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Rich Summers' Short-Term Rental Success & Boutique Hotel Extravaganza

22 Jun 2023 · 1 min

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0:55

Rich Summers (speaker) describes his real-estate investment portfolio and hospitality business. He says roughly 80% of his portfolio is multifamily, and he began investing in short-term rentals after purchasing one in San Diego; short-term rentals have proven highly cash-flowing. He founded/operates Excelsior Stays, a hospitality brand and management company that manages his short-term rentals, boutique hotels, and third-party short-term rentals. The firm manages properties in about nine markets and is currently focused on scaling the boutique-hotel side by remotely managing properties and bringing manager units online to generate additional revenue.

Questions this video answers

About 80% (he says "probably accounts for about 80% of my portfolio today").

About nine markets (he says "we're managing short term rentals in about nine markets around the country").

Chapters

Still own a lot of multifamily. It's probably accounts for about 80% of my portfolio today. But while I was investing in multifamily, I backed into my first short term rental here in San Diego. And while I was still investing in multifamily, I thought, man, these things are just cash flowing like crazy. Why don't I do some more of these? And then I also have, as you mentioned, Excelsior Stays, which is a hospitality brand and a management company to where we manage not only my short term rentals, but also boutique hotels and also short term rentals for third party clients with a special focus on boutique hotels. Right now we're really trying to scale the boutique hotel side and how that came to fruition is I thought, man, we already had the systems and process in place. We're managing short term rentals in about nine markets around the country. What if we bought a boutique hotel and you know, basically use this arm to manage the boutique hotel remotely, free of on site management, allowing us to bring the manager's unit online for additional revenue.