Sample work products
Judge the thinking, not the adjectives.
Three illustrative samples in the formats clients actually receive. Figures are fictional; the structure, questions and discipline are the point.
A · Investment committee memo (excerpt)
ILLUSTRATIVE SAMPLE — fictional asset and figures, produced to show format and reasoning. Not a client engagement.
| Asset | "Project Qurtubah" — proposed 180-key upper-midscale hotel, Riyadh (fictional) |
|---|---|
| Recommendation | Conditional GO — proceed to operator RFP and land-price renegotiation; do not close at current land basis. |
| Economics (10-yr hold) | Base: YoC 8.9% · Project IRR 10.4% · Min DSCR 1.31× · Break-even occupancy 47% Downside (fixed costs frozen, ADR −10%, stabilisation yr 4): IRR 6.1% · Min DSCR 1.08× |
| Top 3 risks | 1) 2,400 keys entering the comp set within 36 months. 2) Corporate demand softness (Riyadh RevPAR fell in 2026 per branded-set reporting). 3) Land basis priced off 2023 ADR assumptions. |
| Conditions precedent | Land repriced ≥12% or phased; operator term sheet with performance test + owner priority; lender pre-screen at downside DSCR. |
B · Operator / HMA comparison matrix (excerpt)
ILLUSTRATIVE SAMPLE — fictional asset and figures, produced to show format and reasoning. Not a client engagement.
| Term | Operator A | Operator B | Owner note |
|---|---|---|---|
| Term + renewals | 20 + 10 (operator option) | 15 + 5 (mutual) | A controls your exit window |
| Base / incentive fee | 2.5% revenue / 8% GOP, no hurdle | 2.0% / 7% over owner priority | B pays the owner first |
| Key money | None | SAR 4m, amortised over term | Repay only unamortised balance |
| Performance test | None offered | RevPAR index vs comp set, 2-yr | A = no exit for underperformance |
| FF&E / PIP | 4% + brand PIP at yr 7 | 3% escalating, PIP capped | Model both in year 7–8 cash flow |
| Termination on sale | Fee = 3× annual fees | Fee = 1× after yr 8 | A taxes your exit |
Commercial comparison only; your hospitality lawyers settle final drafting.
C · Monthly owner performance pack (excerpt)
ILLUSTRATIVE SAMPLE — fictional asset and figures, produced to show format and reasoning. Not a client engagement.
| KPI (month) | Actual | Budget | Variance | Owner question |
|---|---|---|---|---|
| RevPAR | SAR 318 | 342 | −7.0% | Rate or occupancy — which lever failed, in which segment? |
| GOP margin | 31.2% | 34.0% | −2.8 pts | Payroll +1.9 pts: roster vs occupied rooms per day? |
| RGI (comp set) | 96 | 102 | −6 | Third month below fair share — what changes in the next 30 days? |
Action log: ① GM to present segment-level rate actions by 10th. ② F&B covers plan vs banquet pipeline. ③ Capex: lobby PIP tranche deferred pending Q3 cash review. Every variance ends with an owner, an action and a date — that is the service.