Spa and Wellness Revenue Follows Capacity. Underwrite It Hour by Hour.
A spa or wellness program earns what its treatment rooms, thermal facilities and staff can deliver. Wellness revenue should be underwritten from capacity, stream by stream, before it reaches a lender.
The Branded Residence Premium Is a Launch Price. Underwrite What Survives.
Branded residences sell at about a one-third premium, and lenders now count on those sales to fund the hotel beside them. That premium is a launch price. A valuation that holds up separates the real estate, the brand and the service before capital is committed.

