Sheet Tab

Table of Contents Description Author

1 Table of Contents
2 Ex1
3 Free Cash
4 Equity Cash
5 Cash Waterfall
6 NPV Example
7 IRR Example
8 Sheet5
9 Sheet3

File Name:
C:\Documents and Settings\Administrator\My Documents\4 Day Exercise.xls

Colour Codes
Ex1
Annunity Equity IRR
Min DSCR
Upside Case Project IRR

2008 2009
1

Assumptions

Operating Assumptions

Revenues Assumptions
Number of Rooms 80 80
RevPar - USD/Day 112
Inflation Rate 3%
Occupancy Rate 70%
Other Revenues - Room Service and Conferences 31%

Operating Expense Assumptions

Number of Staff 60
Average Salary per Annum USD 2,900
Overhead Percent 30%

Other Cost 60%

Cost of Food 39%

Corp Tax 30%

Construction Cost Assumptions

Cost Per Room - USD 129,000

S-Curve 100%

Financing Assumptions
Financing Assumptions

Gearing Percentage 63%

Repayment Period 8
LIBOR Rate 5%
Credit Spread 1.50%

Target Min DSCR 1.3

Working Section

Revenues
Number of Rooms 80
RevPar 112.00
Utilisation 70%
 Room Revenues 2,289,280

Other Revenue Percent 31%

Other Revenues 709,677

Total Revenues 2,998,957

Operating Expenses
Number of Staff 60
Cost per Staff 2,900
Overhead Percentage 30%
Total Staff Costs 226,200

Other Cost Percentage 60%

Total Other Costs 135,720

Food Cost Percentage 39%

Total Food Costs 276,774

Total Expenses 638,694

EBITDA 200

Cost/Room 129,000
S-Curve 100%
Rooms 80
Investment 10,320,000

Sources and Uses

Uses and Sources

Investment 10320000

Sources of Funds
Debt 6,528,477.43
Equity Capital Issued 3,791,522.57
Total Sources 10,320,000.00

Debt Schedule

Debt Schedule
Opening Balance - 6,528,477.43
Add: Drawdown 6,528,477.43
Less: Repayments 659,610.87
Closing Balance 6,528,477.43 5,868,866.56
 LIBOR Rate 4.50% 4.50%
Credit Spread 1.50% 1.50%
Total Interest Rate 6.000% 6.000%

Repayment Percentage Annunity 10.104%

Repayment Percentage Level 12.500%
1 10.1%
1
Interest Expense - 391,708.65

Depreciation Schedule

Fixed Asset Balance

Opening Balance - 10,320,000
Add: Capital Expenditures 10,320,000 -
Closing Balance 10,320,000 10,320,000

Depreciation 1,146,666.67

Accumulated Depreciation Balance

Opening Balance 0 0.00
Add: Depreciation Charge 0.00 1,146,666.67
Closing Balance 0.00 1,146,666.67

Profit and Loss

Profit and Loss

EBTIDA 0.00 200.00
Less: Depreciation 0.00 1,146,666.67
EBIT 0.00 -1,146,466.67
Less: Interest Expense 0.00 391,708.65
EBT 0.00 -1,538,175.31
Less: Taxes 0.00 -461,452.59
Earnings 0.00 -1,076,722.72

Cash Flow

Cash Flow Statement

EBTIDA - 200.00
Less: Taxes - - 461,452.59
Cash From Operations - 461,652.59
Less: Capital Expenditures 10,320,000.00 -
Cash Before Financing - 10,320,000.00 461,652.59
Add: Cash From Equity Holders 3,791,522.57 -
Add: Cash From Debt Issues 6,528,477.43 -
Cash Before Debt Service - 461,652.59
Less: Interest Expense - 391,708.65
Less: Debt Repayment - 659,610.87
 Dividends - - 589,666.92

Balance Sheet

Equity Balance
Opening Balance - 3,791,522.57
Add: Net Profit for Year - - 1,076,722.72
Less: Dividends - - 589,666.92
Add: Equity Injection 3,791,522.57 -
Closing Balance 3,791,522.57 3,304,466.78

Balance Sheet
Fixed Assets 10,320,000.00 10,320,000.00
Accumulated Depreciation - 1,146,666.67
Net Assets 10,320,000.00 9,173,333.33

Debt 6,528,477.43 5,868,866.56

Equity 3,791,522.57 3,304,466.78
Total Equity and Debt 10,320,000.00 9,173,333.33

Difference 0.00 0.00

Cash Flow and DSCR

Free Cash Flow
EBIT (1,146,466.67)
Taxes on EBIT (343,940.00)

Free Cash Flow

EBTIDA 200.00
Less: Taxes on EBIT (343,940.00)
Less: Cap Exp 10,320,000.00
Free Cash Flow (10,320,000.00) 344,140.00

Project IRR 11.10%

Equity IRR and DSCR

Cash Flows to Equity
Dividends - (589,666.92)
Less: Equity Capital Issued 3,791,522.57 -
Total Equity Cash Flow (3,791,522.57) (589,666.92)

Equity IRR 17.98%

2008 2009
Free Cash (10,320,000.00) 344,140.00
Equity Cas -3,791,522.57 -589,666.92
 PR 11.10% Eq IRR 17.98% Gearing

2009
Cash Before Debt S 461,652.59
Divide by Debt Serv 1,051,319.52

DSCR Ratio by Year 0.44

Minimum DSCR 0.44

ROE 0.00% -32.58%

Return on Investment 0.00% -8.75%

Sensitivity Analysis

0.44
140
130
120
110
100
Oil Price

90
80
70
60
50
40
30

Hurdle Rate

17.98%
140
130
120
110
100
Oil Price

90
80
70
60
50
40
30
 18.0% RevPar 112
0.44
11.10% Tenor 8

2010 2011 2012 2013 2014

2 3 4 5 6

Sheet Name #VALUE!

80 80 80 80 80
112 112 112 112 112
3% 3% 3% 3% 3%
70% 70% 70% 70% 70%
31% 31% 31% 31% 31%

60 60 60 60 60
2,900 2,900 2,900 2,900 2,900
30% 30% 30% 30% 30%

60% 60% 60% 60% 60%

39% 39% 39% 39% 39%

30% 30% 30% 30% 30%

80 80 80 80 80
114.80 117.67 120.61 123.63 126.72
70% 70% 70% 70% 70%
 2,346,512 2,405,175 2,465,304 2,526,937 2,590,110

31% 31% 31% 31% 31%

727,419 745,604 764,244 783,350 802,934

3,073,931 3,150,779 3,229,548 3,310,287 3,393,044

60 60 60 60 60
2,973 3,047 3,123 3,201 3,281
30% 30% 30% 30% 30%
231,855 237,651 243,593 249,682 255,925

60% 60% 60% 60% 60%

139,113 142,591 146,156 149,809 153,555

39% 39% 39% 39% 39%

283,693 290,786 298,055 305,507 313,144

654,661 671,028 687,804 704,999 722,624

2,419,269 2,479,751 2,541,745 2,605,289 2,670,421

0 17.98% 0 0.44 Gearing

5,868,866.56 5,169,679.03 4,428,540.26 3,642,933.16 2,810,189.63

699,187.52 741,138.77 785,607.10 832,743.53 882,708.14

5,169,679.03 4,428,540.26 3,642,933.16 2,810,189.63 1,927,481.49
 4.50% 4.50% 4.50% 4.50% 4.50%
1.50% 1.50% 1.50% 1.50% 1.50%
6.000% 6.000% 6.000% 6.000% 6.000%

10.710% 11.352% 12.034% 12.756% 13.521%

12.500% 12.500% 12.500% 12.500% 12.500%
10.7% 11.4% 12.0% 12.8% 13.5%

352,131.99 310,180.74 265,712.42 218,575.99 168,611.38

10,320,000 10,320,000 10,320,000 10,320,000 10,320,000

- - - - -
10,320,000 10,320,000 10,320,000 10,320,000 10,320,000

1,146,666.67 1,146,666.67 1,146,666.67 1,146,666.67 1,146,666.67

1,146,666.67 2,293,333.33 3,440,000.00 4,586,666.67 5,733,333.33

1,146,666.67 1,146,666.67 1,146,666.67 1,146,666.67 1,146,666.67
2,293,333.33 3,440,000.00 4,586,666.67 5,733,333.33 6,880,000.00

2,419,269.42 2,479,751.15 2,541,744.93 2,605,288.56 2,670,420.77

1,146,666.67 1,146,666.67 1,146,666.67 1,146,666.67 1,146,666.67
1,272,602.75 1,333,084.49 1,395,078.27 1,458,621.89 1,523,754.10
352,131.99 310,180.74 265,712.42 218,575.99 168,611.38
920,470.76 1,022,903.75 1,129,365.85 1,240,045.90 1,355,142.73
276,141.23 306,871.12 338,809.76 372,013.77 406,542.82
644,329.53 716,032.62 790,556.10 868,032.13 948,599.91

2,419,269.42 2,479,751.15 2,541,744.93 2,605,288.56 2,670,420.77

276,141.23 306,871.12 338,809.76 372,013.77 406,542.82
2,143,128.19 2,172,880.03 2,202,935.18 2,233,274.79 2,263,877.95
- - - - -
2,143,128.19 2,172,880.03 2,202,935.18 2,233,274.79 2,263,877.95
- - - - -
- - - - -
2,143,128.19 2,172,880.03 2,202,935.18 2,233,274.79 2,263,877.95
352,131.99 310,180.74 265,712.42 218,575.99 168,611.38
699,187.52 741,138.77 785,607.10 832,743.53 882,708.14
 1,091,808.68 1,121,560.51 1,151,615.66 1,181,955.27 1,212,558.44

3,304,466.78 2,856,987.63 2,451,459.74 2,090,400.18 1,776,477.04

644,329.53 716,032.62 790,556.10 868,032.13 948,599.91
1,091,808.68 1,121,560.51 1,151,615.66 1,181,955.27 1,212,558.44
- - - - -
2,856,987.63 2,451,459.74 2,090,400.18 1,776,477.04 1,512,518.51

10,320,000.00 10,320,000.00 10,320,000.00 10,320,000.00 10,320,000.00

2,293,333.33 3,440,000.00 4,586,666.67 5,733,333.33 6,880,000.00
8,026,666.67 6,880,000.00 5,733,333.33 4,586,666.67 3,440,000.00

5,169,679.03 4,428,540.26 3,642,933.16 2,810,189.63 1,927,481.49

2,856,987.63 2,451,459.74 2,090,400.18 1,776,477.04 1,512,518.51
8,026,666.67 6,880,000.00 5,733,333.33 4,586,666.67 3,440,000.00

0.00 0.00 0.00 0.00 0.00

1,272,602.75 1,333,084.49 1,395,078.27 1,458,621.89 1,523,754.10

381,780.83 399,925.35 418,523.48 437,586.57 457,126.23

2,419,269.42 2,479,751.15 2,541,744.93 2,605,288.56 2,670,420.77

381,780.83 399,925.35 418,523.48 437,586.57 457,126.23

2,037,488.59 2,079,825.81 2,123,221.45 2,167,701.99 2,213,294.54

1,091,808.68 1,121,560.51 1,151,615.66 1,181,955.27 1,212,558.44

- - - - -
1,091,808.68 1,121,560.51 1,151,615.66 1,181,955.27 1,212,558.44

2010 2011 2012 2013 2014

2,037,488.59 2,079,825.81 2,123,221.45 2,167,701.99 2,213,294.54
1,091,808.68 1,121,560.51 1,151,615.66 1,181,955.27 1,212,558.44
 63% Term 8 DSCR 0.44

2010 2011 2012 2013 2014

2,143,128.19 2,172,880.03 2,202,935.18 2,233,274.79 2,263,877.95
1,051,319.52 1,051,319.52 1,051,319.52 1,051,319.52 1,051,319.52

2.04 2.07 2.10 2.12 2.15

22.55% 29.21% 37.82% 48.86% 62.72%

11.10% 13.56% 17.03% 22.26% 31.01%

Gearing
30% 40% 50% 60% 70%
0.80 0.63 0.53 0.46 0.41
0.80 0.63 0.53 0.46 0.41
0.80 0.63 0.53 0.46 0.41
0.80 0.63 0.53 0.46 0.41
0.80 0.63 0.53 0.46 0.41
0.80 0.63 0.53 0.46 0.41
0.80 0.63 0.53 0.46 0.41
0.80 0.63 0.53 0.46 0.41
0.80 0.63 0.53 0.46 0.41
0.80 0.63 0.53 0.46 0.41
0.80 0.63 0.53 0.46 0.41
0.80 0.63 0.53 0.46 0.41

20%

Gearing
30% 40% 50% 60% 70%
13.2% 14.2% 15.5% 17.3% 19.7%
13.2% 14.2% 15.5% 17.3% 19.7%
13.2% 14.2% 15.5% 17.3% 19.7%
13.2% 14.2% 15.5% 17.3% 19.7%
13.2% 14.2% 15.5% 17.3% 19.7%
13.2% 14.2% 15.5% 17.3% 19.7%
13.2% 14.2% 15.5% 17.3% 19.7%
13.2% 14.2% 15.5% 17.3% 19.7%
13.2% 14.2% 15.5% 17.3% 19.7%
13.2% 14.2% 15.5% 17.3% 19.7%
13.2% 14.2% 15.5% 17.3% 19.7%
13.2% 14.2% 15.5% 17.3% 19.7%
 2015 2016 2017
7 8 9

80 80 80
112 112 112
3% 3% 3%
70% 70% 70%
31% 31% 31%

60 60 60
2,900 2,900 2,900
30% 30% 30%

60% 60% 60%

39% 39% 39%

30% 30% 30%

80 80 80
129.89 133.13 136.46
70% 70% 70%
 2,654,863 2,721,235 2,789,265

31% 31% 31%

823,008 843,583 864,672

3,477,870 3,564,817 3,653,938

60 60 60
3,363 3,447 3,533
30% 30% 30%
262,323 268,881 275,603

60% 60% 60%

157,394 161,328 165,362

39% 39% 39%

320,973 328,997 337,222

740,689 759,206 778,187

2,737,181 2,805,611 2,875,751

63% Debt Tenor 8

1,927,481.49 991,810.86 -

935,670.63 991,810.86 -
991,810.86 - -
 4.50% 4.50% 4.50%
1.50% 1.50% 1.50%
6.000% 6.000% 6.000%

14.332% 15.192% 0.000%

12.500% 12.500% 0.000%
14.3% 15.2% 0.0%

115,648.89 59,508.65 -

10,320,000 10,320,000 10,320,000

- - -
10,320,000 10,320,000 10,320,000

1,146,666.67 1,146,666.67 1,146,666.67

6,880,000.00 8,026,666.67 9,173,333.33

1,146,666.67 1,146,666.67 1,146,666.67
8,026,666.67 9,173,333.33 10,320,000.00

2,737,181.29 2,805,610.82 2,875,751.09

1,146,666.67 1,146,666.67 1,146,666.67
1,590,514.62 1,658,944.16 1,729,084.43
115,648.89 59,508.65 0.00
1,474,865.73 1,599,435.50 1,729,084.43
442,459.72 479,830.65 518,725.33
1,032,406.01 1,119,604.85 1,210,359.10

2,737,181.29 2,805,610.82 2,875,751.09

442,459.72 479,830.65 518,725.33
2,294,721.57 2,325,780.17 2,357,025.77
- - -
2,294,721.57 2,325,780.17 2,357,025.77
- - -
- - -
2,294,721.57 2,325,780.17 2,357,025.77
115,648.89 59,508.65 -
935,670.63 991,810.86 -
 1,243,402.05 1,274,460.65 2,357,025.77

1,512,518.51 1,301,522.47 1,146,666.67

1,032,406.01 1,119,604.85 1,210,359.10
1,243,402.05 1,274,460.65 2,357,025.77
- - -
1,301,522.47 1,146,666.67 -

10,320,000.00 10,320,000.00 10,320,000.00

8,026,666.67 9,173,333.33 10,320,000.00
2,293,333.33 1,146,666.67 -

991,810.86 - -
1,301,522.47 1,146,666.67 -
2,293,333.33 1,146,666.67 -

0.00 0.00 0.00

1,590,514.62 1,658,944.16 1,729,084.43

477,154.39 497,683.25 518,725.33

2,737,181.29 2,805,610.82 2,875,751.09

477,154.39 497,683.25 518,725.33

2,260,026.90 2,307,927.58 2,357,025.77

1,243,402.05 1,274,460.65 2,357,025.77

- - -
1,243,402.05 1,274,460.65 2,357,025.77

2015 2016 2017

2,260,026.90 2,307,927.58 2,357,025.77
1,243,402.05 1,274,460.65 2,357,025.77
RevPar 112

2015 2016 2017

2,294,721.57 2,325,780.17 2,357,025.77
1,051,319.52 1,051,319.52 0.00

2.18 2.21

79.32% 97.64%

48.55% 101.27%

80% 90%
0.37 0.34
0.37 0.34
0.37 0.34
0.37 0.34
0.37 0.34
0.37 0.34
0.37 0.34
0.37 0.34
0.37 0.34
0.37 0.34
0.37 0.34
0.37 0.34

80% 90%
23.5% 30.5%
23.5% 30.5%
23.5% 30.5%
23.5% 30.5%
23.5% 30.5%
23.5% 30.5%
23.5% 30.5%
23.5% 30.5%
23.5% 30.5%
23.5% 30.5%
23.5% 30.5%
23.5% 30.5%
Upside Case
3

Room Occupancy Cost Other Cost of

Rate Rate per Room Rev Pct Staff

Base Case 120 60% 130,000 30% 3,000.00

Downside Case 100 55% 143,000 25% 4,000.00
Upside Case 130 70% 129,000 31% 2,900.00
Rate Low 100 60% 130000 30% 3,000.00
Rate Low 120 55% 130000 30% 3,000.00
per Room Low 120 60% 143,000 30% 3,000.00
Rev Pct Low 120 60% 130000 25% 3,000.00
Staff Low 120 60% 130000 30% 4,000.00
Staff Low 120 60% 130000 30% 3,000.00
Food Low 120 60% 130000 30% 3,000.00
Rate Low 120 60% 130000 30% 3,000.00
Rate Low 120 60% 130000 30% 3,000.00
Rate High 130 60% 130000 30% 3,000.00
Rate High 120 70% 130000 30% 3,000.00
per Room High 120 60% 129,000 30% 3,000.00
Rev Pct High 120 60% 130000 31% 3,000.00
Staff High 120 60% 130000 30% 2,900.00
Staff High 120 60% 130000 30% 3,000.00
Food High 120 60% 130000 30% 3,000.00
Rate High 120 60% 130000 30% 3,000.00
Rate High 120 60% 130000 30% 3,000.00
Stress Case 60 45% 156,000 25% 4,500.00
Batlang Case 100 55% 130,000 25% 4,000.00
Lucas Case 130 60% 130,000 30% 3,000.00
Good Case 130 70% 130,000 30% 3,000.00

Upside Case 130 70% 129,000 31% 2,900

Base Case Downside Ca

120 100
60% 55%
130,000 143,000
30% 25%
 Gearing 63% DSCR

Low vs Ba High vs Base

Rate 0.00% 0.00%
Rate -3.58% 6.39%
per Room -3.10% 0.25%
Rev Pct -1.06% 0.21%
Staff -2.87% 0.28%
Staff -0.56% 1.63%
Food -1.06% 0.10%
Rate -1.45% 0.35%
 Num of Cost of Interest Inflation Equity Project
Staff Food Rate Rate DSCR IRR IRR
0.44 17.98% 11.10%
75 40% 5.0% 3.0% 1.00 0.44 9.7% 7.07%
80 50% 7.0% 3.5% 2.00 0.44 -4.1% 1.40%
60 39% 4.5% 2.5% 3.00 0.44 18.0% 11.10%
75 40% 5.0% 3.0% 4.00 0.44 9.7% 7.07%
75 40% 5.0% 3.0% 5.00 0.44 6.1% 5.32%
75 40% 5.0% 3.0% 6.00 0.44 6.6% 5.55%
75 40% 5.0% 3.0% 7.00 0.44 8.7% 6.55%
75 40% 5.0% 3.0% 8.00 0.44 6.9% 5.66%
80 40% 5.0% 3.0% 9.00 0.44 9.2% 6.79%
75 50% 5.0% 3.0% 10.00 0.44 8.7% 6.55%
75 40% 7.0% 3.0% 11.00 0.44 8.3% 7.07%
75 40% 5.0% 3.5% 12.00 0.44 10.4% 7.41%
75 40% 5.0% 3.0% 13.00 0.44 9.7% 7.07%
75 40% 5.0% 3.0% 14.00 0.44 16.1% 10.32%
75 40% 5.0% 3.0% 15.00 0.44 10.0% 7.20%
75 40% 5.0% 3.0% 16.00 0.44 9.9% 7.17%
75 40% 5.0% 3.0% 17.00 0.44 10.0% 7.21%
60 40% 5.0% 3.0% 18.00 0.44 11.4% 7.89%
75 39% 5.0% 3.0% 19.00 0.44 9.8% 7.12%
75 40% 4.5% 3.0% 20.00 0.44 10.1% 7.07%
75 40% 5.0% 2.5% 21.00 0.44 9.1% 6.73%
80 50% 8.0% 4.0% 22.00 0.44 Err:523 -4.21%
70 50% 7.0% 3.5% 23.00 0.44 0.8% 3.57%
75 40% 5.0% 3.0% 24.00 0.44 9.7% 7.07%
60 40% 5.0% 3.0% 25.00 0.44 17.5% 11.06%

60 39% 4.5% 3%

Stress Case Base Case Downside Upside Case

60 120 100 130
45% 0.6 0.55 0.7
156,000 130000 143000 129000
25% 0.3 0.25 0.31
0.44 Equity IRR 11.10% PR IRR 18.0% Debt Tenor 8
Equity
Cash
(3,791,523) (589,667) 1,091,809 1,121,561 1,151,616 1,181,955
(3,820,914.22) (605,432.43) 713,702.75 740,104.04 766,822.81 793,837.73
(4,203,005.64) (717,324.25) 249,338.76 265,285.91 280,866.84 295,990.17
(3,791,522.57) (589,666.92) 1,091,808.68 1,121,560.51 1,151,615.66 1,181,955.27
(3,820,914.22) (605,432.43) 713,702.75 740,104.04 766,822.81 793,837.73
(3,820,914.22) (605,432.43) 574,583.21 596,810.91 619,230.88 641,818.04
(4,203,005.64) (665,989.67) 651,872.37 676,917.77 702,192.51 727,669.55
(3,820,914.22) (605,432.43) 671,259.50 696,387.49 721,794.76 747,458.84
(3,820,914.22) (605,432.43) 601,226.75 624,253.76 647,497.02 670,932.17
(3,820,914.22) (605,432.43) 691,207.55 716,933.99 742,957.65 769,256.62
(3,820,914.22) (605,432.43) 671,259.50 696,387.49 721,794.76 747,458.84
(3,820,914.22) (652,100.23) 664,276.31 687,429.85 710,353.63 732,962.18
(3,820,914.22) (605,432.43) 720,168.80 753,456.44 787,502.37 822,306.71
(3,820,914.22) (605,432.43) 713,702.75 740,104.04 766,822.81 793,837.73
(3,820,914.22) (605,432.43) 991,941.84 1,026,690.31 1,062,006.66 1,097,877.10
(3,791,522.57) (600,774.18) 718,458.94 744,964.52 771,794.37 798,927.59
(3,820,914.22) (605,432.43) 722,191.40 748,847.35 775,828.42 803,113.51
(3,820,914.22) (605,432.43) 724,950.35 751,689.07 778,755.39 806,128.28
(3,820,914.22) (605,432.43) 781,188.35 809,614.21 838,418.28 867,581.07
(3,820,914.22) (605,432.43) 717,947.08 744,475.70 771,325.61 798,475.62
(3,820,914.22) (594,239.07) 725,662.44 752,939.70 780,654.79 808,798.02
(3,820,914.22) (605,432.43) 707,236.70 726,816.31 746,343.05 765,780.34
(4,585,097.07) (811,877.48) (171,873.64) (167,405.54) (163,965.35) (161,708.84)
(3,820,914.22) (652,100.23) 376,390.19 396,127.74 415,715.78 435,077.64
(3,820,914.22) (605,432.43) 713,702.75 740,104.04 766,822.81 793,837.73
(3,820,914.22) (605,432.43) 1,059,427.44 1,096,200.47 1,133,602.13 1,171,620.43

3,000,000.00
2,000,000.00
1,000,000.00
-
Row 5
(1,000,000.00) 1 2 3 4 5 6 7 8 9 10
Row 6
(2,000,000.00)
(3,000,000.00)
(4,000,000.00)
(5,000,000.00)
 1,212,558 1,243,402 1,274,461 2,357,026
821,124.84 848,657.31 876,405.25 1,984,866.71
310,554.62 324,448.15 337,546.91 1,633,055.13
1,212,558.44 1,243,402.05 1,274,460.65 2,357,025.77
821,124.84 848,657.31 876,405.25 1,984,866.71
664,544.56 687,379.63 710,289.24 1,813,767.21
753,318.81 779,106.98 804,997.23 2,019,533.37
773,354.58 799,453.95 825,725.79 1,932,666.86
694,532.11 718,266.80 742,103.03 1,846,535.41
795,806.29 822,579.21 849,544.81 1,957,200.45
773,354.58 799,453.95 825,725.79 1,932,666.86
755,160.81 776,844.71 797,898.08 1,984,866.71
857,867.83 894,182.23 931,244.35 2,049,577.60
821,124.84 848,657.31 876,405.25 1,984,866.71
1,134,285.39 1,171,212.68 1,208,637.28 2,327,065.69
826,340.69 854,007.34 881,898.18 1,982,200.04
830,678.89 858,497.98 886,541.15 1,995,306.68
833,784.11 861,696.36 889,835.48 1,998,699.84
897,080.47 926,891.62 956,986.59 2,067,865.48
825,901.86 853,577.65 881,473.20 1,990,086.69
837,358.02 866,321.66 895,673.85 1,984,866.71
785,088.42 804,224.06 823,140.37 1,922,317.77
(160,808.88) (161,457.16) (163,866.13) 1,284,751.21
454,127.90 472,771.57 490,903.19 1,675,079.42
821,124.84 848,657.31 876,405.25 1,984,866.71
1,210,241.02 1,249,446.98 1,289,218.61 2,410,064.47

Row 5
9 10
Row 6
 Interest
Rate

Cost of
Food

Num of
Staff

Cost of
Staff
Low vs Base
High vs Base
Other
Rev Pct

Cost
per Room

Occupancy
Rate

Room
Rate

-6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00%

Upside Case

Project IRR 11.10%

4,000,000.00

2,000,000.00

-
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

(2,000,000.00)

(4,000,000.00) Free Cash Flow

(6,000,000.00)

(8,000,000.00)

(10,000,000.00)

(12,000,000.00)
 Annunity PR IRR 11.10% Eq IRR 13.19% Gearing 30% Term 8 DSCR 0.80

4,000,000.00

2,000,000.00

0.00
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

-2,000,000.00

Free Cash
-4,000,000.00 Equity Cash

-6,000,000.00

-8,000,000.00

-10,000,000.00

-12,000,000.00
Base Case 1 2 3

Base Case 1 2 3
Downside Case 100 200 300
Upside Case 4000 5000 6000
Base Case

=INDEX(E5:G7,1,1)-- 1
1
=INDEX(E5:G7,3,3)-- 6000

=INDEX(E5:G7,1,3)-- 3

=INDEX(E5:E7,2)--> 100

=INDEX(E7:G7,3)--> 6000
Annunity

PR IRR 11.10% Eq IRR 13.19% Gearing 30% Term 8 DSCR 0.80 RevPar 112

2,500,000.00

2,000,000.00

1,500,000.00

Divide by Debt Service

Cash Before Debt Service

1,000,000.00

500,000.00

0.00
2009 2010 2011 2012 2013 2014 2015 2016 2017