The Hotel Investor Playbook Leveling Up: How To Turn STR Success into Boutique Hotel Ownership | Kim Herrlein E11
Dec 31, 2024
Kim Herrlein, a savvy STR investor, shares her journey from selling a thriving vacation rental to acquiring a boutique hotel for under $1 million. She discusses the strategic shift towards hotel ownership, the hurdles of property renovations, and the complexities of remote management. Kim also highlights the importance of building a reliable team and effective communication in hospitality. Her insights reveal how leveraging short-term rental success can pave the way for ambitious real estate ventures.
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Selling STR To Buy A Hotel
- Kim sold a top-performing 6-bedroom STR for $1.4M to fund a 20-room boutique hotel purchase under $1M.
- She chose the hotel partly because rising STR ordinances and neighbor conflict made STRs riskier.
STR Experience Scales To Hotels
- Hosting many large-group STRs gave Kim confidence she could operate a hotel with similar guest volumes.
- She noted the hotel's 56% occupancy equaled fewer guests than her five STRs combined.
Use A Tight Buy Box And Be Ready
- Set clear acquisition filters and be patient until the right property matches your buy box.
- Track discussions and deal timestamps to be ready to pounce when the opportunity appears.