We underwrite with the market in front of us
Every acquisition and turnaround starts with the data: where an asset sits against its competitive set, how demand moves through the year, and where the pricing gaps are. The view below is representative of how we read a market.
Competitive set · average daily rate by month · representative market
| Hotel | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Mar | Apr |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| The Waterhouse | £178 | £199 | £197 | £172 | £179 | £155 | £153 | £151 | £154 | £164 | £175 | £181 |
| Regency House | £169 | £178 | £167 | £145 | £159 | £147 | £150 | £144 | £137 | £139 | £148 | £160 |
| The Old Mill | £153 | £159 | £156 | £145 | £164 | £149 | £143 | £130 | £123 | £130 | £148 | £166 |
| Parkview Hotel — subject | £143 | £158 | £162 | £148 | £159 | £136 | £128 | £121 | £122 | £135 | £151 | £160 |
| Station Square | £144 | £159 | £154 | £133 | £139 | £123 | £124 | £123 | £123 | £128 | £135 | £140 |
| The Guildhall | £139 | £144 | £136 | £120 | £134 | £125 | £126 | £118 | £111 | £113 | £122 | £136 |
| Crown & Anchor | £121 | £128 | £129 | £120 | £135 | £119 | £113 | £102 | £99 | £107 | £122 | £136 |
| Harbour View | £112 | £126 | £128 | £114 | £120 | £102 | £98 | £95 | £97 | £106 | £116 | £121 |
| City Central | £109 | £118 | £113 | £96 | £103 | £93 | £95 | £93 | £91 | £93 | £98 | £103 |
From a heatmap to a thesis
A single view like this frames the three questions every underwriting has to answer.
Where does the asset sit?
Its rate against the set, month by month, tells us whether the gap is a positioning problem, a product problem, or an opportunity.
How does demand move?
The seasonal shape drives the revenue plan — where to hold rate, where to chase occupancy, and where the ceiling really is.
Where is the headroom?
The distance to the top of the set, discounted for product, is the rate upside we underwrite and then go and capture.
Want this view on your asset?
We can build the same picture for any hotel or portfolio — the competitive set, the seasonality and the pricing headroom — as the starting point for a strategy.
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