The Hotel Investor Playbook

Michael Russell
  • 5.0 (70)
  • Investing
  • Updated Weekly

Welcome to The Hotel Investor Playbook, hosted by real estate investor and hospitality operator Michael Russell. Michael is the co-founder of Malama Capital and Howzit Hostels, and has built a personal real estate portfolio exceeding $20 million.With an operator-first mindset, Michael brings a practical perspective to hotel investing. On the show, he breaks down what it actually takes to scale from short-term rentals into boutique hotels, covering deal sourcing, operations, capital strategy, and risk.Each week, Michael shares real lessons from the field as he builds toward a $400 million real estate business, giving listeners an honest look at the decisions, challenges, and strategies behind the growth. Subscribe and follow along as he documents the journey in real time.

  1. 3d ago

    The $0-Down Hotel Deal That Still Cost $1.5 Million | Christian Osgood E85

    It took zero dollars of his own money to buy a $4.5 million waterfront resort. It took three years and over a million and a half dollars out of pocket just to keep it. In this episode, you'll discover the deal, debt, equity sequence he says has never failed to raise capital on a good deal, and exactly when a joint venture beats a syndication. A multifamily investor who scaled to over 600 rental units, and once raised $10 million without a following or a dollar from family, walks through the one hospitality deal that broke all his usual rules. Christian Osgood unpacks exactly where his due diligence missed the mark, and the strategy he used to turn a struggling resort into a self-sustaining cash machine. In this episode, you'll discover: Spot the hidden payroll problem that makes a mom-and-pop hotel's books lie to youAvoid the seller-financing structure that can wipe out a full year of cash flow in one paymentTurn dead event space into guaranteed income through master leasing, fixed checks every month, with zero staffing or cleanupCombine a $1,000 a month ad budget with free community events to drive a 43% profit jump in twelve monthsApply the deal, debt, equity framework before you ever start looking for investorsDecide when a joint venture beats a syndication so you can skip the legal headachesIf you're underwriting a boutique hotel or resort deal, this conversation could save you from learning these lessons the expensive way. If you found value in this episode, take 30 seconds to leave us a review here. It helps more people find the podcast and keeps us bringing on great guests. Connect with Christian Osgood Website: https://multifamilystrategy.com/ YouTube: https://www.youtube.com/@Multifamilystrategy LinkedIn: https://www.linkedin.com/in/christian-osgood-10a95b71 Connect with Michael on Instagram or LinkedIn. Email Us at info@hotelinvestorplaybook.com Visit the Hotel Investor Playbook Instagram Invest with Malama Capital Submit a deal

    54 min

  2. Jun 2

    The Boutique Hotel Mistake Killing Your Occupancy (And the Fix That Took One Operator From 40% to 80%) | Hillary Folkvord E84

    Most boutique hotel operators are leaving serious money on the table, not because of bad locations or bad products, but because of bad marketing fundamentals that nobody told them about. In this episode, you'll hear exactly how one operator diagnosed a 40% occupancy problem and fixed it, taking her Bozeman boutique property to 80% occupancy with a $3,000 monthly marketing budget. A sixth-generation Montanan who started running a historic hotel at 23, sold her first property after 18 years for a strong return, and now generates $800 to $1,200 a night at a 13-cottage luxury retreat, joins us to share what she learned the hard way. Hillary Folkvord's approach to brand-building, revenue management, and sensory guest experience has turned roadside properties into some of the most talked-about boutique stays in Montana. In this episode, you'll discover: Why fighting OTAs is costing independent operators bookings, and what to do insteadThe three sensory touchpoints that drive repeat guests and word-of-mouth referralsHow a $7M renovation mistake on a 1950s motel changed how she evaluates every deal todayThe napkin math framework her family uses to stress-test any acquisition in under an hourWhy 100% occupancy is not actually a good thing, and what to aim for insteadHow to build a brand that drives bookings even when you're not the face of itIf you're building a boutique hotel and still figuring out your marketing stack, your brand, or how to stop being the bottleneck in your own business, this episode is required listening. Hillary's been through it all, and she's not holding back. If you found value in this episode, take 30 seconds to leave us a review here. It helps more people find the podcast and keeps us bringing on great guests. Connect with Hillary Folkvord: LinkedIn: https://www.linkedin.com/in/hillary-folkvord-b777b313/ Website: https://www.ladyh.life/ Instagram: https://www.instagram.com/hillaryfolkvord/ Connect with Michael on Instagram or LinkedIn. Email Us at info@hotelinvestorplaybook.com Visit the Hotel Investor Playbook Instagram Invest with Malama Capital Submit a deal

    49 min
  3. From $50 in His Bank Account to a 140-Key Hotel in Italy | Emanuele Pani E83

    May 26

    From $50 in His Bank Account to a 140-Key Hotel in Italy | Emanuele Pani E83

    What happens when you find a deal that could change everything, but you've drained your bank account just to close it? In this episode, you'll hear exactly how one operator went from cleaning parking lots to owning the building, and what that journey taught him about risk, focus, and building a business that doesn't need you in it every day. A vertically integrated hospitality operator who built an 84-door portfolio across two countries and is now pursuing a 140-key historic hotel in Sardinia, Italy, joins us to share how he thinks about scaling from short-term rentals into boutique hotels. Emanuele Pani's path from maintenance guy to multi-market operator is full of hard-won lessons most investors learn too late. In this episode, you'll discover: Why STR investors drastically under-budget when they buy their first hotel (and what it actually costs)How to find off-market deals by doing something most investors won'tThe capital stack strategy for financing a hotel deal in Europe as a U.S.-based investorWhy the first hire matters more than the first system when scaling operationsThe shiny object mistake that slowed his growth for 4 years and how to avoid itHow to structure a hybrid hotel and residence model to reduce acquisition riskIf you're serious about making the leap from short-term rentals into boutique hotels, this episode will save you from the most expensive assumptions investors make on their first deal. Don't skip the part about what breaks first when you try to scale. If you found value in this episode, take 30 seconds to leave us a review here. It helps more people find the podcast and keeps us bringing on great guests. Connect with Emanuele Pani: Instagram: @epani.mindset LinkedIn: https://www.linkedin.com/in/emanuele-pani-0b2970105/ Connect with Michael on Instagram or LinkedIn. Email Us at info@hotelinvestorplaybook.com Visit the Hotel Investor Playbook Instagram Invest with Malama Capital Submit a deal

    34 min
  4. This Contractor Built a $6M Hospitality Brand With $90K and Zero Outside Investors | Chris Broomfield E82

    May 19

    This Contractor Built a $6M Hospitality Brand With $90K and Zero Outside Investors | Chris Broomfield E82

    Most people assume you need outside investors, a big budget, or a prime location to build a profitable hospitality brand. This episode proves otherwise. In this episode, you'll learn exactly how one builder went from working as a contractor to owning a luxury micro resort that nets over half a million dollars a year, with no syndication, no partners, and no fancy market. A builder and founder who bootstrapped a five-cabin luxury brand from $90,000 out of pocket joins the show to break down how he did it. Chris Broomfield built Evergreen Cabins in a town of 3,000 people in rural New York, starting with a piece of land bought from a friend and materials scraped from his contracting jobs. Today, the brand has a couple of hundred thousand Instagram followers, a 40,000-person email list, and a portfolio valued at nearly $6 million. In this episode, you'll discover: Why sweat equity can outperform raising capital, and what the math actually looks like when you build it yourselfHow a single guest's TikTok generated 7 million views and booked the property out for three years straightThe pricing mistake that likely cost Chris $200,000 to $300,000, and how to avoid it with dynamic pricing toolsHow he went from 100% Airbnb-dependent to nearly 90% direct bookings using a $100 lead magnet and email marketingWhy he turned down investor after investor, and what that decision means for his eventual exit at a $10M targetThe 10% savings rule he now teaches his 14-year-old son, and why he believes anyone can do thisIf you've been sitting on the idea of building a micro resort or boutique hospitality concept and keep telling yourself you don't have enough capital to start, this episode will either light a fire under you or call your bluff. Don't miss Chris's breakdown of exactly what it costs to operate five luxury cabins, and what it really takes to get to a $500K gross income without a single outside dollar. If you found value in this episode, take 30 seconds to leave us a review here. It helps more people find the podcast and keeps us bringing on great guests. Connect with Chris Broomfield: Website: evergreencabins.co Email: info@evergreencabins.com Instagram: evergreen_cabins Connect with Michael on Instagram or LinkedIn. Email Us at info@hotelinvestorplaybook.com Visit the Hotel Investor Playbook Instagram Invest with Malama Capital Submit a deal

    36 min
  5. Stop Deferring Your Joy: How High-Performing Leaders Stay Sharp Without Burning Out | Mike Messeroff E81

    May 12

    Stop Deferring Your Joy: How High-Performing Leaders Stay Sharp Without Burning Out | Mike Messeroff E81

    You hit your targets. You built the business. So why does it still feel like something's missing? In this episode, you'll discover why deferring your happiness until the next deal, the next promotion, or the next milestone is quietly destroying your leadership, your team culture, and your returns. A personal freedom coach who has spent 30 years in hospitality and now works exclusively with CEOs and top executives joins the show to share the self-leadership framework that changes how high-achievers show up at work and at home. His approach isn't about slowing down. It's about not losing your life chasing a goal you never actually defined. In this episode, you'll discover: Why money amplifies who you already are, and why that's a problem if you're running on emptyThe 2-3 minute morning practice that measurably reduces reactivity and improves decision-makingWhy "work-life balance" is a myth, and the reframe that actually works for ambitious operatorsHow a present, grounded leader produces better team performance, higher morale, and fewer fires to put outThe gratitude practice that rewires how your brain responds to setbacksWhy deferring joy is a skill you've been accidentally training for decadesIf you're serious about building something that lasts without sacrificing the life you're building it for, this episode will give you a practical starting point. Don't skip it just because it doesn't have a cap rate in the title. If you found value in this episode, take 30 seconds to leave us a review here. It helps more people find the podcast and keeps us bringing on great guests. Connect with Mike Messeroff Website: https://www.mikemesseroff.com Website: https://www.thecircleoffreethinkers.com/ Instagram: https://www.instagram.com/mikemesseroff LinkedIn: https://www.linkedin.com/in/mikemesseroff/ Connect with Michael on Instagram or LinkedIn. Email Us at info@hotelinvestorplaybook.com Visit the Hotel Investor Playbook Instagram Invest with Malama Capital Submit a deal

    36 min
  6. How 2 Women Turned a $1.2M Zillow B&B Into a $4M Treehouse Hotel (No Investors) | Ashley LaRocque E80

    May 6

    How 2 Women Turned a $1.2M Zillow B&B Into a $4M Treehouse Hotel (No Investors) | Ashley LaRocque E80

    What if you bought a rundown bed and breakfast on Zillow, moved in the next day, and turned it into Colorado's first luxury treehouse hotel, all without raising a single dollar from outside investors? That's exactly what Ashley LaRocque and her wife did. And six years later, their property is booked through 2027, generating six-figure wedding revenue they never saw coming. A former TV producer who left corporate life to build something from scratch, Ashley shares the unfiltered story of what it actually takes to develop a boutique hospitality asset when banks say no, permits take years, and the build costs keep climbing. In this episode, you'll discover: Why buying an existing B&B beats building from scratch on raw landThe 3-step permitting process that took 6 years and nearly $4M all-in to completeHow a wedding venue they never planned for now drives 50% of total revenueWhy Ashley joined her county's planning commission, and what she sees developers get wrong every timeThe SBA loan structure that lets them avoid a $350K down paymentWhat 80-90% occupancy actually looks like at a 5-room boutique lodge in a supply-constrained marketIf you're serious about building a hospitality asset that creates real long-term wealth, this episode will show you what bootstrapped development actually looks like, and whether it's the right path for you. If you found value in this episode, take 30 seconds to leave us a review here. It helps more people find the podcast and keeps us bringing on great guests. Connect with Ashley LaRocque Website: https://stayatjuniper.com Instagram: https://www.instagram.com/stayatjuniper/ LinkedIn: https://www.linkedin.com/in/ashley-larocque-65397114/ Connect with Michael on Instagram or LinkedIn. Email Us at info@hotelinvestorplaybook.com Visit the Hotel Investor Playbook Instagram Invest with Malama Capital Submit a deal

    44 min
  7. The $600K Treehouse Earning $200K a Year | Dustin Feider E79

    Apr 29

    The $600K Treehouse Earning $200K a Year | Dustin Feider E79

    In this episode, you'll discover how a single ultra-niche lodging unit can outperform a full hotel on cash-on-cash returns and what that signals for boutique investors paying attention. A treehouse designer whose work has been featured in the New York Times, Architectural Digest, and HGTV joins us to break down the real numbers behind experiential lodging. Dustin Fighter has spent two decades building one-of-a-kind suspended structures, and his original pine cone treehouse, 60 feet in the air and $600K to build, is now generating over $200K per year at $850/night. In this episode, you'll discover: Why a single $600K unit can deliver 30% cash-on-cash returns unleveraged, and whether it actually scalesThe 3 biggest obstacles that kill treehouse hospitality deals before they start: permitting, insurance, and bank financingHow crowdfunding raised $600K from 700 investors and why equity outperformed revenue shareThe pre-booking capital strategy that lets you fund the build before you break groundWhy banks won't touch tree-supported structures and what builders are doing insteadHow tariffs are driving up construction costs and forcing a pivot back to high-end custom buildsIf you're interested in high ADR niches where limited supply drives outsized returns, don't skip the unit economics breakdown. The math speaks for itself. If you found value in this episode, take 30 seconds to leave us a review here. It helps more people find the podcast and keeps us bringing on great guests. Connect with Dustin Feider Website: https://www.o2treehouse.com/ LinkedIn: https://www.linkedin.com/in/dustinfeider Connect with Michael on Instagram or LinkedIn. Email Us at info@hotelinvestorplaybook.com Visit the Hotel Investor Playbook Instagram Invest with Malama Capital Submit a deal

    39 min
  8. The Hotel-to-Apartment Strategy That Turned $8.5M Into $18.9M in 19 Months | Ryan Sudeck E78

    Apr 22

    The Hotel-to-Apartment Strategy That Turned $8.5M Into $18.9M in 19 Months | Ryan Sudeck E78

    What if the most overlooked apartment deal in your market is already built, it's just flagged as a hotel? In this episode, you'll discover how a valuation gap between hotels and multifamily creates forced equity of 40 to 50% before you change a single wall, and why most investors completely miss it. A CEO who has completed over 30 hotel-to-apartment conversions across six states joins us to break down the exact strategy his firm has used to generate a 20% annualized return since inception. Ryan Sudeck and his team at Sage Investment Group turned an $8.5M distressed hotel into $18.9M in 19 months with a 38% annualized return and have since scaled the model to over 3,000 units and 500 investors. In this episode, you'll discover: Why a hotel trading at a 12 cap automatically becomes more valuable the moment you convert it to residential, and how to calculate the forced equity before you buyThe exact buy box Sage uses: room count, location signals, and the zoning step that most investors skip, which kills dealsHow to identify hotels in the "death spiral" before they hit the market and why Sage rarely buys on-marketThe invasive due diligence process they use to eliminate budget blowouts behind the wallsWhy the evergreen fund model outperforms syndications for this strategy, and how distributions work from day oneThe community impact case study in Tacoma that took a street responsible for 10% of Washington state murders to zero violent crimeIf you're a hotel investor, a multifamily operator, or someone sitting on capital looking for a differentiated real estate strategy, this episode will change how you look at every distressed property you drive past. Don't miss the valuation math breakdown in the first ten minutes; it's genuinely one of the clearest arbitrage setups we've had on this show. If you found value in this episode, take 30 seconds to leave us a review here. It helps more people find the podcast and keeps us bringing on great guests. Connect with Ryan Sudeck Website: http://sageinvestment.com Email: ryan@sageinvestment.group LinkedIn: https://www.linkedin.com/in/ryansudeck/ Connect with Michael on Instagram or LinkedIn. Email Us at info@hotelinvestorplaybook.com Visit the Hotel Investor Playbook Instagram Invest with Malama Capital Submit a deal

    44 min
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About

Welcome to The Hotel Investor Playbook, hosted by real estate investor and hospitality operator Michael Russell. Michael is the co-founder of Malama Capital and Howzit Hostels, and has built a personal real estate portfolio exceeding $20 million.With an operator-first mindset, Michael brings a practical perspective to hotel investing. On the show, he breaks down what it actually takes to scale from short-term rentals into boutique hotels, covering deal sourcing, operations, capital strategy, and risk.Each week, Michael shares real lessons from the field as he builds toward a $400 million real estate business, giving listeners an honest look at the decisions, challenges, and strategies behind the growth. Subscribe and follow along as he documents the journey in real time.

Information

  • Creator
    Michael Russell
  • Years Active
    2024 - 2026
  • Episodes
    86
  • Rating
    Explicit
  • Copyright
    © 2026 The Hotel Investor Playbook
  • Show Website
    The Hotel Investor Playbook

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