Pivot to Hotel Investments for Diversification

Les quatre grands investisseurs immobiliers en immobilier commercial se tournent vers les investissements hôteliers pour de nombreuses raisons. Les taux de capitalisation plus élevés sont à l’origine de l’attrait initial. Cependant, d’autres raisons commencent à dominer une fois qu’ils connaissent la classe d’actifs. Se lancer dans une nouvelle classe d’actifs est toujours un défi. Les hôtels ajoutent quelques niveaux de complexité qu’il vaut la peine de comprendre avant d’aller trop loin.

This guide will bring you through a series of the high-level considerations.

How Hotels are Different than Big Four CRE

Hotel investments are an operating business with a real estate component. This may be the biggest differentiator from the Big Four CRE assets that focus more on asset management than operations. Hotels also have voracious appetites for ongoing capital improvements, as a result. Alignment with a strong operational team and a sound business plan mitigate many of the associated risks. Still, anyone venturing into this world should prepare wisely and always stand ready to capture and implement good advice.

Locations à la nuitée

Hotels measure their inventory by available room nights. A simple estimate for total available room nights in a year is equal to the number of rooms times the number of days open. For example, a 100-room hotel typically has 36,500 total available room nights in a normal year. Consequently, occupancy is a measure of… wait for it… occupied divided by available room nights. Rooms sales adjust seasonally based on the demand profile in the market. Nevertheless, strategies for selling out the inventory apply year-round.

Your approach only changes based on which business segments are trending for that booking window. Business segments follow different patterns throughout the year. Group travel has a longer booking window than transient guests, while contract business is reliable throughout the year. A sound revenue strategy accounts for each of these according to their individual needs and desires. Contract and group business form the base. This reliable revenue gets booked weeks and months in advance.

Rates may not shock and awe, but they allow the revenue manager to shrink the available inventory to raise prices. Supply and demand dynamics take effect as the booking window closes. A hotel that covers its overhead weeks in advance has greater flexibility to refuse a low rate than one without solid base revenue. This compression drives rates up at the hotel, and market rates adjust similarly when all hotels are well-booked. Your revenue manager will target channels that bring the guests that you need when and how you need them.

Brands, online travel agents, and direct sales comprise the largest revenue contribution.

Distribution among the various channels will flex throughout the year to get the optimal business mix.

Positionnement opérationnel et contractuel

An operating hotel relies on a diverse set of vendors for its daily operation and maintenance. In many cases, they provide goods and services under long-term agreements that adjust slowly compared to the revenue cycle. As a result, they are prime candidates for repositioning with an intensive asset management approach.

Les contrats de marque et de gestion ainsi que les baux coûteux sont les fruits à portée de main.

Contract terms are open to negotiation at various stages throughout the investment lifecycle. However, an acquisition presents your strongest position, as you have the urgency of a sale and a seller that could play another negotiating angle if cooperative.

Seek to gain alignment with your vendors early in the relationship.

Trop souvent, les sponsors se concentrent uniquement sur la réduction des coûts et perdent de vue les autres aspects de la transaction. Je reviens toujours au vieux principe d'ingénierie qui permet de faire des compromis entre coût, qualité et délais. En conséquence, le coût n'est peut-être pas votre facteur le plus important pour positionner l'hôtel pour une rentabilité optimale.

Une approche holistique prend en compte les forces et les faiblesses de vos parties prenantes internes et externes.

For example, you may find that two vendors with complementary capabilities could be more expensive.

Yet, you may be able to justify the cost with greater incremental revenue opportunities if they provide higher quality or implementation speed. These principles apply to every aspect of the business plan from capital structure to operations and beyond. Therefore, regular and comprehensive asset management reviews should highlight areas to enhance revenue along with potential savings. Don’t lose yourself in cost cutting without considering that revenue drives this business.

Hotel Investments are All Core Plus or Riskier

Every experienced real estate investor understands risk-adjusted return.

Your risk level for hotel investments is very high at best when you first get the idea to pivot to hotel investments. Risk comes down as you gain education and start building out the infrastructure. However, the investment never really drops to a true core investment. As previously mentioned, hotels are operational- and capital-intensive assets. They always come with a brand mandated property improvement plan (PIP) and operational enhancement opportunities upon change of ownership.

I can count on one hand the number of core investment opportunities I underwrote in the past decade. Strong hotel investment sponsors reduce risk by aligning with a strong team and implementing strategies that hedge against the most common threats. Risks come in many forms throughout the investment lifecycle, and usually, experience is your best guide. Execution of any construction or renovation project tops the list for most. This risk arises from two areas – minimizing guest disruption and actual completion. Ongoing operational risk follows closely and remains throughout your investment period.

All the traditional risk factors that plague other CRE investments still apply to hotels. These may include loan maturity, sale liquidity, and a variety of macroeconomic risks. A proven strategy and solid team are the first lines of defense to mitigate the various investment risks.

The Absolute Basics to Establish Your Strategy and Team

Successful investments in any real estate asset class starts with a sound strategy implemented by a strong team. These combine to be your north star as you pivot to hotel investments. Attention to the finer details of your investment strategy will pay dividends when building up your team. Further, each stakeholder can be loads more productive when they clearly know how to act in any situation.

Essential Points of a Good Hotel Investment Strategy

This is a street corner business. Start with greater macro trends that you already know from your Big Four CRE investments. Secular trends, like population growth and employment, will guide you to markets that may make sense for a hotel investment. Next, get to know the demand drivers in each market. Proximity to major demand drivers can generate significant revenue, and consequently, value. This finer targeting will help quickly eliminate opportunities that come across your desk.

Your prospective guests’ needs and desires will be revealed as part of a general picture of demand in a market.

For example, a geographic focus that comprises mostly leisure travel would benefit from a resort strategy. However, a business transient profile may be more tuned to full or select service hotels. Chain scale and service level combine as the second consideration after geography. These are like looking at the building class, but they are more aligned with revenue production than objective quality. Smith Travel Research slots brands into a peer group based on global average daily rates every year to determine where they sit in the chain scales.

That knowledge allows you to further narrow down your focus to particular brands. Location, service level, chain scale, and brand form the foundation of a sound hotel investment strategy. Finally, consider your risk appetite.

We briefly covered hotel investment risks in the previous section. Now, it’s time to determine what risks you want to play on. Light value-add may be a good entry point for most.

This could include a simple brand-mandated PIP composed of paint, carpet, and FF&E. Most operators can manage that execution internally. More intensive value-add strategies require an expanded team that may include a general contractor to manage the work.

Identifiez vos principales parties prenantes

Hotel investments bring together three major stakeholders – brand, operator, and owner. Industry players combine these in a variety of combinations. The most common are brand-operator and owner-operator, where the respective third is a separate entity. Brands form the sales and marketing arm of your team. They provide distribution through centralized sales, an online booking engine, loyalty programs, and much more. Additionally, they provide support for the front- and back-of-house in the form of systems and processes for effective execution. Operators perform the daily tasks of keeping the hotel optimally occupied and maintained.

A management company hires and manages employees, and the mothership provides additional systems and processes to enhance the execution. Finally, the owner is responsible for overall asset management and strategy. She brings all stakeholders together and approves major decisions at the property level, such as annual operating budget and major capital expenditures. Each of these stakeholders relies on a variety of additional contributors depending on their internal capabilities. Larger real estate investment groups may have internal legal or construction management personnel, for example. Still, a good understanding of their experience executing your strategy is critical to fill in any gaps with third parties.

I like to approach team formation with a SWOT analysis that reveals the most pressing needs.

• Points forts – attributs internes ayant un impact potentiellement positif
• Weaknesses – internal attributes with a potentially negative impact
• Opportunités – attributs externes ayant un impact potentiellement positif
• Threats – external attributes with a potentially negative impact

Ces informations vous donnent une image claire des domaines dans lesquels il faut exploiter et améliorer les aspects positifs et apporter un soutien ou une atténuation des impacts négatifs.

Alignement des contributeurs internes et externes

Management companies earn 3% of gross operating revenue, and brands take as much as 15% for all their fees. The temptation to recapture these fees is real and extremely enticing. Resist that urge. Pivoting to hotel investments is challenging enough. Establishing an operating and brand platform at the same time just compounds that stress. A better approach is to build alignment with your internal and external stakeholders.

Investment partners and employees respond well to incentives.

Il en va de même pour vos fournisseurs. Vous pouvez donc généralement structurer des contrats mutuellement avantageux en offrant des incitations pour atteindre les résultats recherchés. Par exemple, une société de gestion est chargée de générer suffisamment de revenus pour couvrir les dépenses d’exploitation. En même temps, elle doit exploiter l’hôtel de manière efficace pour s’assurer que vous réduisez autant que possible ces revenus au résultat net. Une prime financière pour le dépassement d’un seuil de rentabilité pourrait motiver la direction de l’hôtel à se concentrer sur les performances en termes de chiffre d’affaires et de résultat net. Vous devez bien sûr compter sur une gestion intensive des actifs.

However, this is a lot like giving your key employees a piece of the sponsor's promotion.

Les primes d’encouragement favorisent également la fidélisation et l’engagement. Ces deux facteurs, associés à d’autres aspects de votre culture, permettent d’établir un écosystème de travail loyal et productif.

Pay for Experience

Nous voulons tous concrétiser notre vision sur cinq ans d’ici la semaine prochaine. C’est la nature de l’expérience humaine, et elle est aggravée par la culture de la gratification instantanée que nous avons créée au cours des dernières décennies. Cela dit, vous pouvez réaliser une valeur considérable – tangible et intangible – en vous associant à des partenaires expérimentés. Cela peut avoir un coût d’opportunité élevé à court terme, mais cela en vaut la peine à long terme. Les prêteurs sur actifs seront heureux d’accorder un prêt à un sponsor hôtelier inexpérimenté avec un coupon élevé, car ils connaissent la valeur intrinsèque de l’actif. Un gestionnaire d’actifs astucieux peut vous remplacer en cas de défaut et continuer à vous accompagner jusqu’à l’échéance.

That’s an expensive proposition. The alternative is to bring on a partner for your first few deals. You will probably split the promotion in an initially unfavorable division. However, that will adjust as you bring in more business and prove your value. Along the way, you will get better financing terms with an experienced co-sponsor, and you’ll pick up loads of best practices. Credibility will also help you build your pipeline.

Deal sources that know you aligned with an experienced team will have confidence to show you the opportunities that you may not see by yourself. Leverage their track record to make yourself look bigger than you are. Of course, co-sponsorship is not essential when you make the pivot to hotel investments. However, it has perks that make it a worthwhile consideration.

How to Pivot Your Pipeline to Hotel Investments

A robust pipeline is the best way to get the attention you seek in all areas of your business.

As any business developer knows, your biggest challenge will be keeping it full once you land the first deal.

Real estate investing is a lot like panning for gold. You fill the pan with everything and shake it around until you’re left with only the sparkly stuff. The winners in CRE are those that can quickly and efficiently fill and clear their inbox. You know this from your Big Four CRE experience.

Nous espérons que vous apprendrez ici quelque chose qui complétera ce que vous savez et préparera votre pipeline hôtelier.

Sources d'offres d'hôtels actives

All business development relies on three deal sources – direct, intermediaries, and centers of influence. Direct sources are those that control the inventory. They are the existing property owners and financial partners in a deal. Intermediaries don’t own the asset, but the owner empowers them with information and incentivizes them with a fee to sell their asset. The most effective process gives the intermediary an exclusive right to market and sell the property. However, you may find non-exclusive sources to be beneficial, as well.

Finally, centers of influence are those people that can introduce you to an opportunity, and they don’t expect direct compensation in return. These are attorneys, architects, and others in the trade that are interested in building a relationship of trust and mutual benefit. A consistent pipeline relies on maintaining strong, value-oriented relationships with these players. Too often we think in transactional terms – give and take. Unfortunately, this limited perspective only opens you to what each of you can gain from a one-to-one relationship. Relationships based on giving value are more likely to yield opportunities.

You open yourself up to a greater universe of receiving when you understand and fill the needs of each person in your network. This is because your contacts perceive you as a central actor within their own opportunity pipeline.

Commencez par réfléchir à ce que vous avez de peu de valeur pour vous, mais de valeur potentiellement élevée pour quelqu'un d'autre. Il peut s'agir de renseignements opérationnels au niveau de la propriété pour un courtier, par exemple. Ce sont des munitions pour l'aider à éclairer ses conversations et peut-être même à remporter une affaire.

 

Suivre et gérer les prospects

A reliable pipeline results from decent follow-up. However, great follow-up enhances your pipeline exponentially.

Un bon suivi commence par un suivi et une gestion efficaces des leads. Vous voulez que votre pipeline soit informatif, organisé, efficace et clair. Sa valeur diminue rapidement lorsque vous vous retrouvez à devoir vous démener pour obtenir ce dont vous avez besoin en un clin d'œil. Les outils de suivi du pipeline varient des simples feuilles de calcul Excel aux systèmes complexes basés sur Salesforce et partout entre les deux.

J’utilise un document Google Sheets que je partage avec mon équipe. Vous pouvez également envisager l’outil de suivi du pipeline que j’ai créé dans Excel. Quelle que soit la manière dont vous suivez le pipeline, vous devez créer un système pour le remplir et le gérer. De nombreuses activités doivent être réunies avant de parvenir à une offre sur une affaire. En fait, avant même de passer à la souscription, vous devez recevoir le prospect, signer un accord de confidentialité, télécharger les données, remplir votre modèle de souscription, puis comprendre où et comment vous pouvez extraire de la valeur. Ces processus prennent du temps et sont monotones, c’est pourquoi la plupart des pipelines se déplacent par vagues.

A high level of attention produces some opportunities, then you get bogged down in reviewing them. Along the way, you may close on one, but 15 great leads pass you by while that one consumes you. Build a system that lets you take a weekly snapshot of each lead and the next step to move it forward. Friday and Monday reviews work best because those days tend to be more focused on planning and review. Understand where the opportunity lies and engage the lead source if needed. Like any effective meeting, a clear objective must drive your activity and accountability in your follow-up is essential.

Mettre l'accent sur l'amélioration de la production

Owners hire brokers for two important reasons:

1. Les courtiers ont le temps et le réseau nécessaires pour vendre votre propriété au public le plus large
2. Les courtiers connaissent les tactiques les plus efficaces pour attirer l'attention d'un acheteur

We’re all vulnerable to “shiny object syndrome.”

Tout ce qui semble être une opportunité intéressante saute sur le plateau de jeu et y reste jusqu'à ce que quelqu'un en fasse quelque chose. C'est particulièrement séduisant lorsque le pipeline s'épuise. Nous voulons juste y voir QUELQUE CHOSE. Résistez à l'envie de vous lancer à la poursuite de prospects qui ne correspondent pas à votre stratégie d'investissement. Vous avez construit une stratégie et une équipe autour d'une vision claire du marché et de votre capacité à extraire de la valeur des transactions qui correspondent. De plus, chaque prospect que vous poursuivez renforce votre marque dans cette direction.

A pipeline review is not the time to be figuring out if you can adjust your strategy or team to go after an opportunistic lead. That is a good mental exercise for another time. You and your team benefit greatly from a laser focus on the vision and strategy. The team that can clear off the garbage faster than anyone else is the winner. This takes discipline, but the rewards are incredible. All deal sources, especially brokers, appreciate a “quick no” over a “long maybe” every day of the week.

Vous renforcez la crédibilité de votre stratégie et vous leur épargnez du temps perdu. Les récompenses internes sont encore plus prononcées. Il est difficile de trouver un prospect. Des centaines d'appels peuvent donner très peu de résultats. Par conséquent, tout niveau d'intérêt pour une opportunité est une énorme poussée de dopamine pour la personne qui l'a trouvée. Cependant, cette poussée se transforme rapidement en animosité lorsque vous vous rendez compte que vous auriez pu mettre fin au prospect dès la première étape.

Juste matière à réflexion.

The Best Sponsors Start with a Sound Business Plan

Business plans are a pain to write. I don’t know many people who actually enjoy this part of making the deal. Still, it’s a critical step in formalizing the objective and aligning your team. A solid business plan is a living document that you can spin off in many directions. It forms the base for your marketing materials when financing the deal. You can pull out sections on revenue and expense strategy for the operations team to understand your objective.

And it helps your asset management team to track exactly where you expect to be at any point in time. I’m a huge fan of a modular business plan, but you need a solid concept before you can get your hands dirty.

Revenue First… Always

Les revenus sont le moteur de toute activité. C'est un fait. Et dans le cas de mes investissements hôteliers, c'est une vérité. Nous avons évoqué plus tôt la complexité de mettre des « têtes dans des lits » et ce que cela signifie pour votre stratégie d'investissement. Vous remarquerez que je n'ai pas beaucoup parlé de la gestion des dépenses. Nous y reviendrons dans une minute.

Still, I can’t move on without overemphasizing the importance of your revenue strategy to the point of annoyance.

Every hotel has a room and amenity mix that defines it from the competition. In most cases, that mix was determined when the original developer built the hotel. In many cases, it’s still relevant. This is where strategy comes in. You beat the competition when you can effectively match the hotel configuration with the needs and desires of your prospective guest.

For example, a hotel in a family-oriented market, like Orlando or Anaheim, may perform better with an abundance of double-occupancy rooms. However, a business transient guest prefers more single-occupancy rooms. The same goes for public space and meeting amenities. Hotel investors unlock value by looking outside the mainstream. They take risks based on a growing knowledge of how to align with the most optimal guest for that hotel. Your approach can be based on service or physical improvements.

Regardless of how you get there, a creative strategy on business mix optimization will lead you to the promised land.

Identify and Neutralize Seasonality

Seasonality is the biggest adjustment many have in making the pivot to hotel investments. No doubt, your Big Four CRE tenants deal with seasonality in their business or employment. Those seasons could impact percentage rent or leasing velocity. However, your seasonal exposure is likely minimal. Hotel seasonality is market specific. The business seasons follow weather seasons in many cases.

Cependant, ils suivent également de près les saisons sociales et commerciales, comme les vacances scolaires et fédérales. Ce sont les moteurs des événements majeurs qui remplissent vos salles. Suivez ces trois étapes pour identifier et neutraliser la saisonnalité dans votre plan d'affaires.

1. Recherchez des tendances sur plusieurs années
2. Connect demand spikes to events in the market
3. Utilisez un modèle financier mensuel pour saisir les défis de trésorerie

One year of STAR data is not enough to get a good idea of when and how a market fluctuates. Major one-time events, like a sports championship or a traveling convention, can give false hope for revenue growth in the market. At least three years of data are essential for a good sense of the ebb and flow. Demand spikes appear in the STAR data as outliers in percent change for the month. A simple search for what happened that month in that year will reveal whether it’s something you can rely on going forward. You don’t want to find out from your partners or lenders that you missed the Superbowl bump in your underwriting.

A simple annual cash flow model is fine for an initial feasibility review. However, a solid model of how revenue seasonality impacts month-to-month cash flows is most effective when you get serious about an opportunity.

Un modèle mensuel vous aide à comprendre le montant à conserver dans les réserves d’exploitation et la manière dont les distributions de capitaux propres peuvent fluctuer d’un trimestre à l’autre.

Many Forms of Cost Containment

A standard hotel profit and loss summary statement has four lines for operating revenue and 14 expense lines and one non-operating income line. Each expense line has fixed and variable components. Variability decreases as you move down from departmental expenses through undistributed expenses to fixed expenses. You are a price taker in some cases. For example, unskilled labor makes up a big portion of your expense load. Long-term stability depends on you meeting the market wages, even though you may have some flexibility in benefits.

The same goes for most commodity products and services in the operation. That said, you can influence chunky pieces in your expense management with the right approach. Creativity and flexibility are essential for an optimal asset management strategy. A holistic view of whether and how your team is maximizing each vendor and playing them off each other will yield the greatest outcomes. From a financial modeling perspective, it’s easy to chop $50,000 here and $10,000 there. However, an astute investor or lender will expect a comprehensive strategy for that kind of wholesale cut.

Of course, wholesale cuts can dominate a first-pass desktop review. Spend the time refining and defending that pro forma in the due diligence stage, once you control the deal. I’m a big fan of zero-based budgeting, where you build your expenses up from zero with a one-by-one review of each expense line. This takes a lot more work, but it provides a clear picture on what’s working and what you can replace or eliminate.

 

Take a Position and Own It

Nobody wants to be wrong. It’s a bad feeling to go to an investor or lender, present your opportunity, and they find every hole you missed. You have two choices in this position – own it and make the necessary improvements or move on from the opportunity. If you’ve come this far, you’re probably a successful investor with plenty of experience with this scenario. You know that resilience is a prerequisite for getting deals done. Still, it’s demoralizing when you’re working hard to pivot to hotel investments, and you’re called out as an imposter.

I use a two-pronged approach when marketing a deal. I start with a list of conservative banks and investors. They see my track record, so they want to spend time looking at opportunities, but they are not likely to pull the trigger. This is my external investment committee – my circuit breaker to make sure I’m putting my best foot forward for everyone else. My most likely financiers come next – after I incorporated or reasonably rejected comments from the first round. You must own your strategy and assumptions regardless of how you define and then refine your business plan.

That level of fortitude is essential for building alignment among your stakeholders – internal and external. Note, it also means taking ownership of when you got it wrong and adjusting accordingly.

Découvrir l'USALI

L'association hôtelière de New York a publié la première version de ce qui est devenu le système uniforme de comptabilité pour l'industrie de l'hébergement (USALI) en 1926. Il a évolué au fil des ans et constitue aujourd'hui la base de la plupart des systèmes comptables des établissements hôteliers de niveau institutionnel. HFTP et AHLA ont publié la 11e édition de l'USALI, qui est disponible à l'achat sur le site Web de HFTP. L'investissement en vaut la peine. Les états d'exploitation standard rendent l'analyse financière beaucoup plus efficace et logique. Vous le découvrirez lorsque vous obtiendrez des états de flux de trésorerie imprimés à partir de QuickBooks qui ne répartissent pas la main-d'œuvre entre les services, par exemple.

These make it difficult to find where there may be room for improvement.

Four Operating Revenue Categories

The standard summary operating statement breaks operating revenue into four broad categories.

1. Rooms
2. Food and Beverage
3. Other Operated Departments
4. Miscellaneous Income

Room revenue includes all segments of revenue – transient, group, and contract – along with income related to rooms sold. The related revenue may include cancellation fees and attrition revenue, which is a fee paid for not filling all the rooms in your group block. Food and beverage revenue contains all income from outlets, like restaurants and bars. It also covers revenue associated with banquets and catering, including equipment rental and service fees. Revenue from other operated departments comes from amenities that a hotel operates directly and usually has a related expense. These may include a gift/sundry shop, golf course, or parking, for example.

Miscellaneous income is revenue that comes from leases and services rendered by third-parties or fees that do not have directly associated expenses. Common lease and service examples include cell phone antennas, ATMs, vending machines, and timeshare desks. Resort fees are the most common large fees that appear in this line.

The first two categories have very clear rules about what goes where. However, the latter two allow a bit more flexibility. As an example, a parking agreement with a third party may appear with revenue in other operated departments and an associated expense.

However, depending on the contract, it could instead appear as net revenue to the hotel under miscellaneous income. Your categorization here is important because there are expenses down the P&L directly tied to total operating revenue, like management fees and capex reserves at 3% and 4%, respectively.

Three Major Expense Clusters

Expenses come in three flavors, and their variability declines as you go down the P&L.

1. Departmental Expenses
2. Undistributed Operating Expenses
3. Non-operating Income and Expenses

Les dépenses départementales correspondent exactement, comme leur nom l'indique, aux coûts directement liés au fonctionnement des départements concernés. Ici, vous avez une ligne correspondante pour chacune des lignes de revenus, à l'exception des revenus divers.

Pensez aux dépenses d’un service en termes de « si nous supprimions le service, nous pourrions éliminer 100 % de ces coûts associés ». Les dépenses d’exploitation non réparties, en revanche, sont vos frais généraux. Il s’agit des coûts associés au maintien de l’exploitation, indépendamment de l’origine et de la manière dont les revenus sont générés. Ces dépenses comprennent les services publics et l’entretien, mais elles ont également un côté plus doux dans la gestion générale, la comptabilité, les ressources humaines et le marketing. Il s’agit des coûts directs associés à l’exploitation de l’hôtel sur lesquels la société de gestion immobilière a un contrôle total.

La 11e édition de l'USALI place les frais de gestion immobilière en dessous et en dehors des dépenses non réparties. Ceux-ci peuvent inclure des frais de gestion incitatifs, qui sont généralement liés au dépassement d'un seuil de bénéfice brut d'exploitation (BBE).

Enfin, les revenus et dépenses hors exploitation comprennent les coûts fixes que vous auriez à supporter, que vous ayez ou non un hôtel en activité. Les taxes foncières et autres, ainsi que les assurances, constituent l'essentiel de ce groupe de dépenses. Bien que celles-ci puissent fluctuer en fonction de l'exploitation, elles sont généralement hors du contrôle de la société de gestion immobilière et négociées par les propriétaires. L'EBITDA (bénéfice avant intérêts, impôts, dépréciation et amortissement) est le résultat du total des revenus d'exploitation moins toutes ces dépenses.

Toutefois, la réserve de remplacement est votre dernière dépense avant d'atteindre le résultat net d'exploitation (RNE). La réserve de remplacement standard du secteur est de 4 %, mais elle est finalement déterminée par votre contrat de licence de marque et/ou votre contrat de prêt.

Rules of Thumb Based on Descriptive Statistics

Le compte de résultat récapitulatif standard comprend diverses statistiques descriptives. De nombreux investisseurs les développent dans leur analyse pour obtenir une meilleure image des opérations passées et pro forma.

Standard descriptive statistics include:

• Occupancy = Rooms Occupied / Rooms Available
• Average Daily Rate (ADR) = Rooms Revenue / Rooms Sold
• Revenue per Available Room (RevPAR) = Rooms Revenue / Rooms Available
• Total RevPAR = Total Operating Revenue / Rooms Available

Les statistiques descriptives courantes au niveau des lignes incluent :

• % Total des revenus d'exploitation = Total des postes / Total des revenus d'exploitation
• % Departmental Revenue (used for departmental expense lines) = Line Item Total / Associated Departmental Revenue
• $ PAR = Total de la ligne budgétaire / Chambres disponibles OU Total de la ligne budgétaire / # Chambres
• $ POR = Line Item Total / Rooms Occupied

These descriptive statistics, whether at the top of the operating statement or within, offer a normalized perspective on performance. For example, it’s much easier to compare year-over-year performance with a percentage or per occupied room dollar amount as opposed to nominal dollar amount. I often tell anyone planning to pivot into hotel investments to underwrite everything that comes across your desk. This exposure is the best way to get a solid understanding of the financial impact of different operating models. You will discover profit margin differences among different property types and other rules of thumb along the way. These will give you a faster read on anything that fits a similar profile down the line.

More advanced underwriting may include flow-through analysis, which shows you how effective the operator is at bringing incremental revenue to the bottom line. However, I think it’s best to get your bearings on the basics before jumping into this territory.