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Property InfoJV AssumptionsDebt Schedule
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Keys148 GP Equity15%LP Equity85%Payment139,948
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Stories5
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Vintage2001/2012IRR HurdlePromoteGP SplitLP SplitDatePeriodBeg. BalancePaymentInterestPrincipalEnd Balance
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10.00%0.00%15.00%85.00%7/31/2022021,227,675
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13.00%15.00%27.75%72.25%8/31/2022121,227,675 126,311 126,311 -21,227,675
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Acq. & Exit Assumptions15.00%25.00%36.25%63.75%9/30/2022221,227,675 122,236 122,236 -21,227,675
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Per keyTotal200.00%40.00%49.00%51.00%10/31/2022321,227,675 126,311 126,311 -21,227,675
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PP5.45% cap179,054 26,500,000 11/30/2022421,227,675 122,236 122,236 -21,227,675
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CC1%265,000 Debt Assumptions12/31/2022521,227,675 126,311 126,311 -21,227,675
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Acq. Date7/31/2022LTC70%21,227,675 1/31/2023621,227,675 126,311 126,311 -21,227,675
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Hold84 Months7 YearsSOFR Rate (30 day)3.66%2/28/2023721,227,675 114,087 114,087 -21,227,675
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Spread325bps3.25%3/31/2023821,227,675 126,311 126,311 -21,227,675
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Exit Date7/31/2029All in Rate6.91%4/30/2023921,227,675 122,236 122,236 -21,227,675
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Sales price7.00% cap465,985 68,965,835 IO Period24 Months5/31/20231021,227,675 126,311 126,311 -21,227,675
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CC1%689,658 Ammort30 years6/30/20231121,227,675 122,236 122,236 -21,227,675
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Term10 years7/31/20231221,227,675 126,311 126,311 -21,227,675
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Maturity Date7/31/20328/31/20231321,227,675 126,311 126,311 -21,227,675
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Origination fee0.50%106,138 9/30/20231421,227,675 122,236 122,236 -21,227,675
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Exit Fee0.50%106,138 10/31/20231521,227,675 126,311 126,311 -21,227,675
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11/30/20231621,227,675 122,236 122,236 -21,227,675
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Cap Ex AssumptionsRenovation Timeline 12/31/20231721,227,675 126,311 126,311 -21,227,675
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Room Renovations1/31/20241821,227,675 126,311 126,311 -21,227,675
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Unrenovated Rooms148 Start MonthStart DateDurationEnd Date2/29/20241921,227,675 118,161 118,161 -21,227,675
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Renovated/month8 Rooms & other3 10/31/202219 5/31/20243/31/20242021,227,675 126,311 126,311 -21,227,675
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Elevator48 7/31/20261 8/31/20264/30/20242121,227,675 122,236 122,236 -21,227,675
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Estimated cost per key
10,000 5/31/20242221,227,675 126,311 126,311 -21,227,675
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Contingency5%500 6/30/20242321,227,675 122,236 122,236 -21,227,675
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Total cost per key10,500 Inplace Expenses7/31/20242421,227,675 126,311 126,311 -21,227,675
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Total Cost for Room Renovations
1,554,000
Annual Assumption
T-128/31/20242521,227,675 139,948 126,311 13,637 21,214,038
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Rooms Department21.0%Room Rev(1,150,000)9/30/20242621,214,038 139,948 122,158 17,790 21,196,248
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Other RenovationsAdmin10.0%Total Rev(780,000)10/31/20242721,196,248 139,948 126,124 13,824 21,182,424
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HARD COSTSSales & Marketing6.5%Total Rev(430,000)11/30/20242821,182,424 139,948 121,975 17,972 21,164,452
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Lobby750,000 Property Maintenance9.0%Total Rev(690,000)12/31/20242921,164,452 139,948 125,934 14,013 21,150,439
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Fitness center180,000 Utilities2770/key(410,000)1/31/20253021,150,439 139,948 125,851 14,097 21,136,342
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Exterior paint & façade
420,000 Franchise Fees5.5%Room Rev(290,000)2/28/20253121,136,342 139,948 113,596 26,351 21,109,991
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Elevator400,000 Management Fees3%Total Rev(180,000)3/31/20253221,109,991 139,948 125,610 14,337 21,095,654
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Contingency5%87,500 Taxes1.7%PP(420,000)4/30/20253321,095,654 139,948 121,476 18,472 21,077,182
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Total Cost for other Renovations
1,837,500 Insurance1250/key(185,000)5/31/20253421,077,182 139,948 125,415 14,532 21,062,650
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6/30/20253521,062,650 139,948 121,286 18,662 21,043,988
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SOFT COSTS7/31/20253621,043,988 139,948 125,218 14,730 21,029,258
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Soft Cost10%183,750 Income & Expense Drivers8/31/20253721,029,258 139,948 125,130 14,818 21,014,440
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Franchise transfer fee
250,000 Current Occupancy68%
Stabilized Occupancy
74%9/30/20253821,014,440 139,948 121,008 18,939 20,995,501
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Total Soft Costs433,750 Current ADR142 Market ADR170 10/31/20253920,995,501 139,948 124,929 15,018 20,980,483
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Current RevPAR97
Market RevPAR
122 11/30/20254020,980,483 139,948 120,813 19,135 20,961,348
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Per key12/31/20254120,961,348 139,948 124,726 15,222 20,946,126
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Capital Reserves500 1/31/20264220,946,126 139,948 124,635 15,312 20,930,814
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YearOccupancyVacancyRent Growth
Other Income
Expense Growth
2/28/20264320,930,814 139,948 112,491 27,456 20,903,358
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1 68%32%0%0%0%3/31/20264420,903,358 139,948 124,381 15,567 20,887,791
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2 71%29%2%2%2%4/30/20264520,887,791 139,948 120,279 19,669 20,868,122
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3 74%26%3%3%3%5/31/20264620,868,122 139,948 124,171 15,776 20,852,346
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4 74%26%3%3%3%6/30/20264720,852,346 139,948 120,075 19,873 20,832,473
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5 74%26%3%3%3%7/31/20264820,832,473 139,948 123,959 15,989 20,816,485
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6 74%26%3%3%3%8/31/20264920,816,485 139,948 123,864 16,084 20,800,401
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7 74%26%3%3%3%9/30/20265020,800,401 139,948 119,776 20,172 20,780,229
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8 74%26%3%3%3%10/31/20265120,780,229 139,948 123,648 16,299 20,763,930
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9 74%26%3%3%3%11/30/20265220,763,930 139,948 119,566 20,382 20,743,548
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10 74%26%3%3%3%12/31/20265320,743,548 139,948 123,430 16,518 20,727,030
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1/31/20275420,727,030 139,948 123,332 16,616 20,710,414
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2/28/20275520,710,414 139,948 111,307 28,641 20,681,774
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Model Sanity Checks3/31/20275620,681,774 139,948 123,062 16,885 20,664,889
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4/30/20275720,664,889 139,948 118,995 20,952 20,643,936
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S&U - CloseOk5/31/20275820,643,936 139,948 122,837 17,110 20,626,826
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S&U - HoldOk6/30/20275920,626,826 139,948 118,776 21,171 20,605,655
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Debt PaydownOk7/31/20276020,605,655 139,948 122,609 17,338 20,588,317
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Deal ProfitOk8/31/20276120,588,317 139,948 122,506 17,441 20,570,875
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Waterfall Ok9/30/20276220,570,875 139,948 118,454 21,494 20,549,382
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Remianing CFCheck10/31/20276320,549,382 139,948 122,275 17,673 20,531,709
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11/30/20276420,531,709 139,948 118,228 21,719 20,509,990
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12/31/20276520,509,990 139,948 122,040 17,907 20,492,082
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1/31/20286620,492,082 139,948 121,934 18,014 20,474,068
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2/29/20286720,474,068 139,948 113,967 25,981 20,448,087
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3/31/20286820,448,087 139,948 121,672 18,276 20,429,812
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4/30/20286920,429,812 139,948 117,642 22,306 20,407,506
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5/31/20287020,407,506 139,948 121,430 18,517 20,388,989
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6/30/20287120,388,989 139,948 117,407 22,541 20,366,448
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7/31/20287220,366,448 139,948 121,186 18,761 20,347,686
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8/31/20287320,347,686 139,948 121,074 18,873 20,328,813
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9/30/20287420,328,813 139,948 117,060 22,887 20,305,926
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10/31/20287520,305,926 139,948 120,826 19,122 20,286,804
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11/30/20287620,286,804 139,948 116,818 23,129 20,263,675
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12/31/20287720,263,675 139,948 120,574 19,373 20,244,302
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1/31/20297820,244,302 139,948 120,459 19,488 20,224,814
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2/28/20297920,224,814 139,948 108,697 31,250 20,193,563
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3/31/20298020,193,563 139,948 120,157 19,790 20,173,773
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4/30/20298120,173,773 139,948 116,167 23,780 20,149,993
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5/31/20298220,149,993 139,948 119,898 20,049 20,129,943
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6/30/20298320,129,943 139,948 115,915 24,033 20,105,911
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7/31/20298420,105,911 139,948 119,636 20,312 20,085,599
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8/31/20298520,085,599 139,948 119,515 20,433 20,065,166
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9/30/20298620,065,166 139,948 115,542 24,406 20,040,761
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10/31/20298720,040,761 139,948 119,248 20,699 20,020,061
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11/30/20298820,020,061 139,948 115,282 24,665 19,995,396
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12/31/20298919,995,396 139,948 118,978 20,969 19,974,427
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1/31/20309019,974,427 139,948 118,853 21,094 19,953,333
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2/28/20309119,953,333 139,948 107,238 32,709 19,920,623
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3/31/20309219,920,623 139,948 118,533 21,414 19,899,209
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4/30/20309319,899,209 139,948 114,586 25,361 19,873,848
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5/31/20309419,873,848 139,948 118,255 21,693 19,852,155