Select the five questions most likely to change the current decision, then request one inspectable answer for each. The following worksheet is a recommended working method, not a new market benchmark.
| Buyer question | Minimum useful evidence | If the answer is missing | Decision affected |
|---|---|---|---|
| What earnings are we buying? | Monthly accounts with reconciliations and an adjustment register | Carry the adjustment as an unresolved assumption | Bid ceiling and financing capacity |
| Can the operator deliver? | Named team, comparable references, staffing coverage and contract schedule | Do not convert the sales forecast into the common baseline | Appointment and transition funding |
| Does affiliation add owner cash? | Current offer, required works and a channel-level demand bridge | Retain the independent case and label forecast uplift unverified | Brand choice and capital allocation |
| What capital is unavoidable? | Scope-based technical findings with timing, exclusions and costs | Obtain the investigation needed to narrow the exposure | Price, conditions and contingency |
| Can the hotel pay every month? | Monthly cash roll-forward, actual debt terms and reserve restrictions | Identify the unfunded period rather than smoothing annual cash | Required equity and commitment date |
For each answer, record the source file, period, definition, accountable reviewer and date last challenged. Ask what would falsify the answer: a lost demand generator, a different fee definition, a lower usable room count or a delayed financing draw can matter more than another optimistic forecast.
Close the review with one sentence: “We would proceed at these economics, subject to these named conditions.” If the team cannot state the conditions or who resolves them, further research should target that uncertainty before another general market report is commissioned.