Fundamento

I want to buy a hotel

A hotel is the one asset class in this library that is a business first and real estate second — its own P&L, its own labor force, its own brand relationship, and revenue that reprices nightly rather than on a lease cycle. This path starts with the vocabulary, then walks financing, underwriting, valuation, franchise economics, management agreements, and the tax treatment that makes hotels the strongest cost-segregation asset class in real estate.

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    Hotels as an asset class — the hub for this library's hospitality cluster

    Start here — why a hotel purchase is a different kind of decision than any other property type in this library, and a map of the rest of this path.

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    The five numbers that actually govern a hotel

    Five numbers govern nearly every hotel decision — RevPAR index, GOP margin, NOI after reserve, DSCR, cash-on-cash. Learn these before anything else.

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    USALI — the one hotel accounting language, and why it matters right now

    One accounting format makes any two hotels comparable. Read a seller's P&L or an operator's monthly report in its own language.

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    How to invest in hotels — four ways in, and what each one actually nets

    Four ways in — direct, with a flag, REIT, or syndication — and what each one actually nets after fees.

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    Underwriting a hotel — normalize the P&L before you believe the cap rate

    Normalize the seller's statement before believing the cap rate. A worked example moves an 8.76% quoted rate to a true 6.01%.

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    What a hotel is worth — three methods, one defensible range

    Three methods, one defensible range — income, per-key screen, and DCF — and why per-key alone is never a valuation.

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    Financing a hotel — the three constraints that actually size the loan

    Three constraints size the loan at once, and the tightest one binds — almost never the one the brochure assumes.

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    Hotel franchise fees — what the flag actually costs, and what it has to deliver

    What a flag actually costs, and the asymmetric math between taking one and dropping one.

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    Hotel management agreements — the fee stack, the key money, and the exit

    The fee stack, the key money, and the two performance tests that actually get enforced.

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    Cost segregation for hotels — why the return is so much bigger here

    Why hotels are the strongest cost-segregation asset class in real estate — and the passive-activity math that decides if it helps you.

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