I've thought about building and owning a hotel and I think there is huge potential. If you are going to build, the key is to not build in the United States or any other area with high construction cost. In the United States and similar markets, construction cost run about $125 to $150 per square foot. So to build even a little tiny 50 room hotel it will cost you millions. Internationally it can be 60% to 70% less depending on the area.
If you want one in the United States, I guess a better option to building would be to buy a hotel below replacement cost and that way you can get in cheaper. The potential downside of that is the hotel's past (bad) reputation and would likely needs lots of upgrades. But still, I think owning a hotel in the United States doesn't sound as fun as running one in South America, Eastern Europe, or South East Asia.
If you want one in the United States, I guess a better option to building would be to buy a hotel below replacement cost and that way you can get in cheaper. The potential downside of that is the hotel's past (bad) reputation and would likely needs lots of upgrades. But still, I think owning a hotel in the United States doesn't sound as fun as running one in South America, Eastern Europe, or South East Asia.