Hotel raise: the investor room for a hospitality deal
A hotel is an operating business inside a building, so the room must cover both. Investors and lenders read RevPAR history and competitive set data, the franchise and management agreements, the property improvement plan and the operating statements by department.
Folder index
- 01 Summary Investment thesis, sources and uses, returns, brand and operator overview.
- 02 Performance Monthly occupancy, ADR and RevPAR for three years, competitive set reports.
- 03 Operating statements Departmental P&L by month, budget, forecast.
- 04 Brand Franchise agreement, PIP from the brand, quality assurance scores.
- 05 Management Management agreement, fee structure, key personnel, termination terms.
- 06 Physical Property condition report, capital expenditure history, FF&E schedule, environmental report.
- 07 Market Demand generators, new supply, group and corporate accounts, seasonality.
How this raise works
Hotel capital comes from private equity and real estate funds, family offices, high net worth syndicates and specialist hospitality lenders. Cash flow resets nightly, so reviewers treat a hotel more like a business than a leased building and ask for more operating detail than a typical property deal.
The core performance data is occupancy, average daily rate and revenue per available room against a defined competitive set, usually from a third-party benchmarking report. Investors also read departmental results for rooms, food and beverage and other revenue, plus the management fee, franchise fees and the furniture, fixtures and equipment reserve.
Brand agreements carry real weight. A franchise agreement may require a property improvement plan when the hotel changes hands, and termination fees in franchise or management contracts can change the economics. Lenders also look at the remaining term on these agreements because the flag supports the loan.
Best data rooms for this raise
The 16 rooms re-ranked with this raise's weights. Investor tracking carries the most weight here.
- Investor tracking 23%
- Permission control 23%
- Raise workflow 21%
- Investor onboarding 16%
- Cost of a raise 16%
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Full deal room with AI, a listed price and a 14-day free trial.
Price $149 a month Trial 14-day free trial Features 8 of 12 listed -
Long-running M&A platform with layered permissions and fast support.
Price Priced on request Trial Free trial available Features 9 of 12 listed -
Bank-grade platform for large processes, with AI and a mobile app.
Price Priced on request Trial Demo on request Features 10 of 12 listed -
Deal room with AI and readiness tools for preparing a process.
Price Priced on request Trial Free trial available Features 8 of 12 listed -
One of the oldest deal rooms, common on bank-led transactions.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Simple flat-rate deal room with signing and Q&A.
Price $250 a month Trial Free trial available Features 8 of 12 listed -
Easy, reliable deal room favored by mid-market advisers.
Price Priced on request Trial Free trial available Features 7 of 12 listed -
European deal room strong in real estate, with AI features.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Deal room with a listed monthly price and an open API.
Price $299 a month Trial Free trial available Features 7 of 12 listed -
Content cloud with watermarks and signing, priced per user.
Price $15 a user a month Trial Free trial available Features 9 of 12 listed
Places 11 to 16: SmartRoom (7.1), DealRoom (7.0), ShareVault (6.8), Venue by DFIN (6.3), Digify (6.2), DocSend (5.8)
Folder index for the room
A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.
- 01 SummaryInvestment thesis, sources and uses, returns, brand and operator overview.
- 02 PerformanceMonthly occupancy, ADR and RevPAR for three years, competitive set reports.
- 03 Operating statementsDepartmental P&L by month, budget, forecast.
- 04 BrandFranchise agreement, PIP from the brand, quality assurance scores.
- 05 ManagementManagement agreement, fee structure, key personnel, termination terms.
- 06 PhysicalProperty condition report, capital expenditure history, FF&E schedule, environmental report.
- 07 MarketDemand generators, new supply, group and corporate accounts, seasonality.
- 08 DebtLoan terms, reserves, any franchise comfort letter.
- 09 LegalTitle, licenses including liquor licenses, ground lease if any, litigation.
- 10 OfferingPPM or JV agreement, subscription documents.
- 11 Q&AInvestor and lender questions with answers.
Features this raise needs
| Feature | Why | Ellty | iDeals | Datasite | Ansarada | Intralinks | SecureDocs |
|---|---|---|---|---|---|---|---|
| Q&A module | LPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it. | ||||||
| Investor activity log | A per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled. | ||||||
| Dynamic watermarks | Stamps the reader and a timestamp over every page, so a PPM that leaks carries its source with it. | ||||||
| Built-in redaction | Masks fee splits, investor names or personal data in place, with no edited duplicate to keep in sync. |
Setting up the room
- 01
Get brand consent early
Franchise agreements often restrict sharing their terms. Check confidentiality clauses and ask the brand before posting them.
- 02
Load monthly performance
Three years of monthly operating data lets investors see seasonality and recovery from any disruption.
- 03
Price the PIP
Attach the brand's PIP with contractor pricing so the budget is not a guess.
- 04
Restrict benchmarking reports
Third-party competitive set reports carry license terms. Share them view-only and watermarked.
- 05
Track lender and investor questions
Use one Q&A log so the same operating question is not answered twice in different words.
Common mistakes
- Sharing a franchise agreement that the brand has marked confidential without consent.
- Leaving the PIP cost out of the sources and uses.
- Showing annual totals only, which hides seasonal cash shortfalls.
Calculators for this raise
Or take the four-question quiz and check the raise checklist.
Questions and answers
Why do hotel deals need more operating data?
Revenue resets daily and depends on the operator and brand, so investors underwrite the business as well as the real estate.
What is a PIP?
A property improvement plan is the list of upgrades a brand requires, commonly on a sale or a new franchise agreement. It is a capital cost the buyer must fund.
Can I share STR data in the room?
Benchmarking reports come with license terms. Check them, and share view-only with watermarks where allowed.