Buying Independent Hotels through the EtA Model: Kevin Fleming, Avenir Hospitality

Kevin Fleming left Wharton during COVID to pursue an unconventional search thesis: combining ETA with his background in real estate private equity. In this episode, we discuss: Why Kevin chose independent hotels despite their asset intensity and operational complexity How he financed Avenir Hospitality’s first acquisition in Cannon Beach What he learned going from investor to hands-on operator Why Avenir focuses on supply-constrained leisure markets and independent hotels How the strategy has evolved as Avenir expanded across the West Coast, including its recent Joshua Tree acquisition The economics and tax advantages of hotel investing, including cost segregation and bonus depreciation Send us Fan Mail Support the show Find us on Apple, Spotify, Amazon, and YouTube.