# 378. He Stopped Buying Airbnbs and Built a $20M Hotel Portfolio

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Text version: https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143/378-he-stopped-buying-airbnbs-and-built-a-20m-hotel-portfolio.md
Podcast: [The Commercial Real Estate Investor Podcast](https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143)
Published: 2026-05-12T10:00:00+00:00
Episode link: https://www.tylercauble.com/podcast/episode378
Audio file: https://static1.squarespace.com/static/5c115fec9d5abbba78a23c93/t/6a0262dd77a7cf4485e742ce/1778541381601/He+Stopped+Buying+Airbnbs+and+Built+a++20M+Hotel+Portfolio.mp3
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Duration seconds: 2198

## Resource

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.

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