The Micro-Resort Capital Gap
Landscape hotels, glamping clusters, twenty-key design resorts: demand is documented, returns are strong, and yet the category sits in a capital no-man's-land — too small for institutional hospitality money, too operational for most real estate funds.
Who Fills the Gap
The answer emerging from our deal flow: hybrid vehicles that pair a small fund with a management company, giving LPs real estate downside protection and operating upside in one structure.
Three sponsors walk us through their structures, fee stacks, and the LP objections they had to answer.
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