Operating Partner Checklist | What to Review Before You Sign

Operator selection should start with asset fit, not brand familiarity. A serviced residence, a residence hotel, and a hotel each require different staffing, channel strategy, and guest experience design. The first meeting should confirm asset-type experience, live operating references, the team in charge, and how early the operator can engage before opening.

A proposal should go beyond projected occupancy. It needs a clear view of channel mix, pricing logic, cost structure, staffing, settlement cadence, and the owner reporting model. If the numbers are missing, the pitch is probably marketing copy rather than an operating plan. At minimum, you should know how revenue, occupancy, cost, complaints, and settlements are shared after launch.

Fixed-income, master lease, MG, and fee-based operations all distribute risk differently, so you need to separate owner benefits from operating responsibility. Make sure the contract records benefit scope, brand usage, capex ownership, system costs, and data ownership after termination. In practice, the clause reviewed last is often the one that costs the most later.