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.