If you want to become a hotel host on the job 24/7 begging for good reviews, yes you can make more money in a short term rental....but the cost to your time, and pride, may not be worth it. 

You are literally running a mini hotel and have to have strong systems in place for guests communication, cleaning, etc and even then it can take a good bit of time.I personally do syndication projects, also invest in syndications passively and have STRs.

While we do pay a HOT tax to the city Govt it does allow us to have a level playing field with the hotels when it comes to being allowed to have STR on the island.

@Renata McCulloch , I've moved this post for you to the vacation rental forum like Marcia suggested.AirBnB is very appealing, but the hotel lobbies are attacking it from all angles.

Not sure if you ever make it out this way but there is also a monthly meet up on the Second Wedensday of each month at the Finger Lakes Hotel in farmington.  

The hotel and airline cards (BOA, Citibank, etc.) also have bonuses worth from 60K to 120K points. 

I did some research on it and it seems it involves applying for the Short term rental license, paying the proper fees, and hotel taxes.

The income approach is utilized primarily for income producing properties 5+ units, hotels, apartments etc.

Would the same apply for a hotel stay or whatnot?

It was part of his strategy though...ended up owning motels, hotels, winery, lots and lots of apartments, single families, and other real estate.