I am a part of partnership (Let's call it Partnership A) that owns several holding LLCs and that is about to go into a partnership (Call this Partnership B) to buy a boutique hotel.

I'm a heavy advocate of boutique hotels being the next focus of experienced STR operators.

Boutique smaller PM companies are without a doubt the best option for owners right now and many owners are learning that the hard way after having bad experiences with Executive Villas and the like.  

Purchase price: $635,000 Cash invested: $200,000 Built in 1880 as a single-family address, this rare three-story grand brownstone designed by Ogden and Wright was purchased by myself and investors for conversion to a boutique hotel.

Great Addition - on the switch from year to year - arguably the biggest flag in my opinion in Real Estate - "shiny object syndrome" switching from niche to niche repeatedly (especially as a "Guru") - whats tried and true for RE success IMO is people that stick with one strategy and niche (type, market, strategy, etc.) for years, stay focused when its in and out of flavor, and end up with big wealth and track record after years.Definitely flags of the last few years when people go from "STR" to "Multiamily Syndication" to "Boutique Hotels" to "Experiences" and so on... 

Restaurant & Boutique hotel. 

WIth that investment capital, one strategy to consider is a small boutique hotel with commercial zoning?

But, happy to make an intro to a woman I work with that runs a 'boutique style' staging company -- She is also a wealth of knowledge on the topic and I'm sure would be happy to shed some light on this for you! 

I own a boutique brokerage.

And yes, we only sell a handful per month because we prefer staying small, boutique and niche.