Pitch deck
The capstone, in slides.
A slide-form walkthrough of the research question, the proposed stages, and an illustrative capital allocation framework. Presented as a Master's capstone project in hotel investment and alternative finance — not as an operating lending platform.
Academic project
Everything in this deck is a proposed model developed for a graduate capstone. It is not an offer to lend, an investment solicitation, or a description of an operating business. Figures shown as bracketed placeholders need real data before this deck is shared with an investor.
Capstone research
A question the market keeps answering badly.
Small and mid-sized hotel credit is decided by systems built for other asset classes. The capstone asks whether a slower, more human process produces better decisions on the same files.
The question
The method
The limits
The Einstein Method
Eight steps between a broker's story and a credit decision.
The analytical half of the thesis. Banks decline good hotel deals because their underwriting is shallow — a score, a ratio, a box that did not check. This protocol reads the asset instead of the file, and ends by naming a posture rather than returning a flag.
- E
Examine Market
Supply pipeline and demand drivers — whether the submarket can absorb what is already under construction.
- I
Interpret Meaning
Pricing power and RevPAR resilience: does the asset hold its position when the market softens?
- N
Normalize Financials
Owner anomalies, skewed payroll, related-party charges, and under-reserved replacement lines stripped out.
- S
Stress-Test Assumptions
CapEx, FF&E reserves, and wage inflation tested against what actually happened to comparable assets.
- T
Test Downside
Recession-level occupancy troughs run against debt service. The question is survival, not upside.
- E
Evaluate Exit
Refinance and sale scenarios under cap rate expansion, with the debt yield that would actually clear.
- I
Identify Risk
Franchise agreements, management contracts, PIP obligations, and ground leases read in full, not summarized.
- N
Name Decision
A documented posture — fund, restructure, watch, or decline — with the reasoning written down.
Method, verdict, capital. The eight steps produce a defensible read on the asset; the stages that follow describe what happens to a deal the method says yes to and a bank says no to. Neither half stands alone — read the full method.
The proposed stages
Five stages from a declined file to placed capital.
Each stage is a hypothesis about where value is created — and each is written so it can be tested, revised, or discarded as the research develops.
- Stage 01
Sourcing the declined deal
The research begins where conventional credit stops: independent and flagged hotel and motel owners whose files were declined for reasons of structure, seasoning, or story rather than asset quality.
- Stage 02
Reading the property, not the form
A proposed intake that scores the physical asset, the operator's record, and the market position before the paperwork — testing whether human judgment recovers deals a scorecard discards.
- Stage 03
Structuring around the gap
Term, amortization, and covenant design modeled against the specific reason the bank said no, rather than a single product applied uniformly.
- Stage 04
Placing the capital
Matching a structured file to the lender or private capital source whose mandate actually fits it — the step this capstone argues is the real bottleneck in the market.
- Stage 05
Learning from the outcome
Every modeled file feeds back into the underwriting thesis. The capstone treats the pipeline as a research instrument, not a sales funnel.
Capital allocation
Where a first pool would go.
An illustrative framework for how a modeled facility would be split across use cases. The percentages below are hypothetical — a working placeholder showing the shape of an allocation until real deal data replaces them.
Acquisition capital
Refinance & rescue
Renovation & PIP
Reserve & research overhead
About Miles Greve
Forty years across research, operations, and hotel investment.
Hotel real estate research and investment advisory professional based in Las Vegas. This capstone sits on top of a career that began at CBRE, ran through Hilton and the Las Vegas Strip, and now operates independently through BBmg Group.
The work began at CBRE in 1986, building property-level commercial real estate databases, running telephone and on-site surveys, and producing quarterly market reports used by brokers to evaluate properties and market conditions. A later engagement tracked major New York City commercial real estate foreclosures — an early exposure to distressed-asset analysis that still shapes how this capstone reads a declined hotel file.
A decade at Hilton Hotels & Resorts followed — reservations, convention operations, rooms division, restaurant management — then fourteen years inside the Las Vegas Strip at Bellagio, MGM Grand, and Wynn Las Vegas, including work on the $9.2 billion CityCenter development through escrow, closings, broker agreements, and sales contract administration.
Hotel investment sales work came through Marcus & Millichap's National Hospitality Group and InnVest Hotel Brokers LLC, where a $55M joint venture originated — procuring cause on an introduction to a national hotel REIT that helped fund three hotel construction loans and contributed to $88M in transaction volume that year. Since 2012, BBmg Group has been the independent vehicle for hotel market research, investment analysis, and strategic advisory to owners and investors.
This capstone is the formal research layer on top of that career: a Master's-level attempt to codify what forty years of watching hotels get financed, refinanced, and declined has taught about where automated bank scoring gets it wrong.
- Hotel Market Research
- Property & Market Data Analysis
- Competitive Market Analysis
- Hotel Investment Analysis
- Financial Analysis
- Market Reporting
- Acquisition & Disposition Analysis
- Hospitality Real Estate
- Hotel Operations
- Investment Sales
- Strategic Advisory
- Las Vegas Hospitality Market
For investors
Questions a VC asks first.
Straight answers about what this project is, what it is not, and what would have to be true for it to become real.
What this deck is asking for
Not capital. Criticism.
The most useful thing an investor, lender, or operator can give this project right now is a hard read on where the model breaks. If you have financed, declined, or lived through a hotel deal like the ones described here, that experience is the data this research needs.