the incredible foundation for our hospitality-based investment company.


Tim Black is co-founder and Managing Partner of Napali Capital, a Texas-based real estate investment firm. He brings 32 years of executive level management experience to the company with expertise in hotel operations, strategic planning, marketing, sales, revenue management, and real estate development.

Prior to Napali Capital, Mr. Black served as Chief Operating Officer of Great Wolf Resorts, owner and operator of 17 North American waterpark resorts. In this role, he maximized revenue through pricing, demand, digital marketing, and implementation of new revenue streams and predicted consumer behavior and pricing strategies for entire portfolio of resorts. Additionally, he worked directly with private equity and served as a key player in resort development assisting in planning, spatial layout, guest traffic flows, and design aimed at maximizing revenue per square foot and efficiently control operating costs. Resort operations included in Mr. Black’s oversight included all facets of the facilities including waterpark operations, guest services, food and beverage, retail operations, safety and security, and overall guest satisfaction. During his tenure with Great Wolf Resorts, he was instrumental in providing outstanding team leadership and in growing the company’s portfolio by eight resorts throughout the U.S. and increasing EBITDA by 49 percent.

Earlier in his career, Mr.  Black worked for Six Flags Entertainment where he served in numerous leadership roles including Park President for three parks: Hurricane Harbor, the nation’s largest Wild Animal Safari, and Six Flags Great Adventure, the company’s largest and most profitable asset.  While in this role, he was responsible for all facets of park operations and intensive capital spending of more than $250 million.

Mr. Black is a graduate of LaSalle University and holds a Bachelor of Science degree in Human Resource Management. He has served on the boards of numerous organizations including Big Brothers/Big Sisters; American Red Cross; and Village of Waunakee, Wisconsin, Planning Commission.


Kimberly Schaefer serves as Key Principal for Napali Hospitality Group and member of the company’s Advisory Board. She has more than 25 years in finance, leadership, and executive oversight specific to the hospitality industry.

Kimberly served in numerous executive positions at Great Wolf Resorts, a nationally recognized family entertainment company, where she was instrumental in the creation, development, growth, and success of the company. Having been part of the brand since its inception in 1997, her positions have included Senior Vice President of Operations, Chief Brand Officer, Chief Operating Officer, and Chief Executive Officer. She was integral in the company’s IPO (WOLF) in 2005, setting the strategic direction for the brand and presenting WOLF to the public markets.

During her tenure at Great Wolf Resorts, Kimberly established the company’s ongoing strategy by engaging and collaborating with senior management teams to create and implement annual goals and objectives. Under her direction, the portfolio grew from one to 14 resorts and created more than $130 million in EBITDA, leading to its eventual sale to private equity, first in 2013 and again in 2015.

In 2016, she joined Two Bit Circus, an experiential entertainment company, as President and is responsible for the development, management, and execution of the company objectives and strategies.

Kimberly personally has owned numerous hotels under the brands Holiday Inn Express, Holiday Inn Hotel & Suites, Hampton Inn & Suites, Country Inn & Suites, Fairfield Inn & Suites, Crowne Plaza (now Holiday Inn & Suites), Microtel Inn, and Clarion Suites.

Kimberly is a member of the Board of Trustees for Edgewood College and is on the audit, governance and nominations, and compensation committees for the Education Realty Trust public board at Great Wolf Resorts.


Thomas Black, MD, is co-founder and managing partner of Texas-based real estate firm Napali Capital, author of “The Passive Income Physician: Surviving a Career Crisis by Expanding Net Worth,” and a board-certified emergency medicine physician.

Thomas began his career in real estate overseeing residential mortgage loans at Wells Fargo Financial as an undergraduate. Following graduation from medical school, he began investing in real estate, eventually shifting his focus from single-family to multifamily housing before co-founding Napali Capital.

A 13-year veteran of the U.S. Armed Forces, Thomas earned his medical degree from the University of Texas Medical Branch in Galveston, Texas, where was selected as a member of Alpha Omega Alpha Medical Honor Society and graduated with honors. He then completed his residency at Indiana University Emergency Medicine Residency Program in Indiana. He continues to practice emergency medicine and serves as President of 24-Hour Physician Group at Baylor Scott and White Emergency Hospitals.

Thomas is featured in Forbes and is a University of North Texas Board of Advancement member.



Napali Hospitality Group’s team of experienced leadership combines their industry knowledge with the Napali Hospitality Group Advisory Board which consists of three highly-qualified members. These members offer industry expertise gained through their extensive careers as management and operations leaders in major, nationally and internationally recognized hospitality brands including Walt Disney World Resort, Hershey Entertainment and Resorts Company, and Stouffer Hotels and Resorts, now Renaissance Hotels & Resorts.


Bill Simpson is an experienced Chief Executive Officer and Board Director with 40 years of experience in the hospitality and entertainment industries. Most recently, he worked with Hershey Entertainment and Resorts Company for 21 years, serving as its CEO from 2013 until his retirement in 2017. Known for top-line and bottom-line growth, Mr. Simpson and his team achieved record financial results during his tenure with the company, increasing revenue by 20 percent and EBITDA by 46 percent. He also is known for strong organization development that focuses on company culture, team building, training and development, and succession planning. Mr. Simpson is a proven mentor and developer of leadership talent.

Mr. Simpson has served, and continues to serve, on for-profit and non-profit Boards as well as the Hershey Entertainment and Resorts Company Board from 2011 until his retirement in 2017. He was a two-term member of the American Hotel and Lodging Association Board of Directors, participating on their Audit and Resort Committees. He was a Board Member for the Pennsylvania Chamber of Business and Industry, the Ronald McDonald Children’s Charities of Central Pennsylvania, and the Dartmouth College Geisel School of Medicine. Mr. Simpson currently is a member of the Execustar and Woodstock Resort Company Boards.


Rilous Carter is a forty-five-year veteran of the hospitality industry. His career in the industry began with Hyatt Hotels and Resorts where held several food and beverage leadership positions prior to joining a small private restaurant company in Seattle as Manager. He then re-entered the hotel industry with Stouffer Hotels and Resorts, now Renaissance Hotels & Resorts, where he held several positions including Assistant General Manager.

In 1997, Mr. Carter joined Walt Disney World Resort as a member of the resort’s food and beverage team and later was promoted to Food and Beverage Operations Manager at Disney’s All-Star Resort where he was a member Disney’s All-Star Movies opening team.  In 1999, he assumed the role of Rooms Operations Manager at Disney’s Contemporary Resort and was promoted to General Manager of Disney’s Wilderness Lodge later that same year.  While at The Wilderness Lodge, Mr. Carter and his team successfully added The Villas at Disney’s Wilderness Lodge to Disney’s portfolio of exclusive Vacation Club offerings.  In 2001, he added Disney’s Fort Wilderness Resort and Campground to his responsibilities and eventually held roles as General Manager of Disney’s Coronado Springs Resort; Director of Catering & Convention Services for Walt Disney Parks and Resorts; and General Manager of Food and Beverage at Disney’s Epcot theme park.  In 2008, Mr. Carter was promoted to Vice President of Disney’s Hollywood Studios theme park, and in 2011, he moved to Vice President Epcot theme park where he later was assumed the role of Vice President of Catering, Convention Services, and Park Event Operations for Walt Disney Parks and Resorts, a position he held until his retirement in 2016.

During his tenure with Disney Resorts, Mr. Carter was a member of Disney’s DLAB (Diversity Leadership Advisory Board) and served as the Executive Champion of PULSE (People United to Lead, Serve & Excel). He represented Walt Disney World as a Board Member of the Orlando Health Foundation and chaired the Hospitality Advisory Board for the University of Maryland Eastern Shore’s School of Hospitality Management for five years.

Learn More

Download to see how the Napali Capital investment process works.

Stay up to Date

Sign up to receive Napali Capital news, insights, opportunities, podcasts, and other updates.

By submitting this form, you are consenting to receive marketing emails from: Napali Capital, 950 E. State Highway 114, Southlake, TX, 76092, You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact