Investment approach
Hotel property research: what can be proven
Tourism growth is not hotel return. Use, guest, operator, CAPEX and owner cash flow must be evidenced.
Evidence on tourism and accommodation geography is stronger than any universal rule for hotel returns. A visitor-growth headline cannot justify a project.
Barcelona studies show spatial concentration and differences between hotels and Airbnb. Hedonic research links product features to listed prices, but it does not produce GOP, NOI or owner cash flow.
Prove the asset
Verify use, licence, room configuration, required works and target guest. Request occupancy, ADR, cancellations, commissions and available-room data under a stable method.
Read ADR, occupancy and RevPAR, then GOP and cash flow, and structure the project with the hotel roadmap. Two hotels in one district can have entirely different contracts and CAPEX.
Sources
DNPI analyses projects and does not guarantee hotel returns.
Questions and answers
Does more tourism prove hotel return?
No. Asset operations, CAPEX and contracts are still required.
Is RevPAR enough?
No. It does not show full owner cash flow.
What comes first?
Use, licence, configuration and mandatory CAPEX.
