Welcome to The Lobby.
Take a seat by the fire and say hello to Ivy, our resident cat. The Lobby is our general community. Press a floor on the lift panel to visit our programs, or stay here to see why hotel owners have more fun.
Lab. Collab.
MasterKey is where people gather around hotels to learn, experiment and build things together.
The Lab
Learn how hotels work and test your ideas alongside the owners and operators who run them, before real money is involved.
The Collab
Owners, investors and service providers meet here and share what works on hotel projects.
Most property just sits there. A hotel throws a party every night.
Hotel owners live differently. MasterKey shows you how that world works, taught by the people living in it.
Perks on almost everything
Owners get discounts on everything from restaurants to cars.
Invitations you can't buy
Hotel openings, private dinners and events most people never hear about.
A lifestyle with a business attached
You walk into the lobby and it is yours. Few assets are this much fun to own.
Why Hospitality Real Estate Outperforms in Today's Market
Daily repricing power, constrained supply, and multiple revenue streams make hotels the premier real estate asset class.
24-Hour Lease Cycle
Unlike traditional real estate with 12-month leases, hotel room rates reprice nightly, so owners can respond to demand and rising costs straight away.
+2.0% vs +0.4%
US hotel demand is up 2.0% in 2026 while new supply is forecast to grow just 0.4%. High construction costs limit new builds, which supports occupancy.
+4.4% RevPAR Growth
US hotel revenue per available room is forecast to grow 4.4% in 2026, with luxury chains forecast for double-digit growth mid-year.
~30% Food & Beverage
Hotels earn beyond room bookings. Food and beverage has made up about 30% of revenue at hotels that offer it, before events, wellness and other amenities.
Sources: CoStar and Tourism Economics US hotel forecasts (June and August 2026) and CBRE Trends in the Hotel Industry. Figures are for US hotels. Forecasts are not guarantees.
Free, every month
Start with The Master Key, a magazine by MasterKey.
Seven Asian hotel markets in one read: visitor arrivals, new rooms, interest rates, hotel deals and where each market sits in the cycle. Written by a hotel investor, with every figure sourced. It is education, not advice.
You learn from people who run the real thing.
Our community is built with hotel owners and operators. Between them, our founding members own or operate:
Guest and job numbers are estimates.
Three kinds of people check in.
Investors
You already trust property. Hotels are the version with a lobby bar. Learn how they really work, from owners, before you commit a dollar.
Hotel owners
Fill your next opening with the right people. Meet investors, compare notes with owners who have solved your problem, and find suppliers other owners vouch for.
Service providers
Skip the cold calls. Sit at the same table as the owners and investors who hire firms like yours. Places are capped, so apply early.
Floor 1
Hotel Investing Bootcamp by MasterKey
by MasterKey
Real Estate Investing (But Fun)
You have checked into hundreds of hotels. In 2 days, we teach you everything you need to know about owning one.
Here's our Elevator Pitch (from a virtual elevator)
"Let's have FUN and make honest money from the growing travel industry"
We don't need to tell you that the travel industry is growing. You have seen the full flights and the sold-out weekends yourself.
So here is the only question that matters. Every one of those trips ends in a hotel, and somebody owns that hotel.
Why not learn how to be that somebody?
Hotel investing is learnable. Nobody was teaching it.
Outside a formal academic program, there was nowhere to learn how to invest in hotels.
But teaching someone something we know is too easy. We wanted them to be able to really think and make decisions as well as us. We can achieve that today with AI, and the guardrails are the community we create together.
So we built the Hotel Investing Bootcamp.
No gurus.
We are all learning and working to win together.
No suits.
Nobody in a room blind-selling to you.
Nothing held back.
We teach you everything we know, and we give you all the tools we use.
You join The Lobby.
Every student becomes part of our community, where we keep talking about what we have learned.
Does this sound like you?
You want to make money doing something enjoyable.
A hotel is not just a property like a condo, or a factory. There are other businesses inside, like a bar, restaurant, spa. These are things you can enjoy.
You want to travel more but also be productive.
The hotel business is a really colourful one. Every hotel you go to is an opportunity to learn something and explore opportunities. It is also a great way to network with a special type of person.
You love hotels, but you only ever pay the bill.
You notice the lobby, the service, the full restaurant. You have wondered who collects at the end of the night. You want that to be you.
You believe in the stability of property, but want better cashflow.
Hotels are one of the highest yielding real estate assets in the world.
You think hotel deals are for insiders.
You are right, they are. That is why this program is taught from real hotel investments, and this is your way in.
Two days. You leave seeing hotels the way an owner does.
No theory from people who have never owned a room key. Everything is taught by people who have bought, run and made money from hotels.
How a hotel really makes money.
Where the revenue comes from, where it leaks, and what separates a good hotel deal from an expensive hobby.
How to evaluate a hotel investment deal.
We share actual case studies of hotels our team has looked at and show you what worked and what did not work.
Hotel investor Due Diligence.
We provide you with a checklist for hotel due diligence, as well as some things you will never learn from an academic program (actual survival tactics during COVID, the rising cost of depreciation and disruption risk).
Our data playbook, numbers on screen.
We show you how we used market data on a real hotel investment. Real figures from our own hotel investments, not a case study from a textbook.
Practice before real money.
Work through sample hotels in a deal simulator, make your mistakes on paper, and learn what to ask before you ever sign anything.
And the best, most valuable part:
Case Studies
How to leverage on what you learned. We teach you how to get started with even $1,000.
Same Industry, Different Outcomes. We show you how to use your skills to navigate a $10,000 investment.
We will present 5 different outcomes:
Classic Ownership
2 classic hotel investment cases (one in Singapore, one in USA) that yields between 4-7% dividends per year, and around 9-13% CAGR.
Bad News Can Be Good Money
A Special Opportunity investment in Singapore that returned.
Looks Good, Tastes Bad
How an investment in one of the most prominent hotels in Singapore turns out to be a loss after 5 years, and a private opportunity that we walked away from to acquire one of our dream assets.
Smart, Evolving Business Model
A 186% return in just over four years, while paying almost no dividend.
Maverick Project Maldives
How we achieved a 400% return and a 12% PA stream of income.
These are past results from specific cases, including deals we walked away from. That is our story, not a promise of yours. This is education, and what you do with it is up to you.
Learn from the people who own the keys.
"Hi, I am Xavier See. I am the co-founder and Managing Partner of Maverick Endeavours. A core part of our business is hotel deal-making, investing and management.
I founded MasterKey because I wanted to share the joy of hotel investing and ownership with others. I do this with the help of my esteemed Ambassadors, a cool group of members who are real-world operators employing around 5,000 people in 25 hotels with 6,338 keys across 11 cities.
Beyond our direct holdings, our team leverages a massive market data footprint spanning 160+ hotels, 35,000 rooms, and 15 countries. By analyzing financial disclosures and performance reports from top global brands like Four Seasons, Hilton, Marriott, and Hyatt, we give everyday investors an insider data advantage to spot the best hotel deals.
This program is your direct introduction to that world—and your opportunity to write your hoteling story with the people inside it."
This is for you if:
- You like the idea of owning a hotel, and want to make it your reality
- You are curious about hotels and want a straight answer on how they work
- You are interested in how to invest and make money from hotels
- You already invest in property and want something more enjoyable to own.
- You would rather learn from real deals than from a textbook.
This is not for you if
- You want guaranteed returns. Nobody honest can promise those.
- You are looking for a get-rich-quick scheme.
- You do not like hotels or traveling
$1,499 now, or $3,000 later.
The first batch pays half the standard price. That price ends on 1 November, and the first program starts on 7 November.
- 2 days + 1 night in Singapore, 7 & 8 November
- Taught in person by Xavier See, hotel investor and deal maker
- Real numbers, a data playbook and a deal simulator
- Members’ toolkit for 12 months: Deal Simulator, Market Reader, Value Calculator, Loan Stress Tester, Due Diligence Checklist, Data Tracker and Stock Reader. A market or feasibility study from a professional consultancy typically costs US$15,000 to US$20,000; these tools teach you to do a first pass yourself.*
- Also included in every MasterKey membership
The worst that can happen?
You spend a weekend in Singapore, learn how hotels work from people who own them, and never look at a lobby the same way again.
Apply for the first batchFloor 2
The Lounge
Knowledge is everywhere. Quality information is not.
Think of the Executive Lounge of a hotel. The people in it are there for more than a vacation. The Lounge is an intentionally closed group for people who are ready to act on what they have learned. We meet every month.
You have learned the theory. Now what?
You are ready to take action.
You want to move from reading about hotels to working on a real one.
You want real feedback.
Bring a real challenge or opportunity. People who own and run hotels tell you what they would do.
You want insight you cannot search for.
What is working in members' hotels right now, shared inside a room that stays closed.
You want to be invited to industry events all over the world.
Every market is different. We give you exclusive access to social and professional events for insiders, all over the world.
We work on real hotels, together.
Once a month we meet, share what we are facing and help each other reach a better outcome.
- Monthly programs led by owners and operators
- Quarterly meetings inside members' hotels
- Market research and invitations to investor events
- Travel concierge and member rates at partner hotels
Pull up a chair.
The first-year price ends on 1 November. After that, The Lounge is $6,000 a year.
Join The LoungeFloor PH
The Penthouse
When you book the Penthouse, you want to have a party.
The Penthouse is for a few people who want to live the hotel life, not only study it. You are invited to events and retreats at hotels owned by our Ambassadors and partners, and you see what happens behind the curtain.
Is the Penthouse your floor?
You want to live it.
You learn best inside the hotel, with the owners showing you around.
You want to be in the room.
Small groups mean owners speak openly, about the wins and the expensive lessons.
You like the good life.
Hotel openings and retreats hosted inside members’ hotels.
Everything in The Lounge, plus the keys to the top floor.
The hotels are owned by people you will know by name.
- Invitations to hotel openings
- Retreats in Thailand, the Maldives, Australia, Japan and Jakarta
- A market update at every retreat: hotel openings, macroeconomics and deals
The party starts in Thailand.
Our first retreat is in Thailand in January 2027. The first-year price ends on 1 November.
Apply to The PenthouseTop floor
The Ambassador Suite
For hotel owners writing their greatest story yet.
Hoteling is getting more competitive and more disrupted. Better information and tighter operations only take a hotel so far. The Ambassador Suite is for owners who are in the game and playing to win.
What does your hotel need next?
A new direction.
The right expertise and support when you change course can make or break a hotel's future.
The right partners.
Collaborators, experts and operators who have solved the problem in front of you.
Business and capital solutions.
An ecosystem built by owners to help you reach the next level.
An owner's ecosystem, built by owners.
You get access to knowledge, collaborators, experts, partners, and business and capital solutions.
- Private roundtables with other owners
- One-to-one sessions and a direct line to the founder
- A private stay on our Maldives island, with a guest
- Private hotel facilities in Singapore and the UAE
- Everything in The Penthouse
If you are asked, you will know why.
If you own a hotel and want to be considered, tell us about it.
Ask for an invitationThe meeting room has a sea view.
Every gathering happens inside a member's hotel. The owner walks you through the building, then opens the books.
Event calendar
Every retreat includes a market update covering hotel openings, macroeconomics and deals.
A typical meeting has an owner's tour, an open-book session on the host hotel's numbers, a masterclass, a new hotel showcase and an owners' dinner. Monthly community programs run online in between.
Welcome to MasterKey.
I am Xavier See. I founded MasterKey to share the benefits and joy of hotel investing and ownership.
You are at this page because you want to know my story (and decide if I am cool).
Warnings:
- No AI was used for this part (uh-oh, imperfection ahead!)
- Long story ahead
- No promises on the cool part
Here we go:
"You have no business being in the hotels business."
- a friend of mine back in 2022
I hate to say it, but he was right.
I had just exited the hedge fund business after 6 years, and as much as I loved compounding my wealth like Warren Buffett, I did not wake up every day looking forward to putting on a suit in almost 40-degree Singapore weather and trying to convince people to not surrender their money to inflation.
Being a hedge fund manager was actually pretty cool... and kinda strange. Cool because I was always invited to interesting events and parties, where I got to meet cool (and uncool) people. Strange because sometimes, because of the title, people somehow listened more intently. Sometimes, I get featured in the news, or speak on stage and get applauded by strangers... all for just repeating stuff I read on the internet the night before.
I was a workaholic from the time I finished my military service at 19 till I exited my hedge fund at 35 years old. Around that time, I met my wife and I have to thank her for saving me from working my way into the grave. She opened my eyes to a world outside of work. Family. Food. Travel. Housework. (boooooo!)
Very quickly, I became addicted to actually living a real life. I wanted more time to enjoy my finite time on this Earth. It might seem crazy thinking about it, but being an entrepreneur at heart, I could not help but wonder:
Could I live life and also make money and improve my financial future at the same time?
As I approached 40 years of age, I wanted to be more intentional about how I was going to spend the rest of my time.
You see, I do not subscribe to the idea of “optimising” to spend as little time as possible and getting the best results.
The biggest blessing is to be able to find something we love so much, that we want to keep giving out energy and time to it. This is why I am an entrepreneur, doing the things I am doing today.
Looking back at everything I have done in my life, the thing that always gets me excited is traveling.
So I made a commitment to, somehow, figure out:
How to travel more and make a business out of it.
Start With Why
Things don’t always go according to plan, and that’s the fun part.
I travelled a lot for business in my earlier years. I was doing 4-6 flights a month for years, averaging 150 nights in hotels. I had all the hotel points, airline miles and elite statuses you could name. At age 39, I have been to almost 150 cities in the world and spent more than 2,000 nights in hotels all over the world.
Spending so much time in hotels, it was only natural to dream of one day owning my own hotel. I had so many ideas about how I would want it to be: from the way it looks, to how the guests feel when they enter the lobby, what they smell, the plants they see, the music they hear. To the moment a guest enters a room, from the bedsheets, to the pillows, the pens they used, the bedroom slippers, the robes, amenities, definitely the coffee, the color of the fighting fish they leave inside for Feng Shui (true story at the “Water” themed room at Sofitel Bangkok). As my Dearest wife will tell you, I have an “unhealthy” obsession with hotels and the experience of hospitality.
After exiting my fund, I started traveling more for leisure. The thing I really enjoyed which I did not spend enough time doing was traveling with my family and friends for leisure. Just pure recreation and enjoyment. I daydream about traveling with people I love all the time. So many of my fondest memories happened during my travels with my loved ones. Unforgettable memories created (me and my Dad missing our flights for the first time ever together, because we were having a great conversation over coffee haha), and traveling with friends and experiencing the wonders of the world together. Meeting new friends all over the world, some of whom are people I engage in business with today.
ahH-CHOOO! My Hoteling Journey Begins
I received the full proceeds of my fund exit in Q1 2022. With a sizeable amount of capital, I was looking at investing in real estate because I wanted stability for my financial position. While the returns from real estate investing in Singapore are stable, the yields are as attractive as rush hour traffic on Monday morning.
I wanted to focus on starting a family and enjoying my life with the people I love. By my calculations, the post-tax, post-financing returns on Singapore real estate would probably equate to my wife leaving me. Thankfully, I am good at math, so this was a no-go.
Wait, did you go off track? Take us back to the ahH-CHOOO part!
At that time, there was a new kid on the block, and his name was Omicron. They say that “Where there is Crisis, there is Opportunity.” This turned out to be true for me, because while Omicron was terrorising the world, it began a chapter of my life I would describe as “THE Life-Changing Decision”.
There is often no 100%, but at that time, it was safe to say that 100% of hotel businesses got kicked in the nuts. Once in 2020. Another time in 2021. And Omicron was the 3rd time in a row. Imagine getting kicked in the nuts 3 times in a row... will you still be able to stand? Well, we could say the same for every hotel's balance sheet.
Here's something about the economics of hotels, and real estate for that matter:
Most hotels/real estate assets are bought on credit.
Real estate is a popular asset class because you put down only 20-30% of the full value of an asset, and sell it off at a price based on the full value of the asset. The caveat is that you will need to be able to repay the monthly mortgage payments (via rent/income).
During the COVID years, hotels got almost 1 year of close to zero income (about 10-20% of usual revenue), and 2 years of 30-50% revenue.
For the hotels that survived, they probably lost almost 5-10 years of income trying to stay afloat.
For the first time ever, hotels were on a fire sale. This was a fiery crisis. This was a golden opportunity.
Our First Deal
In April 2022, together with my partner, we structured our first ever multi-strategy, multi-asset deal for a portfolio of assets (hotels, islands, land parcels). It was the greatest challenge of our lives, where we underwent some of the most painful (and expensive) lessons. We had a plan that worked on paper, but as life would have it, no amount of planning can prepare us for the reality of life sometimes.
We had a really, really, (can I add one more “really”?) (ok, one, more, but in caps), REALLY rough start, because we had no idea what we were doing most of the time. There is a profound kind of pain that one goes through when we see more than 7 figures of money "burning" into thin air. At some point, one has to make a decision to philosophically cut off the hand before the cancer spread to the rest of the body. We had to confront a profound sense of loss on multiple occasions, and had to make some painful decisions to give up some deeply beloved assets (boats, a beautiful island, a reef) in the process.
The entire chapter taught us lessons that we would never forget (hopefully), and will never learn from textbooks. While you can say that we learned to become smarter, wiser, stronger… the reality is that the hopelessness of the moments shaped our choices and perspectives in a way that one could never truly learn, but can only be taught by experience. But it was not all doom and gloom. Might be the gym sessions or our cologne, but Lady Luck also chose to blow some kisses our way. We met some of the most amazing people along the way. Other hotel owners, seasoned industry veterans and professionals, legal eagles, money guys and girls who offered us guidance, help and support.
After a challenging 3 years, we turned a negative equity situation around. Today the resorts we are involved with together cost or are valued at over US$100 million.
We Write Our Own Stories
Remember that friend who said I had no business being in the hotels business?
He is probably not alone in thinking that, and probably still thinks that, and that may actually still be true today.
I really had no business being in it, but I chose to pursue it anyway.
But as life would have it, I am in it deep now, and I am grateful to be in it, to be passionately in love with it, and there is no stopping me now.
So, it seems like 2 people can be right and wrong at the same time. (Surprise?!)
So… why am I sharing my story?
I am sharing my story because I want to show people that you can begin this journey no matter where you are. That all a person needs to succeed in this space is to be willing to learn and show up consistently in the right environment.
What is MasterKey all about?
I envision MasterKey as a place where people can come together and not just learn, but also experiment, like a lab. There are no gurus here, or suits in a room blind-selling. I don’t have any secrets to hold from you, or new lessons to sell to you. I want to teach people everything I know, because there is a lot of opportunity for us to win together.
I envision 3 profiles of people:
1) Aspiring Learner
It is crazy how learnable hotel investing is, but beyond a formal academic program, there is no one teaching people how to do it.
So I decided to create one: The Hotel Investing Bootcamp.
But in classic Maverick Endeavours fashion, I made it unconventionally better with AI (or SI, if you are in America).
A 2-day program where I teach you everything you need to know, provide you with all the tools and portal you into a winning environment.
All students will then be part of The Lobby, a community where we get to hang out and talk about what we have learned.
2) Aspiring Hotel Investor
If you are ready to take action, I offer The Lounge and The Penthouse.
The Lounge is like the Executive Lounge of a hotel. People are there for more than just a vacation. It is an intentionally closed group, because while knowledge is easy to come by, quality insights and information is not. We meet once a month and we share and give feedback on real challenges and opportunities together as we help to co-create winning outcomes together.
The Penthouse… well, when you book the Penthouse, you want to have a party.
The Penthouse is really for a unique few people who really want to LIVE through the experience. You will be invited to events and retreats at hotels owned by our Ambassadors and partners, where we get to see what’s behind the curtains of each other.
3) Hoteliers Building Their Legacy
If you are a hotel owner who is writing your greatest story yet, I offer the Ambassador Suite.
Real estate, and naturally hoteling, is becoming more competitive and disrupted. Informational edges and optimising strategies can only take us so far. The need for innovation is real and the right kind of expertise and support in moving towards a new direction can make or break a hotel’s future.
The Ambassador Suite is for people who are in the game and playing to win. The Ambassador Suite offers access to an ecosystem of knowledge, collaborators, experts, partners, business and capital solutions to help you reach the next level.
Closing Note
I learned from my life to never underestimate the power of a small group of people coming together and collaborating to win. I say this in tribute to our Founding Members and Ambassadors, who own hotels in Singapore, Malaysia, Indonesia, Australia, Japan and the Maldives. We have created a curated ecosystem for successful learning and pursuit of opportunity to anyone who is willing to show up consistently.
If you are ready, I would like to invite you to join us in a journey of hotel investing and ownership. I cannot guarantee any success whatsoever, but I can promise you an unforgettable adventure ahead.
Peace, Love, Joy,
Xavier See
Join usHow can we help?
What is MasterKey?
A learning and exploration community where hotel owners and operators teach how hotel investing works. Nothing here is financial advice, and we do not promise returns.
Where do I start?
Most people start with the Hotel Investing Bootcamp on floor 1, which runs for 2 days and 1 night. The first one is in Singapore on 7 to 8 November.
Who can join each floor?
The Lounge is open for registration. The Penthouse is by application, open to members of The Lounge. The Ambassador Suite is for hotel owners, by invitation only.
How long do the launch prices last?
Launch prices are valid until 1 November.
I run a business that serves hotels. Can I join?
Yes. Service providers apply to join, and places are capped so owners and investors stay the majority.
Contact us
Questions about membership, the Hotel Investing Bootcamp or hosting a gathering? Reach Xavier at admin@hotelmasterkey.org.
Early check-in is open.
Launch prices end on 1 November, and the founding batch gets its meeting venues subsidised. The first Hotel Investing Bootcamp is in Singapore on 7 to 8 November. Entry is by application so we can keep the group small and the right fit. Apply by email below. You can also leave your email to receive The Master Key, our free monthly magazine.
Opens an email to admin@hotelmasterkey.org with a short application to fill in. We reply to every applicant.