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Harborby Signalry
0
Owner / assetThis deal

Job brief

Read the ground lease and the management agreement

How and who for the hotel job—verified when attested.

When the CIM mentions a lease or an operator in a footnote, I want those contracts treated as the deal — because they are.

Usable on this screen

Scoped brief

A 28-year ground lease under a 40-year PIP story is how equity disappears. An operator you cannot exit is a partner. Read both before you argue cap rates.

Outcome
A plain-language memo: remaining term, resets, consent, fees, termination, and what happens to equity if the clock is short.
Catalog budget band
$15–45k counsel plus an operator-fluent reader. A worksheet range, not a quote.
Catalog timeline
2–4 weeks. Not a promise.

  1. Step 1

    Ground lease on page one

    Remaining term, reset, landlord consent on sale or refinance, use, expiry. If you cannot get the document, you do not have a file.

  2. Step 2

    Management as a partnership

    Base, incentive, owner priority, termination, procurement. An agreement you cannot exit is not a vendor.

  3. Step 3

    Put both in the model

    Rent resets and incentive fees are NOI. Do not hide them in “other.”

  4. Step 4

    Score a footnote lease, not 'we will read it later'

    A 28-year clock under a 40-year PIP is the fail. Harbor will not invent a leasehold price.

Provider shortlist

  1. People

    Ashcroft Asset Advisors

    Owner asset management

    Catalog score 8.8. A post-job shape, not a verification. Stable id ashcroft.

  2. People

    Sable Underwriting Desk

    Boutique acquisition underwriting

    Catalog score 8.9. A post-job shape, not a verification. Stable id sable-desk.

  3. People

    Brandt & Vale Labor

    Hotel labor design

    Catalog score 8.2. A post-job shape, not a verification. Stable id brandt-vale.

Download markdownFull who listRecord a result

Leave a record

The next hotel starts from what you leave

Harbor by Signalry stays hotels only. A description, a claim, and a reported result each leave a stable id behind. Nothing here is a price, a customer, or a verification.

  • Buyer

    Describe your job

    No account. Harbor by Signalry opens the closest catalog brief, when not to buy, and a shortlist. A weak sentence stays on the catalog.

    Open a brief

  • Supplier

    Join as a supplier

    Company, jobs served, regions, and a hotel reference. The packet is queued as unverified pending. The form cannot mark it verified.

    Start a claim

  • Hotel

    Record a result

    A metric, before and after, and the dates. It is shown as reported until a person checks the evidence. Verified Outcome is not insurance.

    Record a result

AdviceIf the clock is short, equity is a different product.

VerifiedMarina Wharf: 18/18 ground-lease and HMA clauses abstracted pre-LOI; 46-year tail secured.

Name a verified-outcome priceSit a 30-minute pilotHow ranking works

Situation

What is actually on fire

When the CIM mentions a lease or an operator in a footnote, I want those contracts treated as the deal — because they are.

Approaches

Two or three paths — with the give

Counsel plus operator-fluent advisor

When. A memo the IC will fear the right amount

You give. Two weeks and a fee

Skim the CIM summary

When. Speed

You give. The deal

Who to involve

  • · Owner / asset manager
  • · GM
  • · Controller
  • · Brand or operator liaison

First 7 days

YAML-shaped: day / theme / tasks / owner / risk / exit. Advice until a case is verified.

  1. day: 1

    Write the fail in one sentence

    • · Write the fail in one sentence. Job: Read the ground lease and the management agreement.
    owner:
    Owner / asset manager
    risk:
    The exit is not written down
    exit:
    A note the next shift can open

  2. day: 2

    Pull the last 7 days of the live number

    • · Pull the last 7 days of the live number. If it is missing, that absence is the finding.
    owner:
    Owner / asset manager
    risk:
    The exit is not written down
    exit:
    A note the next shift can open

  3. day: 3

    Name who owns the workaround today (desk,

    • · Name who owns the workaround today (desk, HK, night audit, owner).
    owner:
    Owner / asset manager
    risk:
    The exit is not written down
    exit:
    A note the next shift can open

  4. day: 4

    Walk one peak hour

    • · Walk one peak hour. Write what the system claims vs what the floor did.
    owner:
    Owner / asset manager
    risk:
    The exit is not written down
    exit:
    A note the next shift can open

  5. day: 5

    Ask vendors the worksheet questions

    • · Ask vendors the worksheet questions. Discard anyone who cannot answer with a caveat.
    owner:
    Owner / asset manager
    risk:
    The exit is not written down
    exit:
    A note the next shift can open

  6. day: 6

    Pick one approach

    • · Pick one approach. Write when-not-to-buy on the same page.
    owner:
    Owner / asset manager
    risk:
    The exit is not written down
    exit:
    A note the next shift can open

  7. day: 7

    Run the smallest test that would change Mo

    • · Run the smallest test that would change Monday. No annual contract yet.
    owner:
    Owner / asset manager
    risk:
    The exit is not written down
    exit:
    A note the next shift can open

Decision worksheet

Questions, red flags, bands

Take this to a vendor call. Budget bands are Advice — a Harbor shape, not a quote.

Ask the vendor

  1. 1. Who types the status / number — a person, or your product?
  2. 2. What would have happened anyway in 90 days without you?
  3. 3. Show a property of this size and stack. Demo-labeled categories do not count as proof.
  4. 4. What can your agent never do (folio post, mark clean, change a rate)?
  5. 5. What is the kill-switch if guest comments move?

Red flags

  • · Discovering the lease in week six.
  • · An advisor paid by the operator under review.
  • · Capitalizing year ten on a lease that ends in year twelve.

When not to buy. Do not treat the footnote as optional. Remaining term, resets, consent, and operator fees are the deal. Harbor will not invent a leasehold price.

Do it in-house

Time and a named owner. No vendor. Use the 7-day plan first.

$15–45k counsel plus an operator-fluent reader

Typical Harbor band for this job — advice, not a quote.

Full program

People + system + 90-day proof. Only if the 7-day plan already failed.

Vendor checklist

Score the call. Keep it on this browser.

Weighted questions — yes/no, scale, or text. Must-pass ids persist on this browser. Pass threshold 70. A no on a must-pass is a walk-away — not a maybe.

Brand
Stack shape — not a partnership

  1. property context · weight 2 · must pass

    Can they name your key count and whether you are independent, soft-brand, or major — without a discovery theater?

  2. property context · weight 2 · must pass

    Do they treat your PMS as a shape (Opera-class / Mews-class / Cloudbeds-class) — not a fake partnership slide?

  3. control · weight 3 · must pass

    Who types the status / number — a person, or your product?

  4. vendor · weight 2

    What would have happened anyway in 90 days without you?

  5. vendor · weight 2

    Show a property of this size and stack. Demo-labeled categories do not count as proof.

  6. vendor · weight 2

    What can your agent never do (folio post, mark clean, change a rate)?

  7. vendor · weight 2

    What is the kill-switch if guest comments move?

Does not clear

0 / 100

must_pass: ground-lease-and-management-review-ctx-rooms, ground-lease-and-management-review-ctx-stack, ground-lease-and-management-review-q1

A must-pass failed. Walk away.

How

The brief

A 28-year ground lease under a 40-year PIP story is how equity disappears. An operator you cannot exit is a partner. Read both before you argue cap rates.

  1. Step 1

    Ground lease on page one

    Remaining term, reset, landlord consent on sale or refinance, use, expiry. If you cannot get the document, you do not have a file.

  2. Step 2

    Management as a partnership

    Base, incentive, owner priority, termination, procurement. An agreement you cannot exit is not a vendor.

  3. Step 3

    Put both in the model

    Rent resets and incentive fees are NOI. Do not hide them in “other.”

  4. Step 4

    Score a footnote lease, not 'we will read it later'

    A 28-year clock under a 40-year PIP is the fail. Harbor will not invent a leasehold price.

Tradeoffs

  1. Counsel plus operator-fluent advisor

    You get. A memo the IC will fear the right amount

    You give. Two weeks and a fee

  2. Skim the CIM summary

    You get. Speed

    You give. The deal

Pitfalls

  • · Discovering the lease in week six.
  • · An advisor paid by the operator under review.
  • · Capitalizing year ten on a lease that ends in year twelve.

Success criteria

  • · Remaining term and reset in the IC pack.
  • · Termination path written.
  • · Fees in the NOI definition.

Who

Ranked for this job

Rank is post-job score, then listed order. Not for sale. Software marked demo is an archetype.

Agencies & contractors

Systems

None ranked in Systems yet. Harbor will not invent a provider.

AI agents

None ranked in AI agents yet. Harbor will not invent a provider.

Loading the compare table…

Compare

When to pick whom

People do the work beside the desk. Software is a system — demo-labeled when it is a category shape. Agents draft; they do not post money or mark a room clean.

ProviderKindScoreFeePick whenWalk away when
Ashcroft Asset AdvisorsPeople
8.8
$25–60k engagement or $8k/month retainerOwners who want a second set of books that is not the manager's.Branded flags looking for a PIP vendor.
Sable Underwriting DeskPeople
8.9
$35–75k buy-side memoFirst-time or small-fund buyers of a single boutique.Institutional portfolios with an in-house desk.
Brandt & Vale LaborPeople
8.2
$11–20k labor redesignGMs living inside the schedule spreadsheet.Hotels that only want bodies for this weekend.

Open graph

Hotels on this job

This job is not pinned to a house yet. Open the graph to place it on a building, or the investment desk if the work is a sale file. Harbor will not invent a house.

Open hotelsBuy / sell desk

Evidence

Peer case studies

Owner / asset
8.6

The ground-lease reset and operator subordination were priced before LOI

Marina Wharf Hotel · 172 keys · San Diego, CA

Claim.
Pre-LOI abstraction of ground-lease rent resets, remaining term, and management termination rights.
Evidence.
Leasehold abstraction memo, lender mortgageability checklist, and signed LOI rider.
Caveat.
Commercial underwriting abstraction only — hospitality real-estate counsel still drafts and opines on the estoppel and SNDA.

Read the case

Verified

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