Acquire
Off-market origination, comp-set analysis, underwriting of the operating business, commercial and technical due diligence, structuring and close.
Acquire
Hotel asset management, across the full investment lifecycle.
We acquire, reposition, manage and exit hotel assets on behalf of owners and investors. We sit on the owner's side of the table, and we stay there from underwriting through to completion of the sale.
Photography: Unsplash
$1.42bn
Assets under management
2,340
Keys under management
$2.1bn
Transaction value advised or executed
68
Years combined team experience
Figures as at 30 June 2026
The lifecycle
Four stages. One mandate. The same people throughout.
Most firms hold one stage and hand the asset on. Iconia holds all four, which means the person who wrote the underwriting is the person who has to deliver it.
Reposition
Target market position, brand or independent decision, operator selection, capex scoping and programme management, commercial relaunch.
RepositionManage
Budget approval, operator performance against a defined KPI set, monthly variance review, capex and reserve planning, owner reporting.
ManageExit
Hold or sell analysis, normalising earnings and shaping the trading story, buyer positioning, data room and process management to completion.
Exit
Owner-side
We represent the owner's interest. Nothing else.
We are not an operator
We do not run hotels. We appoint operators, negotiate the management agreement, and hold them to the plan they signed. The distinction matters at every budget meeting.
We are not a broker
We take no fee from a vendor, an agent, an operator, a contractor or a lender. There is no rebate, no referral income and no incentive to transact for its own sake.
We hold the capital decisions
Which capex is funded, which rate strategy is approved, when the asset is sold. Owner-side asset management means someone with operating fluency answering those questions on the owner's behalf.
Why Iconia
Three reasons owners appoint us.
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Hotels only
We do not manage offices, industrial or retail. Every mandate we hold is a hotel, and every comparison we make is against a hotel comp set. A generalist real estate manager reads a hotel as a yield; we read it as a trading business with a building attached.
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Operating fluency
Between us we have run hotels, set rates, negotiated award-based rosters and defended a departmental P&L line by line. That is why an Iconia budget review changes what the operator does, rather than simply recording what the operator did.
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Alignment
Our performance fee is payable only above a hurdle agreed at appointment and measured on outcomes defined in advance. We take no income from operators, brokers, contractors or lenders. Our fee structure is published in outline on the investors page.
Speak to us directly
Mandates & investors
Jacky Cheung
Co-Founder & Chief Operating Officer · Sydney
jacky@iconia.com.au +61 414 615 104 LinkedIn profileAcquisitions & deal flow
Raymond Tran
Co-Founder & Managing Partner · Sydney
raymond@iconia.com.au +61 416 180 494 LinkedIn profileOffice
Sydney
[Office address to be confirmed]
[Phone number to be confirmed]Figures shown on this page are as at 30 June 2026 and relate to assets under Iconia mandate. Past performance is not a reliable indicator of future performance. Photography used on this site is licensed under the Unsplash License and is illustrative; it does not depict the assets named.