Use this proposed final challenge checklist:
| Mistake | Required correction |
|---|---|
| Treating RevPAR as profit | Reconcile through fees, owner costs, capital and debt |
| Accepting all seller add-backs | Document the adjustment and replacement cost |
| Using an aspirational competitive set | Separate operating competitors from design references |
| Assuming independent means low-cost distribution | Reconstruct actual acquisition costs by channel |
| Selecting the lowest management percentage | Compare all charges under one operating case |
| Counting brand bookings as new demand | Model incrementality, switching and displacement separately |
| Using a replacement percentage instead of an asset plan | Cost the identified building and furnishing requirements |
| Treating annual cash surplus as sufficient liquidity | Find the deepest monthly unrestricted-cash deficit |
| Copying the seller’s insurance and tax costs | Obtain buyer-specific evidence |
| Treating an indicative loan as committed funding | Resolve conditions, usable proceeds and equity requirements |
| Closing without an operating handover | Require a responsibility matrix and evidence of readiness |
| Letting AI validate its own extraction | Reconcile important figures to source pages and independent calculations |