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Hospitality & Lodging
Hotels, motels, B&Bs. RevPAR, occupancy, brand affiliation, condition assessment.
75 day typical timeline5-8x EBITDA or cap rate on NOI (hotels), 8-12x EBITDA (STR operators)
Document categories
The diligence checklist is organized into these top-level categories. Each one has its own subchecklist auto-generated when you launch a deal.
Financial Statements
Tax Returns
Legal & Corporate
Real Estate
Franchise Agreements
Property Condition
Employment & Labor
Licenses & Permits
Revenue Management
Contracts
Insurance
Industry-specific documents
These are the documents that matter most for hospitality & lodging — things you'd miss with a generic checklist.
- 📄STAR or benchmarking reports (RevPAR, ADR, occupancy)
- 📄Franchise agreements and PIP (Property Improvement Plan) obligations
- 📄Ground lease or property ownership documents
- 📄Property condition assessment and capex plan
- 📄Liquor and operating licenses by jurisdiction
- 📄Labor agreements and union contracts if applicable
- 📄OTA (online travel agency) contracts and commission terms
- 📄Group sales and corporate rate contracts
- 📄FF&E (furniture, fixtures, equipment) reserves schedule
- 📄Booking pace and pickup reports
Common red-flag patterns
The AI scans uploaded documents for these patterns and surfaces them with source citations so you can investigate quickly.
- Declining RevPAR relative to competitive set
- Deferred PIP or franchise non-compliance notices
- Single-franchise concentration with renewal risk
- Unfunded FF&E reserves
- High staff turnover or housekeeping vacancy rates
- Aging property condition with major capex overhang
- Heavy OTA channel mix eroding margins
Key metrics tracked
Pulled from financial statements and operational data, these metrics anchor the diligence narrative.
RevPAR (Revenue per Available Room)
ADR (Average Daily Rate)
Occupancy %
GOP Margin %
Market Penetration Index
FF&E Reserve as % of Revenue
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