Hotel investment & advisory
Parallax Hospitality
Investment perspective. Operator insight.
For investors, owners and operators who need to see beyond the real estate. Hotel acquisitions, dispositions and repositioning informed by decades of hospitality experience.
Discuss your investment40+ years
Matthew's hotel & restaurant leadership
Investment + operations
A view of both the asset and the business
National connections
The Parallax Group | eXp Commercial
Matthew Antonovich
Senior Advisor, Hotel & Hospitality
Experience behind the advice
A hospitality business is more than a building.
Matthew brings more than 40 years of leadership across hotels and restaurants, connecting institutional investment experience with an understanding of property-level operations. His perspective considers not only what an asset is worth, but what it takes to operate, improve and position it.
Hospitality investment experience
As former Vice President of Benchmark Advisors Group, Matthew was involved in hospitality transactions representing more than $1 billion in aggregate asset value. That experience informs his approach to evaluating the asset, the operating assumptions and the transaction structure.
Development meets daily operations
As Director of Restaurant Development for Centurion American Development Group, he supported mixed-use development tied to The Statler Hotel. His hotel and restaurant background adds a practical lens to food and beverage operations, guest experience and repositioning decisions.
Experience reflects Matthew's prior roles; aggregate asset value is not a Parallax transaction total or a measure of investor returns.
Connect with MatthewAn owner's perspective
Brandon Hert
CRE Advisor, Hotel Specialty
A third-generation hotelier, Brandon spent more than 20 years owning, operating and selling hotels before moving into brokerage full time. He complements Matthew's investment and development perspective with firsthand experience of the decisions hotel owners face every day.
Brandon advises hotel and motel owners and investors on acquisitions and dispositions, underwriting, off-market sourcing and franchise transitions.
Talk with our hospitality teamFrom strategy to execution
Advisory across the asset life cycle.
Whether you're evaluating your first hotel, expanding a portfolio or preparing an exit, we bring the business and the real estate into the same conversation.
Acquisition & Disposition
Clarify buyer criteria, evaluate hotel and motel opportunities, and position assets for sale with a grounded view of operations and value.
Underwriting & Deal Analysis
Review revenue drivers, operating costs, capital needs and deal assumptions to identify the questions that matter before a commitment.
Brand & Repositioning
Consider franchise and flag transitions, property improvement plans and operating changes as part of the overall investment strategy.
Sourcing & Market Positioning
Connect acquisition criteria with the team's network and support owner outreach, offering materials and buyer positioning.
The investor's lens
Know what you're buying.
A hotel is both real estate and an operating business. The right diligence connects market demand, daily operations and capital needs to a realistic investment plan.
01Market & revenue qualityUnderstand what drives demand—not just last year's occupancy.
- Review monthly occupancy, ADR and RevPAR, including seasonality and historical trends.
- Assess the competitive set, new hotel supply and local demand generators.
- Separate repeatable room revenue from one-time events; review group, corporate and online-booking mix.
02Operating performance & cash flowLook beyond the headline revenue to the cost of running the hotel.
- Reconcile trailing operating statements with source records and document normalized expenses.
- Review labor, insurance, property taxes, utilities, franchise and management costs.
- Model debt service, replacement reserves and downside scenarios separately from operating income.
03Brand, property & capital needsA flag and a fresh lobby are not the whole capital story.
- Obtain the brand's property improvement plan (PIP), deadlines and independent cost estimates.
- Confirm franchise transfer approval, fees, term and ongoing brand requirements.
- Inspect building systems and budget separately for deferred maintenance, renovations and working capital.
04Deal structure & executionTest the business plan against the actual transaction documents.
- Review title, zoning, permits, contracts and any management-agreement termination provisions.
- Align lender requirements, equity, renovation timing and contingency reserves.
- Engage qualified legal, tax, engineering and lending professionals before committing.
ADR
Average daily rate: room revenue ÷ rooms sold. A measure of achieved room pricing.
RevPAR
Revenue per available room: room revenue ÷ available rooms. Not a measure of profit.
NOI
Net operating income: operating revenue less operating expenses, before debt service. Confirm the treatment of reserves and capital costs.
Investor reading room
A more informed investment.
Independent industry perspectives to support your research—not replace property-specific diligence.
HVS
The hotel investment life cycle
A foundation for acquisition, ownership, asset management and exit planning.
Read the resource (opens in a new tab)CoStar / STR
Hotel performance glossary
Definitions for occupancy, ADR, RevPAR and the benchmarking language behind a hotel deal.
Read the resource (opens in a new tab)HVS
Feasibility & market studies
What market studies examine when assessing demand, supply and a property's operating potential.
Read the resource (opens in a new tab)American Hotel & Lodging Association
Understanding hotel franchising
Context on the franchise model, brand standards and owner–brand relationships.
Read the resource (opens in a new tab)External resources are published by independent organizations; no affiliation or endorsement is implied. Some research or data may require registration or a subscription. Educational information only—not investment, legal or tax advice. Investment outcomes are not guaranteed.
Start with your investment criteria.
A focused conversation starts with your goals. Share what you're seeking—or the property you're considering selling—and we'll connect you with a hospitality specialist.
- Target markets, hotel segment and brand preferences
- Acquisition budget, equity and financing approach
- Operating strategy, capital plan and investment timeline
Let's talk hospitality.
Bring your acquisition criteria, your property or your next investment question. We'll bring an investment and operations perspective.