Hospitality - need to get up to speed. Any recommendations?
Hi all,
I have a meeting with senior person at a hospitality focused fund. My background is in "traditional" asset classes (office, industrial, multifam, etc.) I have very little knowledge of the hospitality space.
How can I quickly get up to speed on what's happening in the hospitality space these days? Any good resources or recommendations?
Public REIT investor presentations are my go-to. Usually some good macro info
Make sure you understand ADR, RevPAR, occupancy, customer type, performance vs peer group in STR, composition of revenue from rooms vs restaurant.
Message me..I work in hotel development and asset management and would be happy to jump on a call.
Could you post here for the benefit of us trying to get into hospitality?
There have been some good items shared regarding basic pro forma development but there a few important factors when underwriting a hotel asset.
1) Comp Set Selection: This will not only allow you to get top line performance data (ie: STR report) but also cost benchmarks (ie:CBRE). Some other great sources used in underwriting are the TAP report (CVB), to determine group mix, as well as Agency360 (BT reporting.
2) Brand Selection: Equally as important as each brand has different strengths' and weaknesses. Most brand's will give you a top line pro forma for a franchise so well worth your time.
When it comes time to underwrite a hotel asset, it is more of a asset management exercise than acquisitions due to the operations heavy nature of the hotel business.
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