Hey all -
Happy new year! Good hunting in 2020.

I am looking at the acquisition of one or a couple hotel properties. Though I have rental real estate in the portfolio, this is my first time looking at hospitality. I have a structure that seems to work well for approaching companies, but wonder if hospitality should be approached differently. Specifically:
- How much of the value should be reflected in the real estate vs the enterprise?
- Do sellers typically expect to carry a note?
- Are there particular protective clauses that one can use in a hospitality deal that are market in that game? (ie. earnouts, clawbacks, etc)