Hotel & Leisure Advisors

What Hotel & Leisure Advisors does

Hotel & Leisure Advisors (H&LA), founded in 2005 and headquartered in Cleveland, Ohio, is a boutique hospitality consulting firm specializing in feasibility studies, appraisals, economic impact analyses, operational reviews, impact analyses, and litigation support for hotels, resorts, waterparks, surf parks, amusement parks, casinos, golf courses, and other leisure real estate. The firm is led by President David J. Sangree, MAI, CPA, ISHC, a nationally recognized waterpark industry expert inducted into the World Waterpark Association Hall of Fame in 2022, and operates with a team of roughly 10 credentialed consultants, research analysts, and operations staff. Since inception, H&LA has evaluated more than 4,200 properties across all 50 U.S. states, Canada, and the Caribbean, and David Sangree alone has completed over 1,000 waterpark studies since 1999, forming the basis of what the firm describes as the industry's most comprehensive proprietary waterpark dataset.

H&LA's core offerings span four service lines: Financial Feasibility and Appraisal Services (market and financial feasibility studies, hotel and tax appeal appraisals, economic impact studies, impact analyses), Operational and Consulting Services (RFQ preparation and solicitation, operational analysis and review), Litigation Support and Expert Testimony, and Facility and Property Services. The firm also monetizes its proprietary waterpark data through annual research reports and state-specific supply lists. Underlying technology is conventional hospitality consulting methodology, combining primary market research, financial modeling, competitive benchmarking, and industry data analysis, delivered by credentialed human consultants rather than via a proprietary software platform. No AI/ML capabilities, APIs, or software products are disclosed.

H&LA generates revenue through project-based professional services fees billed to a horizontally diversified B2B client base including developers and investors, hotel companies and franchisors, lenders and financial institutions, attorneys and legal professionals, government and municipal agencies, and Native American tribes. Pricing is engagement-specific and not publicly disclosed, with the exception of standalone research data products priced at $499 per report. Distribution is direct via proposal-based sales, supplemented by thought leadership through industry publications, conference presentations (IAAPA, WWA, Surf Park Summit, NYU Hospitality Investment Forum), and a content-marketing website and newsletter. In 2025, H&LA was acquired by Architectural Design Consultants, Inc. (ADCI), and continues to operate under its existing brand while leveraging ADCI's design and operational resources.

Name

Hotel & Leisure Advisors

Legal name

Hotel & Leisure Advisors

Website

https://hladvisors.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

Hotel & Leisure Advisors is a Cleveland-based boutique hospitality consulting firm founded in 2005, delivering feasibility studies, appraisals, economic impact analyses, and expert testimony to developers, hotel brands, lenders, attorneys, governments, and tribal clients across the U.S., Canada, and the Caribbean.

Ownership category

akta.pro rank

Product category

Hospitality Consulting Services

NAICS

Management Consulting Services (54161), Portfolio Management and Investment Advice (523940)

SIC

Services-Management Consulting Services (8742), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE)

akta.pro secondary industries

Preferred Hotel Program Design & Portfolio Strategy (THACAGAD), Hotel Program Management (Corporate Lodging) (THAKAMAI)

Keywords

• Hospitality consulting
• Hotel feasibility studies
• Hotel appraisal services
• Economic impact analysis
• Leisure real estate advisory

Headquarters

HQ city

Cleveland

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Consulting Services: Project-based professional services including feasibility studies, appraisals, economic impact analyses, operational reviews, and litigation support for hospitality and leisure properties. Revenue generated through engagement fees for analytical and advisory services.
2. Research Data Reports: Sale of waterpark industry research reports including annual waterpark openings/expansions reports and state-specific waterpark supply lists. One-time purchase model for data products.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Hotel & Leisure Advisors is a boutique hospitality consulting firm that performs market and financial feasibility studies, hotel and tax appeal appraisals, economic impact analyses, operational reviews, impact analyses, and litigation support/expert testimony for hotels, resorts, waterparks, casinos, golf courses, and other leisure real estate. Engagements are delivered by credentialed consultants (MAI, CPA, ISHC, CHIA) for developers, lenders, hotel brands, attorneys, government entities, and Native American tribes, with project-based pricing on a per-engagement basis plus one-time-purchase research data reports.

Product overview

Hotel & Leisure Advisors (H&LA) is a boutique hospitality consulting firm offering a unified platform of advisory services rather than a modular software product. The core offering consists of Financial Feasibility & Appraisal Services, which includes Market & Financial Feasibility Studies, Hotel Appraisal & Tax Appeal Appraisals, Economic Impact Studies, and Impact Analysis. These are complemented by Operational & Consulting Services (RFQ Preparation & Solicitation, Operational Analysis & Review), Litigation Support & Expert Testimony, and Facility & Property Services. Research Data products, including the Waterpark Research Data annual report and state-specific Waterpark Supply Lists, are offered as supplementary research offerings. All services are delivered by credentialed consultants who provide personalized, hands-on analysis tailored to each client's specific objectives.

Differentiator

Problem solved

Functional benefit

Products and services

• Market & Financial Feasibility Study

Quantifiable outcome

• Evaluated over 4,200 properties across all 50 states, Canada, and Caribbean
• +1 more outcomes

Named customers15 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Architectural Design Consultants, Inc. (ADCI)coreStrategic or Co-development Partner · 1 January 2025In 2025, H&LA entered into a strategic partnership with Architectural Design Consultants, Inc (ADCI). This partnership follows ADCI's acquisition of H&LA, aligning both firms with distinct strengths to deliver a more comprehensive suite of services across the hospitality, leisure, and entertainment sectors. H&LA continues to operate under its existing brand while leveraging ADCI's creative and operational resources.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• HVS: Largest global hospitality-focused consulting and valuation firm, providing hotel appraisals, feasibility studies, market research, and investment advisory — directly competitive with H&LA across nearly every service line for lenders, investors, and brands.
• Horwath HTL (Crowe Global): International hospitality consultancy with deep hotel feasibility, market study, and asset management heritage; competes with H&LA on hotel, resort, and leisure property advisory engagements.
• LW Hospitality Advisors: Specialized hospitality consulting firm providing hotel valuations, feasibility studies, and litigation support — a closely comparable boutique peer with similar service mix and customer types.
• Pinnacle Advisory Group: Hospitality and leisure consulting firm delivering feasibility, market analysis, and valuations for hotels, resorts, and attractions — a comparable boutique competitor in H&LA's core segments.
• Atlas Hospitality Group: Boutique hospitality advisory firm focusing on hotel feasibility and valuation work for lenders, investors, and owners across the U.S. — competes directly for appraisal and feasibility mandates.

Broad incumbents

• CBRE Hotels & Hospitality (incl. PKF Hospitality): Global commercial real estate services giant whose Hotels & Hospitality practice (incorporating PKF) provides hotel valuations, feasibility, and consulting at massive scale; competes with H&LA especially on lender and large-investor mandates.
• JLL Hotels & Hospitality Group: International hospitality advisory within JLL offering valuations, investment sales, asset management, and feasibility support — competes with H&LA on enterprise hotel engagements and capital-markets-driven valuations.
• Cushman & Wakefield Hospitality: Global firm with a dedicated hospitality practice providing appraisal, market study, and investment advisory services for hotels and resorts — competing peer for institutional lender and brand work.
• Newmark Valuation & Advisory: National real estate services firm whose Valuation & Advisory practice provides MAI-designated hospitality appraisals and feasibility work; competes for lender-driven hospitality valuation mandates.

Others

• STR (CoStar Group): Provider of hotel benchmarking data, market intelligence, and feasibility-supporting analytics now part of CoStar; serves overlapping hospitality clients and is a complementary data and benchmarking source rather than a direct consulting competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hotel & Leisure Advisors