A site-specific auditing tool is presented to assess the potential of converting a cultural heritage asset into a cultural tourism product. The Market Appeal / Robusticity Matrix is presented in detail. Robusticity considers two elements, including physical values of the assets as well as its cultural values, while the market appeal component considers the product and experiential values to be considered. The operationalization of the framework is presented with the recognition that it is a sequential audit. Criteria for each value set must be met in order to confirm tourism potential and, if the model fails at any one stage, then tourism will not succeed. The framework also identifies the range of development options for sites that meet the criteria ranging from a conservation lead approach through to a tourism lead approach.