The Hotel Investor Playbook An STR operator's $4 million bet on building a boutique hotel in Colombia | Tim Hubbard E76
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Apr 7, 2026 
Tim Hubbard, founder of Corzly and operator of 200+ short-term rentals, built a 20-unit boutique resort in Medellín. He walks through the ground-up build, rising costs and surprise licensing resets. He explains financing without banks, the 50/50 partnership that made it possible, and how his virtual management model runs 200+ properties across 40 cities.
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ADR Has Wide Range With No Direct Comps
- There are few direct comps in Medellin for a resort-in-the-city concept, so ADR is uncertain but comparable out-of-city resorts achieve $250–$400.
- Tim estimates his ADR could be $200–$400 depending on demand and restaurant draw.
Plan For No Bank Loans For Foreigners
- Expect little to no commercial bank financing as a foreigner without local income; structure deals with seller finance or local partners.
- Tim used seller financing for the lot, then funded construction with partner capital.
50/50 Split With Complementary Roles
- Tim and his partner split equity 50/50; Tim runs the hotel units while his partner operates the restaurant and handles local construction management.
- Their architect runs project management and construction oversight on-site.