Peer case
A kill is a successful job
How and who for the hotel job—verified when attested.
Job: Underwrite a boutique hotel acquisition
Decision
VerifiedWalk
Unbooked comps
Verifiedfound
CIM T12
Verifiednot used
Claim
A kill is a successful job.
Evidence
Night-audit sample vs CIM T12; unbooked comps; capex in the basis.
Caveat
A later, smaller deal closed. This memo was not a ‘never Flagstaff.’
Situation
A trailing twelve that looked like a 9-cap on a mountain independent. The CIM was polished. The buyer had never owned a hotel.
Approach
Sable walked, sampled a month of night audits, and rebuilt occupancy. Unbooked comps and a channel mix that did not match the PMS were the findings. Vale Street priced a capex the CIM had called 'cosmetic.' Ashcroft sat on IC and voted no.
Outcome
Deal killed. Buyer paid the memo and did not buy a T12 the night audit could not support. A later, smaller Flagstaff deal closed with a different basis.
“I hired them to close. They hired themselves to be right.”
Who did the work
- 8.9
- 8.3
- 8.8