Teaser

A teaser is a short document, two pages at most, presenting a sale opportunity to preselected buyers before any NDA is signed. It must allow the buyer to decide whether to go further, without allowing it to identify the hotel.

In a transaction

A hotel teaser covers a few headings: the nature of the transaction (property and business, business only, shares, sale and leaseback), location at metropolitan or regional level, star rating, capacity as a range, ownership and operating structure, revenue and EBE (the French measure of EBITDA) as ranges or disclosed after the NDA, operating indicators (occupancy, average daily rate, RevPAR), four or five verifiable key points, then the steps of the process.

Anonymisation follows precise rules:

• a neutral code name, with no street, landmark, family name or brand
• no address or unique landmark
• no recognisable photograph of the facade, view or interior
• no mention of the seller, operator, bank or an identifying brand
• figures rounded or given as ranges
• PDF metadata cleaned

Before it is sent, a professional who knows the local market tries to identify the hotel using booking platforms. If they succeed within minutes, the teaser is rewritten. It is then sent one buyer at a time, to buyers whose criteria match, and every dispatch is logged.

Not to be confused with

• The information memorandum, a detailed, named and numbered document provided only after the NDA.
• A listing, public by nature, which exposes the asset to everyone, including staff, guests and competitors.

For a sale conducted off-market: selling a hotel.