387. How to Run a Modern (and Clean!) Hostel with Hawaii’s Hostel Guys, Mike and Nate

Today’s expert guests are the owner/operators of Howzit Hostels, a growing brand of hostels based in the Hawaiian Islands. Michael and Nathan discuss their journey beginning with investing in short-term rentals to scaling up to commercial and hospitality properties. They currently own two hostels, one in Maui and the other on the Big Island of Hawaii, with a combined bed count of approximately 140 beds. Within only 3 years of opening, Howzit Hostels won the 2024 award for #1 Small Hostel in North America. Current annual gross revenues from their hostel business are expected to exceed $2.75 million. Their goal is to grow to 400 beds within the Hawaiian Islands and 4,000 beds in North America.Michael and Nathan explain why hostels are not only an excellent investment but a feel-good business that brings people together to share incredible experiences.(00:01:34) STRShare: @the_avian_lakearrowhead(00:02:57) Introducing Mike and Nate of Howzit Hostels(00:16:54) Hostel vs. Short-Term Rental vs. Hotel(00:36:02) What’s it Like to Manage a Hostel?(00:47:23) Running the Numbers on Hostel ManagementResources:• Click here for full show notes• Instagram: @howzithostels • Book a Hostel: howzithostels.com • Investment Website: vortexmaui.com • Investment Instgram: @mikeandnate_thehostelguys • Swell Vacation Rentals: swellvacationrentals.com • STRShare: @the_avian_lakearrowhead • Submit your property for our next STRShare at STRShare.com• Video: How to Clean Your Airbnb - A Walkthrough for New Airbnb Hosts • Airbnb Essentials Checklist: hostchecklist.comThanks for Visiting is produced by Crate Media.Mentioned in this episode:Minoan | Visit MinoanExperience.com and tell them TFV sent you!Join us for our live Get More Bookings Bootcamp.Hosting Handbook | Get everything you need to fast track your way to Superhost at thanksforvisiting.com/handbook