Private beta · Select-service to luxury resort

Underwrite hospitality deals with institutional precision.

Underwrote.AI replaces your Excel proforma with an AI-augmented wizard — same math, same conventions, from select-service to luxury resort with branded residences.

Start for free See how it works

The Product

Every metric you'd build in Excel — in minutes, not days.

Levered IRR, equity multiple, stabilized NOI, exit value, DSCR — generated to institutional standards from a guided intake. Audit the math line-by-line, then export to your firm's template.

The Ryder Hotel · 200 Keys · Ground-Up

UNDERWRITTEN

Levered IRR22.4%▲ 3.1pp vs base

Equity Multiple2.31x5-yr hold

Stab. NOI$4.2MYr 3 · 28% margin

Exit Value$58.7M7.15% cap

Y1Y2Y3Y4Y5

Revenue8,42011,28014,14014,99015,740

GOP2,5603,8905,2105,6405,990

NOI1,8403,0204,1804,5104,810

Debt Service(1,310)(1,310)(1,310)(1,310)(1,310)

DSCR1.40x2.31x3.19x3.44x3.67x

Trusted by sponsors and acquirers underwriting institutional hospitality deals.

Family OfficePrivate EquityREITDeveloperLenderAdvisorSponsorAcquirerFamily OfficePrivate EquityREITDeveloperLenderAdvisorSponsorAcquirer

Why Underwrote

Built for how you actually underwrite.

Same USALI categories. Same Smith Travel benchmarks. Same franchise fee tables. None of the spreadsheet pain.

11-Step Wizard

From property basics to exit — a structured workflow that captures every input your model needs. Pre-fill from your firm's underwriting defaults, or drop an OM and let extraction populate it.

Luxury, Resort, Mixed-Use

Spa, golf, retail, telecom, internet, membership clubs, and branded residences. Cost-basis splits, sell-out velocity, rental programs, and HOA reserves — engine surface that fits the deals that define the high end.

Live-Formula Excel Export

Eight-sheet workbook with live formulas, frozen panes, conditional formatting, and a live partnership waterfall — not pasted values. Branded with your workspace logo. Share with IC, lender, or LP.

Waterfall, Scenarios, Sensitivity

Five partnership structures including OZ-equity 3-bucket variants. IRR and DSCR 5×5 sensitivity matrices. Base / Upside / Downside scenarios. Mezzanine, preferred equity, refinance with cash-out.

The Product

From submission to IC memo, structured end-to-end.

A wizard that mirrors your underwriting muscle memory.

Eleven structured steps from property basics to underwrite. Pre-fill from your firm's saved underwriting defaults, or drop an OM, STR, Kalibri, or P&L and let AI extraction populate the wizard. Save and resume at any step.

11 steps · select-service through luxury resort, mixed-use & branded residences
Smith Travel benchmarks · USALI categories · brand fee schedules across Marriott, Hilton, Hyatt, IHG, Choice
Spa, golf, retail, telecom, internet, membership clubs · 17+ luxury OOD inputs with tier-aware defaults

STEP 04 / 11 · CAPITAL STACK36%

Property nameThe Ryder Hotel

MarketNashville · Downtown

Keys200

Stabilized ADR$278

Stabilized Occupancy76.4%

Total Project Cost$72.4M

Capital Stack$72.4M

SENIOR · 58%

MEZZ · 17%

LP · 20%

USALI-aligned proforma, ten years deep.

Department-level revenue, departmental expenses, undistributed expenses, fixed charges, and reserves — exactly the way the operator's GM and your asset manager already think. Branded residences with cost-basis splits, sell-out velocity, rental programs, and HOA reserves model alongside the hotel.

Year 1–10 with stabilization curves · mezzanine, pref equity & OZ equity layers
IO and amort debt threading · refinance event with cash-out modeling
AI-powered extraction · OM, STR, Kalibri, P&L, and proforma xlsx via Anthropic

SummaryOperatingReturnsDebtWaterfall

USD '000Y1Y2Y3Y4Y5Y6

Rooms Revenue6,8409,14011,44012,14012,75013,260

F&B Revenue1,3601,8202,2902,4202,5402,640

Other220320410430450470

Total Revenue8,42011,28014,14014,99015,74016,370

Departmental Exp.(2,950)(3,940)(4,950)(5,250)(5,510)(5,720)

Undistributed Exp.(1,510)(2,000)(2,510)(2,660)(2,790)(2,900)

Fixed Charges(720)(740)(760)(780)(800)(820)

Reserves(220)(290)(370)(390)(410)(420)

NOI3,0204,3105,5505,9106,2306,510

Live-formula Excel — not a flat snapshot.

Every cell is a real formula referencing your assumptions. Live waterfall formulas, frozen panes, conditional formatting, and your workspace logo ship in every export. Hand it to your lender, IC, or LP and they can stress it themselves.

8 visible sheets · Summary, Operating, Returns, Sources & Uses, Exit, Debt Sizing, Sensitivity, Waterfall
Live partnership waterfall · 5 structures · OZ-equity 3-bucket variants · frozen panes, brand styling
Workspace-branded cover · IC memo PDFs ship with logo, signature, and "Prepared by" line

XLSX

The_Ryder_Hotel_Proforma_2026-04-30.xlsx

2.4 MB · 8 sheets · live formulas · ready to share

fxReturns!E12= IRR(Operating!C24:N24, 0.1)

SummaryOperatingReturnsSources & UsesExitDebt SizingSensitivityWaterfall

Five partnership structures. No macros.

Choose from Simple Split, Country Club, Pref + ROC, IRR Lookback, or Catch-Up — with full OZ-equity 3-bucket variants. Stress every assumption with IRR and DSCR sensitivity matrices and pre-built scenario overlays.

5 structures: Simple Split · Country Club · Pref+ROC · IRR Lookback · Catch-Up
IRR and DSCR 5×5 sensitivity matrices · OZ-equity, mezz, and pref equity threaded end-to-end
Base / Upside / Downside scenarios with one toggle · cross-deal compare

LP Returns

19.2%

2.04x equity multiple

GP Returns

42.8%

3.86x · incl. promote

TierHurdleLP / GPStatus

Pref Return8.0% IRR100 / 0Cleared

Tier 112.0% IRR85 / 15Cleared

Tier 218.0% IRR75 / 25Cleared

Tier 324.0% IRR65 / 35In progress

For the deals that define the high end

Luxury, resort, and mixed-use revenue mechanics.

Hospitality is not just rooms. The engine models the operating departments and component economics that drive luxury, resort, and mixed-use deals — so you stop fighting your spreadsheet to underwrite them.

Other Operated Departments

Spa & wellness with treatment-room driven revenue and retail attach. Golf rounds × $/round + pro shop. Retail as % of rooms. Telecom and internet per occupied room-night with negative-margin support. Tier-aware defaults from select-service through luxury.

Membership Clubs

Four-component revenue: amortized initiation fees, escalating annual dues, F&B minimums with industry-standard 85% capture, and guest fees. Optional cohort roster with retention. Capital reserve contributions and drawdown events.

Branded Residences

Cost-basis allocation between hotel and residential components, with hotel-only or blended debt sizing. Three sell-out velocity presets plus custom schedule. Rental program with effective-keys mechanic. HOA reserves under either owner or operator.

Anti-promise discipline

Sell-out velocity is the most uncertain assumption in your deal — and we say so, in the wizard, in the IC memo, and on the scope page. The engine computes economics that follow from your chosen assumption. We do not predict it for you.

Brand families & 50+ sub-brands in the franchise fee database

Wizard steps from property basics to a finished proforma

Year hold period with IO, refinance, and waterfall

Automated assertions across 60+ smoke suites validating engine output

How it works

From LOI to IC memo in minutes, not weeks.

Input

Walk through 11 structured steps: property, revenue, F&B, events, staffing, management, budget, construction, capital stack, exit, and underwrite. Pre-fill from your saved defaults — or drop an STR, Kalibri, P&L, or proforma xlsx and let extraction populate the wizard.

Generate

Our engine runs your inputs through a real hotel proforma template — the same math your Excel model uses, with HyperFormula under the hood.

Decide

Review returns, run IRR & DSCR sensitivities, toggle Base / Upside / Downside scenarios, compare across deals, export a live-formula Excel workbook with all 8 sheets, and ship a Claude-written IC memo PDF — all branded with your workspace logo.

Built for the deal you'll still be running 5 years from now

A system of record that compounds.

Underwrote.AI sits alongside the AI tools you already use — not against them. Connect any MCP-capable client to your deal data, capture outcomes when deals close or kill, and build a calibration layer no one else can copy.

MCP server

Your deals, open to the assistants your team already uses.

Connect any MCP-capable client to your workspace via a Bearer- token endpoint. Four resources, four tools — pull deal inputs, comparables, underwriting defaults, and the full audit trail. Per-token scopes, revocable in one click.

Anthropic Claude · Desktop & web
OpenAI ChatGPT · via MCP-bridge
Microsoft Copilot · via MCP connector
Per-workspace token · scoped, audited

Calibration · your outcomes, your moat

When a deal status flips to closed or killed, capture actuals: purchase price, financing, kill reason, lessons learned. The Calibration tab tells you where your underwriting is consistently high or low — and suggests adjusting your defaults.

Comparables · auto-linked

Every saved deal scores against every other deal in your workspace by market, property type, and key count. Labeled snapshots fire on status transitions — LOI, IC, Closing — so you have a permanent record of the assumptions at each milestone.

Broker Mode · listings to sponsors

Brokers can hand off listings directly to sponsor workspaces with a 30-day signed token. Verified Partner status surfaces when accepted ≥ 5 and closed ≥ 1. Listing handoff emails auto-prefix the broker's verified credibility.

Pricing

Simple pricing for serious underwriting.

Lite

$0/ forever

Get started with the full wizard and 5-year proforma preview.

Unlimited deal creation
Full 11-step wizard
5-year proforma preview
Dashboard & deal management

Get started

Enterprise-ready from day one.

SOC 2 In Progress Supabase Auth · TOTP MFA Row-Level Security Audit Log · 7-Year Retention Workspace Isolation

Your deal data is isolated per-user with row-level security. Workspaces are scoped one-to-one with your account. We never train on your data.