Investment Strategy
Buy the basis. Reposition the product. Realize the value.
3 targets boutique and lifestyle hotel real estate where a clear repositioning thesis, disciplined basis, and operator-led asset management can create durable value across market cycles.
The Process
A repeatable, four-step value model.
Step 01
Source
Proprietary origination across gateway and Sun Belt markets, screened against a disciplined acquisition mandate.
Step 02
Evaluate
Underwrite to a defensible basis, stress the business plan, and confirm the repositioning thesis and exit.
Step 03
Reposition
Design-led capital improvements, brand and F&B programming, and revenue systems that lift product quality.
Step 04
Realize
Operate for revenue quality and guest loyalty, then realize value through sale, recapitalization, or conversion.
Screening Criteria
What we acquire.
- High-barrier locations. Gateway urban submarkets and resort destinations with real demand fundamentals.
- A defensible basis. Acquisition pricing that reflects a repositioning opportunity, not a rising tide.
- A clear value-add thesis. Design, brand, F&B, and revenue levers we can execute with our own platform.
- Multiple paths to exit. Stabilized sale, refinancing, recapitalization, strategic joint venture, or long-term cash-flow hold.
Target Economics
Return objectives and standard fund terms.
Net IRR Target (Floor)
Net IRR Target (Ceiling)
Preferred Return (Compounded)
Carried Interest Above Pref
Standard Fund Terms
Aligned by design.
- Structure
- Delaware limited partnership
- Carried interest
- 20% above a 9% preferred return, with 100% GP catch-up
- Preferred return
- 9%, compounded
- Waterfall
- European, whole-fund; full clawback
- GP commitment
- 2% of commitments
- Minimum LP commitment
- $2,000,000
- Co-invest
- First-look on direct deals at fund cost basis