Because everyone else in the deal has interests that differ from yours.
The data room is open, IC is in three weeks, and the financial model must be right, and presentation ready, before the bid is submitted.
Hold or sell? Brand or stay independent? The conclusion requires a stress-tested number behind it, not a hunch.
Budgets slip, CapEx buckets swell, and the property manager’s monthly narrative no longer reconciles to the P&L.
An HMA, franchise agreement, or ground lease whose operational covenants and termination fees will bind your asset for the next twenty years.
Every file is scoped in writing before work begins. You buy the exact business need in front of you, not an open-ended consulting mandate.
No junior associates. No outsourced underwriting. The principal reads every line.
Ian Cheong brings over a decade of investment management and capital allocation experience to hospitality mandates. Prior to launching Principle 1, Ian served as a core investment team member at SilverBirch Hotels & Resorts, where he led underwriting, asset management, and commercial leasing initiatives across a national portfolio. Throughout his career, his work has spanned acquisitions, brand negotiations, P&L oversight, and large-scale asset repositionings in major Asian and North American markets, including Seattle, Toronto, Hong Kong, and Macau.
Principle 1 was formed around a singular premise: hotel owners deserve access to institutional-caliber analysis on an agile, unbundled basis. When a deal is on the table or an asset is underperforming, you have specialist expertise at the table immediately.
Every underwriting model, covenant analysis, and RFP review is run personally by the principal. You never pay for junior overhead.
No commissions, referral incentives, or success fees. Our recommendations are unbiased because objective counsel never conflicts with our bottom line.
Most mandates begin as a targeted project to evaluate an urgent transaction. Some transition into ongoing asset management.
Send a brief note on the asset. We review the context and state clearly whether it fits our mandate - followed by a prompt pass or a scope and fee estimate.
Financial model, due diligence audit, or commercial terms review executed to fixed scope. Deliverables are revised as new data surfaces.
Bid, hold, walk, or sign with your capital basis defended. We stay through final contract revisions and investment committee presentations.
If the mandate expands - monitoring monthly P&L, managing CapEx draws, or reviewing the next asset - we transition seamlessly to retainer.
Outline the transaction, property, or contract in front of you. Send a note using the form to start an email conversation, or note if you prefer an introductory call.
We typically respond within 1–2 business days. If the matter is urgent, please write directly to icheong@principle1.org.
We couldn't process your submission. Please email us directly at info@principle1.org.