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Stax IQ
Model five operator structures simultaneously. Compare owner returns. Export board-ready deliverables.
One box to build the model, run a what-if, or get an answer. The Agent takes it from there.
Prefer to type it yourself? Use Start modelling manually below.
What you can do with Stax IQ
Legal disclaimer
All information contained within this product is for general educational and informational purposes only. Nothing herein should be construed as legal, financial, or professional advice. Users are encouraged to consult with qualified advisors before making decisions based on the content provided.
Multi-Year Projections
Configure your deal structure, assumptions, and generate P&L forecasts.
Step 1 · Name Your Project
Used in exports and saved files.
Appears in the Projections PDF title.
Drives every $ symbol in the model.
Step 2 · Select Deal Structure(s)
Select one or more structures to model. All share the same base financial assumptions, so you only enter the numbers once. Each selected model gets its own input tabs in the sidebar.
💡 Tip: Select multiple structures to run a side-by-side Model Comparison automatically.
Step 3 · Competitive Set (Optional)
Comp-set data is normally sourced from specialised providers (STR, HotStats, etc.). They publish aggregate ADR / Occupancy / RevPAR for the comp set as a whole; individual hotel performance is not disclosed. List the hotels in your comp set below for context, then enter the aggregated time-series data below that.
Comp Set Hotels inventory only, performance data goes below
List the hotels in your comp set with their room counts. Typical comp set is 5 hotels; you can add up to 8.
| Hotel Name | Rooms |
|---|
Comp Set Performance Data aggregate, single row per period
Enter the comp-set average ADR and Occupancy per period (RevPAR is computed). Trailing 3- and 12-period averages are computed automatically from the rows below. Most recent period should be the bottom row.
| Period e.g. Mar 2026 | ADR ($) | Occupancy % | RevPAR ($) computed |
|---|
Step 4 · Projection Setup
Step 5 · Year-by-Year Ramp-Up
Edit Occupancy (%) and ADR for each year. Values auto-fill based on standard ramp curves and inflation.
Step 6 · Channel Mix & Distribution HMA · Franchise · WL+F · Hybrid
Booking-channel split that drives commission expense. Must sum to 100%. The principal/agent test should be applied to each material revenue stream when classifying gross vs. net.
OTA Booking Model Mix gross vs. net
Within the OTA channel, what split between booking models? Retail = recorded GROSS, hotel pays commission. Merchant & Opaque = recorded NET (hotel doesn't control pricing, no commission flows through P&L). Affects your effective OTA commission load. Must sum to 100%.
Step 7 · Room & Revenue Assumptions
Four operating revenue categories: Rooms, Food & Beverage, Other Operated Departments, and Miscellaneous Income (reported NET of direct expenses). Allowances are revenue contras for service problems.
Switch to per-year override for third-party spa, golf, F&B operator share contracts, or any Other Operated revenue that's contractually defined.
Switch to per-year for contractual schedules (3rd-party spa, F&B operator, retail concession) where flat amounts follow a year-by-year contract.
Step 8 · Departmental Expenses
Cost of operating each revenue department, expressed as a % of that department's own revenue.
Typical range: 25-35%
Typical range: 70-80%
Typical range: 55-70%
Step 9 · Service Charges & Gratuities
Service Charges (mandatory, nondiscretionary; recorded as F&B revenue) are distinct from Gratuities (discretionary; paid directly to employees, NOT revenue). Mandatory service charges are typical in many jurisdictions for banquets, in-room dining, spa.
Boost to F&B revenue (mandatory only)
Gratuities are NOT recorded as hotel revenue (they are income directly to employees).
Step 10 · Undistributed Operating Expenses
Hotel-wide overhead expenses, each as a % of Total Operating Revenue. Standard departmental groupings.
Typical: 8-10%. Property-level only: A&G, HR, Service Recovery, Provision for Doubtful Accounts. Excludes brand-level shared services and admin (those go in Central Services).
Typical: 2-3%. Property-level only: in-hotel networking, telephony, IT support, In-Room Entertainment Systems. Excludes brand PMS / CRS access fees (those go in Central Services → Tech Platform).
Typical: 4-6%. Property-level only: in-house sales staff, local advertising, OTA contract management. Excludes franchise marketing fund / royalty / loyalty (those go in Brand Fees).
Typical: 5-7%. Waste Removal sits in EWW.
Typical: 4-6%. New name (was Utilities). Now includes Energy / Water & Sewer / Waste / Contract Services.
Step 11 · Nonoperating Income & Expenses
Owner-level items deducted after Management Fees to arrive at EBITDA. Comprises Income (Lease Income, Cost Recovery, Interest), Rent (Land & Buildings, Other Property & Equipment), Property & Other Taxes, Insurance, and Other.
Income, offsets expenses
Ground / building / equipment rent
Used only when escalation = Fixed
Typical: 3-5%. Real estate, personal property, B&O.
Typical: 1-2%. Building, liability, deductible.
Owner-directed expenses, preopening, FX gain/loss, etc.
Step 12 · FF&E / Capital Replacement Reserve
Deducted after EBITDA. The structure of this reserve is often one of the most negotiated elements of an HMA, it affects the owner's net return and, depending on how the incentive fee basis is set, may also affect the operator's fee.
Choose how the reserve contribution is calculated each year
Funded reserves reduce owner's available cash each year. Accrual-only reserves appear in the P&L but cash stays with the owner until spent.
Typical range: 3-5%. Escalates naturally as revenue grows.
Step 13 · Owner Statement Inputs
The Operator Statement ends at EBITDA Less Replacement Reserve. The Owner Statement deducts Interest, Depreciation, Amortisation, and Income Taxes from EBITDA to arrive at Net Income. Fill in to enable the Owner Statement view below the P&L. Leave at zero to suppress.
Building / FF&E depreciation
Intangibles / pre-opening / loan fees
Applied only to positive Income Before Tax
Step 14 · Deal-Specific Terms
Steps 1-13 are the shared inputs. Each selected deal structure also has its own contractual terms — operator fees, hurdles, royalties, lease rent — which live on the model-specific tabs in the sidebar. Defaults are sensible; review when you're ready.
Projected P&L
Review Your Deal-Specific Terms
The projections above use default contractual terms for each active deal structure. Open each tab below to confirm or adjust the operator fees, hurdle, royalty, lease rent, and other model-specific inputs before relying on the numbers.
Lease Payments Lease
Define the rent structure payable by the operator to the owner. Base rent escalates at the inflation rate defined in Step 5.
European lease note: Variable (turnover) rent is commonly tiered and may apply to Rooms Revenue rather than Total Revenue. Use the options below to match your specific deal structure.
Base (Fixed) Rent
Escalates at the inflation rate from Step 5 each year
No rent payable during this opening period
Variable (Turnover) Rent
Owner Retained Costs
Insurance, property tax, and other costs retained by the owner (escalate at inflation rate)
Operator Fees
Define the management fees payable to the operator. These are deducted from GOP to arrive at Income Before Nonoperating Income & Expenses.
Where this sits: Management Fees fall between Gross Operating Profit and Income Before Nonoperating I&E. Base and Incentive fees are the core contractual elements of an HMA.
Base Management Fee
Incentive Fee
EBITDA Less RR is most owner-protective, reserve is funded before fee accrues
Hurdle / Owner Priority Return
The incentive fee accrues only above this threshold. Choose how the hurdle is defined and whether it escalates over the term.
Indexed is typical in 10-15 year HMAs to preserve owner's real return floor
Flat: same amount every year. Indexed: compounds at inflation rate from Step 5.
Custom Adjustments
Distribution & Commissions
Channel commissions and operator-driven marketing costs. The treatment toggle below determines where these appear in the P&L waterfall. This is one of the most commonly negotiated points in an HMA.
P&L Treatment
Standard treatment (current): Commissions sit inside Rooms Departmental Expenses, reducing Departmental Profit and therefore GOP. The Rooms Dept Cost % input should exclude commissions when using this mode (enter the pure operational cost %). Commissions are then added here explicitly.
Channel Mix & Commission Rates
Commissions are applied to Rooms Revenue sourced through each channel. Channels not entered in the Property Info tab default to the mix set there.
| Channel | Mix % | Commission Rate % | Effective Cost (% of Rooms Rev) |
|---|---|---|---|
| Direct (website / call) | 30% | 0%, no commission | 0.00% |
| OTA (Booking.com, Expedia…) | 40% | % | 6.00% |
| GDS (Amadeus, Sabre, Galileo) | 20% |
%
Typically 10-18% (GDS + travel agent) |
2.40% |
| Other (tour ops, MICE, consortia) | 10% |
%
Tour operators typically 10-20% |
1.00% |
| Total Blended Commission Cost | 100% | 9.40% |
The blended effective cost above is applied to Rooms Revenue in the P&L. The mix percentages are pulled from the Channel Mix inputs in Property Info.
Brand Marketing Fund
Applied to total Rooms Revenue. Sits in Sales & Marketing as a Franchise & Affiliation Fee.
Applied to total Rooms Revenue.
CRS & Reservation Costs
Custom Adjustments
Central Services
Annual flat fees charged by the operator's head office. These are operator-imposed costs that form part of the Total Operator Load.
Note: Mandatory brand and operator costs (shared services, tech platforms, purchasing programmes) are part of the annual operator load and should be clearly scheduled in any HMA. They reduce the owner's Income Before Nonoperating I&E.
Annual Flat Fees
Brand-level allocations: HR, finance, legal, regional support. Distinct from property A&G % (which covers the hotel's own admin staff).
Brand PMS / central reservation system access fee. Distinct from property IT % (which covers in-hotel networking, telephony, IT support).
Annual programme-membership fee for the brand's purchasing scheme. Do not duplicate with the per-transaction fee on the Procurement tab.
Custom Adjustments
Procurement & Other
Additional annual operator costs and credits. Together with fees from the other tabs, these complete the Total Operator Load.
Note: Rebates received from suppliers (e.g. purchasing programme rebates) should be netted against costs here. These flow through to reduce the Total Operator Load and improve the owner's EBITDA Less Replacement Reserve.
Annual Operational Fees
Annualised total of any per-purchase / per-transaction fees. Leave at 0 if the brand only charges a flat Purchasing Programme Fee (entered in Central Services).
Brand training / certification fees billed to the property.
Other miscellaneous head-office charges. Distinct from property A&G %.
Credits & Rebates
Positive number reduces cost.
Custom Adjustments
Summary dashboard
Cost / Fee Breakdown (Cumulative)
Top 5 Cost Drivers
Year-by-Year Financial Summary
Summary Operating Statement
Franchise Model, Brand Fees Franchise
The owner self-operates the hotel under a brand flag. Franchise fees are paid directly to the franchisor and replace a management fee. These sit within Total Operator Load in the P&L waterfall.
Where these sit: Royalty fees and franchise marketing fund contributions are recorded under Sales & Marketing as Franchise and Affiliation Fees. For modelling purposes they are captured here as Total Operator Load replacing management fees.
Royalty & Affiliation Fees
Typical branded franchise: 4-6%
Typical: 1.5-3% of Rooms Revenue
Applied to Rooms Revenue
System & Technology Fees
Property Improvement Plan (PIP)
Total PIP cost ÷ years. Treated as owner capital cost.
Applied to Rooms Rev × OTA Mix %
White-Label Operator Fees WL + Franchise
A white-label (unbranded) operator manages the hotel. The fee structure is typically leaner than a full HMA since the operator provides no brand distribution.
White-Label Management Fee
Typical white-label: 1.5-2.5%
Often absent or lower in WL models
Operator Central Services
WL + Franchise, Brand Fees WL + Franchise
Franchise fees paid to the brand, layered on top of the white-label operator fees. Uses the same structure as the standalone Franchise model.
Franchise Brand Fees
Hybrid Structure Hybrid
Configure a non-standard contractual structure. Choose one of the two hybrid mechanisms below.
Hybrid Type
HMA fees apply as normal, but the owner is guaranteed a minimum annual return. If EBITDA Less RR falls below the guarantee floor, the operator makes up the shortfall.
Base HMA Terms
Applied to (GOP − Base Fee − Other Costs − Owner Priority Hurdle).
Owner's priority return floor for incentive calc
Minimum Guarantee
Operator tops up owner's return to this minimum if EBITDA Less RR falls below it.
Model Comparison
Side-by-side owner return comparison across all active deal structures, using the same base financial assumptions.
💡 Primary model drives the Summary Dashboard, Proposal Compare, and Sensitivity Analysis. Click Set as Primary on any model card below to switch.
Year-by-Year Owner Return, All Models
Detailed Comparison
Proposal Comparison
Compare two HMA fee structures side-by-side. Proposal A reflects your current Operator Fees inputs. Proposal B lets you test an alternative fee structure. All other assumptions (revenue, expenses, nonoperating costs) remain constant.
💡 To compare different deal structures (e.g. HMA vs Lease vs Franchise), use the Model Comparison tab instead.
Proposal A (Current)
Based on current inputs from Operator Fees tabs
Proposal B (Challenger)
Modify fees below to compare a different structure
Net Difference in Owner Return (Over Term)
Waiting for data...
Sensitivity Analysis
Test how the owner's EBITDA Less Replacement Reserve changes as key assumptions vary. All other inputs are held constant at their current values.
How to use: Adjust the range controls below, then click Run Analysis. The heatmap shows cumulative owner return across combinations of Occupancy and ADR. Red = lower return, Green = higher return. The ★ marks your current base case.
Variable 1, Occupancy %
Variable 2, ADR ($), Year 1
EBITDA Less Replacement Reserve, Heatmap
Cumulative owner return over the projection term. Columns = target average Occupancy %, Rows = Year 1 ADR. The ramp-up curve shape from your projections is preserved, each scenario scales the curve proportionally rather than applying a flat rate across all years. ★ = current base case.
Operator Fee Impact, Waterfall
How each fee component erodes the owner's return at the base case Occupancy and ADR.
Break-Even Analysis
Minimum Occupancy and ADR required for the owner to achieve a positive EBITDA Less Replacement Reserve.
Investment Analysis Beta
Layer a capital stack and pre-opening period on top of your operating projections, and get the metrics IC actually cares about: levered & unlevered IRR, NPV, equity multiple, payback, year-by-year DSCR. Uses the primary model's Owner Return as the operating cash flow.
Step 1 · Project Cost & Capital Stack
Typical: 30-45%
Used only for level-PMT type
Set to 0 if no mezz
Step 2 · Pre-Opening & Construction
For v1, all project costs hit Year 0. Pre-opening expense and capitalised interest are aggregated as a one-time charge in Year 0 alongside the equity contribution.
Hiring, training, marketing, soft launch, typically 2-5% of project cost
Step 3 · Hold Period & Exit
Operating years before exit. Capped at projection term.
Applied to the exit-year NOI chosen below
Owner's required return / WACC
Export
Choose how you want to deliver this projection. Run "Generate the Projections" first if you haven't already.
Reports
Polished narrative deliverables. Each report exports as Word, Google Docs, or PDF. Generate the narrative in AI Insights first if you haven't yet.
Files
Data deliverables. Each exports as Excel, Google Sheets, or PDF.
Share and collaborate
Move the entire project (every input, scenario, currency, provider setting) to another machine or colleague.
Saved Scenarios
Snapshot the current project under a memorable name, then load any snapshot to keep iterating. Compare 2 or 3 snapshots side-by-side to see how different assumption sets play out.
Captures every input, model selection, ramp curve, comp-set row, and deal-specific setting. Stored locally on this device.
Glossary
Every term used in Stax IQ, grouped by where it appears in the workflow and cross-referenced to USALI 12 where relevant. The same definitions surface inline as ⓘ tooltips next to each input; this page is the at-rest reference for printing or sharing with a junior analyst.
USALI Assistant Beta
Ask anything about USALI 12, hotel accounting standards, or how to use Stax IQ. Powered by Claude, grounded in the USALI 12th Revised Edition.
Import Term Sheet Beta
Paste a hotel management agreement, lease, or franchise term sheet. Claude reads it, extracts the contractual terms, and lets you review before applying them to Stax IQ inputs. Saves you 20 minutes of manual data entry per deal.
Tip: paste the entire Schedule A or Article on Compensation. Claude only extracts what's explicitly stated, it won't guess.
AI Insights
Generate a board-ready executive summary or cross-model recommendation in seconds. The AI reads your full P&L, operator fee stack, and active deal structures — then writes the analysis like a senior asset manager would.