Start with a feasibility study to test market demand, product fit, and financial viability before committing capital. Stratas also provides underwriting, lender preparation, credit enhancement through co-GP introductions, equity agreement evaluation, and introductions to hotel brands and third-party management companies.
Start with feasibility, choose a focused review, address a sponsorship qualification gap through co-GP matching, or connect with the right brand and management teams. Each engagement can stand alone or be combined into a broader assignment. The exact scope depends on the asset class, stage of the project, volume and quality of the files, and the decisions the report needs to support.
Market, product, operating, cost, capital, and return analysis to test whether the plan is supportable.
Independent review of the deal economics, source files, strengths, weaknesses, and lender-facing risks.
Creation, cleanup, or reconstruction of the files lenders need to evaluate the opportunity efficiently.
Plain-English economic review of control, liabilities, distributions, capital calls, and dilution exposure.
For a viable project held back by a sponsorship qualification gap, Stratas helps connect the existing sponsor with qualified co-GP candidates who may join the sponsorship team.
Stratas maintains relationships with all major hotel brands and helps owners explore the right flag, connect with franchise development teams, and coordinate new development, conversion, and rebranding discussions.
We maintain relationships with third-party management companies serving hotels, multifamily, and industrial properties, and help facilitate introductions based on the property, market, and operating plan.
A strong project can still stall when the sponsorship team is missing a lender-required qualification. Stratas helps connect sponsors with qualified co-GP candidates who may join the sponsorship team and help fill specific gaps in experience, balance-sheet strength, guaranty capacity, execution depth, or lender relationships.
The objective is not to replace the existing sponsor. It is to identify the qualification gap and introduce a co-GP candidate whose background or balance sheet may help complete the financing story.
See the Co-GP Partnerships brochure for details. Co-GP economics, authority, capital contributions, guaranties, and lender acceptance are determined separately by the parties and applicable lenders.
Discuss Credit EnhancementProject-specific analysis for developers, investors, and property owners considering ground-up development, acquisitions, repositioning, or phased projects. Understand market demand, product fit, and financial viability before committing capital.
Demand drivers, comparable properties, and future supply.
Site, scale, mix, amenities, and competitive positioning.
Costs, cash flow, debt capacity, required equity, and returns.
Downside tests, critical conditions, and a prioritized action plan.
Explore a sample study, review the detailed scope, and start with an initial questionnaire. Each assignment is tailored to your project and decision.
Room-night demand, brand positioning, occupancy, ADR and RevPAR, operating performance, and capital feasibility.
Illustrative sampleCanyon Vista Hotel
Renter demand, unit mix, rents and concessions, amenities, lease-up, operating income, and financing capacity.
Illustrative sampleCrescent Landing Apartments
Tenant demand, bay sizes, clear height, loading and truck access, utility capacity, lease-up, and leasing costs.
Illustrative sampleNorthgate Commerce Park
Land and lot strategy, entitlements, infrastructure, home prices or rents, phased absorption, and builder take-downs.
Illustrative sampleCrescent Ridge Community
Illustrative samples use fictional projects, markets, and assumptions; they are not completed client assignments.
Recommended concept, principal findings, key assumptions, and conditions to proceed.
Site, market, product, financial, and risk analysis, with a review of conclusions and next steps.
Comparable properties, demand drivers, pricing, absorption, and proposed supply.
Operating projections or phased sales and lease-up schedules tailored to the strategy.
Budget, sources and uses, debt capacity, required equity, indicative value, and returns.
Downside cases, break-even thresholds, mitigants, and next steps for unresolved items.
The study may support proceeding as proposed, proceeding subject to conditions, revising the plan, or finding the proposal not presently supported. The findings identify what the evidence supports and what must happen next.
A feasibility study evaluates whether the proposed project, repositioning, acquisition, conversion, or development plan is supportable under realistic market and financial assumptions. The analysis can be used to validate a concept, compare alternatives, refine a development program, support an investment decision, or identify changes needed before approaching lenders and investors.
Demand generators, competitive set, occupancy, ADR, RevPAR, penetration, brand positioning, PIP, seasonality, F&B, and stabilized margins.
Rent comps, unit mix, concessions, vacancy, absorption, affordability, amenities, operating expenses, and stabilized cap-rate support.
Home and lot pricing, sales pace, builder demand, infrastructure costs, phase sequencing, presales, takedowns, and finished-lot economics.
Rent per square foot, vacancy, tenant demand, bay size, WALT, rollover, TI / LC, downtime, clear height, loading, power, and site functionality.
The report identifies the information relied upon, data gaps, limitations, and the assumptions that most materially change the conclusion. Third-party appraisal, engineering, environmental, legal, tax, and other specialist work may still be required.
Share the location, concept, project stage, budget, and target timing. Estimates are acceptable; a complete project package is not required to begin.
An existing deal can lose lender interest when the request, numbers, and supporting documents do not align. We evaluate the transaction, identify what should change, test the case against comparable evidence, and rebuild the package around the improved structure.
Depending on the assignment, the support may include hotel ADR / occupancy / RevPAR comps, multifamily rent and sale comps, community-development home or lot pricing and absorption, industrial rent and vacancy comps, expense benchmarks, cap-rate evidence, or other market references. Data sources and limitations are identified in the report.
The final package is scoped to the deal. Assumptions that cannot be verified are clearly labeled rather than silently treated as fact.
Test the request, cash flow, sponsor strength, and exit.
Quantify changes to debt, equity, costs, reserves, and timing.
Use property and market evidence to test the underwriting.
Update Stratas templates around one consistent, improved deal.
The review may call for less debt, more equity, revised terms, or additional evidence. The improvement plan identifies prioritized changes, financial impacts, required evidence, responsible parties, and conditions to proceed.
Review the underwriting evaluation, supporting comparable evidence, and post-improvement lender-ready package for each asset class.
Existing operations, room revenue, renovation scope, reserves, and refinance capacity.
Illustrative exampleAlder Row Hotel
Rent roll, collections, renovation, lease-up, operating costs, and debt capacity.
Illustrative exampleWrenfield Commons
Lease rollover, tenant credit, leasing costs, building function, utilities, and takeout risk.
Illustrative exampleBriarwell Industrial Park
Finished-lot delivery, infrastructure, builder take-downs, absorption, and repayment.
Illustrative exampleJuniper Trace Community
Illustrative examples use fictional deals and assumed improvements. Public-market evidence is separately sourced; the samples are not completed client assignments or financing approvals.
Strong opportunities often lose momentum because the documents are incomplete, inconsistent, poorly labeled, or unable to explain the request. We can clean up existing files, create missing lender-facing materials, or reconstruct unusable documents from verified source information. Every recreated file distinguishes confirmed facts from sponsor assumptions and items still requiring validation.
We prepare the agreed package using updated Stratas templates: financial documents, sponsor and execution materials, a package index, and a record of adopted improvements and remaining conditions. Start with your current deal file; we review the findings with your team before preparing the lender presentation.
When a budget, pro forma, schedule, ownership chart, or summary needs to be rebuilt, we use the available source materials, clearly flag assumptions, identify missing evidence, and return a document that can be validated before it is represented to a lender or investor.
These are examples rather than a mandatory package. The goal is to create the shortest complete path to an informed underwriting decision.
Equity and joint-venture documents can create outcomes that are difficult to see in the headline ownership percentage. We translate the business and economic provisions into plain English, rebuild the distribution waterfall, identify risk allocation and control provisions, and model how delays, cost overruns, rescue capital, refinancing, sale timing, and capital-call participation can change the sponsor’s actual economics.
Key provisions summarized by topic, party, trigger, consequence, and decision point.
Scenario-based distributions, ownership changes, sponsor economics, and breakpoints.
Business issues, economic exposure, questions, and provisions to discuss with counsel.
Stratas does not replace legal counsel and does not issue legal opinions. The report is designed to help the client understand the commercial implications, model the economics, identify questions, and work more efficiently with qualified attorneys, tax professionals, and accountants.
Stratas maintains relationships with all major hotel brands and helps owners explore the right flag, connect with franchise development teams, and coordinate new development, conversion, and rebranding discussions.
Our network spans major brand families including Marriott, Hilton, Hyatt, IHG, Wyndham, Choice, and BWH Hotels / Best Western.
We maintain relationships with third-party management companies serving hotels, multifamily, and industrial properties, and help facilitate introductions based on the property, market, and operating plan.
We help clarify the operating requirements, connect you with relevant management teams, and coordinate introductory discussions as you evaluate the right fit.
Analytical engagements follow the workflow below. Co-GP, brand, and management relationship engagements focus on confirming requirements, making relevant introductions, and coordinating next steps.
Define the asset, transaction stage, audience, requested service, key questions, deadlines, and expected deliverables.
Organize the data room, identify current versions, log missing items, and establish which documents are authoritative.
Test the underwriting, compare source documents, validate formulas, build scenarios, and develop market support.
Separate strengths, clarification items, correctable issues, structural concerns, and material fundability blockers.
Provide the report, models, supporting schedules, prioritized actions, and a review call focused on implementation.
A hotel should not be evaluated like an apartment property, and a phased residential community should not be evaluated like a stabilized industrial building. The underwriting, comp set, risks, and lender questions change by asset class and subtype.
Operating, acquisition, construction, conversion, rebrand, PIP, stabilization, and refinance analysis.
Existing, value-add, development, lease-up, conversion, condominium, townhome, and stabilized analysis.
Horizontal and vertical development, phased subdivisions, lots, homes, builder exits, and rental communities.
Acquisition, refinance, development, lease-up, owner-user, manufacturing, warehouse, and flex analysis.
Submit the basic project information below. The asset subtype will appear after you select the primary asset class so the request reaches the team with the right context.
Required fields are marked with an asterisk. This first step is intentionally brief.
The final engagement letter should define the specific scope, source materials, limitations, deliverables, and responsible professionals for each assignment.
Yes. Start with feasibility and combine underwriting, lender preparation, or equity agreement evaluation as needed. Hotel brand support and third-party management introductions can also be coordinated with the analytical work. Each engagement is scoped to the property and next decision.
The file list depends on the asset and assignment, but may include the OM, purchase agreement, appraisal, pro forma, development budget, sources and uses, plans, schedule, title, survey, environmental and property-condition reports, franchise or management documents, leases, sponsor financials, organizational documents, and equity agreements.
No. The analysis may evaluate valuation assumptions and comparable evidence, but it is not an appraisal, broker price opinion, or substitute for a licensed appraisal when one is required.
No. It is a commercial and economic analysis intended to help the client understand provisions, model outcomes, identify questions, and coordinate with qualified legal, tax, securities, and accounting professionals.
Yes, when sufficient source information exists. Recreated files identify the underlying sources, distinguish verified facts from assumptions, and flag any values that still require sponsor, accountant, attorney, contractor, appraiser, or other third-party confirmation.
No. The purpose is to improve clarity, support, consistency, and readiness. Every lender and investor conducts its own underwriting and may reach a different conclusion or require additional information, structure, equity, reserves, guarantees, or third-party diligence.
Start with the consulting inquiry, call the team, or book a scope discussion.
Start with a feasibility study to test market demand, product fit, and financial viability before committing capital. Stratas also provides underwriting, lender preparation, credit enhancement through co-GP introductions, equity agreement evaluation, and introductions to hotel brands and third-party management companies.
Start with feasibility, choose a focused review, address a sponsorship qualification gap through co-GP matching, or connect with the right brand and management teams. Each engagement can stand alone or be combined into a broader assignment. The exact scope depends on the asset class, stage of the project, volume and quality of the files, and the decisions the report needs to support.
Market, product, operating, cost, capital, and return analysis to test whether the plan is supportable.
Independent review of the deal economics, source files, strengths, weaknesses, and lender-facing risks.
Creation, cleanup, or reconstruction of the files lenders need to evaluate the opportunity efficiently.
Plain-English economic review of control, liabilities, distributions, capital calls, and dilution exposure.
For a viable project held back by a sponsorship qualification gap, Stratas helps connect the existing sponsor with qualified co-GP candidates who may join the sponsorship team.
Stratas maintains relationships with all major hotel brands and helps owners explore the right flag, connect with franchise development teams, and coordinate new development, conversion, and rebranding discussions.
We maintain relationships with third-party management companies serving hotels, multifamily, and industrial properties, and help facilitate introductions based on the property, market, and operating plan.
A strong project can still stall when the sponsorship team is missing a lender-required qualification. Stratas helps connect sponsors with qualified co-GP candidates who may join the sponsorship team and help fill specific gaps in experience, balance-sheet strength, guaranty capacity, execution depth, or lender relationships.
The objective is not to replace the existing sponsor. It is to identify the qualification gap and introduce a co-GP candidate whose background or balance sheet may help complete the financing story.
See the Co-GP Partnerships brochure for details. Co-GP economics, authority, capital contributions, guaranties, and lender acceptance are determined separately by the parties and applicable lenders.
Discuss Credit EnhancementProject-specific analysis for developers, investors, and property owners considering ground-up development, acquisitions, repositioning, or phased projects. Understand market demand, product fit, and financial viability before committing capital.
Demand drivers, comparable properties, and future supply.
Site, scale, mix, amenities, and competitive positioning.
Costs, cash flow, debt capacity, required equity, and returns.
Downside tests, critical conditions, and a prioritized action plan.
Explore a sample study, review the detailed scope, and start with an initial questionnaire. Each assignment is tailored to your project and decision.
Room-night demand, brand positioning, occupancy, ADR and RevPAR, operating performance, and capital feasibility.
Illustrative sampleCanyon Vista Hotel
Renter demand, unit mix, rents and concessions, amenities, lease-up, operating income, and financing capacity.
Illustrative sampleCrescent Landing Apartments
Tenant demand, bay sizes, clear height, loading and truck access, utility capacity, lease-up, and leasing costs.
Illustrative sampleNorthgate Commerce Park
Land and lot strategy, entitlements, infrastructure, home prices or rents, phased absorption, and builder take-downs.
Illustrative sampleCrescent Ridge Community
Illustrative samples use fictional projects, markets, and assumptions; they are not completed client assignments.
Recommended concept, principal findings, key assumptions, and conditions to proceed.
Site, market, product, financial, and risk analysis, with a review of conclusions and next steps.
Comparable properties, demand drivers, pricing, absorption, and proposed supply.
Operating projections or phased sales and lease-up schedules tailored to the strategy.
Budget, sources and uses, debt capacity, required equity, indicative value, and returns.
Downside cases, break-even thresholds, mitigants, and next steps for unresolved items.
The study may support proceeding as proposed, proceeding subject to conditions, revising the plan, or finding the proposal not presently supported. The findings identify what the evidence supports and what must happen next.
A feasibility study evaluates whether the proposed project, repositioning, acquisition, conversion, or development plan is supportable under realistic market and financial assumptions. The analysis can be used to validate a concept, compare alternatives, refine a development program, support an investment decision, or identify changes needed before approaching lenders and investors.
Demand generators, competitive set, occupancy, ADR, RevPAR, penetration, brand positioning, PIP, seasonality, F&B, and stabilized margins.
Rent comps, unit mix, concessions, vacancy, absorption, affordability, amenities, operating expenses, and stabilized cap-rate support.
Home and lot pricing, sales pace, builder demand, infrastructure costs, phase sequencing, presales, takedowns, and finished-lot economics.
Rent per square foot, vacancy, tenant demand, bay size, WALT, rollover, TI / LC, downtime, clear height, loading, power, and site functionality.
The report identifies the information relied upon, data gaps, limitations, and the assumptions that most materially change the conclusion. Third-party appraisal, engineering, environmental, legal, tax, and other specialist work may still be required.
Share the location, concept, project stage, budget, and target timing. Estimates are acceptable; a complete project package is not required to begin.
An existing deal can lose lender interest when the request, numbers, and supporting documents do not align. We evaluate the transaction, identify what should change, test the case against comparable evidence, and rebuild the package around the improved structure.
Depending on the assignment, the support may include hotel ADR / occupancy / RevPAR comps, multifamily rent and sale comps, community-development home or lot pricing and absorption, industrial rent and vacancy comps, expense benchmarks, cap-rate evidence, or other market references. Data sources and limitations are identified in the report.
The final package is scoped to the deal. Assumptions that cannot be verified are clearly labeled rather than silently treated as fact.
Test the request, cash flow, sponsor strength, and exit.
Quantify changes to debt, equity, costs, reserves, and timing.
Use property and market evidence to test the underwriting.
Update Stratas templates around one consistent, improved deal.
The review may call for less debt, more equity, revised terms, or additional evidence. The improvement plan identifies prioritized changes, financial impacts, required evidence, responsible parties, and conditions to proceed.
Review the underwriting evaluation, supporting comparable evidence, and post-improvement lender-ready package for each asset class.
Existing operations, room revenue, renovation scope, reserves, and refinance capacity.
Illustrative exampleAlder Row Hotel
Rent roll, collections, renovation, lease-up, operating costs, and debt capacity.
Illustrative exampleWrenfield Commons
Lease rollover, tenant credit, leasing costs, building function, utilities, and takeout risk.
Illustrative exampleBriarwell Industrial Park
Finished-lot delivery, infrastructure, builder take-downs, absorption, and repayment.
Illustrative exampleJuniper Trace Community
Illustrative examples use fictional deals and assumed improvements. Public-market evidence is separately sourced; the samples are not completed client assignments or financing approvals.
Strong opportunities often lose momentum because the documents are incomplete, inconsistent, poorly labeled, or unable to explain the request. We can clean up existing files, create missing lender-facing materials, or reconstruct unusable documents from verified source information. Every recreated file distinguishes confirmed facts from sponsor assumptions and items still requiring validation.
We prepare the agreed package using updated Stratas templates: financial documents, sponsor and execution materials, a package index, and a record of adopted improvements and remaining conditions. Start with your current deal file; we review the findings with your team before preparing the lender presentation.
When a budget, pro forma, schedule, ownership chart, or summary needs to be rebuilt, we use the available source materials, clearly flag assumptions, identify missing evidence, and return a document that can be validated before it is represented to a lender or investor.
These are examples rather than a mandatory package. The goal is to create the shortest complete path to an informed underwriting decision.
Equity and joint-venture documents can create outcomes that are difficult to see in the headline ownership percentage. We translate the business and economic provisions into plain English, rebuild the distribution waterfall, identify risk allocation and control provisions, and model how delays, cost overruns, rescue capital, refinancing, sale timing, and capital-call participation can change the sponsor’s actual economics.
Key provisions summarized by topic, party, trigger, consequence, and decision point.
Scenario-based distributions, ownership changes, sponsor economics, and breakpoints.
Business issues, economic exposure, questions, and provisions to discuss with counsel.
Stratas does not replace legal counsel and does not issue legal opinions. The report is designed to help the client understand the commercial implications, model the economics, identify questions, and work more efficiently with qualified attorneys, tax professionals, and accountants.
Stratas maintains relationships with all major hotel brands and helps owners explore the right flag, connect with franchise development teams, and coordinate new development, conversion, and rebranding discussions.
Our network spans major brand families including Marriott, Hilton, Hyatt, IHG, Wyndham, Choice, and BWH Hotels / Best Western.
We maintain relationships with third-party management companies serving hotels, multifamily, and industrial properties, and help facilitate introductions based on the property, market, and operating plan.
We help clarify the operating requirements, connect you with relevant management teams, and coordinate introductory discussions as you evaluate the right fit.
Analytical engagements follow the workflow below. Co-GP, brand, and management relationship engagements focus on confirming requirements, making relevant introductions, and coordinating next steps.
Define the asset, transaction stage, audience, requested service, key questions, deadlines, and expected deliverables.
Organize the data room, identify current versions, log missing items, and establish which documents are authoritative.
Test the underwriting, compare source documents, validate formulas, build scenarios, and develop market support.
Separate strengths, clarification items, correctable issues, structural concerns, and material fundability blockers.
Provide the report, models, supporting schedules, prioritized actions, and a review call focused on implementation.
A hotel should not be evaluated like an apartment property, and a phased residential community should not be evaluated like a stabilized industrial building. The underwriting, comp set, risks, and lender questions change by asset class and subtype.
Operating, acquisition, construction, conversion, rebrand, PIP, stabilization, and refinance analysis.
Existing, value-add, development, lease-up, conversion, condominium, townhome, and stabilized analysis.
Horizontal and vertical development, phased subdivisions, lots, homes, builder exits, and rental communities.
Acquisition, refinance, development, lease-up, owner-user, manufacturing, warehouse, and flex analysis.
Submit the basic project information below. The asset subtype will appear after you select the primary asset class so the request reaches the team with the right context.
Required fields are marked with an asterisk. This first step is intentionally brief.
The final engagement letter should define the specific scope, source materials, limitations, deliverables, and responsible professionals for each assignment.
Yes. Start with feasibility and combine underwriting, lender preparation, or equity agreement evaluation as needed. Hotel brand support and third-party management introductions can also be coordinated with the analytical work. Each engagement is scoped to the property and next decision.
The file list depends on the asset and assignment, but may include the OM, purchase agreement, appraisal, pro forma, development budget, sources and uses, plans, schedule, title, survey, environmental and property-condition reports, franchise or management documents, leases, sponsor financials, organizational documents, and equity agreements.
No. The analysis may evaluate valuation assumptions and comparable evidence, but it is not an appraisal, broker price opinion, or substitute for a licensed appraisal when one is required.
No. It is a commercial and economic analysis intended to help the client understand provisions, model outcomes, identify questions, and coordinate with qualified legal, tax, securities, and accounting professionals.
Yes, when sufficient source information exists. Recreated files identify the underlying sources, distinguish verified facts from assumptions, and flag any values that still require sponsor, accountant, attorney, contractor, appraiser, or other third-party confirmation.
No. The purpose is to improve clarity, support, consistency, and readiness. Every lender and investor conducts its own underwriting and may reach a different conclusion or require additional information, structure, equity, reserves, guarantees, or third-party diligence.
Start with the consulting inquiry, call the team, or book a scope discussion.
