Sable Underwriting Desk

Renegotiate a management agreement

When the fee, the reporting, or the incentive no longer matches the hotel I own, I want an owner-side brief so I can change the paper without starting a war I cannot finish.

8–16 weeks of paper and calls · 2 who · 1 case

Underwrite a boutique hotel acquisition

When I am about to buy a 40–200 key independent, I want an ops-true memo so I do not pay for a T12 the night audit cannot support.

3–6 weeks of real diligence · 4 who · 1 case

Prove a vendor paid for itself in 90 days

When a contract is up and the deck is all logos, I want a 90-day proof so I can renew, cut, or renegotiate on a number the owner will read.

2–4 weeks of evidence, not a new project · 3 who · 2 cases

Get operations ready so a buyer will underwrite

When I plan to sell in two to four quarters, I want the house operable on paper so a buyer’s night-audit sample does not become a price chip.

8–16 weeks before a teaser · 5 who · 1 case

Build a hotel data room a buyer can trust

When we go to market, I want a room indexed like evidence so diligence is a conversation about the hotel, not a hunt for the ground lease.

3–6 weeks · 4 who · 1 case

Choose a hotel broker without buying a brochure

When I sell or buy a hotel, I want a desk that matches the comparable set — not a compliment that cannot name a public tape.

2–4 weeks to hire; the sale is longer · 3 who · 1 case

Underwrite a hotel acquisition like an operator

When I am about to buy, I want a memo that rebuilds the T12 from ops evidence, names the basis risk, and is allowed to kill the deal.

3–6 weeks · 5 who · 1 case

Decide flag, soft brand, or independent before you price it

When affiliation is the argument, I want a cash-flow comparison — fees, PIP, mix, buyer set — not a logo debate.

4–8 weeks · 3 who · 1 case

Finance a hotel acquisition without borrowing a CIM

When I need debt to close, I want a term I can survive in a PIP year — not a compliment that dies if ADR misses 10%.

6–12 weeks in a grown-up file · 2 who · 1 case

Read the ground lease and the management agreement

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

2–4 weeks · 3 who · 1 case

Walk the PCA without a hidden year-two roof

When the buyer’s engineer walks, I want every major system on a page with a year — so a 'deferred' roof does not become a price chip in month fourteen.

10–21 days · 3 who · 1 case

A kill is a successful job

Pine Court (pass) · 88 keys · Flagstaff, AZ

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.’

The sale file was the product

Harbor House Charleston · 48 keys · Charleston, SC

Claim.

A dated sale file with zero guest names and a T12 the first buyer could rebuild.

Evidence.

Index dated; folio samples without names; PMS-to-P&L gap memo in the room.

Caveat.

A 48-key historic independent. This is not a 400-key REIT disposition.

Net room contribution beat the headline royalty pitch

Alder House Hotel · 98 keys · Charleston, SC

Claim.

A 10-year net contribution comparison across flag, soft-brand, and independent paths including full FDD fee stack and entry PIP.

Evidence.

Executed franchise addendum, FDD item-6/item-7 fee worksheet, and IC underwriting memo.

Caveat.

A 98-key leisure-heavy urban boutique; highway select-service houses rely more heavily on brand loyalty distribution.

Debt sized on stressed DSCR survived the rate cap quote

Monarch Park Inn · 124 keys · Raleigh, NC

Claim.

Acquisition financing sized on stressed T12 DSCR and debt yield rather than broker pro-forma LTV.

Evidence.

Executed loan agreement, rate-cap confirmation, and three-lender covenant comparison matrix.

Caveat.

A 124-key cash-flowing select-service acquisition; heavy transitional turnarounds require bridge-to-stabilization covenants.

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.

The roof had a year

Ridge Par House · 86 keys · Richmond, VA

Claim.

A PCA memo with named systems and years — no hidden year-two roof.

Evidence.

System list vs walk photos; IC pack dated.

Caveat.

An 86-key independent. Not a 400-key pipelined REIT.