A · Current production tab, the five real screenshots from today, top to bottom. Nine cards, ~3,000px of scroll. Ive's count: 110.7 said three times (plus once as 110.8), $94.92 three times while the header says $93.30.
B · Ive's five changes, nothing added. Nine cards become five: headline absorbs the diagnosis sentence, leaderboard promoted to second, identity and decomposition cards removed, one clock and one color grammar, scenarios resolved into a closing sentence. Revenue chart moves to Financials.
Diagnosis: rate gap. Subject fills rooms (MPI 121.8) but underprices the STR comp set (ARI 90.9). Gap to true peers is closing, subject outperforming the cohort YoY.
| Hotel | Built | Rooms | TTM RevPAR | vs subject |
|---|---|---|---|---|
| Houston Airport Marriott at George Bush | 1982 | 573 | $149.90 | +57.9% |
| DoubleTree Houston Galleria | 1981 | 313 | $104.01 | +9.6% |
| DoubleTree IAH (subject) | 1981 | 313 | $94.92 | 100 |
| Sheraton North Houston | 1982 | 419 | $69.06 | -27.2% |
| Nov 25 | Dec 25 | Jan 26 | Feb 26 | Mar 26 | Apr 26 | |
|---|---|---|---|---|---|---|
| Occ % | 74.3 | 66.7 | 89.4 | 92.1 | 90.2 | 85.3 |
| ADR | $118 | $112 | $124 | $125 | $124 | $122 |
| MPI | 99.4 | 96.9 | 132.2 | 130.0 | 128.0 | 128.8 |
| ARI | 87.4 | 82.9 | 87.5 | 88.0 | 88.2 | 87.8 |
| RGI | 86.9 | 80.3 | 115.7 | 114.4 | 112.9 | 113.1 |
Subject already trades +25.6% above its true peers, so there is no peer-gap upside to underwrite; the model holds revenue flat (zero-growth base case, T-12 RevPAR $93.30 per the Apr T-12 P&L window). The rate gap to the STR set (ARI 90.9) is the only revenue lever, and it is underwritten at zero until a capture thesis exists.
C · One card. The extreme of Ive's direction: the entire tab is a single instrument, one continuous surface, headline sentence to closing sentence, no card chrome between sections. Quietest possible page.
| Hotel | Built | Rooms | TTM RevPAR | vs subject |
|---|---|---|---|---|
| Houston Airport Marriott | 1982 | 573 | $149.90 | +57.9% |
| Subject | 1981 | 313 | $94.92 | 100 |
| Sheraton North Houston | 1982 | 419 | $69.06 | -27.2% |
| Nov | Dec | Jan | Feb | Mar | Apr | |
|---|---|---|---|---|---|---|
| RGI | 86.9 | 80.3 | 115.7 | 114.4 | 112.9 | 113.1 |
| vs algo $ | 108 | 105 | 121 | 138 | 123 | 117 |
Read: the January turn is the contract surge; whether it survives ownership change is THE question. No peer-gap upside exists; rate (ARI 90.9) is the only lever and it is underwritten at zero.
D · Stitch layout study (Google Stitch, same project as the Overview study). Its moves: the headline IS a sentence in the title position, ONE unified monthly matrix, the underwrite read collapsed to a single quiet footer strip. NOTE: matrix cell values and peer rows ("Comp Hotel A-F") are Stitch placeholders, not real H156 data; judge the bones.
E · Ive's structure, Stitch's directness. From D: the headline IS a sentence in the title position, ONE unified monthly matrix, the underwrite read as a quiet footer strip. From B: the diagnosis line, the promoted leaderboard, one clock, one color grammar, real data throughout.
Diagnosis: rate gap. Fills rooms (MPI 121.8), underprices the STR set (ARI 90.9). Gap closing, subject outperforming the cohort YoY.
| Hotel | Built | Rooms | TTM RevPAR | vs subject |
|---|---|---|---|---|
| Houston Airport Marriott at George Bush | 1982 | 573 | $149.90 | +57.9% |
| DoubleTree Houston Galleria | 1981 | 313 | $104.01 | +9.6% |
| DoubleTree IAH (subject) | 1981 | 313 | $94.92 | 100 |
| Sheraton North Houston | 1982 | 419 | $69.06 | -27.2% |
| Nov 25 | Dec 25 | Jan 26 | Feb 26 | Mar 26 | Apr 26 | |
|---|---|---|---|---|---|---|
| Occ % | 74.3 | 66.7 | 89.4 | 92.1 | 90.2 | 85.3 |
| ADR | $118 | $112 | $124 | $125 | $124 | $122 |
| MPI | 99.4 | 96.9 | 132.2 | 130.0 | 128.0 | 128.8 |
| ARI | 87.4 | 82.9 | 87.5 | 88.0 | 88.2 | 87.8 |
| RGI | 86.9 | 80.3 | 115.7 | 114.4 | 112.9 | 113.1 |
| vs algo $ (receipts) | 108 | 105 | 121 | 138 | 123 | 117 |