What Discount Rate Would You Assign GP Promote?

[Anders Jax]

So the general giste is you have a GP developing boutique all-suite hotels from a first-time hotel operator and investor (used to invest in apartments and airbnb/str single and some multi-family). In growing markets like Portland, Austin, Nashville, Asheville etc.

The promote structure is
9% pref
80/20 to 13%
70/30 to 18%
65/35 therafter

1% asset management fee, 3% development fee, .5% asset disposition and acqusition fees.

Of course the asset management fee, acquisition and disposition fees would have a relatively normal discount rate.

But what would you discount the promote at. I was thinking probably somewhere in the high teens, maybe 20%. But that's just based off of feel. Anyone have any good dcf models from actual deals for new build/relatively high risk projects?

P.S. this is all for purpose of modeling a GP DCF to get a sense of it's inherent value, so the GP can maybe sell a piece of their end.