Texas Hotel Management : 4th Acquisition Pipeline

Open Deals

Seven targets underwritten on the same V5 template (THM ops pegs, zero revenue growth base case) plus one candidate not yet run. Generated 2026-06-10. Sources: Pipeline Underwrite Sweep and per-deal Underwriting Screens (vault, 2026-06-10), V5.1 model verified runs, H122 deal-folder financials (Drive). Internal only.
Mon 6/16
H158 JLL call. Salim minimum-down terms needed ON PAPER first.1
6/22 to 6/24
H075 Ten-X auction. Alchemy CA, reserve, and the dead 2/27 PSA story.1
End of June
H155 offers due. Price discovery before any more work.1

Dashboard

Deal Status Ask / Price T-12 NOI Stab. Y3 NOI Read
H150DoubleTree Galleria LEAD : PRE-LOI Supported basis $26.5M (implied $41.5M less $15.0M market PIP)2 $3,527,7792 margin 22% / 26% / 29% Y1-Y32 Loan $27.97M at 67% LTV, trailing DSCR 1.30x, cash to close $10.14M at the $8M bank-ask PIP. Two gates before LOI: displacement proof and banker term-sheet check.2
H033Element Vintage Park COUNTER STAGED $10.8M counter-back, send/hold is Ace's call1 $1,297,304 broker
run-rate $1,014,1161		 n/a (validation)1 Holds as basis and relationship play, not cap math. Broker T-12 inflated ~12% by a one-time Q1-25 group block. Bridge debt is structural: 90% amortizing fails at 0.84x, Peachtree IO covers 1.22x.1
H075Sheraton IAH AUCTION 6/22-24 Reserve unknown1 -$312,0001 $2,330,000 (16.9%)1 Option-bid turnaround. Supported basis ~$4.9M at contractor PIP vs ~$13.9M at THM self-GC: the self-GC moat IS the deal. Rate gap $2.49M/yr, RGI 75.6.1
H107SpringHill Sugar Land KILL-SHOT RECORDED Ask $9.0M (4.4% trailing cap). Our track: seller pays note down to $7.5M, we assume, $8M price1,3 $393,024
2024: $750,564 clean1		 $453,7121 Fails at ask: assumable note resets to ~7.43%, debt service $639-758K against $393K NOI is 0.52-0.62x. Reframed as a low-ball option priced on demonstrated 2024 NOI, never on revenue upside. Gate: STR decomposition.1,3
H155Crowne Plaza Med Ctr PENDING PRICE No ask yet, offers due end June1 $585,289 (6.5% margin)1 $2,240,000 (25.1%)1 Deep value pending price and PIP. Largest rate gap in the pipeline at $4.40M/yr; ADR rank 6 of 6 every period. IHG PIP unknown on a 1983 hi-rise.1
H156DoubleTree Bush IAH UNPRICED : RECEIVER Writeup target $28-30M BREAKS at the PIP1 $501,315 (3.75%)1 $2,997,0001 ~$17.1M relicensing PIP kills the target (0.89x stabilized DSCR at $29M). 1.25x supports ~$15.9M full-PIP financed or ~$23.3M FRCM-only. OM behind an unsigned CA.1
H158Hyatt Place Sugar Land PARKED High-teens anchor, broker verbal low-20s1 $1,720,206
2024 peak: $2.69M1		 not run1 NOI down 36% from the 2024 peak. At a $17.5M placeholder, 1.09x trailing at 80% LTV: conventional debt does not clear. Parked unless Salim seller paper. April may be the trough (MPI 103.0). PIP wall March 2027.1
H122Hyatt Place Downtown NOT UNDERWRITTEN No ask gathered4 2024 NOI $1,517,311
$1,711,725 after add-backs4		 not run 2024 revenue $7,102,746 at RevPAR $113.55. 2025 Jan-Oct revenue $5,767,005 with RevPAR softening to $99.49 Aug-Oct. Candidate for a V5 sweep run.4,5

Trailing vs stabilized NOI

Trailing = T-12 NOI tied to bank or broker books. Stabilized = model output at THM expense pegs with zero revenue growth: an operations claim, not an appraisal. H150 stabilization is expressed as margin path in the model; H033 ran in validation mode and H158/H122 have no stabilized run, so those bars are absent.1,2

Ask vs what the math supports

DealSeller sideSupportedGap read
H107 $9.0M ask1 $4.62M1 Widest gap in the pipeline. Hence kill-shot at ask, low-ball option at $8M with seller note paydown.1,3
H156 $28-30M writeup target1 ~$15.9M full-PIP / ~$23.3M FRCM-only1 The ~$17.1M relicensing PIP is the wedge. Receiver has not priced it yet.1
H075 Reserve unknown1 ~$4.9M market PIP / ~$13.9M self-GC1 The $9M spread between the two supported numbers is THM's construction moat. Bid the option, not the market number.1
H150 Implied $41.5M2 $26.5M basis2 Cap-math chain on the model Summary: implied value less $15.0M market PIP. Financing already pencils at 1.30x trailing.2

How to rank (4 axes)

  1. Ask vs supported basis. What cap math and DSCR support against what the seller wants. The sharpest separator.
  2. Trailing truth. T-12 NOI tied to bank books, not OM adjustments. Negative or sliding trailers (H075, H158) mean turnaround pricing.
  3. Stabilized Y3 NOI at THM ops. What THM operations alone are worth on the asset. Rate-gap upside stays labeled upside, never base case.
  4. PIP load and funder. Three bases per deal (bank ask, market-GC, self-GC) and concentration across deals.

Cross-portfolio flags

  1. Hilton PIP concentration: H150 + H156 together carry ~$32M of combined brand-family PIP exposure.1
  2. Bet win condition: underwrite all live targets, submit 3 LOIs (W5 Whiteboard).1
  3. Kill-shots are recorded instruments, not early gates. H107's is on file either way.3
  4. Nothing goes external until Ace discusses. Offer and walk numbers in H155/H156/H158 models are placeholders Ace has not set.1
Assumption quarantine: stabilized NOIs are model outputs, not appraisals. H075's $22.5M market PIP and H156's $17.1M relicensing PIP are calibrated assumptions, not quotes. H150's $15.0M market-GC PIP is a calibration inside broker guidance of $14-17M, not a bid.1,2

Sources

1 Pipeline Underwrite Sweep, vault note 2026-06-10, and the six per-deal Underwriting Screens (each figure tied to its source document in the per-deal report).

2 Model V5 Build session note 2026-06-10; V5.1 H150 model verified runs (Drive id 1Lpu9ntDV2T0IvamN3VM2jgJReTrs8lbE); T-12 Bank NOI ties broker EBITDA $3,527,780 within $1.

3 H107 paydown-and-assume decision, Model V5 Build session note 2026-06-10. Note terms per OM p6 via H107 report: ~$8.6M at 2Y UST + 3.30% with semi-annual resets.

4 Boldface Hospitality 2022-2024 P&L Summary, H122 deal folder (Drive id 1P_OqW8uyLgAgKkucbjCLIEnte18yi2M2). NOI shown after standard 3% management fee and 4% FF&E reserve per the document footnote.

5 Star Owner P&Ls as of 7/31/2025 and 10/31/2025, H122 deal folder (Drive ids 1aWU7ubLH42gf_hf9v3TNalnlJrC5b6gy, 1dkFwXkjcdu8Md_LW_MYF_tvOrOIOlAUa). Jan-Jul total revenue $4,163,331 plus Aug-Oct $1,603,674 = $5,767,005.

THM internal underwriting work product. Not for distribution. Living source of truth: vault, 20-business/THM/acquisitions/Open Deals Memo.