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The Hotel Investor Playbook

The Hotel Investor Playbook

Von: Michael Russell
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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.


© 2026 The Hotel Investor Playbook
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  • Former Hotel Analyst Built AI to Fix the Problem He Lived Every Day | Ziggy Hallgarten E71
    Feb 17 2026

    If you're still tracking your hotel pipeline in Excel and spending two hours screening each deal, you're working harder than you need to. Ziggy Hallgarten lived with that frustration as an analyst, so he built the solution.

    In this episode, you'll get fresh market insights from the ALIS Conference, learn how AI can cut your deal analysis time dramatically, and hear what the entrepreneurial journey looks like when you're solving a problem you experienced yourself.

    A Cornell Hotel School graduate who worked in acquisitions at institutional firms before founding Broom.ai shares what he's seeing in the hotel market, why he left to build his own company, and how AI is transforming the way investors analyze deals. Ziggy Hallgarten bootstrapped his startup after watching teams waste hours on manual workflows, teaching himself to build software using AI tools to automate the deal screening process he knew was broken.

    In this episode, you'll discover:

    • What the mood was really like at this year's ALIS Conference, and which markets are heating up
    • How Broom.ai cuts deal screening from 2 hours down to 30 minutes or less by automating data extraction
    • Why Ziggy left his family's hotel business to build his own company from scratch
    • Free tools you can use to build software prototypes without any coding knowledge
    • Where AI will have the biggest impact on hotels: revenue management and operations
    • The biggest mistake founders make: trying to solve every problem instead of focusing on one
    • Practical ways hotel investors can start leveraging AI in their workflow today

    Whether you're an independent operator trying to compete with bigger shops, curious about where hotel investing is headed, or thinking about starting something of your own, this conversation delivers real insights from someone living on both sides of it.

    About Ziggy Hallgarten

    Ziggy Hallgarten is the Co-Founder and CEO of Broome, a software company building AI agents that automate the complex administrative workflows of Commercial Real Estate transactions. A graduate of Cornell’s Hotel School, he traces his hospitality roots from folding towels as a 10-year-old pool boy to managing acquisitions for institutions like PGIM Real Estate and family offices like Oliver Companies. Frustrated by the inefficiencies of the deal process, Ziggy transitioned from investor to founder in 2025 to build the solutions he needed as an analyst.

    Connect with Ziggy Hallgarten

    Connect with Ziggy on LinkedIn.

    Visit their Website.

    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

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    43 Min.
  • How to Scale to 4 Hospitality Properties Without Raising Millions in Capital | Sam Degenhard E70
    Feb 10 2026

    What if there's a way to scale a hospitality portfolio without having to own the real estate? For operators looking to grow quickly without raising millions in equity or navigating complex bank financing, the OpCo-PropCo model offers a compelling alternative path.

    In this episode, you'll discover how to build a hospitality brand by leasing properties instead of buying them, command premium ADRs without real estate risk, and scale across multiple markets using the OpCo-PropCo model.

    An outdoor hospitality founder who operates campgrounds, backcountry lodges, and micro-hotels across Colorado, Arkansas, and California shares how he scaled to four properties in three years without traditional financing. Sam Degenhard's Campfire Ranch model separates operations from ownership, partnering with land investors who buy the real estate while he focuses on building a brand that commands $90 to $1,400 ADRs and spends just 2-3% of revenue on marketing.

    In this episode, you'll discover:

    • The exact lease structure that lets you scale hospitality properties without raising millions for acquisitions
    • How to partner with real estate investors who buy the land while you control 100% of operations and guest experience
    • Why focusing on the business side lets you open properties faster with significantly less capital
    • The owner-operator staffing model that runs an 8-bedroom lodge profitably with one employee
    • How to command 4-5X market rates by building brand loyalty instead of competing on OTA platforms
    • The due diligence process that identifies underperforming assets is perfect for operational turnarounds
    • Why subscale properties under 30 keys deliver better margins than traditional hotel models

    Whether you're an operator exploring faster paths to scale or an investor looking to understand how hospitality brands grow without traditional real estate ownership, this episode reveals a proven model that separates the business of hospitality from owning the dirt and the strategic advantages that come with focusing purely on operations.

    About Sam Degenhard

    Sam Degenhard is the Founder and CEO of Campfire Ranch, a vertically integrated outdoor hospitality brand building a diverse "collection" of adventure basecamps, ranging from developed campgrounds to backcountry huts and renovated lodges. A veteran of Red Bull’s sports marketing team, Sam famously traded his corporate career for life in a teardrop trailer on public land, launching a business dedicated to removing the "friction" of camping for the experience generation. He now specializes in the acquisition and operation of sub-30-key assets in high-recreation markets like the Rockies, the Ozarks, and the Sierra, utilizing an OpCo model to partner with real estate investors while delivering high-touch, community-driven guest experiences.

    Connect with Sam Degenhard

    Connect with Sam on LinkedIn.

    Follow them on Instagram or visit their Website.

    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

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    56 Min.
  • This 3-Step System Automated His Real Estate Business to 4 Hours a Month | Mark Podolsky E69
    Feb 3 2026

    Most investors think they're building a business, but they're actually building themselves a job. The truth? If you died tomorrow, your "business" would die with you.

    A real estate investor who scaled from 80-hour weeks to just 4 hours per month reveals the exact automation framework that freed him—and how to apply it to any real estate asset, including hotels.

    Mark Podolsky built a multi-million dollar land flipping operation, lost 50% of it in 2008, then rebuilt it into a passive income machine that runs without him. His approach isn't about working harder—it's about systematizing smarter.

    In this episode, you'll discover:

    • The 3-step system to automate ANY real estate process: Do it, Document it, Delegate it
    • How to systemize direct-to-owner outreach for boutique hotels (instead of competing on broker listings)
    • How to lock up deals with minimal capital and flip them to other investors (the arbitrage model)
    • How to use inexpensive virtual assistants to handle repetitive acquisition tasks
    • Why the biggest mistake new investors make isn't about the property—it's about their calendar
    • The "brick your phone" strategy that helped Mark reclaim focus and family time

    The real question isn't whether you can find deals. It's whether you can build a business that doesn't require you to do everything yourself. This episode shows you the framework to buy back your time while building real wealth.

    About Mark Podolsky

    Mark Podolsky, widely known as "The Land Geek," is a former investment banker turned land investor who has completed over 6,000 unique raw land transactions since 2001. As the author of Dirt Rich and host of The Art of Passive Income podcast, he teaches investors how to acquire distressed land for pennies on the dollar to generate passive income without the headaches of "tenants, toilets, and termites". Through his coaching platforms and automation software like GeekPay.io, Mark empowers entrepreneurs to build scalable, recession-resilient businesses that break the cycle of solo economic dependency.

    Connect with Mark Podolsky

    Connect with Mark on LinkedIn.

    Follow Mark on Instagram or visit his Website.

    Get Your FREE Copy of Dirt Rich (FOR A LIMITED TIME ONLY)

    Learn how to use AI to underwrite faster, streamline operations, automate the busy work, and make better decisions. Start your 7-day free trial of the AI for CRE Collective here.

    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

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    34 Min.
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