hotel with a golf course - need help

[Michael Ealy]

Hi BP Nation,

I am evaluating this hotel with a golf course and I wonder if anyone in BP nation has any experience with this. I invest in hotels so I know what the numbers should be for a hotel and so I can see if there are any operating inefficiencies with it that I can solve and create that VALUE-ADD.

For golf courses, I am not as familiar.

What's the typical NOI vs. revenue (in terms of percentage) does a stabilized, performing golf course has? In apartments, that ratio varies from 40-65% and for hotels it's about 20-40%.

What about golf courses?