[WET] WhatEinsteinThinks
AI Hotel Intelligence · Graduate Capstone
www.milesgreve.com
On these slides · in my own voice
These are class slides, not a pitch. Nothing here is being sold or raised.
Every figure is illustrative, and every claim is a question I am still asking.
If it falls apart under someone who knows the business, I would rather find out here.
Coursework slides
Open questions, in slides.
Student coursework: the question I am studying, a working sketch of a process, and an illustrative set of placeholder figures for the $2–10M small-hotel segment. None of it is verified, and none of it is an offer, a service, or a fundraising document.
Student coursework
Everything in these slides is an unverified sketch written for a graduate class. It has not been reviewed, tested, or confirmed by anyone. It is not an offer to lend, an investment solicitation, a fundraising document, or a comment on how any bank or firm conducts its business. It is a student asking whether an idea holds up.
Capstone research
Is this a segment served expensively rather than badly?
Rigorous underwriting appears to carry a real cost per file. The coursework asks — without claiming to have shown — whether a smaller, disciplined process could be useful for $2–10M deals, alongside existing standards rather than against them.
The question
The method
The limits
The Einstein Method
Eight steps between a broker's story and a credit decision.
The analytical half of the thesis — a complement to institutional underwriting, not an indictment of it. Conventional practice is the foundation; this protocol adds an operator's read on small deals and ends by naming a posture rather than returning a flag.
- E
Examine Market
Supply pipeline and demand drivers — whether the submarket can absorb what is already under construction.
- I
Interpret Meaning
Pricing power and RevPAR resilience: does the asset hold its position when the market softens?
- N
Normalize Financials
Owner anomalies, skewed payroll, related-party charges, and under-reserved replacement lines stripped out.
- S
Stress-Test Assumptions
CapEx, FF&E reserves, and wage inflation tested against what actually happened to comparable assets.
- T
Test Downside
Recession-level occupancy troughs run against debt service. The question is survival, not upside.
- E
Evaluate Exit
Refinance and sale scenarios under cap rate expansion, with the debt yield that would actually clear.
- I
Identify Risk
Franchise agreements, management contracts, PIP obligations, and ground leases read in full, not summarized.
- N
Name Decision
A documented posture — fund, restructure, watch, or decline — with the reasoning written down.
Method, verdict, placement. The eight steps produce a defensible read on the asset; the stages that follow model how a well-read small deal could find its capital — through the lending systems that already exist, in theory, not through this site. Neither half stands alone — read the full method.
The proposed stages
Could five stages carry a declined file to a funded one? A sketch on paper.
Each stage is a guess about where value might be created — written so it can be tested, revised, or thrown away. None of it has been tried.
- Stage 01
Sourcing the declined deal
The research begins where conventional credit stops: independent and flagged hotel and motel owners whose files were declined for reasons of structure, seasoning, or story rather than asset quality.
- Stage 02
Reading the property, not the form
A proposed intake that scores the physical asset, the operator's record, and the market position before the paperwork — asking whether human judgment recovers deals a scorecard discards. Untested.
- Stage 03
Structuring around the gap
Term, amortization, and covenant design modeled against the specific reason the bank said no, rather than a single product applied uniformly.
- Stage 04
Placing the capital
Matching a structured file to the lender or private capital source whose mandate actually fits it — the step this coursework guesses may be the bottleneck — a guess, not a finding.
- Stage 05
Learning from the outcome
Every modeled file feeds back into the underwriting thesis. The capstone treats the pipeline as a research instrument, not a sales funnel.
Deal mix
Where might the first deals come from?
A classroom sketch of the kinds of $2–10M situations the question touches — not a fund allocation. Every percentage is an invented placeholder used for illustration, not a finding.
Acquisition capital
Refinance & rescue
Renovation & PIP
Reserve & research overhead
About Miles Greve
Forty years across research, operations, and hotel investment.
Background, not evidence. The career below is offered only as context for why this question interests me — it is not proof that any idea on this page works.
The work began at CBRE in 1986, building property-level commercial real estate databases, running telephone and on-site surveys, and producing quarterly market reports used by brokers to evaluate properties and market conditions. A later engagement tracked major New York City commercial real estate foreclosures — an early exposure to distressed-asset analysis that still shapes how this capstone reads a declined hotel file.
A decade at Hilton Hotels & Resorts followed — reservations, convention operations, rooms division, restaurant management — then fourteen years inside the Las Vegas Strip at Bellagio, MGM Grand, and Wynn Las Vegas, including work on the $9.2 billion CityCenter development through escrow, closings, broker agreements, and sales contract administration.
Hotel investment sales work began with an internship at the Las Vegas Marcus & Millichap office, Hospitality Practice and continued at InnVest Hotel Brokers LLC, where a $55M joint venture originated — procuring cause on an introduction to a national hotel REIT that helped fund three hotel construction loans and contributed to $88M in transaction volume that year. Since 2012, BBmg Group has been the independent vehicle for hotel market research, investment analysis, and strategic advisory to owners and investors.
The coursework sits on top of that career, but does not inherit its authority. Years in the industry explain the curiosity; they do not verify a single claim on this page.
- Hotel Market Research
- Property & Market Data Analysis
- Competitive Market Analysis
- Hotel Investment Analysis
- Financial Analysis
- Market Reporting
- Acquisition & Disposition Analysis
- Hospitality Real Estate
- Hotel Operations
- Investment Sales
- Strategic Advisory
- Las Vegas Hospitality Market
For lenders, brokers & advisors
Questions a veteran asks first.
Plain answers about what this student project is, what it is not, and what would have to be true before any of it could be taken seriously.
What these slides are asking for
Feedback, references, and hard questions.
The most useful thing a lender, broker, or operator can give this project right now is a hard read on where it is wrong. If you have financed, declined, or lived through a $2–10M hotel deal like the ones described here, that experience is the data this research needs. Nothing here arranges, brokers, or finances a deal.
mrmilesgreve@proton.me · 702.350.5763
© 2026 Miles Greve · BBMG Group
Coda
I am not asking you to believe it. I am asking you to test it, and then tell me what broke.