We publish our criteria because it saves everyone time. If an asset fits what is written below, we want the call, and we will give a fast, honest answer. If it does not fit, no amount of persuasion changes the thesis — and we would rather say so in the first conversation than the fourth.
Established late-night and hospitality venues where the building comes with the business. We buy the operation and the ground it stands on together, because a venue that owns its location can never be renegotiated out of it. We are comfortable with businesses that need operating discipline; we are not buyers of businesses that need a miracle.
Five to twenty doors in college and event markets — towns where a university, a hospital, or a stadium anchors demand year after year. We prefer portfolios over single doors, in-place income over projections, and sellers who kept honest books.
Hospitality property in Pennsylvania, West Virginia, and Ohio where the asset is sound and the operation is the problem. Tired management, deferred standards, an owner ready to be done — these are conditions we know how to work with.
Properties whose highest use is a small hotel run to an exacting standard. This is the direction the house is building toward, and we are patient about it — the right asset is worth waiting for, and the wrong one is expensive at any price.
We price on current cash flow, never on a projection of our own work. We do our own diligence, quickly, from a prepared file. When we commit, we close — a seller who accepts our terms will not discover new ones at the table. And brokers are protected: registered representation is honored, fees are respected, and closed transactions are credited. The brokers we have worked with once tend to call first the second time.
Owners, brokers, and advisors are equally welcome here. Submissions are reviewed within two business days, and every serious submission receives an answer.