Three gates. Every deal. No exceptions.

Every acquisition must clear all three filters before a dollar is committed. Each gate functions independently. Strength in one area never compensates for failure in another.

The Acquisition Filter

Market Quality

Tests demand sustainability: RevPAR above $120, occupancy trend positive over the trailing three years, limited new supply in the pipeline.

Operational Gap

Requires NOI at least 20% below the market comp set, the signal that underperformance is a fixable management problem, not a structural one.

Experience Asset Quality

Demands a genuine narrative and design identity; rejects generic or fully commoditized product regardless of how the numbers pencil.

Framework Design

The gates are sequential and independent by design. A property with exceptional design and a wide operational gap still fails the filter if the market itself can't sustain demand, and the reverse is also true.

How a Deal Moves Through

Every sourced opportunity is screened against all three gates before it reaches underwriting. Deals that pass move into adversarial review; deals that fail are documented and archived rather than revisited on hope.