Start Here — Tell Me About Your Portfolio

• Which property or group of properties are we discussing today?
• How many rooms does the property have? Options: <50, 50–99, 100–149, 150–249, 250+
• How would you classify this property? Options: Branded limited-service, Branded select-service, Independent/unbranded, Conversion-in-progress, Other
• Who is the primary owner or decision-maker we should be talking to? Options: Individual owner, Family office, Private equity, Small REIT, Other
• Which of these best describes your current relationship to the property? Options: Actively involved in operations, Strategic oversight only, Hands-off investor, Managing multiple properties personally
• What prompted you to explore a new management partner now? (select all that apply) Options: Declining guest scores, Fall in occupancy/RevPAR, Refinance/loan requirement, Brand inspection failure, Owner fatigue with current operator, Desire to scale portfolio, Other

Are You Comfortable Watching Revenues Slip?

• When you look at last year's revenue curve, what surprised you most about the declines or volatility?
• If revenue fell another 10% next quarter, what immediate actions would you expect from a good operator? Options: Price adjustments, Promotions/marketing push, Staffing changes, Channel mix optimization, Vendor/cost renegotiation, Other
• How long have you been seeing weaker top-line performance compared to your competitive set? Options: Under 3 months, 3–6 months, 6–12 months, 12+ months
• Which revenue metrics do you watch most closely and why? Options: Occupancy, ADR, RevPAR, TRevPAR, Segment mix, Other
• Tell me about a recent pricing or distribution decision that didn’t go as expected—what happened and how did it feel to you?
• How much tolerance do your stakeholders have for short-term revenue dips if a plan to recover NOI is clearly presented? Options: High, Moderate, Low, None/Depends on lender

What’s Really Hurting Guest Experience?

• When guests complain, what do you notice repeating in the feedback—are we missing a pattern?
• Which guest-facing areas feel most fragile right now? Options: Front desk/check-in, Housekeeping/room readiness, Public spaces/maintenance, F&B (if applicable), Digital/booking experience, Other
• How have guest satisfaction scores (GSS/NPS) changed over the last 12 months? Options: Improved, Stable, Declined slightly, Declined sharply, We don't track consistently
• Share a specific guest complaint or inspection note that still bothers you—what was the outcome and who handled it?
• How quickly do you expect guest issues to be acknowledged and resolved by your manager? Options: Within hours, Same day, 48 hours, Several days
• If you could change one operational habit that undermines guest experience, what would it be?

Are You Settling for Opaque Reports and Squeezed NOI?

• How comfortable are you with the timeliness and granularity of the financial reporting you currently receive? Options: Very comfortable, Somewhat comfortable, Uncomfortable, We rarely get meaningful reports
• Which reporting elements matter most to your ability to manage risk or support refinancing? Options: Monthly P&L, Cash flow statements, Detailed vendor spend, Labor productivity reports, Occupancy/ADR analytics, Other
• When a number looks off, how long does it usually take your operator to investigate and explain it? Options: Same day, 1–3 days, 1–2 weeks, Longer/uncertain
• Have you ever discovered a material reporting error or missed receivable after a distribution was made? If so, how long before it was corrected? Options: Never, Corrected within a month, Took several months, Corrected but unresolved
• What level of reporting transparency would make you sleep better—what specific data or cadence would that be? Options: Daily dashboards, Weekly snapshots + monthly P&L, Monthly detailed P&L, Quarterly deep-dive with audit
• If your goal is to improve NOI, where do you believe the largest, realistic savings can be found? Options: Labor scheduling, Procurement/purchasing, Utility management, RevPAR improvements, Outsourced vendor optimization, Other

Who Decides — and What Will They Accept?

• Who are the stakeholders that must sign off on a new management agreement—and what does each care about most?
• Which of the following will be deal-breakers for your lender or investor? Options: Minimum DSCR/NOI thresholds, Audited historical performance, Experienced day-one transition team, Five-year minimum term, Fee structure limits, Other
• How do your lenders quantify acceptable performance during refinancing or covenant review? Options: Absolute NOI target, GOP margin threshold, Occupancy/RevPAR relative to comp set, Stabilized 12-month cycle, Other
• Have you provided prospective managers with audited comps or are you expecting them to produce comparable audited data? Options: I have audited comps to share, I expect manager to provide audited comps, We can provide informal comps, Unsure
• Who on your side will be the primary day-to-day contact during transition and post-handover? Options: Owner/CEO, Operations lead, Asset manager, Third-party advisor, Other
• What evidence or references would convince you a manager can deliver the lender-required metrics? Options: Audited performance from similar assets, Direct owner references, Transition plan & named team, Performance guarantees, Other

If We Could Fix This, What Would Success Actually Look Like?

• Imagine 12 months after a transition: what three indicators would show you the partnership is a success?
• Which KPIs would you want written into acceptance criteria for the first 12 months? Options: Occupancy improvement (%), RevPAR growth (%), GOP/NOI improvement (%), Guest satisfaction score uplift, Vendor cost reduction (%), Other
• What minimum improvement in NOI or GOP would be meaningful enough for you to consider the switch justified? Options: <5%, 5–10%, 10–20%, 20%+
• Beyond numbers, what operational changes would make you feel confident—examples: cleaner rooms, faster check-in, predictable reports?
• How important is a written incentive structure tied to measurable KPIs versus a fixed fee-only model? Options: Very important, Somewhat important, Neutral, Prefer fixed fee
• If we showed a transition plan that delivered those KPIs, how would you want success to be demonstrated to your lender or board? Options: Audited monthly reports, Third-party validation, Owner walk-throughs, Case-study style reporting, Other

What Would Make You Trust a New Operator Immediately?

• What’s the single biggest fear you have about switching managers mid-contract or at renewal?
• Which of these reassurances matter most on day one of transition? Options: Named GM on property, Detailed 60–90 day plan, Vendor audit completed, PMS migration timeline, Guaranteed staffing plan, Other
• How important are live references (owners we can call) versus written case studies? Options: Live references far more important, Both equally, Written case studies are fine, Unsure
• If we proposed a phased fee or performance holdback tied to early results, would that increase your trust? Options: Yes — strongly, Somewhat, Not really, No
• Describe one example of a successful operator handover you admired—what specifically impressed you?

Are You Ready to Move? Timing, Risks, and Red Lines

• How soon do you realistically need improved performance to satisfy refinancing, brand, or owner objectives? Options: Immediately (0–3 months), Short term (3–6 months), Medium term (6–12 months), Longer (>12 months)
• What are the non-negotiables or red lines that would prevent you from signing with a new manager? Options: Contract length, Fee caps, Control over capital projects, Staff retention guarantees, Reporting rights, Other
• Which of these transition risks worries you most? Options: Loss of key staff/GM, Guest disruption, PMS/data migration failures, Vendor/contract handback issues, Unexpected cost increases
• What timeline would be acceptable for a full 60–90 day transition to be planned and executed? Options: Start within 2 weeks, Start within a month, Start in 2–3 months, Depends on contract/legal timing
• Who else needs to be involved in the decision and when can we assemble them for a single review meeting? Options: Owner only, Owner + asset manager, Owner + lender, Owner + legal counsel, Other
• What would you need from us next to feel comfortable moving toward a proposal—examples: audited comps, a named transition team, a draft fee structure? Options: Audited comparable performance, Named day-one GM + team, Detailed 60–90 day transition, Draft commercial terms, Owner references, Other
• If you could set one immediate priority for a prospective manager to address on day one, what should it be?

• Current State & Financial Impact Review
• Comparable Performance & Projected Outcome Modeling
• Day-One Transition Team & Operational Proof
• KPI Targets, Acceptance Criteria & Mutual Validation

• If KPI targets are accepted, schedule the Mutual Commit stage meeting to finalize commercial and legal terms.
• Owner explicitly validates the model assumptions or requests changes.
• Select the forecast scenario to be used for scope and fee negotiation.
• Finance lead to finalize and share the Excel model with scenario tabs and annotated assumptions.
• Provide a one-page 'Projected Impact' summary linking forecast to lender/stakeholder acceptance criteria.
• If assumptions change, schedule a 30-minute reconvene to revalidate projections.
• One-line Future State
• Owner clearly understands who will run day one and how operations will be sequenced to protect revenue.
• Provide concrete reporting templates and commit to a reporting cadence that satisfies lender/stakeholder needs.
• Owner validates that the presented runbook and team will realistically deliver the forecasted improvements.
• Share final day-one org chart and 60–90 day runbook with named personnel and CVs for proposed GM and transition lead.
• Deliver sample reporting package (daily flash, weekly ops, month-end audited report) in the owner's preferred format.
• List any operational constraints the owner raised and update the runbook to reflect agreed trade-offs.
• Recap Forecast & Operational Plan
• Agree on baseline KPIs and specific 12-month target numbers that map to the projected outcomes.
• Define acceptance criteria and reporting/evidence required to validate success against lender/stakeholder needs.
• Produce a clear list of decision points and the next steps required to move to commercial negotiation.
• Draft a one-page 'KPI & Acceptance Criteria' document that will be incorporated into the commercial term sheet.
• Assign owners for milestone sign-offs (owner rep, transition lead, third-party auditor) and capture contact information.
• Introductions & Meeting Objective
• Owner and seller agree on a single-sentence current state of the property.
• Consequences are quantified in monetary and operational terms and prioritized by the owner.
• List of any missing audit/comparable files needed for the Solution Experience is agreed.
• Owner to deliver missing documents (audited comparables, vendor contracts, recent inspection reports) within 48 hours.
• CustomerNode team to produce a one-page 'Current State & Consequence' summary for use in the next meeting.
• Schedule the Comparable Data Analysis meeting with revenue and finance leads present.
• Recap of Confirmed Current State & Consequences
• Establish a defensible projected occupancy, RevPAR, and NOI improvement backed by audited comparables.
• One-line Current State
• Baseline KPI Confirmation
• Proposed Day-One Team & Roles
• Present Audited Comparable Data
• Set 12-Month Targets & Acceptance Criteria
• Financial Model Walkthrough (Base & Sensitivity)
• Financial & Operational Data Walkthrough
• Day-One Runbook & 60–90 Day Sequencing
• Quantify Consequence
• Reporting Transparency Demo (Proof)
• Translate Projections to Concrete Consequences
• Reporting Cadence & Evidence Required for Acceptance
• Stakeholder Impact & Priorities
• Decision Points & Next Steps Toward Commercials
• Operational Proof Points & Case Studies
• Validation & Assumption Challenge
• Agreement on a Target Projection to Carry Forward
• Validate Operational Trade-offs & Owner Constraints
• Validation & Next Data Needs

• Operate 24/7 Front Desk Check-In/Check-Out
• Perform Daily Housekeeping Turnovers and Deep Cleans
• Execute Revenue Management Rate Loads and Yielding
• Run Centralized Purchasing and Vendor Order Fulfillment
• Manage Accounts Payable and Vendor Invoice Payment
• Deliver Monthly Financial Statements and Owner Reports
• Migrate Property Management System and Guest Data
• Perform Night Audit and Daily Revenue Reconciliation
• Execute Preventive Maintenance and On-Site Repairs
• Manage Group Reservations and Corporate Contracts
• Negotiate Procurement Contracts and Onboard Suppliers
• Handle Guest Billing, Payments, and Refunds
• Provide Emergency Incident Response and Insurance Coordination

Operate 24/7 Front Desk Check-In/Check-Out

• What are the current front desk operating hours? Options: 24/7, Extended (until midnight), Daytime only (e.g., 7am–11pm), By appointment/seasonal, Other
• Do you require an on-site manager or overnight agent to be present every night? Options: Yes, No, Only peak nights
• Which check-in/checkout options should be supported? Options: Traditional front desk, Self-service kiosk, Mobile check-in/app, Express checkout, Keyless entry integration
• Do you have systems for cash handling, credit card capture, and fraud prevention at check-in? Options: Yes - all in place, Partially, No, need implementation
• What are typical guest arrival patterns and peak check-in hours (days/time windows)?
• Are there language or accessibility requirements for front desk staff (e.g., multilingual, ADA)? Options: English only, English + Spanish, Multiple languages required, Accessibility trained staff required, Other

Perform Daily Housekeeping Turnovers and Deep Cleans

• What room types and approximate room counts require daily turnover?
• Do you require evening turndown or mid-day refresh services for specific room types? Options: Yes, No, Only for suites/corporate guests
• What deep-cleaning cadence do you prefer for guestrooms and back-of-house areas? Options: Monthly, Quarterly, Bi-annually, Annually, Custom schedule
• Are there brand or local-standard checklists we must follow (e.g., green cleaning, allergen protocols)? Options: Yes - attach standards, No, Custom - will provide details
• Do you want inventory management for housekeeping supplies and linen tracking included? Options: Yes - automated reorder, Yes - manual tracking, No
• What are your acceptance criteria for room cleanliness on inspection (score thresholds or QA process)?

Execute Revenue Management Rate Loads and Yielding

• Do you currently use an RMS (revenue management system) or manual rate strategy? Options: Third-party RMS, In-house RMS, Manual spreadsheets, No formal process
• What are your primary pricing objectives (occupancy, RevPAR index, ADR growth, GOP contribution)? Options: Maximize occupancy, Maximize RevPAR, ADR growth, Profit-driven (GOP), Balanced
• Which channels and OTAs must be prioritized or excluded during rate loading? Options: Direct booking, Brand/consortium channels, Major OTAs (Expedia/Booking), GDS, Corporate channels
• What is the approval process and lead time required for rate and restriction changes? Options: Immediate (delegated), Daily review by owner, Weekly approval, Other
• Do you require integrated forecasting, competitor rate shopping, and weekly pricing reviews? Options: Yes - all required, Some of these, No
• Please list any blackout dates, contracted rates, group pick-up rules, or negotiated corporate rates that must be honored.

Run Centralized Purchasing and Vendor Order Fulfillment

• Which product categories should be included in centralized purchasing (F&B, linens, amenities, cleaning supplies, engineering parts)? Options: F&B, Linens & amenities, Cleaning supplies, Engineering/parts, Office supplies, All categories
• Do you have preferred vendors or existing contracts we must maintain? Options: Yes - list required, No, Some - negotiable
• Do you require automated reorder points, minimum stock levels, and monthly usage reporting? Options: Yes, No, Partial
• What is your acceptable lead time for deliveries and emergency orders? Options: Same day, 1-3 days, 3-7 days, Custom
• Should centralized purchasing include bulk procurement for multiple properties in the portfolio? Options: Yes - consolidate across properties, No - property-level only, Optional
• Are there sustainability or local sourcing requirements to apply to procurement? Options: Yes - sustainability required, No, Some categories only

Manage Accounts Payable and Vendor Invoice Payment

• How are vendor invoices currently submitted (email, portal, paper)? Options: Email, Vendor portal, Paper/physical, Other
• What payment terms do you currently offer vendors (Net 30, Net 60, COD)? Options: Net 7-15, Net 30, Net 45, Net 60, COD
• Do you require electronic payments (ACH/virtual card) and remittance automation? Options: Yes - ACH/virtual card required, Prefer but not required, No
• Who should be in the approval chain for invoices and what dollar thresholds apply?
• Do you need vendor aging reports, cashflow forecasting, and AP KPIs included monthly? Options: Yes - include all, Only aging report, No
• Are there any vendors that require special compliance (W9, insurance certificates) before payment? Options: Yes - list vendors, No, Unsure

Deliver Monthly Financial Statements and Owner Reports

• What financial reports are required monthly (P&L, balance sheet, cashflow, department-level stats)? Options: P&L, Balance sheet, Cashflow statement, Departmental P&Ls, Custom
• Do you require audited statements or third-party reviews in addition to monthly management reports? Options: Yes - annual audit, Quarterly review, No
• What level of detail is expected for owner reports (line-item vs. summarized vs. GL-coded)? Options: Line-item detail, Summarized with drill-down, GL-coded detail, Other
• Which KPIs must be included each month (Occupancy, ADR, RevPAR, GOP, NOI, Guest Scores)? Options: Occupancy, ADR, RevPAR, GOP, NOI, Guest/Service Scores, Custom
• What delivery cadence and format do you prefer for reports (PDF, dashboard link, CSV export, owner portal)? Options: PDF via email, Dashboard link, CSV export, Owner portal access, Combination
• Are there lender or stakeholder reporting templates or compliance items we must follow? Options: Yes - attach templates, No, Will provide details later

Migrate Property Management System and Guest Data

• What is your current PMS and which PMS do you want migrated to (if known)?
• Estimate the volume and types of data to migrate (guest profiles, reservations, folios, rate plans, loyalty data). Options: Small (<10k profiles), Medium (10k–50k), Large (>50k), Custom - specify
• Are there integrations to preserve during migration (POS, RMS, channel manager, payment gateway)? Options: POS, RMS, Channel Manager, Payment Gateway, CRM, Other
• What downtime window is acceptable for cutover and do you require parallel run/testing before go-live? Options: Short window (overnight), Weekend cutover, Parallel run required, No downtime acceptable
• Do guest data security, PCI, and privacy requirements restrict any migration activities? Options: Yes - restrictions apply, No, Unsure - need assessment
• Who will provide access to system admins, data exports, and vendor cooperation for migration?

Perform Night Audit and Daily Revenue Reconciliation

• Do you currently run an automated night audit or manual process? Options: Automated nightly, Manual with staff, Hybrid, No consistent process
• What cut-off time and business date conventions are required for revenue posting? Options: Midnight local, Check-out driven, Custom F&B cut-offs, Other
• Which payment types and external transactions must reconcile nightly (cash, cards, virtual cards, group master folios)? Options: Cash, Credit/Debit cards, Virtual cards, Group master folios, Other
• Do you require daily variance reporting, owner notifications for exceptions, and escalation rules? Options: Yes - all required, Some (specify), No
• Are there legacy systems or offline processes that complicate reconciliation? Options: Yes - list systems, No
• Please define accuracy thresholds or acceptance criteria for daily reconciliations.

Execute Preventive Maintenance and On-Site Repairs

• Do you have an existing PM schedule and asset list (HVAC, elevators, boilers, kitchen equipment)? Options: Yes - attach list, Partial list, No
• What is the preferred cadence for preventive maintenance tasks (weekly, monthly, quarterly)? Options: Weekly, Monthly, Quarterly, Annually, Custom
• Do you require an on-site maintenance technician, or is remote/vendor dispatch acceptable? Options: On-site technician, On-call vendor dispatch, Hybrid
• What are your response-time SLAs for urgent vs. non-urgent repairs? Options: Under 1 hour (urgent), Within 4 hours, 24 hours, 72 hours (non-urgent)
• Are capital project planning, cost estimates, and owner approval workflows part of scope? Options: Yes - include capital planning, Only emergency CAPEX, No
• Are there safety, code, or vendor-certification requirements we must comply with? Options: Yes - list requirements, No, Unsure

Manage Group Reservations and Corporate Contracts

• Do you currently hold negotiated corporate or negotiated group rate agreements? Options: Yes - list contracts, No, Some - partial
• What is the typical annual volume of group room-nights and typical pickup lead times? Options: Low (<100 room-nights), Medium (100–1000), High (>1000), Variable - specify
• Which contracting terms are mandatory to preserve (attrition, cut-off, deposit schedules)? Options: Attrition clauses, Deposit schedules, Cut-off dates, Cancellation penalties, Other
• Do you require group billing, master account handling, and post-event reconciliation? Options: Yes - all required, Some features only, No
• Are corporate negotiated rates tied to negotiated corporate codes, negotiated allotments, or negotiated rate windows? Options: Corporate codes, Allotments, Rate windows, Combination
• Please describe any blackout periods or internal priorities for group bookings.

• Management Agreement (MSA)
• Statement of Work (SOW)
• Fee Schedule & Incentive Addendum
• Transition Plan & Handover Schedule
• Transition Readiness Confirmation
• Key Personnel, Day-One Team & References
• Vendor Contract Assignment / Novation Terms
• PMS Migration & Data Transfer Authorization
• Insurance, Indemnity & Liability Certification
• Performance KPIs & 12‑Month Acceptance Criteria
• Data Privacy & Data Processing Agreement (DPA)
• Payment Authorization & Deposit Instructions
• Termination & Exit Provisions
• Regulatory & Compliance Declarations
• Final Acceptance & Handover Sign-Off

• 12-Month Performance Review — Success Confirmation
• KPI Deep-Dive: Revenue, Costs & Reporting Transparency
• Operational Retrospective: Transition & On-site Execution
• Guest Experience & Quality Improvement Review
• Governance, Shared Channel & Continuous Improvement Roadmap

• Publish an operational remediation tracker listing actions, owners, success metrics, and due dates within 48 hours.
• Surface any remaining critical gaps and agree remediation owners and timelines.
• Obtain owner sign-off to transition to steady-state governance and continuous improvement cadence.
• Distribute the final audited performance pack and slide deck within 48 hours.
• If gaps exist, produce a remediation plan with owners, milestones, and success criteria within 7 days.
• Schedule the Governance & Roadmap meeting to set ongoing cadence.
• Purpose & Pre-Work Review
• Reconcile major variances to baseline and provide documentary proof for the owner and lender needs.
• Confirm that reporting meets lender/stakeholder acceptance criteria and timelines.
• Agree on any accounting or reporting changes and assign owners for implementation.
• Deliver reconciled P&L workbook with footnotes and supporting documents within 5 business days.
• Publish updated monthly reporting templates and schedule effective next month.
• Assign finance owner to liaise with owner's accountant for any lender-required statements.
• Retrospective Purpose & Rules
• Identify, prioritize, and assign ownership for top operational fixes required to meet acceptance criteria.
• Create measurable validation plans so improvements can be proven in subsequent cycles.
• Capture lessons for future transitions and update the transition playbook.
• Desired State (one sentence)
• Update the transition playbook with the agreed lessons learned within 10 business days.
• Schedule a 30-day check-in to review early validation metrics for implemented fixes.
• Opening & Pre-Work Confirmation
• Validate that guest experience improvements are material and aligned to owner/brand acceptance criteria.
• Prioritize remaining service fixes and assign owners with measurable success criteria.
• Agree on a cadence for reputation reporting and escalation thresholds.
• Publish a prioritized guest experience backlog and assign owners within 3 business days.
• Implement weekly scorecard emails to owners showing top 5 guest metrics and open critical issues.
• Schedule training/coaching sessions for front-line staff where needed within 14 days.
• Establish a single shared communication channel with clear SLAs and owners.
• Agree on a transparent enhancement/issue intake and prioritization process.
• Lock the 90-day prioritized improvement roadmap and governance cadence.
• Set up the shared channel and invite the agreed participants within 48 hours.
• Publish the enhancement intake form and backlog triage criteria to the channel.
• Schedule the first quarterly governance meeting and recurring monthly triage meetings.
• Welcome & Meeting Objectives
• Confirm whether KPIs meet the acceptance criteria agreed at contract signing.
• Consequence of Poor Governance
• Current State (one-sentence baseline)
• Current State (one sentence) — Guest Experience
• Current State Snapshot (one sentence per function)
• Current State — Reporting Gaps (one sentence)
• Consequence Analysis
• Consequence: Revenue & Reputation Impact
• Evidence: Audit Findings & Operational Metrics
• Shared Channel Setup & Protocols
• Consequence Summary (one sentence)
• Performance vs Baseline — Proof
• Proof: Trends & Case Examples
• Enhancement Request & Backlog Triage Process
• Root-Cause Problem Solving
• Detailed Variance Walkthrough — Revenue & Cost Lines
• Gap Analysis & Root Causes
• Reporting Improvements & Proof
• Corrective Actions, Owners & Timelines
• Tactical Priorities: Recovery & Preventative Actions
• 90-Day Roadmap & Quarterly Cadence
• Validation & Owner Feedback
• Validation Plan
• Decision & Next Steps for Financial Controls
• Close: Decisions & Immediate Next Steps
• Owner & Brand Validation