UNDERWRITING MODEL
What is in the model
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Built for a straight acquisition, a renovation and reposition, or ground-up development, with the toggles to switch between them.
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Rooms, food and beverage, other revenue, departmental and undistributed expenses, management and franchise fees, FF&E reserve, down to NOI and cash flow after debt service.
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Senior loan sizing on LTV, LTC, and debt yield; interest-only and amortizing periods; refinance assumptions; and a sources and uses that ties out.
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Preferred return, tiered promote, and sponsor fees, so you can see what the deal returns to investors and to you under different structures.
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Levered and unlevered IRR, equity multiple, cash-on-cash, and exit value, with sensitivity tables on ADR, occupancy, exit cap rate, and leverage.
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No locked cells and no hidden logic. Every formula is visible so you can trace it, change it, and make the model your own.
This is the model we use at DoveHill, not a teaching version of it. It has been built and rebuilt over more than a decade of acquisitions, developments, and repositionings, and it reflects how lenders, operators, and investors actually look at a hotel deal.
It is fully unlocked. Every formula is visible, every assumption is yours to change. If you are underwriting your first property or your fiftieth, it will give you a defensible answer and show you how it got there.
One-time purchase, $1,699. Included at no extra cost with the Masterclass.