Unlocking Global Hospitality Growth
Table of Contents
  • Our Journey: Stories of Vision, Partnership, and Impact
Our Journey: Stories of Vision, Partnership, and Impact
A Message to Our Operating Partners
"I know that customers may not recall every visual detail we present, but they'll never forget the feeling my designs evoke and the impact my visuals have on their overall experience."
- Karina Espinoza, Creative Design Lead
Success hinges not just on its amenities or services but on the emotional connection it creates with its guests. Our mission is to partner with hotel operators who understand that every detail contributes to an unforgettable experience. An experience that leaves a lasting impression long after guests have checked out.
While the specifics of a room or a lobby might fade from memory, the way a guest feels during their stay endures. We invest in hotel operators who prioritize creating these emotional connections, knowing that the feeling guests take away defines their overall experience.
Regardless of hotel tier or category, the design and ambiance of a hotel play a crucial role in shaping the guest experience. From the moment a guest walks through the door, every visual element—from the architecture to the interior decor—contributes to how they perceive and remember their stay. We partner with operators who understand the power of design to evoke emotions and create spaces that resonate deeply with guests, ensuring that the experience is not just seen but felt.
We believe that the true measure of a hotel's success lies in its ability to create memories that guests will cherish. By focusing on the emotional impact of each interaction, we ensure that our investments lead to properties where guests feel valued, cared for, and eager to return. Together, we design and deliver experiences that guests will remember not just for what they saw, but for how they felt.
A Message to Our Investors
"Hospitality is universal; it's the one business we all share. Every interaction is an opportunity to extend a hand, offer comfort, or make someone feel at home."
- Mia Levu, Chief of Staff
Often, investors ask why we take a global approach to our portfolio instead of focusing on one market. We believe that hospitality transcends industries and cultures—it's the common thread that connects us all. Whether it's through a warm greeting at a hotel or the thoughtful details in a guest experience, hospitality has the power to make a lasting impression that can often lead to other experiences and opportunities. This universal appeal is what makes investing in the hospitality sector so compelling; it's a business that touches lives and creates memorable experiences, no matter where you are in the world.
Our approach is rooted in the understanding that more than the data, exceptional service, and genuine care are the cornerstones of successful hospitality joint ventures. We focus on building relationships with the best people first. Our ultimate goal is to make a difference, one interaction at a time. To accomplish this, we aim to successfully identify and invest with best-in-class partners and in regions often overlooked by traditional U.S. investors. We strive to generate compelling risk-adjusted returns in markets that share common characteristics that lead to accelerated appreciation across hotel-related investments, while also creating local jobs, supporting businesses that service our properties, and contributing to the overall development of local communities. By doing so, we create a ripple effect of positive impact that benefits our investors, our operating partners, and the guests who experience our properties.
A Message from Our Founder
"One day, I realized that no matter the business pursuit, I was ultimately in pursuit of serving others. I've learned that exceptional hospitality is the foundation of all great enterprises."
- William Huston, Founder & General Partner
My father's sudden passing came just a year after we completed renovations on the first hotel in our portfolio. In that time, we saw 2022 financials rise from $374,000 to $502,000 in 2023, marking a 34% increase. Through his influence, I learned the value of discovering my true passion and letting go of anything that stands in the way of fully pursuing it. I decided to sell my wealth management book of business the month after he passed away and spend 100% of my energy on curating hotel-related investment opportunities.
Since then, my mission has been to improve upon the best approaches to investing across hotel-related opportunities. I believe that every successful venture is built on the principles of exceptional service and hospitality. Our quantamental model uncovers trends that can lead to hidden opportunities through strategic public/private joint ventures to systematically deliver sustainable growth for our investors while upholding the highest standards of care and service.
Our approach provides LP's with strategic foresight in regions where consultants have little to no coverage and attractive returns can be generated with prudent risk management and additional values through incentives, tax rebates, and illiquidity premiums. These markets share a set of specific trends and government frameworks that present both a social challenge and an opportunity for accelerated asset appreciation, particularly within the hotel sector.
Leadership Team
Capital Formation | Organizational Leadership
  • Entrepreneur of the Year 2023 | NAACP
  • Global Finalist | Cartier Women's Initiative
  • #1 Black-owned Investment Firm 2023 | AAAA
  • Top 100 Investors 2021-2023 | Investopedia
  • Former Bay Area President, National Assoc. Securities Professionals
  • VC Unlocked, Stanford University
  • VC Include Fellowship, Cohort 3
  • Executive Education, Wharton & Cornell
  • Accredited Investment Fiduciary Analyst (AIFA®)
  • BS, Organizational Management, Oakwood University
Multi-Asset Investments | Quantitative Modeling
  • Multi-asset investments and quantitative strategies, AQR Capital Management
  • Alternative investments, Bank of America Merrill Lynch
  • Interest rate and equity derivatives structuring and risk management, Deutsche Bank
  • Quantamental hotel valuations and proprietary quantitative modeling of hotel investment locations
  • Former Board Member, Stanford Women's Network
  • Board Member, SPARK Accel
  • MS, Financial Mathematics, Stanford University
  • BS, Mathematics & Statistics, University of Toronto
International Business & Portfolio Growth / Efficient Capital & Liquidity
  • Founding principal of DeltaStreet since 2001, focused on scaling up mid-market businesses based on high-impact corporate development for cross-border joint ventures, M&A, global expansion & succession/IPO/exit
  • Transitioning family firms into diversified NextGen private wealth portfolios with alternative asset allocations for direct investments in multiple operating companies
  • Integrating PE, VC & hybrid debt into alternative asset portfolios with multi-layer risk capital
  • Leveraging senior relationship/lending and private equity/corporate finance roles in commercial banking (BMO Mid-Market / BDC Emerging Markets / CIBC World Markets) & multi-family office wealth management (WaterStreet Family Wealth Counsel)
  • Multilingual/cross-cultural skills with executive MBA, BSc & Emerging Markets bank programs for venture/subordinate financing
Operating Advisor
  • ⁠Inc. 5000 list of fastest-growing companies with 85% growth over three years
  • ⁠CEO, National Raisin Company, acquired by Empresas Sutil
  • ⁠Managing Member of Kona Hills Coffee
  • ⁠Retired CPA
Operational Excellence in Hospitality
  • Over 40 Years of Industry Experience: Renowned expert in enhancing performance for hotels and service companies worldwide
  • Founder and Former COO of Unifocus (25 Years): Led the development of integrated workforce management systems used by hundreds of businesses in over 100 countries
  • Workforce Management Specialist: Expert in optimizing labor management systems, developing zero-based labor standards, and improving labor budgeting practices
  • Board Member: Cornell Center for Innovative Hospitality Labor and Employment Relations
  • Past Chair: Dean’s Board of Advancement at the University of North Texas – College of Merchandising, Hospitality, and Tourism
  • M.A. in Human Resource Development, The George Washington University. B.A
  • M.S. in English and Education, University of Pennsylvania. International experience teaching English as a Second Language with the U.S. Peace Corps in Thailand
Destination Management | Public/Private Partnerships
  • Board Member: US Portugal Fulbright
  • President: American Society of Travel Advisors Portugal
  • Environmental Management, Harvard University
  • International Tourism Development, Harvard University
  • BA, Spanish Language & Literature, Florida State
Investor Relations | Director of Operations
  • Hotel Portfolio Optimization
  • Investor Relations & Communication
  • Hotel Revenue Management, Cornell University
  • BBA Management, University of Houston (in progress) & Literature, Florida State
Operating Advisors
Capital Call Summary | Strategy Overview
Long-Term Hotel Investments Across Developed & Emerging Markets
Quantamental, data-informed approach
The fund series employs a quantamental, data-informed approach to carefully select investment regions and locations, combining quantitative analysis with qualitative insights for prudent decision-making and risk mitigation.
Strong local government relationships
We leverage strong local government relationships to facilitate investment execution, regulatory approvals, and long-term operational support, ensuring smooth processes and reduced risk throughout the investment lifecycle.
Exclusive deal-sourcing and partnerships with hotel market experts
Through exclusive deal-sourcing and collaborations with local hotel market experts, the fund accesses unique opportunities, maximizing returns while managing market-specific risks with expert guidance.
Clear exit strategy
A clear exit strategy, including potential IPOs or sales to future proprietary funds, ensures well-planned divestments that align with market conditions and deliver optimal value for investors.

Understanding India Branded Market Penetration:
74% of hotels in the USA are branded properties (Marriott, Hyatt, Hilton, etc.)
Only 4% of hotels in India are branded properties
The fund calls for an allocation of 33.3% ($105 million) over three investment phases to a curated selection of India's best-in-class hotel real estate assets, developers, and operators. The fund offers income with growth potential across hotel-related investments, each with defined entry, ownership, and exit strategies, to deliver strong risk-adjusted rates of return.

Despite being the fastest-growing large market in the world, India only has 165,000 branded hotel rooms across the entire country to accommodate 2.5 billion domestic and 9.26 million international travelers annually. In stark contrast, several cities have over 100,000 hotel rooms to accommodate tourists. For example, New York City has 130,000 hotel rooms to accommodate 61.8 million tourists, and Las Vegas has 150,000 hotel rooms to accommodate 40 million annual tourists.

India has only one hotel room for every 14,000 tourists (14,000:1), whereas the world average is 500:1. This supply/demand misalignment presents a significant growth opportunity in India's hospitality sector. In addition to supply/demand trends, the fund takes a quantamental approach and models thirty additional indicators to determine the best regions, hotel tiers, operators, and investment strategies. The fund will capitalize on the next several decades of expansion through joint ventures with operators across all three investment phases. These operators currently account for 80% of India's branded room inventory.

Over the next three years, hotels are expected to outperform all other forms of commercial real estate globally, with hotels in the Asia-Pacific region leading the way. India hotel market will have an approximately 33% growth in 2025 relative to 2019.

India boasts the fastest growth rate among all G20 countries. Its economy advanced from the 10th largest in 2014 to the 5th largest in 2021. The IMF projects India to become the third-largest economy by 2027. This rapid economic growth, coupled with the world's largest and youngest population, underscores the immense potential for hotel investments in the region.
Current & Contemplated Investments Across Regions
Investment by Fund, Country, and Hotel Tier
Fund Series Allocation
Fund Series Hotel Tier Allocation by Country
Fund Series Country Allocation by Hotel Tiers
Strategic Hotel Investments: Balancing Stability & Growth
The fund series strategically targets a diversified portfolio of hotel investments in developed markets with strong income potential and emerging markets with high growth potential. Currently, the developed markets of the United States, Singapore, and Portugal, and the emerging markets of India, Vietnam, Indonesia, and the Philippines make up the contemplated fund series portfolio construction.
This approach is designed to optimize risk-adjusted returns by ensuring stability and resilience through established market environments and leveraging the rapid expansion potential in emerging markets.
  1. The data room provides comprehensive market research and financials, offering in-depth insights into industry trends, competitive analysis, and successful investment examples. These resources are supported by data from reputable sources such as the World Bank, IMF, and industry-specific reports, ensuring a well-rounded understanding of the hospitality investment landscape.
  1. The fund strategy capitalizes on Public-Private Partnerships, Foreign Direct Investment (FDI) incentives, market mispricing, and illiquidity premiums to effectively navigate cyclical market trends. Investors in long-term global commercial real estate (CRE) will benefit from the fund’s meticulous, asset-by-asset capital deployment, ensuring targeted and strategic investment decisions. Specifically in India, the fund's JV approach calls for investments across 35 assets with the country's best developers, operators, and owners, who currently own over 80% of the branded hotel market.
  1. The firm establishes comprehensive government support throughout the entire investment lifecycle. Government agencies or local partnerships in each country assist during pre-investment due diligence, facilitate investment execution, and remain actively involved in each investment until the divestment phase.

For a comprehensive overview of the fund's operational & financial due diligence, use the button below to schedule a meeting, receive and complete the firm's NDA via DocuSign, and access the data room and the following documents:
Quantamental Investment Approach
Unique Deal Sourcing Capabilities Supported by Proprietary Data Analytics

Specializing exclusively in the hospitality sector, the fund employs a quantamental approach, blending quantitative analysis with fundamental research, to ensure a replicable and robust investment process. Supported by an extensive network of Operating Advisors, this approach enables the fund to efficiently identify high-potential opportunities and optimize returns.
Over the next three years, hotels are expected to outperform all other forms of commercial real estate globally, with hotels in the Asia-Pacific region leading the way. India hotel market will have an approximately 33% growth in 2025 relative to 2019.
Indicators & Data Sources
Expanded datasets in the data room include: Bloomberg Terminal data, country-specific data provided by various government agencies, and operational and financial due diligence across numerous privately-held developers, asset owners and operators.
Macroeconomic & Geopolitical Assessments
The fund evaluates the macroeconomics and geopolitical environments of countries of interest by first looking at top 50 GDP growth countries with a minimum $250 billion annual GDP. From that set of 50 countries, the fund then considers indicators and datasets to build a proprietary model in order to score to each country.
Country-Specific Partnerships & Deal Valuations
The fund applies fundamental research and leverages local partnerships in the countries of interest for hotel investments after the macroeconomic and geopolitical evaluations. The fund curates each deal based on the financial metrics, growth potential, brand value, locational advantage, unique deal structure, and appropriate hotel tiers that add value to the portfolio's risk-adjusted returns, diversification and expansion.
Currency Hedging Strategy
The fund monitors the macroeconomic and political environments of the regions and countries where it invests to determine the necessary amount of currency hedging. This is done through partial or dynamic hedging using long-dated FX forwards, long-term FX options, and/or synthetic hedges. These synthetic hedges involve buying higher-yielding currencies to hedge against market movements of local currency against USD.

For a comprehensive overview of the fund's operational & financial due diligence, use the button below to schedule a meeting, receive and complete the firm's NDA via DocuSign, and access the data room and the following documents:
Capital Call: India Joint Ventures
Prudent Risk Management Across Hotel Developers, Assets, & Operators
Investment Overview:
Ambuja Neotia (Neotia) is a cornerstone of Kolkata’s corporate landscape. Neotia has welcomed Bay Street as their sole equity investor pre-IPO. The fund targets a 7% equity stake through a $40 million investment, with Shri Harshavardhan Neotia, the founder, retaining 93% ahead of Neotia's forthcoming IPO. Upon the fund's $40 million investment, Neotia will defer the November 2025 IPO to 2029, allowing for increased value creation with Bay Street's invested capital.
A Legacy of Excellence and Innovation:
For over five generations, with roots tracing back nearly 120 years, the Neotia family has established an unparalleled legacy of business acumen and innovation. Originating from Rajasthan, the family has been instrumental in shaping Kolkata’s business ethos since the 1890s.
Under the visionary leadership of ​Shri Harshavardhan Neotia​, Ambuja Neotia has diversified across real estate, hospitality, healthcare, and education. The company has delivered several landmark projects that have redefined living standards in India.
Proven Success with Ambuja Cement:
Ambuja Neotia’s impressive trajectory is highlighted in Ambuja Cement. Ambuja Cement is the second-largest cement company in India and a key benchmark in India’s industrial sector.
In addition to the Bay Street's participation in Neotia's hospitality assets, the historical success of Ambuja Cement sets a strong precedent for Bay Street's continued participation ahead of future liquidity events across Ambuja Neotia's residential, retail, commercial, education, and healthcare businesses.
Strategic Vision for Hospitality Growth:
Neotia is strategically poised to capitalize on India's burgeoning hospitality sector. The partnership leverages a proven strategy of dividend recapitalization and stock buybacks, ensuring enhanced returns for investors without solely relying on forward EBITDA multiple expansion. This approach provides stable cash flows and aligns with shareholder value maximization for both organizations.
CURRENT HOTELS INCLUDE:
​Chiakutir ​- Expansion
Raichak - Rising Towers - Under Construction
Jaipur - GARPL - Under Construction
Sundarban - Urshita - Under Construction
Lataguri - Green Emerald - Under Construction
Patna Hotel & Mall - USL - Under Construction
Jaipur, Varanasi - RRPL - Under Construction
Lataguri - Epoch - Under Construction
JOINT VENTURE WITH IHCL (TATA GROUP):
South Asia's Largest Hospitality-Focused Enterprise
Brand Expansion:
JOINT VENTURE WITH LEMON TREE:
India's Largest Mid-Priced Hotel Operator
Brand Expansion:
JOINT VENTURE WITH CLUB MAHINDRA:
Part of the Mahindra Group Conglomerate
Brand Expansion:
JOINT VENTURE WITH ITC HOTELS:
Part of the ITC Limited Conglomerate
World's First Twelve LEED Zero Carbon Certified Hotels
Brand Expansion:
Defined Exit: IPO in 18 months
JOINT VENTURE WITH POSTCARD RESORTS:
Intimate and Experiential Boutique Hotels
Brand Expansion:
JOINT VENTURE WITH SUBA HOTELS:
Master Franchise for Choice Hotels in India & Nepal
Brand Expansion:
Operational & financial due diligence for each JV is available in the data room.
Operational & financial due diligence for each IHG-branded property is available in the data room.
Bay Street Hospitality is a diversified hotel fund for allocators seeking quant-driven exposure across specific countries, operators, and hotel tiers. The fund targets a diversified portfolio in high-growth emerging markets and developed markets, optimizing for risk-adjusted returns. The leadership provides structured equity and pivotal strategic guidance to hotel-related investments. The fund establishes joint ventures with best-in-class partners, focusing on deal flexibility, currency considerations, tax efficiency, and clear exit strategies.
JOINT VENTURE HIGHLIGHTS:
​Ambuja Neotia​ - Fusion of luxury & sustainability
​IHCL (Tata Group)​ - Iconic Indian hospitality
​Lemon Tree​ - Mid-market comfort
​Club Mahindra​ - Membership-based stays
​ITC Hotels​ - Green luxury & Indian heritage
​Postcard Resorts​ - Intimate experiences
​Suba Hotels​ - Affordable, with a focus on service
​IHG​ - International standards with diverse brand offering
Structure | Limited Partnership (LP)
Focus | Hotel Real Estate
Strategy | Hotel Joint Ventures
Closed-End Fund | $100m, $300m hard cap
Domicile | U.S.
Targeted Return | 25%
Benchmark | NCREIF/Townsend
Annual Fees | 2%
Incentive Fees | 20%
Preferred Dividend | 7%
Minimum Investment | $250,000

For a comprehensive overview of the fund's operational & financial due diligence, use the button below to schedule a meeting, receive and complete the firm's NDA via DocuSign, and access the data room:
USA Opportunistic Allocations

The firm was introduced to this opportunity by a state-owned government bank, based in India.
· The bank is asking for $59m to purchase the note.
· The appraisal came in at $292m. ($233m above our transaction price)
Proven Operators to Elevate the Catskills Experience
Canyon Ranch
Known for their exceptional wellness and hospitality expertise, Canyon Ranch can bring their proven track record to Yo1.com.
Aman
The prestigious Aman brand can infuse Yo1.com with their signature luxury and attention to detail, elevating the guest experience.
Six Senses
Six Senses' focus on sustainability and holistic wellness aligns perfectly with Yo1.com's mission and vision.
Exit Strategy: Sell to Strategic

1

Strategic Sale
Attract a major hospitality or wellness brand to acquire Yo1.com, leveraging the new operator and untapped potential.

2

Maximize Returns
This exit strategy can deliver substantial returns for investors, given the true value of the Yo1.com asset

3

More Info

drive.google.com

1.328 Monticello - Confidential - Google Drive

Los Angeles Overview
Acquired July 2022
South Lake Tahoe Overview
Acquired September 2022

PDF file

Resthaven Tahoe | 2023 Financials

3.9 MB

Additional Occupancy, RevPar, and ADR Data Available Upon Request
Portugal Overview

PDF file

Short Deck Portugal & California | English

Additional Occupancy, RevPar, and ADR Data Available Upon Request
The Caribbean Overview
Additional Occupancy, RevPar, and ADR Data Available Upon Request
Fund Highlights
The fund's investment structure is well-suited for allocators seeking data-informed exposure across top regions and appropriate hotel tiers.
The firm collaborates with established public/private partners, developers, and operators. Deal flexibility, currency and tax efficiency, and the ability to gain liquidity through local public markets differentiate the fund.
The firm aims to deliver compelling, risk-adjusted returns by employing a quantamental approach, leveraging operational expertise, and engaging with like-minded organizations.
Access Fund Data Room | Investment & Operational Due Diligence
  • Firm Level - Bay Street Capital Holdings
  • Fund Level - Bay Street Hospitality
  • Portfolio Level - Current & Contemplated Investments
  • Sub Docs
Bay Street Hospitality presents a compelling investment opportunity through a diversified hotel strategy. By employing a quantamental approach, leveraging operational expertise, and engaging with like-minded operators, the firm aims to deliver strong, risk-adjusted returns. The comprehensive strategy and detailed operational, financial, macro, and micro considerations position the fund for long-term success in the evolving hospitality sector.

For a comprehensive overview of the fund's operational & financial due diligence, use the button below to schedule a meeting, receive and complete the firm's NDA via DocuSign, and access the data room:
Footnotes
  1. Projection Methodology Explanation: The 1-year and 5-year projections were derived using a historical time series of annual and 5-year price data from December 1990 to Dec 2023. These projections were generated by analyzing trends and patterns within the historical data set, using statistical models that account for seasonality, cyclical trends, and economic factors. The analysis incorporates both the long-term growth trajectory and short-term fluctuations observed in the data, allowing for the estimation of future price movements over the specified periods.
  1. Data Availability Adjustment: In cases where historical data was not available starting from December 1990, projections were made based on the average performance of the last 5 years, combined with an assessment of current market sentiment and expectations for future returns. This approach ensures that the projections remain grounded in recent market dynamics while compensating for any gaps in the historical data set.