Buy the missing decision capability, and define the deliverable before selecting the firm. These mandates can overlap, so the comparison should be by engagement scope, responsible personnel and independence—not by job title alone.
| Mandate | Recommended use | Deliverable to specify | Conflict or scope question |
|---|---|---|---|
| Transaction adviser or broker | Market access, transaction evidence and execution support | Relevant transaction analysis and clearly defined representation | Who pays, and is any compensation contingent on completion? |
| Feasibility or underwriting adviser | Demand, positioning and operating-case challenge | Source-linked market analysis, monthly forecast, sensitivities and assumption register | Does the scope test owner cash and capital, or stop at operating revenue? |
| Credentialled appraiser | A formal valuation required for the relevant purpose | Agreed valuation scope, intended use and reliance rights | Does the proposed engagement satisfy the commissioning party’s requirements? |
| Owner representative or hotel asset manager | Ongoing challenge of budgets, operators and capital decisions | Reporting, approval framework, variance analysis and action tracking | Is the adviser also paid for introductions or other supplier appointments? |
| Technical specialists | Building, design, environmental, cost and delivery questions | Surveys, exclusions, priced risks and a dated capital plan | What was inspected, tested or excluded? |
CBRE’s hotel valuation-and-advisory page lists services including valuation, feasibility, due diligence and operator selection. CHMWarnick describes hotel asset management and owner advisory across operating, management, brand and capital decisions. These examples show that service lines overlap; they do not establish equal suitability for every boutique assignment. (cbre.com)
Practitioner evidence reinforces the distinction between buying and overseeing a hotel. In a May 21, 2026 Modern Hotelier interview, Carmen Almos describes third-party asset management as an intermediary role between ownership and management, focused on accountability and execution. The transcript is qualitative evidence, not a quantified claim about investment performance. (themodernhotelier.com)
For AI-assisted research procurement, require source-level traceability, permissioned handling of confidential documents, an account-mapping review and independently checked calculations. Do not treat a generated report as an appraisal, legal opinion or substitute for inspecting the property.