Tom Schwartz's Candid Reflection on the Rollercoaster of 2024: Bar Closure, Vanderpump Rules Reboot, and Resilience - lulu

Tom Schwartz attends BravoCon 2023 on November 3, 2023 in Las Vegas, Nevada. Photo: 

Gabe Ginsberg/Getty 

From closing Schwartz & Sandy's to the reboot announcement of Vanderpump Rules, it’s safe to say that 2024 wasn’t an easy year for Tom Schwartz.

PEOPLE caught up with the Vanderpump Rules alum, 42, at the premiere of The Valley season 2 at ​​BLVD Steak in Los Angeles on April 10. Schwartz revealed he was "at peace" now after a rocky end of 2024. 

“I felt like I lost my chi, lost my flow. I lost control of my business,” he said of the closure of Schwartz & Sandy's, the bar he co-owned with his friend and costar Tom Sandoval. “That was my first real business that I started and financed with my partners. Let's just say it was a very, very expensive learning lesson. But I don't look at it as a failure.” 

Tom Sandoval and Tom Schwartz attend DailyMail.com and TMX opening celebration of Schwartz & Sandy's on July 19, 2022 in Los Angeles, California. 

Alberto E. Rodriguez/Getty 

Schwartz, who is set to appear on season 2 of The Valley, noted that “a lot of love” went to the business, adding, “I built such a good community there. I always dreamed of opening my own bar one day. I had a little bit of that with TomTom as a minority stakeholder."

In a stroke of bad luck, Schwartz learned of the Vanderpump Rules shake-up — which will introduce a new cast for season 12 — one day after deciding the closing date for Schwartz & Sandy's.

“I don't think I've ever acknowledged this publicly, but the day I solidified the date in which we were gonna close Schwartz and Sandy's — my first business, I put my heart and soul in that place — the next day I found that Vanderpump Rules was [ending],” he told PEOPLE. “So it was a double whammy. This was early December or late November.”

“To be honest, I knew both of those things were going to happen at that point. I had conceded,” Schwartz acknowledged. “I didn't give up. I just kind of knew that it was time to close our bar. We were at the point of no return, but we ended on a high note. We had one of the best months ever.”

The Stars on Mars alum noted that he now has “a whole new found respect and admiration for anyone who's ever opened a brick and mortar small business owners, coffee shops, retail, bars and restaurants.” 

Schwartz also opened up about the toll of being a bar owner, referring to it as “a meat grinder.” He explained, “It's a grind on your personal life, your professional life, late hours, early mornings. I think I'm a better person because of it, and I'm grateful for the good experience.”

Schwartz's costar and wife, Katie Maloney, filed for divorce back in May 2022. Their wedding was featured in season 5 of the Bravo reality TV show.

Tom Schwartz on 'Watch What Happens Live with Andy Cohen'. 

Charles Sykes/Bravo/Getty

As for his next chapter, the Bravo star is set to appear on season 2 of The Valley, which felt like a “seamless and organic” fit for Schwartz after filming Vanderpump Rules for over a decade.

“It didn't feel like I was going from one show to another. The cameras have happened to be catching where I was at in my life,” he said. “I've known all these people [for] a long time. I have hung out with Jesse [Lally] and Jason [Caperna]. We've known each other for a long time.”

“Obviously, Jax [Taylor], Kristen [Doute], Luke [Broderick], I'm pretty much tight with everybody. So it feels very organic. And I'm proud of them,” he added.

While admitting filming the first season of a new reality show can be “scary” and stars can “guard themselves a little bit,” Schwartz praised The Valley cast for “taking off the filter and letting loose” during season 1 of the Bravo hit. 

“It's scary to bare your soul on a TV show. You know what I mean, intimate details of your life,” he added. “It's really scary in the beginning.”

The Valley season 2 premiered Tuesday, April 15, at 9 p.m. ET on Bravo.