Good morning. $2.39m of owner value is at stake.
Highest-value findings
Hours per occupied room up from 0.42 to 0.51
Booking.com share 8.4 pts above plan
Fee base may not match the HMA definition (s.11.2)
Today's owner briefing
Portfolio performance
| Hotel | Operator | Revenue | GOP vs budget | Leakage | Owner score |
|---|---|---|---|---|---|
| The Meridian London | Apex Hospitality | $18.5m | −7.1% | $425k | 58 |
| Harbour House Brighton | Independent | $8.8m | −2.8% | $187k | 71 |
| The Regent Bath | Apex Hospitality | $10.5m | +1.4% | $125k | 79 |
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2 · What Uplift tests
3 · Analysis log
Profit is $425k behind plan. Revenue isn't the problem.
Where the $425k went
Owner conclusion
RevPAR is ahead of budget, but profit conversion has slipped.
Labour and food cost explain most of the shortfall, and three rooms have been offline for over 14 days.
Separately, the August incentive fee looks overstated under s.11.2. Worth resolving before the next fee payment.
Findings
0.42 → 0.51 hours per occupied room; occupancy only +2.1 pts
4.2 pts above the hotel's own trailing benchmark
Three rooms offline beyond 14 days
Adjusted GOP treatment vs HMA s.11.2 definition
HMA check · Section 11.2
Illustrative clause text for the demo.
Ready to share with your operator
Profit conversion and fee true-up review
Housekeeping hours per occupied room rose from 0.42 to 0.51 while occupancy moved only 2.1 pts. Benchmarked against the hotel's own trailing 12 months.
Food cost 4.2 pts above trailing benchmark; request a waste and menu-costing review.
Three rooms out of order for more than 14 days; request return-to-inventory dates.
Recalculation under the s.11.2 Adjusted GOP definition lowers the YTD fee by about $96k.
Draft note to the operator
Dear James,
Revenue and RevPAR remain ahead of budget, but GOP conversion has moved materially. Housekeeping productivity has changed from 0.42 to 0.51 hours per occupied room, around $153,000 at the current run-rate.
We'd also welcome a reconciliation of the August incentive fee against the Section 11.2 definition of Adjusted GOP; our review suggests a difference of about $96,000 YTD.
Could you share a labour plan, the fee reconciliation and a room recovery schedule within five business days?
Supporting evidence
HPOR by month vs trailing 12 months
Line-by-line Adjusted GOP bridge
Highlighted clause text with page references
Room numbers, days offline, lost revenue
Hotels
| Hotel | Operator | Keys | RevPAR | GOP margin | Leakage | Risk |
|---|---|---|---|---|---|---|
| The Meridian London | Apex Hospitality | 312 | $313 | 27.8% | $425k | High |
| Harbour House Brighton | Independent | 188 | $229 | 31.2% | $187k | Watch |
| The Regent Bath | Apex Hospitality | 164 | $285 | 35.4% | $125k | Watch |
| Castlegate York | Lumen Hotels | 142 | $205 | 36.9% | $53k | On track |
The Meridian London
Why profit is missing budget
Annualised excess cost
4.2 pts above benchmark
HMA compliance
s.6.3 · Owner approval · Possible breach
Expenses exceeded the variance threshold without evidence of owner approval.
s.11.2 · Incentive fee · Review required
Fee base may not match the contractual Adjusted GOP definition.
17 open findings worth $2.39m
0.42 → 0.51 hours per occupied room
Channel mix has drifted materially from budget
August fee inconsistent with the s.11.2 Adjusted GOP definition
4.2 pts above trailing benchmark
$2.11m forecast vs $1.87m approved
From finding to fixed
Meridian London · s.11.2
Harbour House Brighton
Meridian London
Meridian London
Meridian London
Portfolio-wide renegotiation
Regent Bath · credited
HMA compliance
Clause watchlist
Meridian London · s.6.3 · Owner approval
Operating expenses exceeded the agreed variance threshold without evidence of owner approval.
Meridian London · s.11.2 · Incentive fee
Adjusted GOP treatment may not match the contractual fee base.
Harbour House · s.9.1 · Reporting
Monthly owner pack delivered 6 days after the contractual deadline.
Regent Bath · s.11.1 · Base fee
Base-fee overbilling credited by operator; resolved.
Fees & leakage
Leakage by category
Where to act first
CapEx
| Project | Hotel | Approved | Forecast | Spend vs approval | Status |
|---|---|---|---|---|---|
| 32-bedroom refurbishment | Meridian London | $1.87m | $2.11m | 112% | Over budget |
| Spa plant replacement | Regent Bath | $806k | $790k | 98% | On plan |
| Lobby and bar refresh | Harbour House | $494k | $514k | 104% | Watch |