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For investorsHotel investment in real numbers, not in a pitch deck
We work for the buyer's side of the table. Independent underwriting, market and financial analysis, and a written recommendation that is sometimes “do not do this”.
Four things investors actually need
Independent underwriting
The vendor's proforma rebuilt from the property's own operating statements, re-forecast against the competitive set, and stress-tested on rate, occupancy, cost and debt. Delivered inside the conditional period, with a red-flag memo.
- Model rebuild from actual statements
- Competitive-set penetration and RevPAR index
- Franchise agreement and PIP exposure
- Five-year capital requirement
Market and site assessment
Before you commit to a market at all: demand generators, seasonality, forward supply, labour availability and the format the catchment actually supports — select service, extended stay, full service, resort or aparthotel.
- Catchment and demand-generator analysis
- Forward supply pipeline by brand
- Format and positioning recommendation
- Entry-price benchmark per key
Capital structure and lender pack
Hotels are an operating business as much as real estate, and lenders underwrite them accordingly. We build the model, the projections and the narrative in the format a credit committee expects to see.
- Operating projections in the standard hotel format lenders expect
- Debt sizing, coverage and sensitivity
- Lender and equity presentation pack
- Support through diligence questions
Owner-side asset management
For investors who already own and use a third-party operator. We sit opposite that operator on your behalf and report to you separately — including on the things the operator's own reporting tends to leave out.
- Monthly statement review and variance challenge
- Budget and capital plan scrutiny
- Management-agreement performance testing
- Reporting in your timezone and language
We are not here to tell you that every deal works
A great many hotel opportunities are presented on the strength of the destination. A strong destination does not make a good hotel investment; it makes a competitive one. What decides the outcome is the combination of catchment demand, competitive supply, the format and scale the market supports, the all-in cost per key and the operating cost base you will carry for the whole hold period.
We assess the opportunity first and the investment second. Where our answer is that the numbers do not support the price, you get that in writing with the reasoning — which is, in the end, the cheapest piece of work we ever do for anyone.
Investing into Canada, or out of it
International investors coming into Canada
Canada is an open market for commercial real estate, but the structure matters more than most first-time entrants expect: land transfer taxes that differ by province and municipality, non-resident withholding on rental income and on disposition, provincial rules, and lender appetite that varies sharply between branded and independent assets.
We coordinate the commercial side and work alongside your legal and tax counsel, who must lead on structure. What we contribute is the operating and financial read: what the asset will actually earn, what it will actually cost to run, and what it is genuinely worth.
Canadian and Georgian capital, both directions
The group has worked with international investors entering Georgia since 2014, and the Toronto office was opened in part to work in the other direction — with Georgian developers and investors entering the Canadian market, and with Canadian capital looking at opportunities in Georgia and the wider region.
Practically that means one team that understands both ends of the transaction: the operating norms, the reporting expectations and the diligence standards on either side, without a translation layer between them.
The questions investors ask first
How do I know whether a particular hotel is a good investment?
Not from the location, not from the architecture, and certainly not from the projections supplied by whoever is selling it. A professional assessment weighs demand and competitive supply, the concept and scale the catchment actually supports, total development or acquisition cost including the capital the building will need in the first five years, and realistic operating performance.
Our role is not to demonstrate that every project is a good investment. It is to establish whether this particular one is worth doing.
What return should I expect from a hotel?
There is no universal figure, and anyone offering one is selling something. Performance depends on cost per key, segment, key count, achievable rate and occupancy, seasonality, ancillary revenue, the operating cost base and management quality. Labour is a larger share of that cost base in Canada than in most markets and is the variable that most often breaks an otherwise sound model.
A project-specific model is the only honest answer, and it belongs before the capital commitment rather than after it.
Can a foreign investor own a hotel in Canada?
Commercial real estate, including hotels, is generally open to non-resident ownership. The complexity is in the structure rather than the permission: land transfer tax differs by province and by municipality, several jurisdictions apply additional taxes to non-resident purchasers of certain property types, withholding applies to rental income and to disposition proceeds, and financing terms differ for non-resident borrowers.
Structure it with legal and tax counsel before acquiring. We coordinate the process and handle the commercial and operating analysis, but the structuring advice must come from qualified professionals — and we will say so rather than improvise.
Who protects my interests if I cannot be here day to day?
An owner-side asset manager, engaged separately from whoever operates the hotel. We read the monthly statements properly rather than filing them, challenge the budget line by line, verify brand-standard and capital compliance, test the operator against the management agreement, and report to you directly. The point of the arrangement is that the person checking is not the person being checked.
Will you invest alongside us?
We are a development and management company, not a fund, and we do not hold out as one. Where a project suits it we will discuss alignment through the fee structure — an incentive fee weighted to gross operating profit puts a meaningful part of our economics behind the asset's performance. Any co-investment discussion is project-specific and would be documented as such.
Nothing on this page is investment, legal, tax or accounting advice, and it is not an offer or solicitation. Every project needs its own analysis and its own qualified advisers. See our terms of use.
Have a deal in front of you?
Send us the offering memorandum, the operating statements, or simply the address and the asking price. We will tell you within a day whether it is worth underwriting properly, and what that would cost.