Quick Introductions: Who's at the Table?

• Who will be actively involved in evaluating and approving a brand decision for this property? (select all that apply) Options: Owner / Investor, Developer, Asset Manager, Management Company / Operator, Board / Investment Committee, Lender, Architect / General Contractor, Broker / Advisor, Other
• Who is the primary day-to-day contact for this project? Please provide name, role, and best contact method.
• Do you have external advisors already engaged on this opportunity? Options: Broker, Legal counsel, Financial advisor / valuation specialist, Design / architect, Construction manager / GC, None currently, Other
• How would you describe the current alignment across those stakeholders on the idea of reflagging? Options: Fully aligned and ready to move, Mostly aligned with a few open questions, Split views that require mediation, Significant disagreement at the leadership level

Are We All Reading From the Same Playbook?

• If someone asked today 'why we’re considering a brand conversion', would owners, developers, and the asset manager give the same answer? Options: Yes — very consistent answers, Mostly consistent with small differences, No — differing priorities are obvious, Not sure / haven't discussed this together
• What is the single most important objective driving this potential reflagging? (pick up to two) Options: Increase RevPAR / ADR, Access to loyalty / distribution, Capital appreciation / better exit multiple, Operational efficiency / management expertise, Market repositioning / prestige, Other
• What specific financial threshold would make this decision a clear win (examples: target IRR, payback years, cap rate at sale)? Please be explicit.
• Which time horizon matters most for your investment decision? Options: Short-term (< 3 years), Medium (3–7 years), Long-term (7+ years)
• Are there non-financial goals tied to the decision (e.g., sustainability credentials, ESG targets, brand prestige, community relationships)? If so, which ones? Options: Sustainability / green certification, Improve reputation / brand prestige, Community / local engagement, Employee retention / standards, No non-financial goals, Other
• How willing are you to accept short-term revenue disruption during conversion in pursuit of longer-term gains? Options: Very willing, Somewhat willing, Prefer minimal disruption, Not willing

What’s the Real Deadline—and What’s Driving It?

• If we don't sign a brand agreement by your ideal date, what breaks first (financing, lease option, market window, tax credit, other)? Options: Financing / lender conditions, Lease / ground lease option, Construction schedule / contractor availability, Tax or incentive deadline, Market window / demand cycle, Other
• What is your target timing to execute a franchise agreement? Options: Within 30 days, 1–3 months, 3–6 months, 6–12 months, 12+ months
• Are there fixed external deadlines we need to map (loan covenant dates, ground lease options, tax-credit milestones)? Please list and attach if available.
• Describe your internal review timeline—how long does it typically take from receiving a commercial package to formal approval? Options: <1 week, 1–2 weeks, 2–4 weeks, 4–8 weeks, Longer / requires board calendar
• How flexible are your lenders and investors on timing if market or construction timing shifts? Options: Very flexible, Somewhat flexible, Rigid / little flexibility, No external financing involved

Money Talks: How Will You Judge Success?

• If, after 12 months, your stakeholders declared the project a failure, which metric would they cite first? Options: RevPAR / revenue shortfall, GOP below target, Rate index / ADR gap, Occupancy collapse, PIP payback too long, Guest satisfaction / NPS
• Which performance metrics should we model and track as primary KPIs? (select all that will determine your decision) Options: RevPAR, ADR, Occupancy, GOP, Net Operating Income (NOI), EBITDA / Cash-on-Cash, IRR / Payback period, Guest satisfaction (NPS), Loyalty penetration
• What concrete targets should we use for the top 2 KPIs (please provide numbers or ranges)?
• How should we weigh financial KPIs versus strategic or qualitative outcomes (brand positioning, guest experience)? Options: Financials override strategic outcomes, Equal weighting, Slight preference for financials, Prefer strategic outcomes / brand fit
• Who within your organization has final sign-off on KPI targets and ongoing performance benchmarks? Options: Owner / CEO, Asset Manager, Investment Committee / Board, Lender approval required, Other

Risk Appetite: How Much Can You Tolerate?

• Would you rather chase higher returns with greater PIP and short-term disruption, or accept a modest uplift with minimal capital outlay? Options: Pursue higher returns with larger PIP, Prefer moderate PIP and balanced returns, Minimize PIP; accept modest uplift, Depends on brand guarantees and cost-sharing
• Which PIP approach best matches your appetite? Options: Aggressive full-prototype renovation, Moderate targeted upgrades, Brand-light / cosmetic conversion, Phased renovation over time
• What is your maximum PIP allowance per key that you would consider approving today? Options: <$5,000 / key, $5,000–$10,000 / key, $10,000–$20,000 / key, >$20,000 / key, No fixed cap—depends on ROI
• Are you prepared to finance short-term revenue loss during the PIP period? If yes, for how long (months)? Options: Yes — up to 3 months, Yes — up to 6 months, Yes — up to 12 months, No — limited tolerance, Depends on lender support
• Tell us about a prior project where risk assumptions were wrong—what surprised you and how was it resolved?

Who Holds the Levers Post-Signature?

• If we needed to implement a revenue-management decision the operator resists, who ultimately has authority to require the change? Options: Owner, Asset Manager, Management Company / Operator, Brand Regional / Revenue team, Investment Committee / Board, Other
• Which parties will have day-to-day control over pricing, distribution, and loyalty promotions? Options: Operator (onsite), Brand centralized revenue team, Asset Manager with operator input, Joint governance model, Other
• What operational approval thresholds do you expect to set post-signature (examples: capex limits requiring owner approval, rate floor approval levels)? Please list typical thresholds.
• What escalation path do you prefer when disputes arise about strategy or performance? Options: Direct owner / operator discussion, Asset manager mediation, Regional brand director involvement, Formal arbitration, Board / investor committee
• How often and in what format do you expect performance reporting (e.g., dashboards, P&L, weekly flash)? Options: Weekly flash + monthly P&L, Biweekly updates, Monthly reports, Quarterly deep-dive, On-demand

Hidden Costs & Constraints We Need to See Now

• What’s one hidden constraint—legal, structural, or contractual—that, if discovered late, would force you to walk away?
• Do any existing agreements restrict a reflag or the scope of work (select all that apply)? Options: Existing franchise agreement, Current management agreement, Lease / ground lease restrictions, Loan covenants, Condo or common-interest restrictions, No known restrictions, Unsure — need review
• Are there building, historical, zoning, or seismic constraints that will materially change PIP scope or cost? Options: Historic designation / landmark, Zoning restrictions / use limits, Seismic / structural upgrades required, ADA / accessibility upgrades required, No major constraints known, Unsure
• Are there environmental liabilities we should budget for (asbestos, contamination, lead paint)? Options: Yes — known issue, Possible / unassessed, No known issues, Unsure
• Please indicate where the key documents live (leases, loan agreements, management contracts, property survey) so we can request them.

Alignment on Guest & Market Expectations

• Are we trying to retain the guests you have today, or intentionally shift the guest mix to a different target? Options: Retain current core guests, Target adjacent higher-yield guests, Completely reposition to new guest segment, Blend — retain some and attract new segments
• Which guest segments currently generate most of your room revenue? (select all that apply) Options: Corporate / business transient, Leisure / leisure transient, Group / meetings, Extended-stay / project, Loyalty members, Drive-in / weekend leisure, Other
• Which guest segments would you most like to grow after conversion? (select up to two) Options: Corporate, Leisure, Group, Loyalty-driven guests, Extended-stay, Other
• What revenue premium over an independent operation do you expect the brand to deliver (select one)? Options: <5%, 5–10%, 10–20%, >20%, Unsure — want brand modeling
• What is your current estimate of loyalty penetration (percentage of bookings from loyalty members)? Options: <10%, 10–25%, 25–50%, >50%, Don't track / unknown
• How do you anticipate channel mix shifting (direct vs OTA vs GDS) with brand adoption, and what concerns do you have about that shift?

What Would Make You Say Yes Today?

• If a single concession or guarantee would make you sign this week, what would it be? Options: PIP cost-sharing / contribution, Discounted or deferred franchise fees, Marketing fund support / guaranteed demand, Two-year reduced royalty, Guaranteed reservation credits, Other
• Which contractual conditions are truly non-negotiable for you (examples: max capex, minimum guaranteed revenue, transfer rights)?
• Are you comfortable with a phased commitment (LOI / term sheet followed by definitive agreement) or do you prefer a single-step definitive agreement? Options: Prefer phased LOI → definitive, Prefer single-step definitive, Open to either
• What approvals or contingencies would you need in the agreement to present to your board or lender (select all that apply)? Options: Board resolution, Lender consent, Permit receipt, Detailed contractor bids, Independent feasibility report, Other
• If we prepared a provisional commercial term sheet today, who must review it within 48 hours to keep momentum?

Next Steps & Decision Map — Your 90‑Day Sprint

• If we laid out a 90‑day sprint with clear milestones, what single bottleneck would most likely stop progress?
• List the top five milestones you need resolved before signing (examples: lender approval, PIP estimate, board sign-off, contractor bids, permit issuance).
• What cadence of updates keeps you comfortable during discovery and due diligence? Options: Daily for sprint tasks, Weekly progress update, Biweekly check-in, Monthly milestone review, As-needed escalations
• Who should receive all milestone and decision-pack updates (names, roles, and preferred contact emails)?
• Are there any blackout dates or upcoming events we must avoid when scheduling approvals or site visits? Options: Yes — list below, No blackout dates, Unsure

Quick Snapshot: Where We Are Today

• Please share the property's name, city/submarket, and total room count.
• How is the property currently positioned? Options: Independent / No brand, Branded (flagged), Soft brand / Collection, Management contract with brand, New construction (not operational)
• What's the trailing-12-month average occupancy, ADR, and RevPAR (or your best estimate)?
• Which revenue streams drive the property today? Options: Rooms, Food & Beverage, Meetings & Events, Spa / Ancillary, Parking / Other
• Who are the internal decision-makers we should plan to engage (titles/roles)?

If We’re Honest — Where It Really Hurts

• When you compare current performance to your original investment thesis, what single surprise (positive or negative) changed your view the most?
• How have occupancy, ADR, and RevPAR trended versus 2–3 years ago? Please indicate direction and approximate magnitude. Options: Significant decline (>15%), Moderate decline (5–15%), Stable (±5%), Moderate improvement (5–15%), Significant improvement (>15%)
• Which persistent operational or market issues have you grown used to accepting? Options: Declining transient demand, Rising local supply, Low loyalty penetration, High OTA dependency, Labor/staffing challenges, Aging physical plant / PIP backlog, Regulatory or zoning constraints, Other
• How long have you been treating those issues as 'normal'—months or years? Options: <6 months, 6–12 months, 1–3 years, 3+ years, Unsure
• Tell us about a recent quarter or month that felt especially off—what happened and why did it stick with you?

The Numbers That Keep You Up at Night

• Which single financial risk—if we left it unaddressed—would most erode value in the next 24–36 months?
• What is your best estimate for annual gross room revenue and GOP (or approximate percentages)?
• Please indicate current NOI / EBITDA margins (or an approximate range) for the property. Options: <10%, 10–20%, 20–30%, 30–40%, >40%, Don't track/unsure
• Which of these debt scenarios describes your position today? Options: No debt, Debt with no restrictive covenants, Debt with covenants, Balloon or maturity within 3 years, Refinance currently in progress, Other
• Are there material off‑balance-sheet obligations (management fees, ground leases, guarantees) that affect expected returns? If yes, explain. Options: Yes - will describe, No, Unsure

What Are You Willing to Invest to Win?

• If a brand shows a credible path to higher valuation, which total PIP/CapEx range would you realistically consider? Options: < $250k total, $250k–$1M, $1M–$5M, $5M–$15M, > $15M, Unsure / need estimate
• Who is expected to fund PIP in your view (select all that apply)? Options: Owner equity, Construction/renovation loan, Brand cash incentives or allowances, Deferred capex / earn-outs, Preferred vendor financing, Other
• What timeline for PIP completion would you treat as acceptable to realize the projected revenue uplift? Options: <3 months, 3–6 months, 6–12 months, 12–24 months, Longer / project-based
• What is the maximum per-room PIP you would accept for a conversion to this brand prototype (provide a number or range)?
• How important is minimizing operational downtime during renovation? Options: Critical - must stay open, Important - limited closures OK, Somewhat important - can close parts, Not important - willing to close entirely

How the Market Really Sees You

• If a potential guest had one blunt sentence describing your weakest market signal today, what would it be?
• Which hotels or brands do you view as your direct comp set (list 3–6 properties and why)?
• Estimate your current loyalty program penetration—what percentage of bookings come via major loyalty programs? Options: <10%, 10–25%, 25–50%, >50%, Don't track/unsure
• Is there meaningful branded pipeline or new supply expected in your submarket? Options: No upcoming supply, Yes — 1–2 properties, Yes — 3–5 properties, Yes — >5 properties, Unsure
• Which demand generators most drive your market (select all that apply)? Options: Corporate / business travel, Leisure / tourism, Group / meetings, Airport / transit, University / medical, Event-driven / seasonal
• How seasonal is demand—what months are peak and what months are the trough?

What Would Represent Success on Day One—and Year One?

• If the conversion achieved exactly the financial outcome you needed, what single headline metric would make you feel it was worth the effort (e.g., IRR, cap‑rate uplift, NOI growth)?
• What ADR uplift, occupancy increase, or RevPAR gain would you need to justify conversion? Options: <5% ADR / <3% occupancy, 5–10% ADR / 3–7% occupancy, 10–20% ADR / 7–15% occupancy, >20% ADR / >15% occupancy, Unsure / need modeling
• What minimum investment return are you targeting for this project (select the best fit)? Options: IRR <8%, IRR 8–12%, IRR 12–18%, IRR >18%, I use cap rate / NOI targets instead, Unsure
• What franchise term length would you prefer or require? Options: 10–15 years, 15–20 years, 20+ years, Prefer shorter with renewal options, Unsure / willing to negotiate
• Which commercial trade-offs are you open to make (select all that apply)? Options: Higher fees for stronger distribution, Lower fees with reduced brand support, Larger owner PIP for better marketing, Longer term for lower initial fees, Performance-based fee structures

What We Need to Build a Real Brand Model

• If we built a fully transparent comparative model, which single missing data point do you think would change the recommendation most?
• Which documents can you share to support an apples‑to‑apples brand comparison? Options: P&L (last 3 years), Monthly revenue & occupancy by channel, STR / CoStar market reports, PMS extracts (room nights, rates, channels), Existing PIP estimates or contractor bids, Management or franchise agreements, Loan documents / covenants, Floorplans / room type inventory, Other
• What file formats will you be able to provide (select all that apply)? Options: Excel / CSV, PMS export formats (specify), PDF reports, STR / benchmarking exports, Photos / floor plans (image/PDF)
• How soon can you share the core dataset (financials + PMS extract + PIP estimates)? Options: Within 3 days, Within 2 weeks, Within 1 month, Longer / need assistance, Unsure
• Do you have a point person who can validate assumptions and answer follow-ups? Options: Yes (contact will be provided), No — we'll identify one, Unsure
• If you selected 'Yes', please provide the contact's name, role, and best method to reach them.

If We Had to Decide Today — What's Non‑Negotiable?

• Which three deal terms or conditions would make you walk away from a brand conversation immediately?
• From this list, select the deal features you care about most (pick up to three). Options: Cap on franchise fee, Control over reservation allocation / loyalty share, Flexibility on PIP scope and phasing, Marketing fund contribution level, Termination and transfer clauses, Inspection frequency / remediation processes, Territorial / protected market rights
• What timing or regulatory constraints are absolute (e.g., loan maturity, city permits, event windows)?
• Who must sign off before you would approve a brand selection (titles/roles)?
• What would you prefer as the next step: a modeled comparison of three brands, a single recommended prototype with assumptions, or an on-site assessment? Options: Modeled comparison of three brands, Single recommended prototype and assumptions, On-site assessment and inspection, More discovery needed before next step, Other

Getting Oriented: Tell Us the Short Story

• In one sentence, what is the core goal for this property (e.g., maximize yield, minimize capex, enter a new brand family)?
• What type of asset are we talking about and how many keys does it have? Options: Existing independent, Existing branded (conversion), New construction, Number of keys: (enter)
• Who will be the primary decision-maker on brand selection—owner, developer, asset manager, or a committee? Options: Owner, Developer, Asset manager, Investment committee, Other (please specify)
• What is your target timeline for a final brand decision and commercial opening (if applicable)? Options: Decision in 0–3 months, 3–6 months, 6–12 months, 12+ months, Flexible/unsure
• What single number matters most to you for this deal (e.g., IRR target, NOI uplift %, payback years)? Please state the metric and target.

If the Numbers Could Argue with You: What Are You Really Chasing?

• Tell us which performance outcome would make you feel the project was a clear success—even if other things went sideways. Options: % RevPAR premium vs independent, Loyalty penetration rate, ROI/IRR threshold, Payback period, Stabilized NOI increase, Other (please specify)
• What assumptions are you currently using for revenue uplift, and how confident are you in them? Options: Highly confident, Somewhat confident, Neutral, Low confidence, No formal assumptions yet
• Walk us through the data sources you’ve relied on (historical PMS, comp sets, third‑party studies). Which feel the most and least reliable?
• Have you modeled multiple scenarios (conservative, expected, aggressive)? If yes, what is the spread between them for the key metric you mentioned? Options: Yes — narrow spread, Yes — moderate spread, Yes — wide spread, Not yet modeled
• If reality undershot the expected revenue uplift by 10–15%, how would that change your appetite for the brand or the project timeline?

What’s the Real Budget Picture — Not the One You Tell Lenders

• How much total PIP/FF&E capital are you willing to allocate (ballpark), and where does that sit relative to lender or investor expectations? Options: <$500K, $500K–$2M, $2M–$5M, $5M–$10M, >$10M, Undetermined
• Which of these best describes your capex tolerance for brand-required works? Options: Minimal cosmetic only, Moderate refresh to meet brand standards, Full room and public area overhaul, Willing to exceed standards for higher returns
• How do financing constraints shape acceptable PIP timelines or phasing? Give an example of a constraint you’ve faced before.
• Who is responsible for paying PIP and FF&E in your projects historically? Options: Owner, Franchisor/brand contribution, Third-party investor, Lender-backed reserve, Combination
• If there’s a gap between desired brand PIP and your budget, which trade-offs would you consider first (phasing, lower-cost finishes, brand negotiation)? Options: Phase PIP over time, Negotiate brand scope, Reduce finishes, Seek owner financing, Other (explain)

Loyalty & Demand: How Much of Your Future Depends on Chain Guests?

• If loyalty program penetration were 0% or 50%, how would your revenue projection change in rough terms? Options: Minimal change, Meaningful change (5–10%), Significant change (10–20%), Major change (>20%), Unsure / haven’t modeled
• Which channels currently deliver your guests (direct, OTAs, corporate, group)? Rank the top three. Options: Direct (brand website), OTAs, GDS/corporate, Walk‑in/retail, Group/meetings, Other
• How does the idea of ceding a larger share of bookings to the brand’s central system make you feel—liberated by demand or nervous about margin and control? Options: Confident — more demand is worth it, Cautious — worried about margin, Concerned about losing operating control, Mixed feelings
• Tell us about local competitive supply—are there nearby branded hotels with strong loyalty pull that we should model against?
• Would you be open to targeted marketing co-investments (e.g., launch promotions) to accelerate loyalty penetration? If so, at what scale? Options: Yes — significant, Yes — modest, Depends on projected ROI, No

Brand Fit: What Would Make a Brand Feel Like 'Home' for This Asset?

• If a brand required a trade-off between a higher royalty and a 10% higher RevPAR, how would you think about that—dealbreaker or expected cost of growth? Options: Worth it for RevPAR uplift, Depends on net yield, Too risky / dealbreaker, Need to model net effect
• Which brand attributes are non‑negotiable for you (select all that apply)? Options: Strong loyalty penetration, High direct-booking mix, Low franchise fees, Flexible PIP standards, Robust brand approval process, Proven market demand
• Describe a past brand relationship that worked well or poorly — what specifically made it so?
• How much input do you expect to retain over design, sourcing, and operations after signing a franchise agreement? Options: Full input, Significant input with brand approvals, Limited input — brand-led, Depends on clause negotiations
• Are you willing to prioritize guest experience enhancements (technology, F&B, public spaces) over room count or mix changes? Why or why not?

Commitment Length & Legal Comfort: How Long a Promise Is Too Long?

• Would a 15–20 year franchise term feel like a confident investment or an over‑commitment given market uncertainty? Options: Comfortable, Somewhat comfortable, Wary but negotiable, Uncomfortable / dealbreaker
• What clauses matter most to you in a franchise agreement (territorial protections, termination rights, transferability, fee caps)? Options: Territorial protections, Termination rights, Transferability/assignment, Royalty/fee caps, Brand performance commitments, Other
• Have you worked through an FDD or equivalent franchise disclosure before? What parts required the most legal negotiation? Options: Yes — fee structure, Yes — brand standards/PIP, Yes — termination/transfer, No — first time
• If the brand offered stronger exit options in exchange for higher initial fees, how would you weigh that? Options: Prefer stronger exit options, Prefer lower fees, Depends on both specifics, Undecided
• Who are your go‑to legal or structuring advisors for franchise negotiations, and when would you want them involved?

Operational Bandwidth: Who Will Run the Playbook Day‑to‑Day?

• Do you currently have an on‑site or third‑party manager experienced with branded operations? Options: Yes — on-site experienced manager, Yes — third-party with branded experience, No — inexperienced team, Unsure
• How comfortable are you with brand-required operating procedures and reporting cadence (e.g., RMS rules, loyalty reporting)? Options: Very comfortable, Somewhat comfortable, Need support, Not comfortable
• What operational gaps keep you up at night (revenue management, tech integration, staff recruiting, brand inspections)?
• Would you value a handover plan that includes shadowing, phased operation, and guaranteed brand support windows? Which elements are essential? Options: Shadowing, Phased operation, Guaranteed brand support, Training packages, Other
• If we suggested a one‑year post‑opening advisory package, what would you expect it to include and what would you pay for it?

Hidden Blockers & Deal‑Breakers: Tell Us the Unspoken No’s

• What would make you walk away immediately from a brand conversation (examples: excessive PIP, restrictive covenants, inadequate ROI)?
• Are there regulatory, zoning, or local stakeholder issues that could derail a brand approval or conversion? Options: Zoning limits, Historic property restrictions, Local political opposition, No known issues, Other
• Have previous deals failed at a particular milestone (brand approval, lender sign‑off, investor vote)? What happened?
• How important is source-of-demand diversification (corporate vs leisure vs group) in avoiding future downside? Options: Critical, Important, Nice to have, Not a priority
• If a brand requested an exclusivity window or pipeline commitment, would that be acceptable? If not, why? Options: Acceptable, Acceptable with limits, Not acceptable, Need to discuss specifics

Decision Roadmap: What Needs to Happen to Get to Yes?

• List the top 3 internal approvals or external consents required before you can sign a franchise agreement.
• Which milestone would represent a point of no return for you (e.g., signing LOI, committing PIP funds, lender conditional approval)? Options: Signing LOI, Committing PIP funds, Lender conditional approval, Brand approval, Other
• What are the realistic timing constraints from investors or lenders that we must factor into our proposal?
• Who else should be in the room for commercial negotiation calls (legal, development, asset manager)? Provide names or roles.
• On a scale from 1–10, how ready are you to enter detailed financial modeling with a brand partner? What would move you up two points? Options: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10

Confidence Check & Next Steps: How We Can Help You Move Faster

• After this conversation, what single action from our team would reduce your biggest concern the most (e.g., preliminary model, reference calls, draft PIP estimate)? Options: Preliminary pro forma, Reference owner calls, Draft PIP estimate, High-level brand term sheet, Site visit/inspection
• How do you prefer we present follow-up material—short executive memo, detailed model, or an in-person workshop? Options: Executive memo, Detailed financial model, In-person/virtual workshop, Combination
• What would make you say yes to a next meeting proposal from us in the next 2 weeks? Options: Clear ROI case, Budget clarity, Key stakeholder availability, Answer to a legal question, Other
• Any additional context, attachments, or stakeholder notes you want us to review before the next conversation?

Starting the Conversation — Tell Us About This Opportunity

• In one sentence, what best describes this asset and why you’re considering a brand conversation now?
• Property address, current brand (if any), and asset class (choose one) Options: Full-service / Upper-upscale, Select-service / Upscale, Limited-service / Midscale, Extended stay, Boutique/Independent, Mixed-use / Other
• Who technically owns the asset and how is ownership structured? Options: Owner-operator, Third-party manager, Institutional investor, Family office, Developer / Sponsor, REIT
• What is your target timeframe for reaching a brand decision or signing an LOI? Options: Immediate (0–3 months), Near-term (3–6 months), Medium (6–12 months), Longer-term (12+ months), Undecided
• What’s the single most important outcome you want from this conversation (revenue lift, speed to market, partner flexibility, capex minimization, etc.)? Options: Revenue uplift / rate premium, Speed to open / conversion time, Lower capex / minimal PIP, Flexible agreement terms, Strong loyalty/reservation contribution, Other

Who Holds the Keys? — Decision-makers, Priorities, and Politics

• Imagine the board asks you next month: why did you choose this brand? Who must be convinced for that answer to be ‘yes’?
• Which roles will sign off on the decision (select all who apply)? Options: CEO / Principal, CFO / Finance, Asset Manager, Regional or Portfolio Manager, Board of Directors / Investment Committee, Legal / GC, Brand / Development Team
• What voting threshold or approval process governs decisions like this (single approver, majority, unanimous, investment committee)? Options: Single approver, Majority of committee, Unanimous approval, Investment committee with reserved rights, Undecided / varies by deal
• How do the different stakeholders feel about bringing in a brand—what worries them and what excites them?
• Which stakeholder’s priorities, if unmet, would most likely derail the deal? Options: Finance / return targets, Owner control / autonomy, Brand approval requirements, Construction timeline / risk, Franchise term & assignability, Other
• Are there past brand relationships or experiences—good or bad—that we should know about before recommending options? Options: Yes — positive, Yes — negative, Mixed / both, No relevant history

Where the Money REALLY Needs to Be — Returns, Tolerance, and Trade-offs

• If you could only commit to one financial metric for us to hit, which would it be—and why (IRR, stabilized NOI, RevPAR index, cash-on-cash)? Options: Target IRR, Stabilized NOI, RevPAR / index vs comp set, Cash-on-cash return, Cap rate on disposition, Other
• What are your target return ranges or thresholds for this project (give specifics if available)? Options: Provide a numeric target / % (free response)
• How much PIP/capex are you willing to accept for a branded conversion (choose the range closest to your expectation)? Options: <$500k, $500k–$1M, $1M–$3M, $3M–$5M, >$5M, Undetermined
• If brand-required PIP estimates materially exceed your target range, what trade-offs would you consider (longer term, higher fees, reduced scope, phased PIP)? Options: Extend franchise term, Accept higher fees, Phase PIP over time, Reduce brand-requested scope, Seek cost-shared incentives, Walk away
• How sensitive is your financing to pro forma assumptions (do lenders require specific ADR/occupancy targets or contingency buffers)? Options: Highly sensitive — strict covenants, Moderately sensitive, Flexible / lender comfortable with assumptions, No external financing / internal funds
• Have you stress-tested a scenario where revenue uplift is 50% of expectations—what happens to your returns? Options: Yes — we have modeled this, No — not yet, Partially modeled, Unsure

Where Your Guests Will Actually Come From — Demand, Channels, and Market Realities

• What would surprise you most about who ultimately books your rooms — loyal members, OTAs, corporate accounts, or walk-ins? Options: Loyalty members, Brand direct (website/call center), OTAs (e.g., Booking/Expedia), Corporate contracts / negotiated business, GDS / travel agency
• Today, how does your property capture demand—what’s the typical channel mix (select all that apply)? Options: Brand direct / website, Brand call center, OTA marketplaces, Corporate negotiated / consortia, GDS / travel agents, Group / events, Walk-ins
• How important is brand loyalty penetration to your business case (what % of occupancy from members would make this worthwhile)? Options: <10%, 10–25%, 25–40%, 40–60%, 60%+
• Tell us about the competitive set and near-term pipeline—who are your direct competitors and how many rooms are coming online nearby? Options: High pipeline (many comps), Moderate pipeline (some projects), Low pipeline (constrained supply), Unknown / need market study
• What has the market historically valued more in your submarket: rate resilience or occupancy growth? Give one example or anecdote.
• How comfortable are you with the brand directing distribution strategy (preferred rates, channel mix guidance, OTA parity rules)? Options: Very comfortable, Somewhat comfortable, Unsure / conditional, Not comfortable

What Brand Must Be Able To Do — Fit, Control, and Non-Negotiables

• If a brand could guarantee a revenue premium but required exclusive loyalty control and direct-booking incentives, would you accept that trade-off? Options: Yes — revenue first, Maybe — need details, Prefer shared control, No — ownership of customer is essential
• What are your must-haves from a brand partner (select up to three)? Options: High loyalty penetration, Strong reservation contribution, Low-friction brand standards / modest PIP, Flexible commercial terms, Robust marketing support, Revenue management expertise, Preferred contractor/vendor network
• How much reservation system / PMS connectivity and reporting access do you require during and after conversion? Options: Full access (real-time connectivity), Standard access with reporting, Limited access via account manager, Unsure / need brand clarification
• What franchise term length feels acceptable to you and why? Options: 5–10 years, 10–15 years, 15–20 years, 20+ years, Flexible / negotiable
• How do you feel about brand-controlled restrictions (rate parity, supplier specs, approved PIP contractors)—what keeps you awake at night about those?
• Are you open to a phased brand rollout (pilot units, soft brand, or managed conversion) to reduce risk? Options: Yes — open to phasing, Maybe — depends on terms, No — prefer full conversion

The Build — PIP Reality, Timeline, and Delivery Risk

• If contractor bids arrive materially higher than expected two weeks before signing, what’s your most likely decision? Options: Delay signing / re-negotiate, Scale back PIP scope, Absorb higher cost, Seek brand cost-share or incentives, Walk away
• Estimate the PIP scope today—what are absolute must-dos versus nice-to-haves?
• What is your ideal out-of-service window for construction / conversion? Options: <30 days, 30–60 days, 60–120 days, >120 days, Phased without full closure
• How dependent is this timeline on external approvals (city permits, historic approvals, lender milestones)? Options: Highly dependent, Moderately dependent, Not very dependent, Not required / N/A
• Who do you prefer to manage procurement and contracting during PIP (owner’s GC, brand-approved GC, third-party project manager)? Options: Owner’s GC / in-house, Brand-approved GC / recommended, Independent project manager, Joint owner/brand team
• What contingency or cost buffer do you normally plan for unexpected PIP overruns (as a % of baseline budget)? Options: <5%, 5–10%, 10–20%, 20%+

Legal & Commercial Red Lines — What Will Stop the Deal

• What single clause in a franchise agreement would make you refuse to move forward immediately?
• Which commercial items are non-negotiable for you (choose all that apply)? Options: Royalty rate / gross rooms revenue, Marketing fund %, Termination rights, Assignment & transferability, Approval timelines / brand standards flexibility, Data ownership / guest data access
• What royalty and marketing fund ranges align with your pro forma (select closest expectation)? Options: Royalty 0–3%, Mktg 0–1%, Royalty 3–5%, Mktg 1–2%, Royalty 5–7%, Mktg 2–4%, Royalty 7%+, Mktg 4%+
• How important is the ability to assign or sell the asset without onerous brand consent? Options: Critical — must be simple, Important — prefer reasonable conditions, Neutral, Prefer strict consent controls
• Do you have preferred dispute resolution mechanisms (arbitration, mediation, courts)? Options: Arbitration, Mediation then arbitration, Court jurisdiction, Other / custom

Launch & Beyond — How We’ll Know This Was the Right Choice

• If we check the scoreboard 12 months after opening, what outcome would make you say ‘that was worth it’?
• Which KPIs should we prioritize in the first 12 months (pick up to three)? Options: ADR, Occupancy, RevPAR, Loyalty penetration %, Direct booking %, Nights per member, Group vs transient mix
• What timeline do you expect for hitting stabilized performance vs your pro forma? Options: 3–6 months, 6–12 months, 12–24 months, 24+ months, Unsure
• How would you like post-launch governance to work—regular revenue meetings, a dedicated brand rep, or quarterly business reviews? Options: Weekly/monthly revenue meetings, Dedicated brand account manager, Quarterly business reviews, Ad-hoc as needed, Other
• Which operational supports will matter most at opening (revenue management, loyalty enrollment campaigns, staff training, systems integration)? Options: Revenue management, Loyalty enrollment & promotions, Staff training / brand standards, PMS/reservation integration, Marketing launch support
• How would you prefer success and disputes to be escalated after launch (owner first, brand rep, steering committee)? Options: Owner then brand rep, Joint steering committee, Direct to regional brand leadership, Other

Next Steps & Decision Confidence — What We Need to Get Moving

• What would make you hesitate to sign within the next 60–90 days?
• Which deliverables do you require from us to proceed (detailed pro forma, market study, PIP estimate, term sheet, legal redlines)? Options: Detailed pro forma, Market / comp set study, Preliminary PIP estimate, Term sheet / commercial summary, Draft franchise agreement highlights, Other
• Who needs to see the proposal before you can move forward (list names/roles)?
• What’s your ideal decision milestone calendar (proposal review, board vote, LOI, signing, construction start)? Options: Provide target dates (free response)
• On a scale from 1–10, how confident are you in moving forward after this discovery conversation? If less than 8, what would increase your confidence? Options: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10
• Any additional concerns, stories, or constraints we should know to design a proposal that truly fits your priorities?