HOUUS Westchase vs CFDBR Bryan vs CLLUD College Station. Whole-hotel canonical P&L lines per Warren's 2026-06-12 normalization ruling. Generated 2026-06-12, occupancy and ADR added 2026-06-14, from RevParPro Supabase.
HOUUS
Holiday Inn Express & Suites Houston Westchase Westheimer
Houston, TX · 127 keys · QBO books
$2.91M
Total Revenue
$451K
NOI
15.5%
NOI Margin
24.1%
Payroll % Rev
61.8%
Occupancy
$98.60
ADR
$22,917
Revenue / Key
$85.84
Opex CPOR
CFDBR
Holiday Inn Express & Suites Bryan - College Station
Bryan, TX · 109 keys · Entity books
$3.33M
Total Revenue
$1.09M
NOI
32.7%
NOI Margin
18.5%
Payroll % Rev
60.1%
Occupancy
$138.00
ADR
$30,577
Revenue / Key
$93.69
Opex CPOR
CLLUD
Holiday Inn Express & Suites College Station
College Station, TX · 77 keys · Entity books
$2.30M
Total Revenue
$684K
NOI
29.7%
NOI Margin
24.0%
Payroll % Rev
60.2%
Occupancy
$134.92
ADR
$29,904
Revenue / Key
$95.66
Opex CPOR
Where the gap is: all ADR, not occupancy, not cost [3][4][6]
RevPAR driver, 2025 FY
HOUUS
CFDBR
CLLUD
Occupancy
61.8%
60.1%
60.2%
ADR (room rev / occupied night)
$98.60
$138.00
$134.92
RevPAR
$60.94
$83.00
$81.24
Cost per occupied room (all opex)
$85.84
$93.69
$95.66
HOUUS runs the highest occupancy and the lowest cost per room of the three, and still has the worst margin.
The whole gap is rate. Splitting the $22.06 RevPAR shortfall vs CFDBR: ADR accounts for -$24.35, occupancy gives back +$2.29 [3][4][6]. Vs CLLUD it is -$22.45 ADR, +$2.15 occupancy on a $20.30 gap. Occupancy is a small positive for HOUUS in both; it sells the rooms, just $36 to $40 a night cheaper.
This is a market ceiling, not a HOUUS pricing failure.
Against its own Westchase compset HOUUS indexes above market on rate in all 12 months of 2025 (ADR index ARI mean 104.2) and beats it on RevPAR (RevPAR index RGI mean 115.7) [4]. College Station is a Texas A&M university market that pushes rate hard on event weekends; Houston Westchase is a suburban office submarket whose compset itself runs near $92 ADR. The $36 to $40 ADR gap is the two markets, not the operation.
So the "elevated" expense ratios on the chart below are an ADR-denominator effect.
HOUUS spends fewer dollars per occupied room than either College Station hotel, but with ADR near $99 vs $135 the same dollars read as a higher percent of revenue. The margin lever for HOUUS is rate, not cost cutting.
Canonical P&L, 2025 full year [1][2]
Line
HOUUS
CFDBR
CLLUD
HOUUS CPOR
Expense ratios, % of total revenue [1][2]
Findings
CLLUD brand cost is the outlier: franchise + marketing runs 20.2% of total revenue ($464,446) vs 17.2% at CFDBR ($572,689) and 16.2% at HOUUS ($471,336). CLLUD books it as one lump account (65000 Franchise Fees, $462,346) [1][2]. Worth pulling the IHG statements to see what is inside.
CFDBR housekeeping supplies $172,778 (5.2% of revenue) vs $35,808 at CLLUD and $39,723 guest supplies at HOUUS. The account (50200) likely absorbs contract housekeeping or linen service; account usage parity is not guaranteed across books [1][2].
Credit card fees: CFDBR 2.8% of revenue ($91,749) vs CLLUD 0.9% ($20,849) and HOUUS 3.6% ($120,858 incl. chargebacks). The CLLUD figure looks understated for the volume; some processor fees may be netted elsewhere [1][2].
HOUUS NOI margin (15.5%) trails the College Station pair entirely on ADR. Revenue per key is $22,917 vs $30,577 / $29,904, and that gap is rate: HOUUS occupancy (61.8%) and cost per occupied room ($85.84) both beat the pair, but its ADR ($98.60) sits $36 to $40 below them. See the RevPAR decomposition above [1][2][3][4].
Validation
HOUUS rooms revenue
Books $2,836,083 [2] vs night audit $2,824,866 [3]
+0.4% match
HOUUS Jan occupancy
Night audit 1,818 room-nights [3] vs STR 46.2% of 3,937 supply = 1,819 [4]
exact match
CFDBR rooms revenue
Books $3,302,155 [1] vs 2025 tax receipts $3,305,559 [5]
-0.1% match
CLLUD rooms revenue
Books $2,283,247 [1] vs 2025 tax receipts $2,260,247 [5]
+1.0% match
CFDBR STAR occupancy
STAR-implied room rev $3,276,023 [6] vs books $3,302,155 [1]
-0.8%, occupancy trusted
CLLUD STAR occupancy
STAR-implied room rev $2,271,006 [6] vs books $2,283,247 [1]
-0.5%, occupancy trusted
HOUUS occupancy source
Night audit used, not STAR: deal_str_monthly [6] mismatched HOUUS Jan to Sep (e.g. Mar ADR $221 vs book $108)
STAR rejected for HOUUS
Method notes
NOI = total revenue minus all operating expense lines, including management fees and property taxes, per Warren's comp-NOI definition (2026-06-12 ruling). No FF&E reserve deducted. Non-operating items (interest, D&A, income/franchise tax, owner items) excluded; HOUUS QBO books carry no D&A entries.
HOUUS rolled up from QBO pl_transactions (3,381 rows, 2025) using Warren's keyword rules plus code-block overrides for the hotel chart of accounts (66xx IHG program fees to Franchise, 7210 Real Estate Tax to Property Tax, OTA/travel-agency commissions to Commissions, dept wages to Payroll). CFDBR and CLLUD read from portfolio_pl_canonical (migration 213).
Occupancy: HOUUS from night_audit_entries (28,650 occupied room-nights). CFDBR and CLLUD from STAR in deal_str_monthly, validated by reconstructing room revenue (occupancy x keys x days x ADR) against the books to within 0.8%. The HOUUS STAR ingest in deal_str_monthly was rejected: it mismatched January through September (March showed ADR $221 against a book and night-audit ADR of $108), so night audit is used for HOUUS instead. ADR here is book or night-audit room revenue divided by occupied room-nights, one consistent basis across all three.
Entity books post revenue on an irregular accrual cadence (e.g. CFDBR July $41K, CLLUD September $17K book months), so this comparison stays at annual grain.
Management fee basis differs: HOUUS 2.1% of revenue vs CFDBR 4.1% and CLLUD 3.5%. CLLUD has $52 in unmapped REVIEW residue (68950 Tax Expenses - Other), excluded.
Mgmt fees and property taxes are inside NOI by design, so these margins are not directly comparable to valuation-tab NOI, which excludes them.