$46,175,000 or $230,875 per room, the Ole Asheboro hotel does appear to be within the range of

similar projects in other areasof the country .

2012 ($200 a night) W..lln Camp {HVS #2) Greensboro A.e~e 2009 Through October (HV5)
Occupo"'Y ~ 611* 52%
Tot.IRccms 200 200 200
"""..1" Doily Rote $m.oo $152.00 $116.00
Re"Por

Re"enue
Rooms 9,928,(X» .63.4" 6,6S7,~. 54.8% 4,437,232 36.6%
96,312 0.8% ,
To!ecommunfcatlon..Comp 0.014 0 0.01'
4,430,374 36.5% ,
rood 3,115,400 19.9% 3,115,400 25.7%
8e"erale 937,(X» 6.~ o.~ 0.01'
Other Food & Bo"erale 906,400 S.8% o.~ 0.01'
RelallCentor 313,320 2.4" o.~' 373,320 3.1"
Other 298.660 1.~ 854,773 7.~' 298,660 2.5%
leased ~a 100,(X»' 0.6% 100,000' 08% 100,(XXJ ~.8%
Total Re\lenue. 15,6S8,780 100.~ 12,139,059 100.~ 8,324,6U 68-6%

Depanment.1 Profit
R~oms J,444,843 75.~ 4,992,424 75.~ 3,327,407 75.0!6
Telecon\munications -124,440 O.~ -124,440 o.~ -124,440 O.~
Food and Bove131e Depanmenl 1,439,600 29.~ 1,286,192 29.~ !XI4,439 29.~
Retail Center 145,280 38.9% O 38.9% 145,280 38.9%
Other 99,560 333% 284,943 33,3% 99,5£0 33.3%
te..ed Spa tOO,(XX) 100.~ 100,000 100.~ 100,000100.0!(.
Toto! Deponmental Profit 9,104,843'58.1" 6,539,119' 53.9% 4,452,246 53.5"

Deductions fr~m Inalme

AdmlnistraUve& General 1.394,319 89j6 1,~,910 8.~ 1,080,910 8.9%

Sal~. &Marketin8 937.1!K) 6.~ 726.532 6.016 726,532 6.~

Complim"nlary Gue.t Service. 27,058 O.Z% 20,976 0.2% 20,976 0.2%
MarketIng fee (Room Rov"nue X 3~) 319.16S 2~ 247,424 2.~ 247,421\ 2.~
fr."ch;.eFee (Room Revenue x S.I1%) S31,~S ~4% 4~~376 3.4% 412,376 3.4%
UI""leo 593.884 3.8% 460.393 3.8% 460,393 3.8%
Repair and Maintenance 6S7.S66 4.Z% 509,761 4.2% 509,761 4.2%
,
TolalOed..ctlonsfromlncome 4,461,128 ~S" 3,458,373' 28.5% 3,458,373 28.5%

GrO5. Operatlnl Profit 4,643,7lS' 29.7K 3,~,747. 25.4" 993,873 8.2%

Mana&ementFeo 469,~63 3!!", 364,172 3.~ 249,738 3.0%

Fixed Costs
Re.1 E5tate Taxes. Allowance 3S6.246' 23% 356.246' 2.9% 356,246 2.~
Insu'.nc:e. Allow.nce 219.223 1.4% 169.947 L4% 116,S4S 1.4"
RoplacomentRosorve. 313,176 20!6 242.781 2.1rh 166,492 2~
Tot.r fixed Costs 1.4S0.SW 9.3% 768,974' 6.3% 639,283 S.3%

Not Oporatlnllnc:omo Bolore Dobt 2.723,43Z'17.4" 1,947,601 160!6 104,852 0.9%

DobtS.rvlc:e .2.229.244 -2,229,244 -2,229.244

Ca.h Flow $494,l88 1$2Bl.~31 ($2.124.392)