The foundational business domain skill for HBG Portal. Covers the dual-entity model, hospitality revenue streams, USALI income waterfall, management fees, company overhead, SAFE funding, intercompany elimination, property lifecycle, and the three business models (Hotel, Lodge, VRBO/STR) with their distinct expense structures, fee models, and depreciation schedules. Use this skill whenever working on business logic, financial assumptions, property data, or any feature that touches the investment simulation model.
Norfolk-Group0 estrellas13 abr 2026
Ocupación
Categorías
Ventas y Marketing
Contenido de la habilidad
Dual-Entity Model
Management Company (ManCo)
The operating entity — earns fee revenue from Property SPVs (Base Fee + Incentive Fee)
Bears corporate overhead (staffing, office, professional services, technology)
Funded by SAFE instrument tranches during pre-profitability phase
Does not own property assets directly
Property SPVs (Special Purpose Vehicles)
Each property is held in its own independent legal entity
Isolates liability — one property's failure doesn't affect others
Each SPV pays management fees to ManCo, carries its own debt, depreciation, and tax
Revenue, expenses, and cash flows tracked independently per property
Properties use one of three business models: Hotel, Lodge, or VRBO/STR
Intercompany Elimination (ASC 810)
Skills relacionados
On consolidation, management fees paid by properties cancel against fee revenue received by ManCo. The system validates Fees Paid = Fees Received within tolerance.
Business Models
Three business models are supported, set via businessModel field on each property:
Model
Description
Revenue Streams
Key Differences
Hotel
Traditional hospitality — USALI framework
Room + F&B + Events + Other
Full departmental expenses, management fees (2-10%)
Lodge
Large vacation lodge — whole-property rental
Nightly rental + F&B
Premium amenities (gym, sauna, courts), guest meals but no full restaurant dept, no events dept, 15-25% management fee
Occupancy: 45–70% stabilized (seasonal, group bookings)
Hospitality Revenue Streams
Room Revenue (Primary)
Room Revenue = Room Count x DAYS_PER_MONTH (30.5) x ADR x Occupancy
ADR grows annually by adrGrowthRate
Occupancy ramps from startOccupancy to maxOccupancy via step-function
RevPAR = ADR x Occupancy
Ancillary Revenue (as % of Room Revenue)
Stream
Default Share
Events & Functions
30%
Food & Beverage
18% x (1 + Catering Boost, default 22%)
Other/Ancillary
5%
Note: VRBO properties typically have 0% F&B and Events revenue shares. Lodges have significant F&B revenue (15–25% of room revenue) from breakfast, meals, drinks, and picnics, but no Events revenue.
USALI Income Waterfall
Total Revenue
- Departmental Expenses (Rooms, F&B, Events, Other)
- Undistributed Operating Expenses (Admin, Marketing, Property Ops, Utilities, IT, Other)
- Insurance
= GOP (Gross Operating Profit)
- Management Fees (Base Fee + Incentive Fee)
= AGOP (Adjusted Gross Operating Profit)
- Property Taxes
= NOI (Net Operating Income) [NOI = AGOP - expenseTaxes]
- FF&E Reserve
= ANOI (Adjusted Net Operating Income)
- Interest Expense
- Depreciation
- Income Tax (with NOL carryforward at 80% cap per IRC section 172)
= Net Income
Engine chain:gop -> agop -> noi -> anoi
Key Metrics
Metric
Definition
GOP
Revenue minus all operating expenses (before management fees)
AGOP
GOP minus management fees
NOI
AGOP minus property taxes. Formula: AGOP - expenseTaxes (insurance is already deducted before GOP)