This entry treats hotels from the institutional capital-deployment angle: significant capital placed into hotel acquisition, development, and repositioning, often through funds or large operating platforms partnering with hotel management companies, to earn returns from the hotels' operating...
Log in to followSponsor deck on a 96-key exterior corridor hotel shows total revenue 3.4m and gross operating profit 2.11m, so 62% GOP margin. My understanding is that a well-run limited-service…
Underwriting a 142-key select-service asset in a secondary market. Trailing twelve is 71.4% occupancy, 152 ADR, so 108.5 RevPAR. Total revenue 6.1m, GOP 2.45m (40.2%), base manage…
Been reading hospitality term sheets from the credit side rather than the equity side and something has hardened. Nobody sizes off cap rate or even off DSCR as the binding test an…
Reviewing a hospitality fund allocation. 300m target, five to seven year hold, 2% management fee on committed, 8% pref, 60/40 above with a full catch-up. Sponsor's stated strategy…
Got an OM for a 110-key limited service hotel. Price is 9.9m, and then near the back there's a line that says "PIP est. 4.2m" with no backup at all. When I asked the broker about…