{"text_format":"1","workbook":"xlsx","n_sheets":4,"sheets":["Introduction","Assumptions","Operation Projection","Cash Flow"],"not_rendered":{"charts":0,"images":1,"macros":1,"external_links":0,"defined_names":2,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Introduction","index":0,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Assumptions","index":1,"n_rows":23,"n_cols":8,"rows_kept":23,"cut":false,"hidden":false,"merged":[]}
["Assumptions"]
[]
[null,"Other Assumptions",null,null,null,"Debt Assumptions"]
[null,"Holding Period (Yr)",null,10,null,"Loan Amount",null,{"$f":"+G12","v":37215600}]
[null,"Number of Rooms",null,247,null,"LTV",null,{"$f":"+G12/G14","v":0.6}]
[null,"Going-in Cap Rate",null,{"$f":"+'Cash Flow'!D43/Assumptions!G17","v":6.0445260947450931E-2},null,"Interest-Only (Year)",null,0]
[null,"Exit Cap Rate",null,0.06,null,"Amortization (Year)",null,30]
[null,"Disposition Costs",null,0.02,null,"Interest Rate",null,0.05]
[]
[null,"Growth Assumptions",null,null,null,"Uses and Sources","$","$ / Keys"]
[null,"Annual Food and Beverage Revenue Growth",null,0.03,null,"Sources:"]
[null,"Telephone Revenue Growth",null,0.03,null,"Loan",{"$f":"+G14*0.6","v":37215600},{"$f":"+G12/$D$5","v":150670.44534412955}]
[null,"Other Income Growth",null,0.03,null,"Equity",{"$f":"G14-G12","v":24810400},{"$f":"+G13/$D$5","v":100446.96356275304}]
[null,"Non-Operating Expense Growth",null,0.03,null,"Total Sources",{"$f":"G23","v":62026000},{"$f":"SUM(H12:H13)","v":251117.40890688257}]
[]
[null,"Return Metrics",null,null,null,"Uses:"]
[null,{"$f":"+'Cash Flow'!B67","v":"Deal Level IRR"},null,{"$f":"+'Cash Flow'!C67","v":0.14150184399851962},null,"Purchase Price",59000000,{"$f":"+G17/$D$5","v":238866.3967611336}]
[null,{"$f":"+'Cash Flow'!B68","v":"Multiple"},null,{"$f":"+'Cash Flow'!C68","v":3.2457860180524025},null,"Closing Cost",800000,{"$f":"+G18/$D$5","v":3238.8663967611337}]
[null,{"$f":"+'Cash Flow'!B69","v":"Net Profit"},null,{"$f":"+'Cash Flow'!C69","v":83578274.133430988},null,"Legal",1760000,{"$f":"+G19/$D$5","v":7125.5060728744938}]
[null,{"$f":"+'Cash Flow'!B70","v":"Capital"},null,{"$f":"+'Cash Flow'!C70","v":37215600},null,"Working Capital",0,0]
[null,null,null,null,null,"Mortgage Brokerage Fee",0,0]
[null,null,null,null,null,"DD Fees",466000,1886.6396761133603]
[null,null,null,null,null,"Total Uses",{"$f":"SUM(G17:G22)","v":62026000},{"$f":"SUM(H17:H22)","v":251117.40890688257}]

{"sheet":"Operation Projection","index":2,"n_rows":54,"n_cols":26,"rows_kept":54,"cut":false,"hidden":false,"merged":[]}
["Operation Projection"]
[]
[null,"Year",null,0,1,"Ratio",{"$f":"E3+1","v":2},"Ratio",{"$f":"G3+1","v":3},"Ratio",{"$f":"+I3+1","v":4},"Ratio",{"$f":"+K3+1","v":5},"Ratio",{"$f":"+M3+1","v":6},"Ratio",{"$f":"+O3+1","v":7},"Ratio",{"$f":"+Q3+1","v":8},"Ratio",{"$f":"+S3+1","v":9},"Ratio",{"$f":"+U3+1","v":10},"Ratio",{"$f":"+W3+1","v":11},"Ratio"]
[null,"OPERATING STATISTICS"]
[null,"Number of Rooms",null,null,{"$f":"+Assumptions!D5","v":247},null,{"$f":"+E5","v":247},null,{"$f":"+G5","v":247},null,{"$f":"+I5","v":247},null,{"$f":"+K5","v":247},null,{"$f":"+M5","v":247},null,{"$f":"+O5","v":247},null,{"$f":"+Q5","v":247},null,{"$f":"+S5","v":247},null,{"$f":"+U5","v":247},null,{"$f":"+W5","v":247}]
[null,"Available Rooms",null,null,{"$f":"E5*365","v":90155},null,{"$f":"G5*365","v":90155},null,{"$f":"I5*365","v":90155},null,{"$f":"K5*365","v":90155},null,{"$f":"M5*365","v":90155},null,{"$f":"O5*365","v":90155},null,{"$f":"Q5*365","v":90155},null,{"$f":"S5*365","v":90155},null,{"$f":"U5*365","v":90155},null,{"$f":"W5*365","v":90155},null,{"$f":"Y5*365","v":90155}]
[null,"Occupied Rooms",null,null,{"$f":"E8*E6","v":64524.914329501909},null,{"$f":"G8*G6","v":65813.149999999994},null,{"$f":"I8*I6","v":67616.25},null,{"$f":"K8*K6","v":69870.125},null,{"$f":"M8*M6","v":72124},null,{"$f":"O8*O6","v":73927.099999999991},null,{"$f":"Q8*Q6","v":76631.75},null,{"$f":"S8*S6","v":78434.850000000006},null,{"$f":"U8*U6","v":80237.95},null,{"$f":"W8*W6","v":80237.95},null,{"$f":"Y8*Y6","v":80237.95}]
[null,"Occupancy Rate",null,null,0.71571087936888589,null,0.73,null,0.75,null,0.77500000000000002,null,0.8,null,0.82,null,0.85,null,0.87,null,0.89,null,0.89,null,0.89]
[null,"Average Rate",null,null,302.06995000000001,null,{"$f":"+E9*(1+G10)","v":311.1320485},null,{"$f":"+G9*(1+I10)","v":320.466009955},null,{"$f":"+I9*(1+K10)","v":330.07999025365001},null,{"$f":"+K9*(1+M10)","v":339.98238996125951},null,{"$f":"+M9*(1+O10)","v":350.1818616600973},null,{"$f":"+O9*(1+Q10)","v":360.68731750990025},null,{"$f":"+Q9*(1+S10)","v":371.50793703519724},null,{"$f":"+S9*(1+U10)","v":382.65317514625315},null,{"$f":"+U9*(1+W10)","v":394.13277040064077},null,{"$f":"+W9*(1+Y10)","v":405.95675351265999}]
[null,"ADR Growth",null,null,"NA",null,0.03,null,{"$f":"+G10","v":0.03},null,{"$f":"+I10","v":0.03},null,{"$f":"+K10","v":0.03},null,{"$f":"+M10","v":0.03},null,{"$f":"+O10","v":0.03},null,{"$f":"+Q10","v":0.03},null,{"$f":"+S10","v":0.03},null,{"$f":"+U10","v":0.03},null,{"$f":"+W10","v":0.03}]
[null,"RevPAR",null,null,{"$f":"E8*E9","v":216.19474954541539},null,{"$f":"G8*G9","v":227.12639540499998},null,{"$f":"I8*I9","v":240.34950746625},null,{"$f":"K8*K9","v":255.81199244657876},null,{"$f":"M8*M9","v":271.98591196900765},null,{"$f":"O8*O9","v":287.14912656127979},null,{"$f":"Q8*Q9","v":306.58421988341519},null,{"$f":"S8*S9","v":323.21190522062159},null,{"$f":"U8*U9","v":340.56132588016533},null,{"$f":"W8*W9","v":350.77816565657031},null,{"$f":"Y8*Y9","v":361.30151062626737}]
[null,"RevPAR Growth",null,null,"NA",null,{"$f":"+G11/E11-1","v":5.0563882252321779E-2},null,{"$f":"+I11/G11-1","v":5.8219178082191902E-2},null,{"$f":"+K11/I11-1","v":6.4333333333333353E-2},null,{"$f":"+M11/K11-1","v":6.3225806451613131E-2},null,{"$f":"+O11/M11-1","v":5.5749999999999966E-2},null,{"$f":"+Q11/O11-1","v":6.7682926829268242E-2},null,{"$f":"+S11/Q11-1","v":5.4235294117647159E-2},null,{"$f":"+U11/S11-1","v":5.3678160919540252E-2},null,{"$f":"+W11/U11-1","v":3.0000000000000027E-2},null,{"$f":"+Y11/W11-1","v":2.9999999999999805E-2}]
[]
[]
[null,"REVENUES"]
[null,"Rooms",null,null,{"$f":"E7*E9","v":19491037.645266924},{"$f":"E16/$E$20","v":0.99926620379356446},{"$f":"G7*G9","v":20476580.177737772},{"$f":"G16/$G$20","v":0.99928055688799422},{"$f":"I7*I9","v":21668709.845619768},{"$f":"I16/I$20","v":0.99929972860283622},{"$f":"K7*K9","v":23062730.179021306},{"$f":"K16/K$20","v":0.99932230269396927},{"$f":"M7*M9","v":24520889.893565882},{"$f":"M16/M$20","v":0.99934346683069664},{"$f":"O7*O9","v":25887929.505132176},{"$f":"O16/O$20","v":0.99935946957800947},{"$f":"Q7*Q9","v":27640100.343589298},{"$f":"Q16/Q$20","v":0.99938206256439532},{"$f":"S7*S9","v":29139169.315165143},{"$f":"S16/S$20","v":0.99939625944627364},{"$f":"U7*U9","v":30703306.3347263},{"$f":"U16/U$20","v":0.9994098186426178},{"$f":"W7*W9","v":31624405.524768092},{"$f":"W16/W$20","v":0.9994098186426178},{"$f":"Y7*Y9","v":32573137.690511134},{"$f":"Y16/Y$20","v":0.99940981864261791}]
[null,"Food & Beverage",null,null,14042.493713946504,{"$f":"E17/$E$20","v":7.1993034135552037E-4},{"$f":"+E17*(1+Assumptions!$D$11)","v":14463.7685253649},{"$f":"G17/$G$20","v":7.0584846401448615E-4},{"$f":"+G17*(1+Assumptions!$D$11)","v":14897.681581125848},{"$f":"I17/I$20","v":6.8703901925383536E-4},{"$f":"+I17*(1+Assumptions!$D$11)","v":15344.612028559623},{"$f":"K17/K$20","v":6.6489148974540474E-4},{"$f":"+K17*(1+Assumptions!$D$11)","v":15804.950389416412},6.4412727204451732E-4,{"$f":"+M17*(1+Assumptions!$D$11)","v":16279.098901098905},{"$f":"O17/O$20","v":6.2842691377790411E-4},{"$f":"+O17*(1+Assumptions!$D$11)","v":16767.471868131874},6.0626084606276278E-4,{"$f":"+Q17*(1+Assumptions!$D$11)","v":17270.496024175831},{"$f":"S17/S$20","v":5.9233222946957051E-4},{"$f":"+S17*(1+Assumptions!$D$11)","v":17788.610904901107},5.7902924865989975E-4,{"$f":"+U17*(1+Assumptions!$D$11)","v":18322.26923204814},{"$f":"W17/W$20","v":5.7902924865989964E-4},{"$f":"+W17*(1+Assumptions!$D$11)","v":18871.937309009583},5.7902924865989964E-4]
[null,"Telephone",null,null,62.474383532628053,3.2029356878366168E-6,{"$f":"+E18*(1+Assumptions!$D$12)","v":64.348615038606894},3.140286088428966E-6,{"$f":"+G18*(1+Assumptions!$D$12)","v":66.279073489765096},3.0566037674715707E-6,{"$f":"+I18*(1+Assumptions!$D$12)","v":68.267445694458047},2.9580704669769656E-6,{"$f":"+K18*(1+Assumptions!$D$12)","v":70.315469065291794},2.8656914546145204E-6,{"$f":"+M18*(1+Assumptions!$D$12)","v":72.424933137250548},{"$f":"O18/O$20","v":2.7958413109057934E-6},{"$f":"+O18*(1+Assumptions!$D$12)","v":74.597681131368063},2.6972255348153538E-6,{"$f":"+Q18*(1+Assumptions!$D$12)","v":76.835611565309108},{"$f":"S18/S$20","v":2.6352577851515042E-6},{"$f":"+S18*(1+Assumptions!$D$12)","v":79.140679912268382},2.5760734591934197E-6,{"$f":"+U18*(1+Assumptions!$D$12)","v":81.514900309636431},{"$f":"W18/W$20","v":2.5760734591934193E-6},{"$f":"+W18*(1+Assumptions!$D$12)","v":83.960347318925528},2.5760734591934197E-6]
[null,"Other Income",null,null,207.98417619110262,1.0662929392170326E-5,{"$f":"+E19*(1+Assumptions!$D$13)","v":214.22370147683571},1.0454361902829712E-5,{"$f":"+G19*(1+Assumptions!$D$13)","v":220.65041252114079},1.0175774142504017E-5,{"$f":"+I19*(1+Assumptions!$D$13)","v":227.26992489677502},9.8477458183820548E-6,{"$f":"+K19*(1+Assumptions!$D$13)","v":234.08802264367827},9.5402058044255104E-6,{"$f":"+M19*(1+Assumptions!$D$13)","v":241.11066332298861},{"$f":"O19/O$20","v":9.3076669016846372E-6},{"$f":"+O19*(1+Assumptions!$D$13)","v":248.34398322267828},8.9793640071245913E-6,{"$f":"+Q19*(1+Assumptions!$D$13)","v":255.79430271935863},{"$f":"S19/S$20","v":8.7730664714710993E-6},{"$f":"+S19*(1+Assumptions!$D$13)","v":263.46813180093937},8.5760352631296971E-6,{"$f":"+U19*(1+Assumptions!$D$13)","v":271.37217575496754},{"$f":"W19/W$20","v":8.5760352631296954E-6},{"$f":"+W19*(1+Assumptions!$D$13)","v":279.5133410276166},8.5760352631296971E-6]
[null,"Gross Operating Revenue (GOR)",null,null,{"$f":"SUM(E16:E19)","v":19505350.597540595},1,20491322.518579654,0.99999999999999989,21683894.456686903,1,23078370.328420456,1,24536999.247447003,1.0000000000000002,25904522.139629737,1,27657190.757121783,1,29156772.441103607,0.99999999999999978,30721437.554442912,1,31643080.681076203,1,32592373.101508487,1.0000000000000002]
[]
[]
[null,"DEPARTMENTAL EXPENSES"]
[null,"Rooms",null,null,{"$f":"-E16*F24","v":-7796415.0581067698},0.4,{"$f":"-G16*H24","v":-8190632.071095109},{"$f":"+F24","v":0.4},{"$f":"-I16*J24","v":-8667483.9382479079},{"$f":"+H24","v":0.4},{"$f":"-K16*L24","v":-9225092.0716085229},{"$f":"+J24","v":0.4},{"$f":"-M16*N24","v":-9808355.9574263524},{"$f":"+L24","v":0.4},{"$f":"-O16*P24","v":-10355171.80205287},{"$f":"+N24","v":0.4},{"$f":"-Q16*R24","v":-11056040.137435719},{"$f":"+P24","v":0.4},{"$f":"-S16*T24","v":-11655667.726066059},{"$f":"+R24","v":0.4},{"$f":"-U16*V24","v":-12281322.533890521},{"$f":"+T24","v":0.4},{"$f":"-W16*X24","v":-12649762.209907237},{"$f":"+V24","v":0.4},{"$f":"-Y16*Z24","v":-13029255.076204455},{"$f":"+X24","v":0.4}]
[null,"Food & Beverage",null,null,{"$f":"-E17*F25","v":-10531.870285459878},0.75,{"$f":"-G17*H25","v":-10847.826394023676},{"$f":"+F25","v":0.75},-11173.261185844385,{"$f":"+H25","v":0.75},{"$f":"-K17*L25","v":-11508.459021419716},{"$f":"+J25","v":0.75},{"$f":"-M17*N25","v":-11853.71279206231},{"$f":"+L25","v":0.75},{"$f":"-O17*P25","v":-12209.324175824178},{"$f":"+N25","v":0.75},{"$f":"-Q17*R25","v":-12575.603901098904},{"$f":"+P25","v":0.75},{"$f":"-S17*T25","v":-12952.872018131873},{"$f":"+R25","v":0.75},{"$f":"-U17*V25","v":-13341.45817867583},{"$f":"+T25","v":0.75},{"$f":"-W17*X25","v":-13741.701924036104},{"$f":"+V25","v":0.75},{"$f":"-Y17*Z25","v":-14153.952981757187},{"$f":"+X25","v":0.75}]
[null,"Telephone",null,null,{"$f":"-E18*F26","v":-56.226945179365252},0.9,-57.913753534746206,0.9,-59.65116614078859,0.9,{"$f":"-K18*L26","v":-61.440701125012247},0.9,{"$f":"-M18*N26","v":-63.283922158762614},0.9,{"$f":"-O18*P26","v":-65.182439823525499},0.9,{"$f":"-Q18*R26","v":-67.137913018231259},0.9,{"$f":"-S18*T26","v":-69.152050408778194},0.9,{"$f":"-U18*V26","v":-71.226611921041552},0.9,{"$f":"-W18*X26","v":-73.363410278672788},0.9,{"$f":"-Y18*Z26","v":-75.564312587032973},0.9]
[null,"Other Expenses",null,null,-187.18575857199235,0.9,-192.80133132915213,0.9,-198.58537126902672,0.9,{"$f":"-K19*L27","v":-204.54293240709754},0.9,{"$f":"-M19*N27","v":-210.67922037931044},0.9,{"$f":"-O19*P27","v":-216.99959699068975},0.9,{"$f":"-Q19*R27","v":-223.50958490041046},0.9,{"$f":"-S19*T27","v":-230.21487244742278},0.9,{"$f":"-U19*V27","v":-237.12131862084544},0.9,{"$f":"-W19*X27","v":-244.23495817947079},0.9,{"$f":"-Y19*Z27","v":-251.56200692485496},0.9]
[null,"Total Departmental Expenses",null,null,{"$f":"SUM(E24:E27)","v":-7807190.3410959812},{"$f":"-E28/E20","v":0.40025890855201446},{"$f":"SUM(G24:G27)","v":-8201730.6125739962},{"$f":"-G28/G20","v":0.40025384428640065},{"$f":"SUM(I24:I27)","v":-8678915.4359711614},{"$f":"-I28/I20","v":0.40024707984569385},{"$f":"SUM(K24:K27)","v":-9236866.5142634753},{"$f":"-K28/K20","v":0.40023911492955361},{"$f":"SUM(M24:M27)","v":-9820483.6333609521},{"$f":"-M28/M20","v":0.40023164749384516},{"$f":"SUM(O24:O27)","v":-10367663.308265507},{"$f":"-O28/O20","v":0.40022600117392848},{"$f":"SUM(Q24:Q27)","v":-11068906.388834737},{"$f":"-Q28/Q20","v":0.40021802959089298},{"$f":"SUM(S24:S27)","v":-11668919.965007048},{"$f":"-S28/S20","v":0.40021302044244272},{"$f":"SUM(U24:U27)","v":-12294972.339999741},{"$f":"-U28/U20","v":0.40020823629139224},{"$f":"SUM(W24:W27)","v":-12663821.510199731},{"$f":"-W28/W20","v":0.40020823629139218},{"$f":"SUM(Y24:Y27)","v":-13043736.155505722},{"$f":"-Y28/Y20","v":0.40020823629139218}]
[]
[]
[null,"Total Gross Income",null,null,{"$f":"E20+E28","v":11698160.256444614},{"$f":"E31/E20","v":0.5997410914479856},{"$f":"G20+G28","v":12289591.906005658},{"$f":"G31/G20","v":0.59974615571359935},{"$f":"I20+I28","v":13004979.020715741},{"$f":"I31/I20","v":0.59975292015430615},{"$f":"K20+K28","v":13841503.814156981},{"$f":"K31/K20","v":0.59976088507044634},{"$f":"M20+M28","v":14716515.614086051},{"$f":"M31/M20","v":0.5997683525061549},{"$f":"O20+O28","v":15536858.831364229},{"$f":"O31/O20","v":0.59977399882607152},{"$f":"Q20+Q28","v":16588284.368287046},{"$f":"Q31/Q20","v":0.59978197040910708},{"$f":"S20+S28","v":17487852.476096559},{"$f":"S31/S20","v":0.59978697955755733},{"$f":"U20+U28","v":18426465.21444317},{"$f":"U31/U20","v":0.59979176370860765},{"$f":"W20+W28","v":18979259.170876473},{"$f":"W31/W20","v":0.59979176370860787},{"$f":"Y20+Y28","v":19548636.946002766},{"$f":"Y31/Y20","v":0.59979176370860787}]
[]
[]
[null,"UNDISTRIBUTED OPERATING EXPENSES"]
[null,"Administrative and General",null,null,{"$f":"-F35*E$20","v":-975267.52987702983},0.05,{"$f":"-H35*G$20","v":-1024566.1259289827},{"$f":"+F35","v":0.05},{"$f":"-J35*I$20","v":-1084194.7228343452},{"$f":"+H35","v":0.05},{"$f":"-L35*K$20","v":-1153918.5164210228},{"$f":"+J35","v":0.05},{"$f":"-N35*M$20","v":-1226849.9623723503},{"$f":"+L35","v":0.05},{"$f":"-P35*O$20","v":-1295226.106981487},{"$f":"+N35","v":0.05},{"$f":"-R35*Q$20","v":-1382859.5378560892},{"$f":"+P35","v":0.05},{"$f":"-T35*S$20","v":-1457838.6220551804},{"$f":"+R35","v":0.05},{"$f":"-V35*U$20","v":-1536071.8777221458},{"$f":"+T35","v":0.05},{"$f":"-X35*W$20","v":-1582154.0340538102},{"$f":"+V35","v":0.05},{"$f":"-Z35*Y$20","v":-1629618.6550754244},{"$f":"+X35","v":0.05}]
[null,"Sales & Marketing",null,null,{"$f":"-F36*E$20","v":-1072794.2828647327},5.5E-2,-1127022.7385218809,{"$f":"+F36","v":5.5E-2},{"$f":"-J36*I$20","v":-1192614.1951177798},5.5E-2,{"$f":"-L36*K$20","v":-1269310.3680631251},5.5E-2,{"$f":"-N36*M$20","v":-1349534.9586095852},5.5E-2,{"$f":"-P36*O$20","v":-1424748.7176796356},5.5E-2,{"$f":"-R36*Q$20","v":-1521145.4916416982},5.5E-2,{"$f":"-T36*S$20","v":-1603622.4842606983},5.5E-2,{"$f":"-V36*U$20","v":-1689679.0654943602},5.5E-2,{"$f":"-X36*W$20","v":-1740369.4374591911},5.5E-2,{"$f":"-Z36*Y$20","v":-1792580.5205829667},5.5E-2]
[null,"Property Operation & Maintenance",null,null,-682687.27091392083,3.5000000000000003E-2,-717196.28815028793,3.5000000000000003E-2,{"$f":"-J37*I$20","v":-758936.30598404165},3.5000000000000003E-2,{"$f":"-L37*K$20","v":-807742.961494716},3.5000000000000003E-2,{"$f":"-N37*M$20","v":-858794.97366064519},3.5000000000000003E-2,{"$f":"-P37*O$20","v":-906658.27488704084},3.5000000000000003E-2,{"$f":"-R37*Q$20","v":-968001.67649926245},3.5000000000000003E-2,{"$f":"-T37*S$20","v":-1020487.0354386263},3.5000000000000003E-2,{"$f":"-V37*U$20","v":-1075250.3144055021},3.5000000000000003E-2,{"$f":"-X37*W$20","v":-1107507.8238376672},3.5000000000000003E-2,{"$f":"-Z37*Y$20","v":-1140733.0585527972},3.5000000000000003E-2]
[null,"Utilities",null,null,-390107.0119508119,0.02,-409826.45037159312,0.02,{"$f":"-J38*I$20","v":-433677.88913373806},0.02,{"$f":"-L38*K$20","v":-461567.40656840912},0.02,{"$f":"-N38*M$20","v":-490739.98494894005},0.02,{"$f":"-P38*O$20","v":-518090.44279259472},0.02,{"$f":"-R38*Q$20","v":-553143.81514243572},0.02,{"$f":"-T38*S$20","v":-583135.44882207213},0.02,{"$f":"-V38*U$20","v":-614428.75108885823},0.02,{"$f":"-X38*W$20","v":-632861.61362152407},0.02,{"$f":"-Z38*Y$20","v":-651847.46203016979},0.02]
[null,"Total Undistributed Operating Expenses",null,null,{"$f":"SUM(E35:E38)","v":-3120856.0956064952},{"$f":"-E39/E20","v":0.16},{"$f":"SUM(G35:G38)","v":-3278611.602972745},{"$f":"-G39/G20","v":0.16},{"$f":"SUM(I35:I38)","v":-3469423.1130699045},{"$f":"-I39/I20","v":0.16},{"$f":"SUM(K35:K38)","v":-3692539.2525472725},{"$f":"-K39/K20","v":0.15999999999999998},{"$f":"SUM(M35:M38)","v":-3925919.8795915204},{"$f":"-M39/M20","v":0.16},{"$f":"SUM(O35:O38)","v":-4144723.5423407583},{"$f":"-O39/O20","v":0.16},{"$f":"SUM(Q35:Q38)","v":-4425150.5211394858},{"$f":"-Q39/Q20","v":0.16000000000000003},{"$f":"SUM(S35:S38)","v":-4665083.590576577},{"$f":"-S39/S20","v":0.16},{"$f":"SUM(U35:U38)","v":-4915430.0087108668},{"$f":"-U39/U20","v":0.16000000000000003},{"$f":"SUM(W35:W38)","v":-5062892.9089721926},{"$f":"-W39/W20","v":0.16},{"$f":"SUM(Y35:Y38)","v":-5214779.6962413574},{"$f":"-Y39/Y20","v":0.15999999999999998}]
[]
[]
[null,"Gross Operating Profit",null,null,{"$f":"E31+E39","v":8577304.1608381197},{"$f":"E42/E20","v":0.43974109144798562},{"$f":"G31+G39","v":9010980.3030329123},{"$f":"G42/G20","v":0.43974615571359932},{"$f":"I31+I39","v":9535555.9076458365},{"$f":"I42/I20","v":0.43975292015430612},{"$f":"K31+K39","v":10148964.561609708},{"$f":"K42/K20","v":0.43976088507044636},{"$f":"M31+M39","v":10790595.73449453},{"$f":"M42/M20","v":0.43976835250615487},{"$f":"O31+O39","v":11392135.28902347},{"$f":"O42/O20","v":0.43977399882607149},{"$f":"Q31+Q39","v":12163133.84714756},{"$f":"Q42/Q20","v":0.43978197040910699},{"$f":"S31+S39","v":12822768.885519981},{"$f":"S42/S20","v":0.43978697955755724},{"$f":"U31+U39","v":13511035.205732303},{"$f":"U42/U20","v":0.43979176370860767},{"$f":"W31+W39","v":13916366.261904281},{"$f":"W42/W20","v":0.4397917637086079},{"$f":"Y31+Y39","v":14333857.24976141},{"$f":"Y42/Y20","v":0.43979176370860795}]
[]
[]
[null,"NON-OPERATING EXPENSES"]
[null,"Management Fees",null,null,{"$f":"-F46*E20","v":-487633.76493851491},2.5000000000000001E-2,{"$f":"-H46*G20","v":-512283.06296449137},{"$f":"+F46","v":2.5000000000000001E-2},{"$f":"-J46*I20","v":-542097.36141717259},{"$f":"+H46","v":2.5000000000000001E-2},{"$f":"-L46*K20","v":-576959.25821051141},{"$f":"+J46","v":2.5000000000000001E-2},{"$f":"-N46*M20","v":-613424.98118617514},{"$f":"+L46","v":2.5000000000000001E-2},{"$f":"-P46*O20","v":-647613.05349074351},{"$f":"+N46","v":2.5000000000000001E-2},{"$f":"-R46*Q20","v":-691429.76892804459},{"$f":"+P46","v":2.5000000000000001E-2},{"$f":"-T46*S20","v":-728919.31102759019},{"$f":"+R46","v":2.5000000000000001E-2},{"$f":"-V46*U20","v":-768035.93886107288},{"$f":"+T46","v":2.5000000000000001E-2},{"$f":"-X46*W20","v":-791077.01702690509},{"$f":"+V46","v":2.5000000000000001E-2},{"$f":"-Z46*Y20","v":-814809.32753771218},{"$f":"+X46","v":2.5000000000000001E-2}]
[null,"Real Estate Taxes",null,null,-2625000,{"$f":"-E47/$E$20","v":0.13457845768386154},{"$f":"+E47*(1+Assumptions!$D$14)","v":-2703750},{"$f":"+F47","v":0.13457845768386154},{"$f":"+G47*(1+Assumptions!$D$14)","v":-2784862.5},{"$f":"+H47","v":0.13457845768386154},{"$f":"+I47*(1+Assumptions!$D$14)","v":-2868408.375},{"$f":"+J47","v":0.13457845768386154},{"$f":"+K47*(1+Assumptions!$D$14)","v":-2954460.6262500002},{"$f":"+L47","v":0.13457845768386154},{"$f":"+M47*(1+Assumptions!$D$14)","v":-3043094.4450375005},{"$f":"+N47","v":0.13457845768386154},{"$f":"+O47*(1+Assumptions!$D$14)","v":-3134387.2783886255},{"$f":"+P47","v":0.13457845768386154},{"$f":"+Q47*(1+Assumptions!$D$14)","v":-3228418.8967402843},{"$f":"+R47","v":0.13457845768386154},{"$f":"+S47*(1+Assumptions!$D$14)","v":-3325271.4636424929},{"$f":"+T47","v":0.13457845768386154},{"$f":"+U47*(1+Assumptions!$D$14)","v":-3425029.607551768},{"$f":"+V47","v":0.13457845768386154},{"$f":"+W47*(1+Assumptions!$D$14)","v":-3527780.4957783213},{"$f":"+X47","v":0.13457845768386154}]
[null,"Insurance",null,null,-214000,1.0971348550227187E-2,{"$f":"+E48*(1+Assumptions!$D$14)","v":-220420},1.0971348550227187E-2,{"$f":"+G48*(1+Assumptions!$D$14)","v":-227032.6},1.0971348550227187E-2,{"$f":"+I48*(1+Assumptions!$D$14)","v":-233843.57800000001},1.0971348550227187E-2,{"$f":"+K48*(1+Assumptions!$D$14)","v":-240858.88534000001},1.0971348550227187E-2,{"$f":"+M48*(1+Assumptions!$D$14)","v":-248084.65190020003},1.0971348550227187E-2,{"$f":"+O48*(1+Assumptions!$D$14)","v":-255527.19145720603},1.0971348550227187E-2,{"$f":"+Q48*(1+Assumptions!$D$14)","v":-263193.00720092223},1.0971348550227187E-2,{"$f":"+S48*(1+Assumptions!$D$14)","v":-271088.79741694994},1.0971348550227187E-2,{"$f":"+U48*(1+Assumptions!$D$14)","v":-279221.46133945842},1.0971348550227187E-2,{"$f":"+W48*(1+Assumptions!$D$14)","v":-287598.10517964215},1.0971348550227187E-2]
[null,"Ground Lease",null,null,-332400,{"$f":"-E49/$E$20","v":1.7041477841567836E-2},{"$f":"+E49*(1+Assumptions!$D$14)","v":-342372},1.7041477841567836E-2,{"$f":"+G49*(1+Assumptions!$D$14)","v":-352643.16000000003},1.7041477841567836E-2,{"$f":"+I49*(1+Assumptions!$D$14)","v":-363222.45480000007},1.7041477841567836E-2,{"$f":"+K49*(1+Assumptions!$D$14)","v":-374119.12844400009},1.7041477841567836E-2,{"$f":"+M49*(1+Assumptions!$D$14)","v":-385342.70229732012},1.7041477841567836E-2,{"$f":"+O49*(1+Assumptions!$D$14)","v":-396902.98336623976},1.7041477841567836E-2,{"$f":"+Q49*(1+Assumptions!$D$14)","v":-408810.07286722696},1.7041477841567836E-2,{"$f":"+S49*(1+Assumptions!$D$14)","v":-421074.37505324377},1.7041477841567836E-2,{"$f":"+U49*(1+Assumptions!$D$14)","v":-433706.60630484112},1.7041477841567836E-2,{"$f":"+W49*(1+Assumptions!$D$14)","v":-446717.80449398636},1.7041477841567836E-2]
[null,"Capital Reserves (FF&E)",null,null,-1352000,6.931431420517363E-2,{"$f":"+E50*(1+Assumptions!$D$14)","v":-1392560},6.931431420517363E-2,{"$f":"+G50*(1+Assumptions!$D$14)","v":-1434336.8},6.931431420517363E-2,{"$f":"+I50*(1+Assumptions!$D$14)","v":-1477366.9040000001},6.931431420517363E-2,{"$f":"+K50*(1+Assumptions!$D$14)","v":-1521687.9111200001},6.931431420517363E-2,{"$f":"+M50*(1+Assumptions!$D$14)","v":-1567338.5484536001},6.931431420517363E-2,{"$f":"+O50*(1+Assumptions!$D$14)","v":-1614358.7049072082},6.931431420517363E-2,{"$f":"+Q50*(1+Assumptions!$D$14)","v":-1662789.4660544244},6.931431420517363E-2,{"$f":"+S50*(1+Assumptions!$D$14)","v":-1712673.1500360572},6.931431420517363E-2,{"$f":"+U50*(1+Assumptions!$D$14)","v":-1764053.3445371389},6.931431420517363E-2,{"$f":"+W50*(1+Assumptions!$D$14)","v":-1816974.9448732531},6.931431420517363E-2]
[null,"Total Non-operating expenses",null,null,{"$f":"SUM(E46:E50)","v":-5011033.7649385147},{"$f":"-E51/E20","v":0.25690559828083015},{"$f":"SUM(G46:G50)","v":-5171385.0629644915},{"$f":"-G51/G20","v":0.25236951193733609},{"$f":"SUM(I46:I50)","v":-5340972.421417173},{"$f":"-I51/I20","v":0.24631057082876173},{"$f":"SUM(K46:K50)","v":-5519800.5700105112},{"$f":"-K51/K20","v":0.2391763582722741},{"$f":"SUM(M46:M50)","v":-5704551.5323401755},{"$f":"-M51/M20","v":0.23248774126011826},{"$f":"SUM(O46:O50)","v":-5891473.4011793649},{"$f":"-O51/O20","v":0.22743030616134632},{"$f":"SUM(Q46:Q50)","v":-6092605.9270473234},{"$f":"-Q51/Q20","v":0.22029012203556736},{"$f":"SUM(S46:S50)","v":-6292130.7538904482},{"$f":"-S51/S20","v":0.21580340439259832},{"$f":"SUM(U46:U50)","v":-6498143.7250098167},{"$f":"-U51/U20","v":0.21151821797056694},{"$f":"SUM(W46:W50)","v":-6693088.0367601123},{"$f":"-W51/W20","v":0.21151821797056694},{"$f":"SUM(Y46:Y50)","v":-6893880.6778629152},{"$f":"-Y51/Y20","v":0.21151821797056694}]
[]
[]
[null,"Net Operating Income",null,null,{"$f":"E42+E51","v":3566270.395899605},{"$f":"E54/$E$20","v":0.18283549316715544},{"$f":"G42+G51","v":3839595.2400684208},{"$f":"G54/$E$20","v":0.19684830687188729},{"$f":"I42+I51","v":4194583.4862286635},{"$f":"I54/$E$20","v":0.2150478385534661},{"$f":"K42+K51","v":4629163.9915991966},{"$f":"K54/$E$20","v":0.23732790489717637},{"$f":"M42+M51","v":5086044.2021543542},{"$f":"M54/$E$20","v":0.26075123216681106},{"$f":"O42+O51","v":5500661.8878441053},{"$f":"O54/$E$20","v":0.2820078449929363},{"$f":"Q42+Q51","v":6070527.9201002363},{"$f":"Q54/$E$20","v":0.31122372754815603},{"$f":"S42+S51","v":6530638.1316295331},{"$f":"S54/$E$20","v":0.33481265045566383},{"$f":"U42+U51","v":7012891.480722486},{"$f":"U54/$E$20","v":0.35953680738282823},{"$f":"W42+W51","v":7223278.2251441684},{"$f":"W54/$E$20","v":0.37032291160431346},{"$f":"Y42+Y51","v":7439976.5718984948},{"$f":"Y54/$E$20","v":0.38143259895244291}]

{"sheet":"Cash Flow","index":3,"n_rows":70,"n_cols":14,"rows_kept":70,"cut":false,"hidden":false,"merged":[]}
["Cash Flow"]
[]
[null,"Year",0,{"$f":"+C3+1","v":1},{"$f":"+D3+1","v":2},3,4,5,6,7,8,9,10,11]
[null,{"$f":"+'Operation Projection'!B15","v":"REVENUES"}]
[null,{"$f":"+'Operation Projection'!B16","v":"Rooms"},null,{"$f":"+'Operation Projection'!E16","v":19491037.645266924},{"$f":"+'Operation Projection'!G16","v":20476580.177737772},{"$f":"+'Operation Projection'!I16","v":21668709.845619768},{"$f":"+'Operation Projection'!K16","v":23062730.179021306},{"$f":"+'Operation Projection'!M16","v":24520889.893565882},{"$f":"+'Operation Projection'!O16","v":25887929.505132176},{"$f":"+'Operation Projection'!Q16","v":27640100.343589298},{"$f":"+'Operation Projection'!S16","v":29139169.315165143},{"$f":"+'Operation Projection'!U16","v":30703306.3347263},{"$f":"+'Operation Projection'!W16","v":31624405.524768092},{"$f":"+'Operation Projection'!Y16","v":32573137.690511134}]
[null,{"$f":"+'Operation Projection'!B17","v":"Food & Beverage"},null,{"$f":"+'Operation Projection'!E17","v":14042.493713946504},{"$f":"+'Operation Projection'!G17","v":14463.7685253649},{"$f":"+'Operation Projection'!I17","v":14897.681581125848},{"$f":"+'Operation Projection'!K17","v":15344.612028559623},{"$f":"+'Operation Projection'!M17","v":15804.950389416412},{"$f":"+'Operation Projection'!O17","v":16279.098901098905},{"$f":"+'Operation Projection'!Q17","v":16767.471868131874},{"$f":"+'Operation Projection'!S17","v":17270.496024175831},{"$f":"+'Operation Projection'!U17","v":17788.610904901107},{"$f":"+'Operation Projection'!W17","v":18322.26923204814},{"$f":"+'Operation Projection'!Y17","v":18871.937309009583}]
[null,{"$f":"+'Operation Projection'!B18","v":"Telephone"},null,{"$f":"+'Operation Projection'!E18","v":62.474383532628053},{"$f":"+'Operation Projection'!G18","v":64.348615038606894},{"$f":"+'Operation Projection'!I18","v":66.279073489765096},{"$f":"+'Operation Projection'!K18","v":68.267445694458047},{"$f":"+'Operation Projection'!M18","v":70.315469065291794},{"$f":"+'Operation Projection'!O18","v":72.424933137250548},{"$f":"+'Operation Projection'!Q18","v":74.597681131368063},{"$f":"+'Operation Projection'!S18","v":76.835611565309108},{"$f":"+'Operation Projection'!U18","v":79.140679912268382},{"$f":"+'Operation Projection'!W18","v":81.514900309636431},{"$f":"+'Operation Projection'!Y18","v":83.960347318925528}]
[null,{"$f":"+'Operation Projection'!B19","v":"Other Income"},null,{"$f":"+'Operation Projection'!E19","v":207.98417619110262},{"$f":"+'Operation Projection'!G19","v":214.22370147683571},{"$f":"+'Operation Projection'!I19","v":220.65041252114079},{"$f":"+'Operation Projection'!K19","v":227.26992489677502},{"$f":"+'Operation Projection'!M19","v":234.08802264367827},{"$f":"+'Operation Projection'!O19","v":241.11066332298861},{"$f":"+'Operation Projection'!Q19","v":248.34398322267828},{"$f":"+'Operation Projection'!S19","v":255.79430271935863},{"$f":"+'Operation Projection'!U19","v":263.46813180093937},{"$f":"+'Operation Projection'!W19","v":271.37217575496754},{"$f":"+'Operation Projection'!Y19","v":279.5133410276166}]
[null,{"$f":"+'Operation Projection'!B20","v":"Gross Operating Revenue (GOR)"},null,{"$f":"SUM(D5:D8)","v":19505350.597540595},{"$f":"SUM(E5:E8)","v":20491322.518579654},21683894.456686903,23078370.328420456,24536999.247447003,25904522.139629737,27657190.757121783,29156772.441103607,30721437.554442912,31643080.681076203,32592373.101508487]
[]
[]
[null,{"$f":"+'Operation Projection'!B23","v":"DEPARTMENTAL EXPENSES"}]
[null,{"$f":"+'Operation Projection'!B24","v":"Rooms"},null,{"$f":"+'Operation Projection'!E24","v":-7796415.0581067698},{"$f":"+'Operation Projection'!G24","v":-8190632.071095109},{"$f":"+'Operation Projection'!I24","v":-8667483.9382479079},{"$f":"+'Operation Projection'!K24","v":-9225092.0716085229},{"$f":"+'Operation Projection'!M24","v":-9808355.9574263524},{"$f":"+'Operation Projection'!O24","v":-10355171.80205287},{"$f":"+'Operation Projection'!Q24","v":-11056040.137435719},{"$f":"+'Operation Projection'!S24","v":-11655667.726066059},{"$f":"+'Operation Projection'!U24","v":-12281322.533890521},{"$f":"+'Operation Projection'!W24","v":-12649762.209907237},{"$f":"+'Operation Projection'!Y24","v":-13029255.076204455}]
[null,{"$f":"+'Operation Projection'!B25","v":"Food & Beverage"},null,{"$f":"+'Operation Projection'!E25","v":-10531.870285459878},{"$f":"+'Operation Projection'!G25","v":-10847.826394023676},{"$f":"+'Operation Projection'!I25","v":-11173.261185844385},{"$f":"+'Operation Projection'!K25","v":-11508.459021419716},{"$f":"+'Operation Projection'!M25","v":-11853.71279206231},{"$f":"+'Operation Projection'!O25","v":-12209.324175824178},{"$f":"+'Operation Projection'!Q25","v":-12575.603901098904},{"$f":"+'Operation Projection'!S25","v":-12952.872018131873},{"$f":"+'Operation Projection'!U25","v":-13341.45817867583},{"$f":"+'Operation Projection'!W25","v":-13741.701924036104},{"$f":"+'Operation Projection'!Y25","v":-14153.952981757187}]
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[null,"LOAN:"]
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[null,"Addition",{"$f":"+Assumptions!G12","v":37215600}]
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[null,"Total Ending Loan Balance",{"$f":"C47+C48+C49+C52","v":37215600},{"$f":"D47+D48+D49+D52","v":36655451.812626459},{"$f":"E47+E48+E49+E52","v":36067296.215884238},{"$f":"F47+F48+F49+F52","v":35449732.839304909},34801291.293896616,34120427.671217903,33405520.867405258,32654868.723401979,31866683.972198538,31039089.983434923,0,0]
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[null,"Levered Cash Flow",null,{"$f":"IF(D3>Assumptions!$D$4,0,D43+D48+D51)","v":1145342.2085260642},{"$f":"IF(E3>Assumptions!$D$4,0,E43+E48+E51)","v":1418667.0526948799},{"$f":"IF(F3>Assumptions!$D$4,0,F43+F48+F51)","v":1773655.2988551226},{"$f":"IF(G3>Assumptions!$D$4,0,G43+G48+G51)","v":2208235.8042256557},{"$f":"IF(H3>Assumptions!$D$4,0,H43+H48+H51)","v":2665116.0147808134},{"$f":"IF(I3>Assumptions!$D$4,0,I43+I48+I51)","v":3079733.7004705644},{"$f":"IF(J3>Assumptions!$D$4,0,J43+J48+J51)","v":3649599.7327266955},{"$f":"IF(K3>Assumptions!$D$4,0,K43+K48+K51)","v":4109709.9442559923},{"$f":"IF(L3>Assumptions!$D$4,0,L43+L48+L51)","v":4591963.2933489457},{"$f":"IF(M3>Assumptions!$D$4,0,M43+M48+M51)","v":4802350.0377706271},{"$f":"IF(N3>Assumptions!$D$4,0,N43+N48+N51)","v":0}]
[]
[null,"Sale",null,{"$f":"IF(D3=Assumptions!$D$4,'Cash Flow'!E43/Assumptions!$D$7,0)","v":0},{"$f":"IF(E3=Assumptions!$D$4,'Cash Flow'!F43/Assumptions!$D$7,0)","v":0},{"$f":"IF(F3=Assumptions!$D$4,'Cash Flow'!G43/Assumptions!$D$7,0)","v":0},{"$f":"IF(G3=Assumptions!$D$4,'Cash Flow'!H43/Assumptions!$D$7,0)","v":0},{"$f":"IF(H3=Assumptions!$D$4,'Cash Flow'!I43/Assumptions!$D$7,0)","v":0},{"$f":"IF(I3=Assumptions!$D$4,'Cash Flow'!J43/Assumptions!$D$7,0)","v":0},{"$f":"IF(J3=Assumptions!$D$4,'Cash Flow'!K43/Assumptions!$D$7,0)","v":0},{"$f":"IF(K3=Assumptions!$D$4,'Cash Flow'!L43/Assumptions!$D$7,0)","v":0},{"$f":"IF(L3=Assumptions!$D$4,'Cash Flow'!M43/Assumptions!$D$7,0)","v":0},{"$f":"IF(M3=Assumptions!$D$4,'Cash Flow'!N43/Assumptions!$D$7,0)","v":123999609.53164159},{"$f":"IF(N3=Assumptions!$D$4,'Cash Flow'!O43/Assumptions!$D$7,0)","v":0}]
[null,"Costs of Sale",null,{"$f":"-D58*Assumptions!$D$8","v":0},{"$f":"-E58*Assumptions!$D$8","v":0},{"$f":"-F58*Assumptions!$D$8","v":0},{"$f":"-G58*Assumptions!$D$8","v":0},{"$f":"-H58*Assumptions!$D$8","v":0},{"$f":"-I58*Assumptions!$D$8","v":0},{"$f":"-J58*Assumptions!$D$8","v":0},{"$f":"-K58*Assumptions!$D$8","v":0},{"$f":"-L58*Assumptions!$D$8","v":0},{"$f":"-M58*Assumptions!$D$8","v":-2479992.1906328318},{"$f":"-N58*Assumptions!$D$8","v":0}]
[null,"Debt Repayment",null,{"$f":"+D52","v":0},{"$f":"+E52","v":0},0,0,0,0,0,0,0,-30170116.295233127,0]
[null,"Total Cash Flow from Sale",null,{"$f":"SUM(D58:D60)","v":0},{"$f":"SUM(E58:E60)","v":0},0,0,0,0,0,0,0,91349501.045775622,0]
[]
[]
[null,"Total Cash Flow",{"$f":"-Assumptions!G12","v":-37215600},{"$f":"+D56+D61","v":1145342.2085260642},{"$f":"+E56+E61","v":1418667.0526948799},1773655.2988551226,2208235.8042256557,2665116.0147808134,3079733.7004705644,3649599.7327266955,4109709.9442559923,4591963.2933489457,96151851.083546251,0]
[]
[]
[null,"Deal Level IRR",{"$f":"IRR(C64:N64)","v":0.14150184399851962}]
[null,"Multiple",{"$f":"-SUM(D64:N64)/C64","v":3.2457860180524025}]
[null,"Net Profit",{"$f":"SUM(C64:N64)","v":83578274.133430988}]
[null,"Capital",{"$f":"-C64","v":37215600}]