A method of producing a polyether polyol that includes reacting a low molecular weight initiator with one or more monomers in the presence of a polymerization catalyst, the low molecular weight initiator having a number average molecular weight of less than 1,000 g/mol and a nominal hydroxyl functionality at least 2, the one or more monomers including at least one selected from propylene oxide and butylene oxide, and the polymerization catalyst being a Lewis acid catalyst having the general formula M(R1)1(R2)1(R3)1(R4)0 or 1. Whereas, M is boron, aluminum, indium, bismuth or erbium, R1, R2, and R3 each includes a same fluoroalkyl-substituted phenyl group, and optional R4 includes a functional group or functional polymer group. The method further includes forming a polyether polyol having a number average molecular weight of greater than the number average molecular weight of the low molecular weight initiator in the presence of the Lewis acid catalyst.