Hotel Development Financial Model
The complete real estate financial model for hotel developments. Model full-service, limited-service, extended-stay, and boutique hotels.
Complete Hotel Development Model
Designed for seasoned hotel developers and investors, this comprehensive Excel model tackles every aspect of your project.
Why Choose TILT?
Built for real estate professionals who need depth, flexibility, and a model they can trust.
Depth & Professional Outputs
One model with the depth and functionality to handle your entire deal. Smart input features and a hyperlinked table of contents keep everything organized on a single input page, driving 50+ polished output sheets ready to present to investors, lenders, and partners.
Proven & Refined for Over a Decade
The same model, continuously enhanced and improved for 10+ years. Vetted and validated by hundreds of clients across every deal type. A model you can trust.
Not Cloud-Based, No Per-User Fees
No subscriptions, no per-seat licensing. Everyone at your company can use the model. Work offline, keep your data local, and TILT can customize it to fit your specific needs.
Free Technical Support
Get help with model questions directly from the person who built it. Fast response times and client feedback actively incorporated into model improvements.
Development Pro Forma Features & Functionality
Built on proven institutional methodology with advanced Excel functionality that eliminates circular references and maximizes flexibility.
Base Functionality
Inputs & Smart Features
Inputs All on One Page
No hunting through tabs: all inputs displayed, categorized, and hyperlinked.
Show Only Rows with Data
One-click toggle to display only non-zero rows for clean, focused output.
Show/Hide Output Sheets
Easy toggle to display only the sheets you need for each presentation.
Print Selected Reports from TOC
Select and print multiple output reports as a packet directly from the table of contents.
Smart Uses and Sources
Unlike traditional models, ours understands timing and availability each month.
Auto Loan Interest Calculation
Accurately calculates construction loan interest without circular references or iterative calculations.
Input Error Check
Automatically detects common errors with clearly labeled warnings.
Flexible Input Methods
Enter values as $/SF, $/unit, $/month, or $total, whatever fits your workflow.
Hyperlinked Table of Contents
Navigate 50+ sheets instantly with a clickable, organized TOC.
Right-Click Sheet Reordering
Reorganize output sheets with a simple right-click menu, no dragging required.
Auto-Updating Sheet Names
Rename any sheet and the TOC updates automatically, no manual fixes.
Analysis & Reporting
Sensitivity Analysis
Automatic "what-if" analysis for exit years, rents, operating expenses, hard costs, and more.
Untrended/Stabilized Analysis
Understand how much of your returns are based on inflationary assumptions vs. real growth.
Print-Ready Output Sheets
Professional, investor-ready reports for presentations with key data and projections.
50+ Output Sheets
The most comprehensive model available with hyperlinked table of contents.
Key Metrics Visible
IRR, equity multiple, and key metrics displayed throughout inputs for real-time monitoring.
Calendar or Operating Year P&L
Toggle between calendar year and fiscal year reporting views.
Financing & Debt
Mezz Debt and Grants
Utilize multiple sources of financing alongside the construction loan.
Land Loan Prior to Construction
Functionality for separate loans for land purchase and construction phases.
Refinance Loans
%LTV requirements, cash-in-pocket calculations, and DSCR target inputs.
Interest Rate Options
Fixed or tied to projection curves for adaptable financial modeling.
Construction Loan Cash Flow Sheet
Dedicated output showing monthly draws, interest accrual, and payoff timing.
Development & Construction
Land Lot Take-Down Schedule
Purchase large land lots in multiple transactions over time.
Land Parcels with Acreage
Function with land plots or development pads based on acreage or land sqft.
20 Development Phases
In series or parallel, tied to project costs with custom timing control.
Link Soft Costs to Phases
Assign soft costs to phases: timing automatically updates when schedules change.
100 Soft Cost Line Items
Itemize up to 100 soft costs with category names, timing, and phase linkage.
50 Hard Cost Line Items
Use itemized draw schedules with specific start/end dates for each cost.
Gantt Chart Output
Visual timeline showing all development phases and milestones at a glance.
Partnership & Equity
Multiple Equity Distributions
IRR waterfall, GP catch-up, fixed percentage, and more for flexible profit-sharing.
Non-Cash Contributions
Acknowledge equity for land contributions to specific LP or GP partners.
Up to 6 LPs and 6 GPs
Detailed partnership structuring for complex joint ventures.
LP/GP Timing Toggle
Control simultaneous or separate capital contributions and payout timing.
GP Returns on Deal Summary
Toggle to display GP-specific returns directly on the deal summary output.
GP Fees Earned as Equity
Development fees can be earned equity rather than cash during construction.
Units & Revenue
20 Commercial + 40 Residential Unit Types
Unlimited units per type for any project scale.
Vacancies, Concessions & Bad Debt
Factor in occupancy losses year by year for realistic projections.
Other Revenues
Capture recurring fees (pet, parking) and one-time fees (application).
Commercial Triple Net
Matches NNN expenses with tenants; understands vacancy impact on reimbursements.
Hotel Forecasting Methods
% of revenue, per occupied room, per available room, and $ input options.
Lease Up by Unit Type
Manage lease-up schedules separately for each unit type with pre-leasing %.
30 Operating Expense Lines
Input per year, per unit, per sqft, % of rent, or per bed for each segment.
Year-by-Year Inflation
Incorporate granular inflation inputs for rents and operating expenses.
Property Tax Abatement
Year-by-year tax offsets with valuation adjustment at exit.
Optional Additional Functionality
Any Property Combination
Support any mix of residential, commercial, and/or hotel in one model.
Multi-Date Exit
Sell different units at different dates over the project lifecycle.
CPACE Financing
Commercial Property Assessed Clean Energy financing integration.
Mezz Debt
Mezzanine debt with flexible payback options for tailored structures.
Tax Increment Financing (TIF)
Integrate local economic development incentives into project models.
LIHTC
Low Income Housing Tax Credits with federal/state credits in capital stack.
Development Pro Forma Features & Functionality
Built on proven institutional methodology with advanced Excel functionality that eliminates circular references and maximizes flexibility.
Base Functionality
Inputs & Smart Features
Inputs All on One Page
No hunting through tabs—all inputs displayed, categorized, and hyperlinked.
Show Only Rows with Data
One-click toggle to display only non-zero rows for clean, focused output.
Show/Hide Output Sheets
Easy toggle to display only the sheets you need for each presentation.
Print Selected Reports from TOC
Select and print multiple output reports as a packet directly from the table of contents.
Smart Uses and Sources
Unlike traditional models, ours understands timing and availability each month.
Auto Loan Interest Calculation
Accurately calculates construction loan interest without circular references or iterative calculations.
Input Error Check
Automatically detects common errors with clearly labeled warnings.
Flexible Input Methods
Enter values as $/SF, $/unit, $/month, or $total—whatever fits your workflow.
Hyperlinked Table of Contents
Navigate 50+ sheets instantly with a clickable, organized TOC.
Right-Click Sheet Reordering
Reorganize output sheets with a simple right-click menu—no dragging required.
Auto-Updating Sheet Names
Rename any sheet and the TOC updates automatically—no manual fixes.
Analysis & Reporting
Sensitivity Analysis
Automatic "what-if" analysis for exit years, rents, operating expenses, hard costs, and more.
Untrended/Stabilized Analysis
Understand how much of your returns are based on inflationary assumptions vs. real growth.
Print-Ready Output Sheets
Professional, investor-ready reports for presentations with key data and projections.
50+ Output Sheets
The most comprehensive model available with hyperlinked table of contents.
Key Metrics Visible
IRR, equity multiple, and key metrics displayed throughout inputs for real-time monitoring.
Calendar or Operating Year P&L
Toggle between calendar year and fiscal year reporting views.
Financing & Debt
Mezz Debt and Grants
Utilize multiple sources of financing alongside the construction loan.
Land Loan Prior to Construction
Functionality for separate loans for land purchase and construction phases.
Refinance Loans
%LTV requirements, cash-in-pocket calculations, and DSCR target inputs.
Interest Rate Options
Fixed or tied to projection curves for adaptable financial modeling.
Construction Loan Cash Flow Sheet
Dedicated output showing monthly draws, interest accrual, and payoff timing.
Development & Construction
Land Lot Take-Down Schedule
Purchase large land lots in multiple transactions over time.
Land Parcels with Acreage
Function with land plots or development pads based on acreage or land sqft.
20 Development Phases
In series or parallel, tied to project costs with custom timing control.
Link Soft Costs to Phases
Assign soft costs to phases—timing automatically updates when schedules change.
100 Soft Cost Line Items
Itemize up to 100 soft costs with category names, timing, and phase linkage.
50 Hard Cost Line Items
Use itemized draw schedules with specific start/end dates for each cost.
Gantt Chart Output
Visual timeline showing all development phases and milestones at a glance.
Partnership & Equity
Multiple Equity Distributions
IRR waterfall, GP catch-up, fixed percentage, and more for flexible profit-sharing.
Non-Cash Contributions
Acknowledge equity for land contributions to specific LP or GP partners.
Up to 6 LPs and 6 GPs
Detailed partnership structuring for complex joint ventures.
LP/GP Timing Toggle
Control simultaneous or separate capital contributions and payout timing.
GP Returns on Deal Summary
Toggle to display GP-specific returns directly on the deal summary output.
GP Fees Earned as Equity
Development fees can be earned equity rather than cash during construction.
Units & Revenue
20 Commercial + 40 Residential Unit Types
Unlimited units per type for any project scale.
Vacancies, Concessions & Bad Debt
Factor in occupancy losses year by year for realistic projections.
Other Revenues
Capture recurring fees (pet, parking) and one-time fees (application).
Commercial Triple Net
Matches NNN expenses with tenants; understands vacancy impact on reimbursements.
Hotel Forecasting Methods
% of revenue, per occupied room, per available room, and $ input options.
Lease Up by Unit Type
Manage lease-up schedules separately for each unit type with pre-leasing %.
30 Operating Expense Lines
Input per year, per unit, per sqft, % of rent, or per bed for each segment.
Year-by-Year Inflation
Incorporate granular inflation inputs for rents and operating expenses.
Property Tax Abatement
Year-by-year tax offsets with valuation adjustment at exit.
Optional Additional Functionality
Any Property Combination
Support any mix of residential, commercial, and/or hotel in one model.
Multi-Date Exit
Sell different units at different dates over the project lifecycle.
CPACE Financing
Commercial Property Assessed Clean Energy financing integration.
Mezz Debt
Mezzanine debt with flexible payback options for tailored structures.
Tax Increment Financing (TIF)
Integrate local economic development incentives into project models.
LIHTC
Low Income Housing Tax Credits with federal/state credits in capital stack.
Ready to Elevate Your Analysis?
Get started with the industry's most comprehensive real estate development model.
Frequently Asked Questions
A hotel development pro forma model is the financial model used to underwrite ground-up hotel construction projects. It forecasts ADR, RevPAR, occupancy, department-level revenues and expenses, construction costs, ramp-up timing, and returns through stabilization or sale. The TILT hotel model handles full-service, limited-service, extended-stay, and boutique hotels in one engine.
Yes. The model is a macro-enabled Excel workbook you download and run on your own computer, in Excel for Windows or Mac. Nothing runs in the cloud, there's no per-seat licensing, and your files stay local. Everyone at your company can use it.
Yes. The TILT hotel model handles full-service, limited-service, extended-stay, and boutique hotels in one engine. ADR, RevPAR, occupancy, and department-level expenses are all inputs. Two hotel sections can run in parallel in the same project if you are modeling two hotel components.
Yes. ADR (Average Daily Rate) and occupancy are direct inputs. RevPAR is calculated. Department-level operating expenses (rooms, F&B, banquet, telecom, other) are itemized. You can model ramp-up, seasonality, and stabilized year separately.
The model includes a dedicated construction loan cash flow sheet with monthly draws, interest accrual, and payoff timing, and it calculates the loan interest automatically with no circular references or iterative calculation turned on. You can size the loan by LTC, dollar amount, stabilized DSCR, or percent of stabilized value, and run it alongside mezzanine debt, CPACE, TIF, grants, and a refinance in the full capital stack.
Yes. CPACE alongside construction debt, TIF, alternative loans, grant infusions, and bifurcated land and construction loans all work. Hotel-specific financing structures like franchise fees and management agreements are built into the operating expense logic.
Yes. Up to 6 LP investors and 6 GP sponsors with configurable preferred returns, IRR hurdles, and multi-tier promote splits. The waterfall logic flows through to deal summary outputs and per-stakeholder cash flow sheets without manual reconciliation.
TILT can upgrade the model to the mixed-use version. The same engine handles hotel, residential, and/or commercial in any combination. Most clients start with hotel-only and add segments as deal flow expands.
Free spreadsheets rarely handle hotel operations at all, and the ones that do break when you push them, with circular references and assumptions hard-coded into the formulas. The TILT model is a 1,000+ hour build that handles department-level hotel operations, complex capital stacks, and full partnership waterfalls without circular references. You also get help directly from Justin, who built it, and if you ever need something it doesn't do, he can add it.
TILT can customize the model. Specific franchise structures, brand-specific reporting, or output sheets the standard build doesn't cover get added by Justin for an hourly fee. Hotel customizations are common.
Every TILT model purchase includes 1 hour of complimentary setup help with Justin to walk through your first project together. Most first projects are completed inside that hour. Ongoing technical support ("what does this cell do," "how do I enable macros") is free for the life of the license. Hourly help is available if you want Justin on the line for project input or analysis.
Start with a free consultation. Justin walks through your project, confirms the model fits, and gets you set up, including one hour of complimentary setup help on your first deal. Use the contact form below or the buttons above to start the conversation.
Schedule a Free Call
Ready to elevate your real estate development analysis? Fill out the form and our team will get back to you within one business day.
Why Choose TILT Analytics?
- 50+ professional output sheets
- Institutional-grade methodology
- Expert technical support
- Customization options available
Know a colleague who could use TILT? Refer them and you'll both get 10% off.