Hotel Development
Hey all, my team wants me to create a hotel development model. Are there any hotel-specific nuances I should consider? I've done multiple development models for apartments but have only worked with stabilized hotel product. TIA.
Look at the Adventures In CRE website. I believe they have a hotel specific development model. Use that as your guide as you build your model.
The key thing for hotel is understanding the P&L as that is what drives the performance of the project so understanding payroll, how much it costs to clean a room, how ancillary space is used e.g. food and beverage, meeting rooms etc.
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