More than 700 events Ā· 14m room nights Ā· US$12bn GVA Ā· 49 countries Ā· 180 cities Ā· in the past 12 months

Hotel investment due diligence: see the demand, dependencies, and downside behind the tourism asset.

A hotel, resort, or mixed-use scheme rarely fails underwriting on its growth story. It fails when a single route, a single annual event, or a single source market turns out to be carrying more of the demand case than the committee realised.
Break the demand case into the parts that could fail independently and test each against a downside, before signature. Then re-run the same model at every hold review, so the exit or refinancing decision is made on a tested trajectory, not on sentiment.

A tenth of the world's output and employment depends on the visitor economy

Living Lab’s first economic model was for the Singapore Grand Prix in 2012. In 2025 we became a software platform: government-grade intelligence for the visitor economy

In the last 12 months we have deployed at more than 700 events. They delivered 14 million room nights and over US$12bn in gross value added

What does Living Lab do for hotel investment due diligence?

Hotel investment due diligence. Living Lab connects the market report, the route schedule, the comparable set, and the sustainability questionnaire that due diligence usually holds separately, and measures dependency rather than describing it. Reference data is published by UN Tourism.

Attributes what happened to the asset against what was forecast, at each hold review: occupancy, rate, and value, with the driver named. Whether the route that was withdrawn, the event that was lost, or the market that softened explains the gap. Signal137 becomes the evidence base the next buyer or lender can also test.

Tests the transaction before commitment: base case through downside through diversification, with the assumptions that move each outcome stated. Dependency mapped across routes, source markets, and the event calendar. Climate and transition risk scenario-tested across the hold, not the operating year. Demand137 sets the entry price on a stress-tested demand base.

ProductYour questionYou getWhat it changes
Demand137Whether to commit capital at the proposed priceDemand vectorised by origin, route, timing, and price, with a downside case, not a single growth lineAn entry price and hold thesis on a stress-tested demand base
Demand137How exposed is the asset to one route, one market, or one event?Connectivity and dependency mapping across routes, source markets, and the calendarMitigation, phasing, or covenant required before commitment
Demand137Does the hold period price in climate and transition risk?Scenario testing across the expected hold, not the current operating yearPrice, structure, or exit timing adjusted before the risk is discovered by someone else
Demand137What is diversification worth against the downside it removes?A second market and route modelled over the hold, net of the cost of building themResilience priced, not asserted
Demand137What happens if we walk away?Base, downside, and supported scenarios with a stated counterfactualThe cost of not investing is visible alongside the cost of investing
Signal137Did the asset perform as underwritten, and if not, why?Occupancy, rate, and value against the forecast, with the driver attributedThe hold review starts from evidence, not from a fresh assumption set
Signal137How much of the asset's value stays in the destination?Retained value against leakage, by sector, around the assetThe ESG mandate tested on the same evidence as the return
Signal137When to hold, refinance, or exitThe same demand model re-run against current conditionsThe decision timed against evidence the next buyer can also test
BothCan this go straight into a committee paper or lender pack?Every scenario states its assumptions, counterfactual, and uncertainty rangeInterrogated by your risk function, a co-investor, or a lender, not presented as a conclusion
BothDo you need our transaction data or fund systems?No. Public and licensed market data plus the asset details and scenarios to be testedNothing here assumes standing access to fund or portfolio systems

Test the downside before the signature

Calendar optimisation example

USE CASES

La Sagra

A tourism asset rarely fails on its growth story

A hotel, a resort, or a mixed-use scheme fails underwriting when a single route, a single annual event, or a single source market turns out to be carrying more of the demand case than the committee realised. The dependency is the risk, and it can be measured before signature.

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A 100,000-seat stadium: build one less seat than you can sell

Manchester United’s proposed stadium is a Ā£2bn, 100,000-seat ground by Foster + Partners, with a target opening of 2030-31. The club and the regeneration case cite Ā£7.3bn a year for the economy and 92,000 jobs. Those are the promoters’ projections. Here is what to test before believing them.

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Advancing the Tourism Industry

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Tell us the question. We'll bring back the answer.

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We turn messy event and tourism data into decisions that help communities grow. Bring curiosity and rigour. We will hand you questions nobody has answered yet.