Prepared for lenders, CDCs, and federal agencies to SBA SOP 50 10 8, USDA RD Instruction 5001, and conventional underwriting standards. Fiduciary duty runs to the lender and the agency, never the borrower. More than 4,000 studies since 1998 covering $40.2 billion in evaluated project value.
Hospitality feasibility is the discipline of converting visitation into occupied room-nights at a defensible rate. The study builds the demand base from tourism volumes, corporate and group generators, and highway or destination traffic, then tests penetration against the competitive set's occupancy and ADR performance. For RV resorts, campgrounds, and outdoor hospitality, the analysis adapts to site-count economics: seasonal occupancy curves, ADR by site class, length-of-stay mix, and the long-stay segment that carries shoulder seasons. Event-driven and wedding-venue hospitality is modeled on bookable-date capacity and catering capture rather than room-night arithmetic.
Methodology draws on STR-class competitive set data where available, state tourism office visitation series, AADT counts for highway-dependent product, and operator benchmarks from RMA and IBISWorld. Site-class ADR and occupancy assumptions are built from named competitive properties, and every revenue conclusion feeds a fully linked model tested against program coverage minimums under rate stress.
Every Wert-Berater financial model is fully linked with no hardcoded values, so any reviewer can stress any input. Deliverables comprise a complete narrative report and the linked Excel model, with ten-year pro forma, sensitivity analysis at ±5, 10, and 15 percent, interest-rate stress from +0.5 to +3.0 percent, and ratio analysis benchmarked against RMA and IBISWorld data.
SBA engagements are prepared to SOP 50 10 8, including its debt-service-coverage minimums of 1.15x operating and 1.00x global. USDA engagements follow RD Staff Instruction 5001 across the Business & Industry, Community Facilities, REAP, and Value-Added Producer Grant programs. Conventional engagements are built to the lender's stated coverage standard, typically 1.20x. Hospitality reaches us through SBA 504 and 7(a) for owner-operated hotels and outdoor hospitality, USDA B&I for rural destinations, and conventional lending for flagged product; SOP 50 10 8 special-purpose property treatment and its collateral implications are addressed squarely where they apply.
The firm's outdoor hospitality record includes a $4,839,570 SBA 504 100-site RV resort in Van Zandt County, Texas and an $8,050,000 waterfront RV resort on Santa Rosa Sound determined conditionally favorable on the single SBA-compliant site plan. Independence is non-negotiable: determinations follow the evidence and are not revised under pressure, and studies are built to pass lender, agency, and third-party review without exception items.
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