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Short notes on hotel operating performance, pricing and the decisions that shape value. We publish two to four pieces each quarter.
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Asset management · 4 August 2026 · 5 min read
Revenue can move and GOP can stand still. The difference is the cost structure behind the room night, and whether rate or occupancy did the work.
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Filter by category. Articles in preparation are listed for transparency and do not link until published.
Jacky Cheung considers the operating costs that can absorb rate-led revenue growth before it reaches GOP.
Read articleRaymond Tran sets out Iconia’s observations from live processes, including debt, bid pools and climate risk.
Read articleIn preparation
How normalised earnings, capex decisions and an organised data room affect the sale conversation.
In preparation
A practical owner-side review of revenue assumptions, labour productivity and capex timing.
In preparation
Why the renewal process belongs in the annual business plan, not at the end of it.
In preparation
A note on how cost of debt, operating volatility and buyer depth are changing valuation conversations.
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A thirty-minute conversation is usually enough to establish whether there is a fit. Jacky Cheung takes mandate enquiries directly.