Episode
378. He Stopped Buying Airbnbs and Built a $20M Hotel Portfolio
- Published
- May 12, 2026
- Duration seconds
- 2198
- Processing state
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- https://www.tylercauble.com/podcast/episode378
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Summary
Core Concept Buy when others are scared : Michael bought post-2008 and during COVID, using fear-driven discounts to build a $20M portfolio. STRs → Hostels : Started with Airbnbs in Hawaii, then pivoted to hostels due to regulation limits and desire for a more scalable, centralized operation. Hostel strategy : Not “cheapest bed” but best social experience —design-forward common areas, events, and strong community vibe. Economics : Same-size room can earn more per night with bunks (e.g., $480 vs. $200), plus partial occupancy still produces strong revenue. Returns & risk : Targets ~20%+ IRR, 2–3x equity multiple , but with higher risk, longer holds (5–10 years), and heavier operations vs. multifamily. Big lesson : Don’t do your first hospitality deal solo— partner or get a mentor/mastermind to avoid costly mistakes. Portfolio fit : Hospitality offers a hybrid of strong cash flow + equity upside if you can execute on both real estate and the operating business.