A.CRE Hotel Valuation Model in Excel (Updated July 2026)

I am excited to introduce our new Hotel Valuation (Acquisition) Model to underwrite both stabilized and value-add hotel opportunities. This hotel pro forma is designed to allow users to do everything from a quick back of the envelope exercise to a fulsome and detailed underwriting exercise in which the user can get into the weeds of projecting a hotel asset’s cash flows. There is a lot to learn about this model, so I’ve created a tutorials page, which you can access here.

• This model is now AI-ready, meaning we’ve built an AI Skill to accompany it. If you’re an A.CRE Accelerator member, you’ll be learning how to use AI Skills with tools like Claude to use AI in real estate financial modeling.

Hotel Valuation Model Overview

The model is built out with the following tabs:

• Version

  Here is where the links to various sources of information and version notes as the model is updated can be found.

• Summary

  The summary tab holds all the critical information about returns and assumptions ready for a third party to review. Many of the key inputs will be adjusted from this page as we will show you in the tutorials page. This page summarizes the general info and timing; acquisition, financing, and exit assumptions; risk and return metrics; year 1 cash flows; partnership level return summary; penetration analysis; and a sensitivity analysis.

• CFSummary (Cash Flow Summary)

  This tab removes the detailed line items from the Operating Cash Flow tab to show a clean and easy to digest, rolled up annual cash flow.

• OpCashFlow (Operating Cash Flow)

  This tab allows the user to see the detailed line items over the hold period. This tab is particularly information rich with not only the detailed cash flow line items, but also many important pieces of information in the header such as the annual RevPAR, ADR, and their respective growth over the hold period.

• F&B

  In this tab you have the ability to underwrite five different F&B options with great flexibility.

• OthOppDepts (Other Operating Departments)

  If there are other departments within the hotel outside of the rooms and F&B, it is within this tab that you can input up to five additional department assumption

• OthExpenses (Other Expenses)

  Rooms, undistributed expenses, franchise fees, management fees, fixed expenses, and CapEx and FF&E reserve assumptions are all input here.

• Penetration (Penetration Analysis)

  Competitive Set data is input here to analyze the project against the competition with regards to occupancy, ADR, and RevPAR.

• Waterfall – IRR Hurdles

  This tab contains a 4-tier waterfall model with IRR hurdles to split proceeds between an LP and GP.

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Link to the Tutorials

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Compatibility

This version of the model is only compatible with Excel 2013, Excel 2016, and Excel 365

Using the AI Skill for this Hotel Valuation Model

This model is now AI-Ready. Along with the Excel file, your download includes a Claude Skill that teaches AI assistants like Claude how to operate this specific model on your behalf, triaging which role you’re analyzing from (buyer, sponsor, LP, or lender), navigating all nine tabs, populating occupancy, ADR, and operating assumptions conversationally from an OM or STR report you share, and interpreting the USALI-structured proforma outputs in the context of your investment decision.

If you’re new to Claude Skills, an AI Skill is a packaged set of instructions that an AI assistant loads alongside your file. It teaches the AI things it wouldn’t otherwise know. In this case, every input cell across all nine tabs, the four user roles the model serves, the VBA toggle workflow, and the mechanics behind the USALI operating statement structure.

For a primer with a video tutorial, see our practical guide to Claude Skills.

Your download now includes three files: the Excel model, the AI Skill (.skill file), and a short README explaining how to use them together. The Skill bundle includes a clean copy of the model, no upload needed to get started with Claude. The video below walks through the full AI-assisted workflow.

Download the A.CRE Hotel Valuation Model in Excel

To make this model accessible to everyone, it is offered on a “Pay What You’re Able” basis with no minimum (enter $0 if you’d like) or maximum (your support helps keep the content coming – typical real estate hotel models sell for $300+ per license). Just enter a price together with an email address to send the download link to, and then click ‘Continue’. If you have any questions about our “Pay What You’re Able” program or why we offer our models on this basis, please reach out to either Mike or Spencer.

We regularly update the model. Paid contributors to the model receive a new download link via email each time the model is updated.

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Frequently Asked Questions about the A.CRE Hotel Valuation Model in Excel

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Version Notes

beta v2.1

• AI Skill (beta v2.1) created for this model
• Misc. formatting updates

beta v2.02

• Unlinked exit cap reference to data table to correct summary results. All scenario options are now hard coded.
• Minor formatting update.

beta v2.01

• Added link to a video to explain how to fix the data table issue for those that experience it in the F&B tab.

beta v2.0

• Added Sensitivity Analysis to Summary Page
• Added Transfer PIP Cost to Acquisition Assumptions
• Put Franchise Fee Under Undistributed Expenses
• Removed Major Capital Expenditures Line Item
• Fixed formatting and minor errors

beta v1.0

• Product launch

beta v1.1

• Added 4-tier Waterfall Model with IRR Hurdles
• Fixed bugs in rows 20, 21, 26, and 27 of the CFSummary tab

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