Learn about the progress and challenges of a new hotel project including setbacks and delays due to approvals. Discover how the hosts found their co-hosting business partners through a real estate meetup. Explore the tools used for revenue management and a potential new project involving an old schoolhouse. Find out the benefits of being in a room with like-minded individuals and explore a case study on the first hotel.
Creating a standout experience within the property itself attracts various types of vacationers and business travelers in the short-term rental industry.
Maximizing space and amenities, such as full kitchens and outdoor amenities, helps protect profitability throughout the year in short-term rental properties.
Deep dives
Creating a Better Experience: The Importance of Unique and Immersive Features
The podcast episode discusses the significance of creating a standout experience for guests in the short-term rental industry. While the location may not always be competitive, the focus is on providing a memorable and unique experience within the property itself. By investing in quality design and incorporating themed rooms, the hosts aim to differentiate their properties from others in the area. The themed rooms, such as the under the sea room and the forbidden forest room, offer an immersive and one-of-a-kind experience for guests. This strategy of focusing on the guest experience rather than the location has proven to be successful, attracting various types of vacationers and business travelers.
Maximizing Space and Amenities: Aiming for Long-Term Profitability
The podcast episode highlights the importance of maximizing space and amenities in short-term rental properties, particularly in seasonal markets. By offering full kitchens in a portion of the rooms, hosts can attract guests seeking longer stays during off-peak seasons. This expansion of the target market helps protect profitability throughout the year. Additionally, the property features larger rooms compared to competitors and offers outdoor amenities such as a spacious patio with pergolas, swing chairs, barbecue grills, fire pits, and a future outdoor bar. By focusing on providing ample space and unique amenities, the hosts aim to create an appealing atmosphere that sets their property apart from others in the area.
Finding Off-Market Deals and Building Partnerships: Securing a Solid Investment
The podcast episode explains how the hosts found the hotel property through a trusted relationship in the real estate industry. By building strong connections and consistently following up over a period of several years, they were able to secure an off-market deal for the property. Their knowledge of the local market and the property's unique features fueled their confidence in its success. They also emphasize the importance of collaborating with local tourism offices and businesses to expand marketing reach and establish partnerships. This approach not only enhances visibility but also allows for potential collaborations, such as working with food trucks and local yoga studios. By finding off-market deals and building strategic partnerships, the hosts have been able to secure solid investments in the short-term rental industry.
Want to know how to find more profitable deals? Watch my live masterclass with AirDNA on October 18, 12 PM EST. Register here.
Join us for an exciting update on my latest hotel venture! In this episode, we'll dive into my new hotel project's latest developments, challenges, and successes. Discover the strategies, insights, and lessons learned that are shaping this exciting journey. Don't miss this exclusive behind-the-scenes look at one of the industry's most promising hotel ventures.