Deal Overview, three directions

Real data: H156 DoubleTree IAH, deal_references synced 2026-06-11

A · Current production page (faithful recreation). Status said twice, eight equal stats, four dashes wearing the same suit as facts, flat prose everywhere.

DoubleTree by Hilton Houston Intercontinental Airport
Alchemy Real Estate Advisors · Joe Cuomo
Walk Underwriting
Asking
Unpriced
Rooms
313
T-12 Revenue
$13.36M
T-12 EBITDA
$501K
EBITDA / key
$1,602
Trailing cap
n/a
T-12 RevPAR
$93.30
T-12 RGI
110.7
Identity
STR #
9108
Taxpayer #
32074739775
Year built
1981
Year renovated
-
Floors
-
Product type
Full service
Lease
-
Environmental
-
Receivership sale: receiver in place since July 2020 (GF Hotels operating; P&Ls by ICTX Associates LLC). Property is un-flagged; approved PIP-011515 (inspected 17-Feb-2026, valid 12 months, design submittal due 6 months) is the only path back to the DoubleTree flag. Sold free of debt and management. Six years of receiver operation means nobody owned the P&L (A&G 11.1% of revenue, S&M+franchise 15.7% T-12), that is the THM thesis, and the reason historicals barely support debt.
Key highlights
  • Occupancy leader of the comp set: MPI 121.8, RGI 110.7 (Apr 2026 STAR R12)
  • Margin gap is the HOURP shape: 17.3% GOP T-12 vs THM 30%+ norm
  • YTD Apr 2026 ramping: revenue $4.99M, EBITDA $358,580 (7.19%) vs -$333,409 prior year
Key risks
  • PIP-sized hole in the cap stack: approved PIP-011515 ~115 items, $13-19.7M writeup estimate ($41.5-63K/key); entry ticket to the flag, valid only to 17-Feb-2027
  • AHJ enforcement in flight: fire pump YELLOW-TAGGED ($29,140 replacement 50% deposited), cracked boiler $51,582, RTU B chiller $188,870
  • Revenue quality: T-12 flattered by Jan-Apr 2026 contract/group surge while ADR fell -7.4% YoY
Open questions (8 of 8 unanswered)
  • Pricing guidance + receivership process (court caption, approval timeline, stalking-horse rights) - ask Joe Cuomo
  • Hilton PIP economics: key money, FRCM-only feasibility, D/D deferral - swings financeable price ~$7M+

B · Ive's five changes, nothing added. One stage voice. The stat strip leads with what matters. The thesis sentence lands in bold at a readable measure. Every bullet gets a bold lead phrase. Unknowns retire to one quiet line.

DoubleTree by Hilton Houston Intercontinental Airport
Alchemy Real Estate Advisors · Joe Cuomo
Walk
Asking
Unpriced · receivership
T-12 RGI
110.7
T-12 EBITDA
$501K · 3.8%
Rooms
313 · built 1981
Revenue $13.36M · RevPAR $93.30 · EBITDA/key $1,602 · trailing cap n/a (unpriced)
Receivership sale: receiver in place since July 2020 (GF Hotels operating). Property is un-flagged; approved PIP-011515 is the only path back to the DoubleTree flag. Sold free of debt and management.Six years of receiver operation means nobody owned the P&L. That is the THM thesis, and the reason historicals barely support debt.
Key highlights
  • Occupancy leader: MPI 121.8, RGI 110.7 (Apr 2026 STAR R12)
  • The HOURP margin shape: 17.3% GOP T-12 vs THM 30%+ norm
  • Ramping into the sale: YTD Apr EBITDA $358,580 vs -$333,409 prior year
Key risks
  • PIP-sized hole in the cap stack: ~115 items, $13-19.7M estimate, valid only to 17-Feb-2027
  • AHJ enforcement in flight: fire pump yellow-tagged $29,140, boiler $51,582, chiller $188,870
  • Revenue quality: Jan-Apr contract surge flatters T-12 while ADR fell 7.4% YoY
Identity
STR #
9108
Taxpayer #
32074739775
Year built
1981
Product type
Full service
Not yet known: year renovated, floors, lease type, environmental status
Open questions (8 of 8 unanswered)
  • Pricing guidance + receivership process: court caption, timeline, stalking-horse rights. Ask Joe Cuomo.
  • Hilton PIP economics: key money, FRCM-only feasibility. Swings financeable price ~$7M+.

C · Walk-sheet DNA. The tour page's dark hold-in-your-head hero comes to the desktop: four numbers, the one question that matters, then Ive's typography below. Boldest change, same data.

DoubleTree by Hilton Houston Intercontinental Airport

Alchemy · Joe Cuomo · Underwriting · unpriced receivership, offers end June
Walk
Offer stance (model)
$17.00M
DSCR stab (Y3)
1.210x
T-12 Bank NOI
$501K
PIP (bank ask)
$17.00M
THE question: does the Jan-Apr contract surge survive an ownership change? (GM ask, walk 6/11; T-12 occupancy 76.5% rode on it while ADR fell 7.4%)
Why pursue
  • Occupancy leader: MPI 121.8, RGI 110.7 (Apr 2026 STAR R12)
  • The HOURP margin shape: 17.3% GOP vs THM 30%+ norm
What kills it
  • PIP-sized hole: $13-19.7M entry ticket, clock runs to 17-Feb-2027
  • AHJ enforcement: yellow-tagged fire pump, boiler, chiller in flight
Receivership since July 2020; un-flagged; sold free of debt and management.Nobody owned the P&L for six years. That is the thesis, and the reason historicals barely support debt.
Open questions (8) · tap any on the walk
  • Pricing + receivership process: ask Joe Cuomo
  • Hilton PIP economics: swings the financeable price ~$7M+

D · Stitch-generated layout study (Google Stitch, Gemini lane, project 17622345829196036649). Generated from the same brief: lender-grade hierarchy, four-stat strip, bolded thesis close, pursue/kill split. NOTE: the open-question texts in this image (Union status, Tax abatement, Liquor license) are Stitch's invented placeholders, not real H156 data; judge the layout, not those words.

Stitch-generated deal overview layout

E · Ive's structure, Stitch's directness. Real data throughout. From D: the ref breadcrumb, captioned stat cards, colored section headers, two-column questions with an updated stamp. From B: the bolded thesis, lead-phrase bullets, one stage voice, the quiet unknowns line.

Deal H156 · rpp-h156-dt-iah · STR 9108 · Underwriting
DoubleTree by Hilton Houston Intercontinental Airport
Alchemy Real Estate Advisors · Joe Cuomo
Walk
Asking
Unpriced
Receivership sale
T-12 RGI
110.7
Apr 2026 STAR R12
T-12 EBITDA
$501K · 3.8%
Far below THM 30%+ norm
Rooms / Built
313
Built 1981
Owner story
Receivership sale: receiver in place since July 2020, property un-flagged, sold free of debt and management. Approved PIP-011515 is the only path back to the flag.Six years of receiver operation means nobody owned the P&L. That is the thesis, and the reason historicals barely support debt.
Why pursue
  • Occupancy leader: MPI 121.8, RGI 110.7 (Apr 2026 STAR R12)
  • The HOURP margin shape: 17.3% GOP T-12 vs THM 30%+ norm
  • Ramping into the sale: YTD Apr EBITDA $358,580 vs -$333,409 prior year
What kills it
  • PIP-sized hole: $13-19.7M entry ticket to the flag, valid to 17-Feb-2027
  • AHJ enforcement in flight: yellow-tagged fire pump $29,140, boiler $51,582, chiller $188,870
  • Revenue quality: Jan-Apr contract surge flatters T-12, ADR fell 7.4% YoY
Open questions · 8 unanswered
Last updated 2026-06-11 (walk day)
  • Pricing + receivership process: ask Joe Cuomo
  • Room mix (D/D count): biggest single PIP swing
  • 2024 Other Non-Op $984K: line-item breakdown
  • Contract/crew accounts: rates, terms, expirations
  • Hilton PIP economics: swings price ~$7M+
  • OM/CIM access: CA at properties.alchemyrea.com
  • Full CapEx backlog: roof, elevators, risers
  • HCAD facts: floors, SF, 2026 protest status
Not yet known: year renovated, floors, lease type, environmental status · STR 9108 · Taxpayer 32074739775