So I am embarking on the ultimate STR...

[Collin Hays]

I am building a volleyball/basketball gymnasium based on the STR concept. Book online, pay online, get your secured entry code. Completely self service. All video monitored. Available 24/7/365. My STR software provider, Brightside, has agreed to write and support the software package for me.

There are some key differences - the biggest one is that I will be renting by the hour, rather than by the day.  

Right now I am closing in on a land purchase and then I plan to start construction!

[Marcello Di Gerlando]

@Collin Hays

Neat Idea. 

I think what you have planned is more akin to the co-working / shared office space model like We-Work or Regus rather than the STR model. Both co-working and STR are ultimately real estate plays but the similarities seem to end there.

Having played in both the co-working space as a consultant and then director of operations for a $12MM project and operating my own vacation STR and other real estate assets I will share some insights.

first off, I don't want to throw cold water on your idea because it sounds very innovative, but immediately some concerns come to mind and a few ideas of my own are also sparking. 

Foremost - I would look at the co-working model not the STR model. You have a 'co-playing' model here. I doubt using STR assumptions for any of your pro forma's will be meaningful.

Competition - I don't know if anyone else is doing what you are trying to do but identifying your competition is something I assume you have already done. Some cities have tax payer supported community sports centers. What about the YMCA haven't they been doing this for years?

Software - There are several off-the-shelf software suites you can look into for co-working space's. The one I used for my co-working operation was expensive and not so great. However, for the way I envision your model progressing I would consider something like 'Fairharbor' for online scheduling of activities and 'wherewolf' for digital liability waivers. Both of these applications play in the adventure tourism space and are free-ish.

Concerns- Making a return on your investment with a new build sounds like a very tough proposition. Selling the property, if you are forced to, also sounds tough. Who is buying these types of places? 

Third party opportunities - Your idea sounds like it could open up a whole string of third party partnerships from advertising to lessons to retail and much much more. My intuition tells me the secret sauce of your model is with third party partnerships.

My comments are only meant to generate thought and not to crush dreams. The most successful folks I have known started with seemingly crazy ideas and risked it all to make them come true all the while nay sayers in bleachers were tossing flour and eggs. I wish you good luck and spectacular success. Please keep us updated.