Rodschinson Investment

08/09/2026

07/09/2026

We do not recommend a hotel asset on which these three points are not established.

First: how is the operator paid?
A 2–4% base fee on revenue and a 5–15% incentive fee on GOP can look standard, but the calculation order can materially change the economics over the life of the contract.

Second: what technical debt is already sitting inside the building?
Renovation history, deferred maintenance, HVAC, lifts, kitchens, and roof condition all matter. Today’s maintenance gap can become tomorrow’s capex.

Third: What exactly are you buying?
The walls, the operating business, or both? Licenses, contracts, and goodwill can sit separately from the real estate, and that legal split changes both risk and exit options.

That is why we establish the structure first and discuss the price second.

➡️ At Rodschinson Investment, these three checks precede any discussion of price.

Considering an operating hotel acquisition? Let’s discuss the structure before the number.

04/09/2026

Bruges did something every other Flemish hotel market failed to do.

It raised its average rate. While the national average moved down. Bruges posted +3% over 12 months, but the real question is why the price holds ? Structural scarcity or temporary market balance ?

✅ One protects exit value.
✅ The other can disappear with the cycle.
✅ That is why we do not stop at the rate of movement.

Before recommending an acquisition in Bruges, we look at the source of the pricing power.
Is the pricing structural or just this cycle’s balance?

If you are assessing a hotel acquisition in Bruges, let’s discuss what is really supporting the rate and whether it can hold through the next cycle.

02/09/2026

*The cost most hotel buyers miss is paid before operations even start. 🏨*
A hotel can lose *up to ~20% of turnover* through distribution before wages, utilities, debt service or profit are touched.

✅ Booking
✅ Expedia
✅ Visibility programmes
✅ Rate-parity clauses
✅ Direct-channel limits

These are not marketing details. They shape cash flow, pricing freedom, and long-term asset value.
A strong hotel can still leak value through weak distribution terms. That is why the clause comes before the price.

➡️ At Rodschinson Investment, we read the distribution load before underwriting the asset.

*Do you know who controls your direct channel?*

31/08/2026

| Brussels has the highest average hotel rate in Belgium. But that does not make it the strongest market.
According to STR/CoStar data, year-to-date to September 2025:

Brussels records *€141 ADR* with *68% occupancy*.
Ghent records *€136 ADR* with *73% occupancy*

Once translated into revenue per available room, the ranking changes.

Ghent reaches *€99 RevPAR*.
Brussels reaches *€96 RevPAR*

The lesson is simple:
- The average rate shows positioning.
- RevPAR shows performance.

Brussels is also the only Belgian market declining on both occupancy and price at the same time.
That matters for valuation.

➡️ At Rodschinson Investment, we do not value hotels on the displayed room rate alone.

We look at revenue per available room, how it is built, and what it says about the asset’s real performance.
We support owners and investors in reading these trade-offs before making decisions.

28/08/2026

Land has no price. It has capacity. 🏗️

✅ Same hectare
✅ three very different realities
✅ Constructible land
✅ land to service
✅ land to rezone

Each one carries a different risk, a different timeline, and a different price
The mistake is starting with the asking price

The work starts with one question, what can actually be built here
➡️ Capacity first
➡️ Price after

Price or capacity, what do you read first?