Demand generators
We identify what actually fills rooms (corporate, medical, leisure, event) and test it midweek and weekend separately.
Hospitality
A hotel is an operating business in a building. We underwrite the business first.
Hospitality carries operating risk that no other commercial asset class does. Revenue reprices nightly, the expense base is largely fixed, and performance depends on a management company's execution as much as on the building. That combination punishes optimistic underwriting harder and faster than any other sector.
We underwrite the demand generators before the site (the corporate, leisure, medical, or event demand that actually fills rooms midweek and weekend), and we treat brand selection, management agreement, and property improvement obligations as core deal terms rather than post-closing details.
What we build
- Select-service hotels
- Extended-stay
- Boutique and independent
- Dual-brand development
- Conversion and repositioning
- Resort and destination
- Mixed-use hotel components
- Franchise build-to-suit
How we underwrite it
Brand and management
Flag selection, management agreement terms, and PIP obligations are deal economics, not administrative details.
Operating leverage
Nightly repricing against a fixed expense base means RevPAR misses hit the bottom line disproportionately. We stress it.
Capabilities we bring
Every one of these is carried in-house by a principal, not referred out.
Co-GP, JV & capital partners
Build With Us
We structure joint ventures with operating partners, co-GP sponsors, and capital partners who bring proven track records. Outline your firm and the partnership you have in mind.