What we review

• Trailing-12-month P&L: variance analysis against budget, prior year and the market.

• Market share: RevPAR index and rate index against your competitive set.

• Your management agreement: fees paid against the contract, performance-test compliance, and fee leakage (central services, marketing and technology charges).

• Revenue: pricing, channel mix and distribution cost, including how much goes to Expedia and Booking.com instead of direct.

• Costs: labor cost per occupied room, staffing to demand, and departments that don't pay for themselves.

• Capital: FF&E reserve, deferred maintenance and the capital plan ahead.

What you get

• A written findings report, each issue ranked by its estimated NOI impact.

• The questions your operator should be able to answer.

• A 60-minute debrief with you, your board or your lender.

• Optional: we join your next operator meeting and ask those questions ourselves.

Fixed fee. Usually 3 to 4 weeks once we receive your documents. If you continue on a retainer, the review fee is credited toward it.

Who this is for

• Owners and family offices who own a hotel but aren't hotel operators.

• Owner's reps, asset managers and lenders with a multifamily or commercial background who need a hotel specialist to read the numbers.

• Anyone about to renegotiate, refinance, sell or replace an operator.

Questions owners ask

Will my operator know you're reviewing them? Your choice. We can work only from the reports you already receive, or request more data through you.

What if the operator is doing a good job? Then you'll know it, and you'll have it in writing for your board or lender. That's worth having too.