Most STR funds underwrite projections. We underwrite patterns — live operating data across 50+ operators and 1,500+ units that shows us exactly which deal types are already producing before we deploy a single dollar.
Most STR funds underwrite market narratives and ADR projections. We identify specific deal types already producing in a live portfolio — then fund replication of exactly those deals at scale.
The gap between average and top-quartile STR performance is not a market problem — it is an execution problem. Operator quality sets income outcomes. Strong markets only amplify good execution.
HostGenius provides the execution control layer — continuous benchmarking across revenue, occupancy, and service quality. Execution drift is detected early. We do not depend on execution. We control for it.
| Most STR Funds | Select Operators Fund I |
|---|---|
| Market narratives and ADR projections | Live operating data — 50+ operators, 1,500+ units |
| Pitch decks polished enough to hide the absence of operating history | Identify which specific deal types are already producing before deploying capital |
| Underwrite projections and hope markets cooperate | Underwrite patterns, not projections — then replicate what works |
| Single-operator concentration risk | 50+ boutique operators across 70+ US markets |
| No ability to benchmark, detect drift, or reallocate without selling | Continuous benchmarking, early intervention, reallocation without forced sales |
The fund sits at the centre of 50+ boutique STR operators. We see all of their data, pricing and revenue history, backend processes, and books — a view no external underwriter can replicate.
A specific deal type already producing in the operator's existing portfolio, verified through PMS and PriceLabs data. Not promises — demonstrated results independently verifiable before commitment.
Boutique managers averaging ~30 units — small enough to know the submarket's regulations, seasonality, and inventory cold. This is not a side business. It is their entire world.
HostGenius provides professional revenue management, marketing, accounting, and investor-grade reporting behind each operator. Operators focus on deals and hospitality. The fund handles infrastructure.
We identify the pattern, verify the numbers independently, and acquire more of the same asset profile in the same market under the same operator. Replication, not speculation.
We only deploy capital where all four filters are satisfied simultaneously. This is not a preference — it is a hard rule enforced at the underwriting stage before a single dollar moves.
A specific deal type already producing in the operator's existing portfolio, verified through PMS and PriceLabs data. Not promises — demonstrated results that can be independently verified before commitment.
Boutique managers with verifiable track records who know the submarket's regulations, seasonality, and inventory cold. Top-quartile STR operators outperform market averages by 50–200%. Operator selection is the highest-leverage decision we make.
HostGenius provides professional revenue management, marketing, accounting, and an investor-grade reporting dashboard behind each operator. Operators focus on deals and hospitality — the fund handles the infrastructure.
The underlying asset must sit in a market with strong STR demand, positive long-term appreciation dynamics, and a regulatory environment that supports short-term rental operations. Capital appreciation comes free — we require the asset to support both income and value protection.
Live deals from the HostGenius network — verified through PMS and PriceLabs data. All levered returns assume 65% LTV at 6% interest. The operators already know which assets in their portfolios are performing. We study the profile behind that performance — then acquire more of it.
All figures based on actual operator payout data verified through PMS and PriceLabs. Levered returns assume 65% LTV at 6% interest. Past performance does not guarantee future results.
Target returns reflect underwriting assumptions based on demonstrated operator performance data — not promotional projections. Exit opportunities arise from end of year 5; maximum 2-year asset disposal window if required. Accredited investor status must be independently verified prior to subscription.
Fund economics are independently calculated by Cash Flow Portal — covering NAV, LP capital accounts, waterfall and distribution calculations, and cash reconciliation from property to operator to fund. No one marks their own homework. Trust is replaced by verification.
The fund performs continuous benchmarking, monitoring, intervention, and reallocation. Investor involvement, operational burden, and decision fatigue do not increase. That is what active management actually means.
Capital is deployed across 50+ boutique operators in 70+ markets. Reallocation happens without forced asset sales — enabling early intervention before execution drift compounds into permanent income loss.
Founder · Aurelia Asset Management · Select Operators Fund I
Martin Mullany is a senior investment professional with over four decades of experience across fund management, real estate, and infrastructure — with a consistent focus on governance, disciplined structuring, downside protection, and execution-driven returns.
To request the PPM, discuss subscription options, or ask questions about the fund:
martin@aureliaassetmanagement.comShort-term rental markets face regulatory change and seasonal demand variation. These risks exist and are disclosed. They are factored into underwriting — not ignored.
Execution risk is the one risk we can see. Continuous benchmarking makes performance drift visible in near real-time, enabling early intervention before income is permanently impaired.
At high yields, 60–70% leverage dramatically increases income returns. At low yields, it destroys capital. This is precisely why the yield floor is a hard investment filter — not a preference.
Cash Flow Portal independently calculates NAV, LP capital accounts, waterfall distributions, and cash reconciliation. Fund reporting does not rely on management discretion.
Not fixed income. Not hospitality equity. Not appreciation-led. Not passive. Not single-operator concentration. This is equity-like income backed by real residential assets with active execution management at every layer.
Performance independently verified. Cashflows reconciled, not assumed. Fund reporting does not rely on management discretion. Subscriptions are limited by capacity to deploy capital responsibly.
The operators already know which assets in their portfolios are performing. We study the profile behind that performance — then acquire more of it. Subscriptions are limited by capacity to deploy capital responsibly.
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This page is for informational purposes only and does not constitute an offer to sell or a solicitation to buy securities. Select Operators Fund I is offered under Regulation D, Rule 506(c). Accredited investor status must be verified prior to subscription.