THE INFRASTRUCTURE OPPORTUNITY

The Missing Rails for Group Stays

25% of hotel revenue comes from group bookings. 48% of vacation rentals are whole-home. The demand is proven. But purpose-built hospitality infrastructure to capture it doesn't exist—forcing billions to flow through broken channels.

10×

Demand vs. purpose-built supply

$32B+

Flowing through broken channels

0

Purpose-built groupstay solutions

The Stripe Thesis

Like Stripe built payment rails for commerce that already existed online, we're building hospitality rails for group stays that are already happening.

The demand is proven. We're building the rails.

2 Halls

...

100 Halls

Demand Signals

People are already paying for groupstays—through broken channels

25%

of hotel revenue from group bookings

48%

of vacation rentals are whole-home

70%+

of mid-large cos host annual offsites

13.1%

CAGR luxury vacation rentals

Demand Signals

10×

Demand expressed through broken channels

Purpose-Built Supply

~0

No hospitality-grade groupstay product

Current "Hacks"

Hotel Villas & Suites

Premium, but groups still scattered

Airbnb + Concierge Bolt-ons

Space works, service is lottery

Why Others Missed This

The structural reasons this category doesn't exist

🏠

Vacation Rentals

Homes can go on Airbnb with zero operational overhead. Why build hospitality infrastructure when you can just list?

Result: Commoditized space, no service

🏨

Traditional Hotels

Hotels are efficient to build at scale: standardized rooms, proven operations. But groups get scattered across floors.

Result: Service without togetherness

◆
Distributed Hotel

                Use existing premium inventory + build the Hall as hospitality hub. Light capital, proven demand, premium experience.
            
Result: Togetherness + Service

The Innovation

We don't compete with Airbnb or hotels—we layer hospitality infrastructure onto existing supply, capturing 300-400 bps of margin that vacation rentals can never access.

The Hub Model

The Hall anchors a constellation of premium accommodations

A

B

HALL

C

D

Flagship (A) • Boarding Houses (B,C) • Partner Homes (D)

🏛️

Public Living Room

Gathering space that draws guests together—the social anchor for group stays

🍳

Open Kitchen

Chef-driven F&B programming: private dinners, cooking classes, morning pastry service

🛎️

Concierge Services

Trip planning, gear coordination, local experiences—the hospitality layer Airbnb lacks

Infrastructure Checklist

✓ Commercial kitchen

✓ Event licensing

✓ POS + booking systems

✓ Staffing protocols

The Hospitality Gap

Why Airbnb alone isn't enough

Service Consistency (0-100)

Luxury Hotels

85

Upper Upscale

70

Airbnb Luxe

70

Airbnb Top 1%

55

GH Target ◆

85

The Hall provides trained staff, consistent protocols, and quality floor

Group Togetherness (0-100)

Luxury Hotels

20

Upper Upscale

25

Airbnb Luxe

70

Airbnb Top 1%

65

GH Target ◆

95

Airbnb provides space but no hosting; inconsistent quality detracts from group experience

The Positioning

Guesthouse occupies the uncontested upper-right quadrant: high service quality + high group togetherness. Hotels have service but scatter groups. Airbnb has space but no hospitality floor.

2-Hall Valuation

PropCo + OpCo at Tahoe + Palm Springs

PropCo (Real Estate)

$11.8M

Method: Cap rate on assets
• Lake Tahoe Portfolio: $7.5M
• Palm Springs (Target): $4.3M
• Cap Rate Basis: 6-7%
• Property Value Floor

OpCo (Operating Company)

$16-32M

Method: Revenue multiple
• Year 2 Revenue: $5.3M
• Gross Margin: ~45%
• 3-6× revenue (venture multiple)
• Comparable: Early USHG, Nobu

$28-44M

Combined 2-Hall Enterprise Value

13%

Net Yield Target

22%

Projected IRR

Why This Framing Matters

Traditional hospitality investors see real estate value at cap rate—floor of ~$12M. Growth investors see the OpCo trajectory: proven unit economics, category-creating positioning. The combined value captures both the hard asset floor and the venture upside.

Terminal Value at 100 Halls

Path to platform-scale valuation

Conservative

$640M

12× EBITDA

Comp: Regional hotel groups

Base Case
$850M
16× EBITDA

                Comp: Lifestyle hospitality brands
            

Upside

$1.1B

20× EBITDA

Comp: Category creators

$711M

GMV

$213M

Net Revenue (30%)

$53M

EBITDA (25%)

500+

Rooms Under Mgmt

Comparable Multiples

Marriott: 12-14× Hilton: 13-15× Soho House: 15-20× Airbnb: 25-30×

Founder & Founding Team

A legacy in boutique hospitality

Trevor Cornwell

Founder & CEO

Serial entrepreneur with exits to Bombardier (Skyjet) and Intel Capital (appbackr). Johns Hopkins University.

Pioneering access models

Skyjet democratized private aviation—bringing business jet travel to a broader market through innovative access pricing. Guesthouse applies the same philosophy: premium hospitality experiences, accessible to groups.

Family roots in boutique hospitality: Anthony Cornwell (father) led branding for Rockefeller's RockResorts—Mauna Kea, Caneel Bay, Little Dix Bay.

Founding Team

Marta Gawlowicz

House Captain

15 yrs hospitality. USHG-trained.

Quinten Frye

Executive Chef

James Beard semi-finalist.

Halfdan Pedersen

Design Director

Hotels & residences, U.S. + Iceland.

Doug Appleton

Lake Tahoe

Planning & permitting.

Strategic Partners

Union Square Hospitality Group

Danny Meyer's platform. Hospitality training & advisory.

Bjarke Ingels Group

World-renowned architecture. Hall design & master planning.

Press Coverage

"It bridges the gap between boutique hotels and rental houses by offering the best of both."

— Travel + Leisure, December 2025

The Path to 100 Halls

Proven model, cash-flow-positive expansion

1

Truckee

Operating & Validated

2024

→

2

+ Palm Springs

Cash-Flow Positive

2025

→

10

Regional Network

Platform Proof

2027

→

100

National Platform

Category Leader

2030

Why Palm Springs Next

3-hour drive from 25M people (LA, San Diego, Phoenix)
Cash-flowing from Day 1 during design phase
Year-round destination (winter escape + summer events)
Design-forward market aligned with brand

The Expansion Model

Acquire cash-flowing property → rent roll funds planning
Convert to Guesthouse → enhanced EBITDA
No dead capital during development
Each Hall self-funds its own expansion

The Strategic Insight

Traditional hospitality burns capital during expansion. Our model generates cash while growing. Palm Springs proves that each campus can fund the next—creating a self-sustaining expansion engine.

THE THESIS

Build the rails.
Own the category.

Groups are booking through broken channels today—scattered hotel rooms, inconsistent Airbnbs, fragmented retreat providers.

Guesthouse layers hospitality infrastructure—the Hall—onto existing premium inventory, unlocking 300-400 bps of margin that vacation rentals cannot capture.

Sources

J.D. Power NAGSI 2024 Hyatt Investor Day 2023 Allied Market Research 2025 Emburse Corporate Offsites 2025 GH 100 Hub Model v6

The Missing Rails for Group Stays

Demand Signals

Why Others Missed This

The Hub Model

The Hospitality Gap

2-Hall Valuation

Terminal Value at 100 Halls

Founder & Founding Team

Trevor Cornwell

The Path to 100 Halls

Build the rails.Own the category.

Build the rails.
Own the category.