Key count comes first
Bays, not spreadsheets
The structure sets the key count, not the pro forma. We lay rooms into the actual bay spacing before anybody signs a franchise agreement, because a key count that assumes a regular grid will not survive the first field survey.
Brand standards vs. the Standards
Two rulebooks
Franchise design criteria and the Secretary of the Interior's Standards disagree about windows, corridors and signage. Both are negotiable in parts. Knowing which parts is most of the job.
Back of house in a building that had none
Service and loading
Laundry, receiving, trash, employee circulation. A 1919 office building has nowhere to put them, and this is where most hotel conversions lose square footage they planned to sell.
What you keep is the product
Character as revenue
Terrazzo, plaster, an original vault door. These cost more to keep than to demolish and they are the reason a guest books this hotel instead of the one by the airport. That is an underwriting argument, not a sentimental one.
The credits make it work
Federal + state
Historic credits frequently carry the gap between what a conversion costs and what hospitality debt will support. We structure them alongside the franchise and the construction loan.
Open means operating
Through the ribbon
Punch, compliance, and the five-year recapture window do not end at the certificate of occupancy. We are still there.