Investment Committee Member — Hospitality Investments

Underwriting scrutiny

Test proposed returns against operating cash flow, acquisition costs, refurbishment requirements, financing terms and exit assumptions. Look beyond headline room revenue to distribution costs, labour intensity, operator fees and replacement expenditure. Identify where a deal depends on a repositioning plan that has not been sufficiently costed or operationally tested.

An investment recommendation should show the cash required between acquisition and stable operation, including working capital and unavoidable capital works. Test the investment’s sensitivity to a lower operating margin and a less favourable exit, rather than relying on a single headline return. Where the thesis involves operator change, scrutinise transition rights, cost and execution readiness with specialist input. Committee conditions should specify evidence required before funds are committed and who can confirm satisfaction, preventing broad approval from becoming permission to waive unresolved risks informally.

Committee contribution

Challenge commercial diligence, valuation and downside scenarios. Require unresolved issues to become explicit conditions or grounds for deferral rather than disappearing into a favourable recommendation. Assess each opportunity against existing exposure and available capital, including the capacity to fund underperformance after completion.

Candidate evidence

Qualified candidates should have underwritten, approved or overseen hospitality investments and followed their results beyond acquisition. They need a record of independent judgement, including declining or materially reshaping a transaction. Candidates should be able to distinguish a sound asset from an unsuitable investment at the proposed price and financing structure.

Continuing accountability

Where the charter includes post-investment review, compare realised performance with the original thesis and identify lessons for future approvals. Maintain clear conflict disclosures and abstain where appropriate. There is no implied fundraising quota, introduction requirement or success-fee sales responsibility; the value of this appointment is the integrity of the investment decision process.