Clients & References

Work completed. Clients kept private.

Our clients are hotel owners, family offices, private equity firms, developers and lenders whose transactions are confidential by nature. We do not publish their names, their assets or their locations. What we can share is the work itself — the mandate, how we approached it, and what it produced.

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BetaPlatform status & confidentiality disclosure

All work is in beta. The Evoques AI-assisted platform — including Hotel X-Ray™, the Hospitality Investment Score and AssetsCompass market screening — is operating in beta. Outputs are produced by our senior advisors with AI assistance and are reviewed and verified before they reach a client. They are analytical inputs, not conclusions, and they may be refined as the platform matures.

Clients are private. Because of the nature of their businesses and the transactions involved, client identities, asset names, counterparties and precise locations are withheld. Every sample below is de-identified, figures are rounded or expressed as ranges, and details that could identify a party have been generalized. Nothing here is investment advice, an offer or a solicitation, and past engagement outcomes do not indicate future results.

Engagement record to date · Beta period
$1.9B+

Aggregate asset value screened, underwritten or advised on by the team

40+

Engagements and mandates across the USA, Europe, Africa and the Middle East

6,800+

Keys reviewed across full-service, select-service, resort and lifestyle assets

11 days

Median turnaround from intake to institutional underwriting package

Aggregate figures cover work completed by the Evoques team and its predecessor mandates during the platform beta period, rounded and de-identified. They include advisory, underwriting and screening engagements and are not a track record of investment performance.

Anonymized work samples

Nine engagements, described as fully as confidentiality allows.

Case 01Southern Europe (Mediterranean coastal market)Beta engagement

Acquisition underwriting · Upper-upscale resort

Approx. 180 keys · privately held ownership · off-market process

A family office asked us to test a seller's projections on a coastal resort before committing to exclusivity.

What we did
  • Rebuilt the operating model from three years of trial balances rather than the broker's summary.
  • Benchmarked ADR and occupancy against a screened competitive set instead of the marketed set.
  • Ran the asset through the Hospitality Investment Score and Hotel X-Ray™ for a second, independent read.
  • Stress-tested seasonality, payroll inflation and a delayed capital program.
Result
Stabilized NOI in seller model vs. our model
-18%
Supportable price adjustment identified
≈ €6.4M
Underwriting delivered in
9 business days
Outcome
Client re-priced and closed at the revised basis

Client, asset and exact submarket withheld at the owner's request. Figures are rounded, de-identified and reflect a single engagement during the platform beta. Not investment advice; past outcomes do not indicate future results.

Case 02United States (Sunbelt secondary market)Beta engagement

Debt advisory · Refinancing

Approx. 145 keys · branded select-service · maturing senior loan

An owner-operator faced a near-term maturity in a repriced rate environment and needed alternatives to a default extension.

What we did
  • Rebuilt the debt package around a defensible trailing-twelve and forward NOI bridge.
  • Ran a competitive lender process across banks, debt funds and credit unions rather than a single relationship.
  • Modelled DSCR and LTV outcomes across three structures, including partial recourse and a modest paydown.
Result
Lenders engaged
14 · 6 term sheets
Spread improvement vs. incumbent quote
-95 bps
DSCR at close
1.42x (from 1.11x projected)
Proceeds vs. maturing balance
104%

Lender names, borrower and asset withheld under a confidentiality undertaking. Figures are rounded, de-identified and reflect a single engagement during the platform beta. Not investment advice; past outcomes do not indicate future results.

Case 03Western Europe (capital city)Beta engagement

Asset management · Performance turnaround

Approx. 210 keys · independent lifestyle positioning

An institutional owner engaged Evoques as asset manager after two years of flat RevPAR index against its competitive set.

What we did
  • Rebuilt the commercial plan: segment mix, channel cost and rate fences by day of week.
  • Instituted a monthly owner dashboard with variance accountability at department level.
  • Renegotiated soft and FF&E goods procurement and two service contracts.
Result
RevPAR index vs. comp set
94 → 108 over 14 months
GOP margin
+380 bps
Annualized cost savings identified
≈ €640K
Direct channel share
19% → 31%

Owner and hotel withheld; figures rounded and de-identified. Figures are rounded, de-identified and reflect a single engagement during the platform beta. Not investment advice; past outcomes do not indicate future results.

Case 04Middle East / UAEBeta engagement

Capital markets · Equity raise

Approx. 240 keys · branded conversion opportunity

A regional developer needed institutional equity for a conversion where local lenders required a larger sponsor contribution.

What we did
  • Positioned the story around conversion economics and a defensible exit rather than headline yield.
  • Prepared an institutional data room and a single, verifiable set of numbers for every party.
  • Ran a targeted process to capital partners with a mandate for the region and the format.
Result
Qualified capital partners approached
22
Equity commitments received
3 (fully covering the requirement)
Sponsor dilution vs. initial expectation
-6 pts
Process length
Under 5 months to signed terms

Sponsor, capital partners and asset location withheld. Figures are rounded, de-identified and reflect a single engagement during the platform beta. Not investment advice; past outcomes do not indicate future results.

Case 05United States (coastal resort market)Beta engagement

Value creation & exit · Disposition

Approx. 120 keys · resort with underused food & beverage

A private investor group asked whether to invest further capital or exit within 24 months.

What we did
  • Ran an unsentimental hold, refinance or sell comparison on a risk-adjusted basis.
  • Executed a 12-month earnings-story program before going to market: F&B restructure, group mix, and a targeted capital spend.
  • Managed diligence to defend the price achieved at letter of intent.
Result
Trailing NOI improvement before marketing
+22%
Price achieved vs. initial internal valuation
+13%
Price erosion through diligence
None (closed at LOI price)
Time from decision to close
17 months

Buyer, seller and asset withheld; percentages rounded. Figures are rounded, de-identified and reflect a single engagement during the platform beta. Not investment advice; past outcomes do not indicate future results.

Case 06Africa (emerging leisure corridor)Beta engagement

Development advisory · Feasibility

Approx. 90 keys planned · mixed hotel and branded residence

A landowner needed an independent feasibility view before committing to a brand and a construction budget.

What we did
  • Screened demand generators and realistic ramp-up rather than a best-case stabilized year one.
  • Tested two formats and three brand tiers against build cost per key and exit assumptions.
  • Modelled a downside where inbound air capacity arrives two years later than promised.
Result
Formats tested
2 formats · 3 brand tiers
Recommended key count vs. sponsor's plan
-15% (protecting ADR)
Projected stabilized yield-on-cost
Within institutional threshold in base case only
Outcome
Phased build adopted; phase one under way

Sponsor, country and site withheld at the client's request. Figures are rounded, de-identified and reflect a single engagement during the platform beta. Not investment advice; past outcomes do not indicate future results.

Case 07United States (Midwest, three-state cluster)Beta engagement

Due diligence · Buy-side, portfolio

Approx. 520 keys across 4 branded select-service hotels · single seller

A private equity buyer under a 45-day diligence window needed an independent read on a four-hotel portfolio before hard-depositing.

What we did
  • Reconciled STR data, brand statements and monthly P&Ls hotel by hotel rather than accepting the portfolio roll-up.
  • Reviewed franchise agreements, PIP scopes and remaining terms; re-cost the PIPs with current construction pricing.
  • Read the property condition and environmental reports against our own capital plan and flagged deferred maintenance omitted from the seller's budget.
  • Tested the management transition risk and payroll normalization at each asset.
Result
PIP and deferred capital gap vs. seller budget
+$7.1M
Normalized portfolio NOI vs. offering memorandum
-11%
Diligence completed in
31 days (of a 45-day window)
Outcome
Two assets closed re-priced; two dropped from the trade

Seller, brands and markets withheld; key counts and dollar figures rounded. Figures are rounded, de-identified and reflect a single engagement during the platform beta. Not investment advice; past outcomes do not indicate future results.

Case 08United States (Pacific Northwest urban market)Beta engagement

Decision analysis · Hold, renovate or sell

Approx. 165 keys · full-service · single-asset institutional owner

An owner nearing a brand relicensing decision asked us to quantify three paths side by side: relicense and renovate, convert to independent lifestyle, or sell as-is.

What we did
  • Built one model with three scenarios on identical assumptions so the comparison was decision-grade, not directional.
  • Priced each path on levered IRR, peak equity, downside NOI and exit cap sensitivity — not headline returns.
  • Ran the Hospitality Investment Score across all three cases for an independent comparative read.
  • Assigned probabilities and a break-even RevPAR index for the conversion case.
Result
Levered IRR spread across the three paths
620 bps
Peak incremental equity required (conversion)
≈ $14.8M
Break-even RevPAR index for conversion
112 (vs. 101 trailing)
Outcome
Owner relicensed with a phased renovation; conversion shelved

Owner, brand and submarket withheld; scenario figures rounded and de-identified. Figures are rounded, de-identified and reflect a single engagement during the platform beta. Not investment advice; past outcomes do not indicate future results.

Case 09United States (Northeast gateway market)Beta engagement

Due diligence · Lender-side credit review

Approx. 300 keys · upper-upscale · proposed senior loan

A debt fund engaged Evoques for independent underwriting support on a hotel loan where the sponsor's projections implied a fast post-renovation ramp.

What we did
  • Re-underwrote the borrower's forecast against a screened competitive set and historical ramp curves for comparable renovations.
  • Sized the loan under a downside case with delayed ramp, higher payroll and a wider exit cap.
  • Tested covenant packages, reserve levels and a cash-trap trigger against each scenario.
Result
Sustainable proceeds vs. requested loan amount
-13%
Year-2 DSCR: sponsor case vs. our case
1.48x vs. 1.19x
Recommended FF&E and interest reserve increase
+$3.2M
Outcome
Loan closed at resized proceeds with a cash-trap trigger

Lender, borrower and asset withheld under a confidentiality undertaking. Figures are rounded, de-identified and reflect a single engagement during the platform beta. Not investment advice; past outcomes do not indicate future results.

References

References are available — privately.

Where a client consents, we will make a direct reference available to a qualified counterparty under a mutual non-disclosure agreement. We do not circulate client names, logos or testimonials, and we never share one client’s data with another.

  • Reference calls arranged case by case, with the client's written consent.
  • Redacted work product available for review under NDA.
  • No client names, logos or asset identifiers published on this website or in marketing.
  • Data handling and retention are described in our privacy policy.
Request references under NDAHow we handle client data
Human-led · AI-elevated

Experienced hospitality investment professionals lead every mandate. AI-assisted analysis compresses turnaround and sharpens accuracy across underwriting, valuation and market screening — and each output is reviewed and verified by our advisors before it informs a recommendation.

How these samples were produced

Each engagement combined senior advisory judgement with our beta platform: Hotel X-Ray™ for rapid asset diagnostics, the Hospitality Investment Score for comparative screening, and AssetsCompass for market and feasibility work. AI compresses the analytical cycle; our advisors own the conclusion. Case narratives on this page were drafted from internal engagement records and deliberately generalized before publication.

Hotel X-Ray™·Hospitality Investment Score·AI Investment Intelligence