Table of Contents

Sheet Tab
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

Description

Author

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

Ex1
Annunity
Base Case

Equity IRR
Min DSCR
Project IRR
2008

2009
1

80

80
112
3%
60%
30%

Assumptions
Operating Assumptions
Revenues Assumptions
Number of Rooms
RevPar - USD/Day
Inflation Rate
Occupancy Rate
Other Revenues - Room Service and Conferences
Operating Expense Assumptions
Number of Staff
Average Salary per Annum USD
Overhead Percent

75
3,000
30%

Other Cost
Cost of Food

60%
40%

Corp Tax

30%

Construction Cost Assumptions

Cost Per Room - USD
S-Curve

130,000
100%

Financing Assumptions
Financing Assumptions
Gearing Percentage
Repayment Period
LIBOR Rate
Credit Spread
Target Min DSCR

63%
8
5%
1.50%
1.3

Working Section
Revenues
Number of Rooms
RevPar
Utilisation

80
112.00
60%

Room Revenues

1,962,240

Other Revenue Percent

Other Revenues

30%
588,672

Total Revenues

2,550,912

Operating Expenses
Number of Staff
Cost per Staff
Overhead Percentage
Total Staff Costs

75
3,000
30%
292,500

Other Cost Percentage

Total Other Costs

60%
175,500

Food Cost Percentage

Total Food Costs

40%
235,469

Total Expenses

703,469

EBITDA
Cost/Room
S-Curve
Rooms
Investment

200
130,000
100%
80
10,400,000

Sources and Uses

Uses and Sources
Investment
Sources of Funds
Debt
Equity Capital Issued
Total Sources

10400000

6,579,085.78
3,820,914.22
10,400,000.00

Debt Schedule
Debt Schedule
Opening Balance
Add: Drawdown
Less: Repayments
Closing Balance

6,579,085.78
6,579,085.78

6,579,085.78
652,890.69
5,926,195.09

LIBOR Rate
Credit Spread
Total Interest Rate
Repayment Percentage
Repayment Percentage

5.00%
1.50%
6.500%

5.00%
1.50%
6.500%

Annunity
Level

9.924%
12.500%
9.9%

1
1
Interest Expense

427,640.58

Depreciation Schedule
Fixed Asset Balance
Opening Balance
Add: Capital Expenditures
Closing Balance

10,400,000
10,400,000

10,400,000
10,400,000

Depreciation
Accumulated Depreciation Balance
Opening Balance
Add: Depreciation Charge
Closing Balance

1,155,555.56

0
0.00
0.00

0.00
1,155,555.56
1,155,555.56

0.00
0.00
0.00
0.00
0.00
0.00
0.00

200.00
1,155,555.56
-1,155,355.56
427,640.58
-1,582,996.13
-474,898.84
-1,108,097.29

Profit and Loss

Profit and Loss
EBTIDA
Less: Depreciation
EBIT
Less: Interest Expense
EBT
Less: Taxes
Earnings

Cash Flow
Cash Flow Statement
EBTIDA
Less: Taxes
Cash From Operations
Less: Capital Expenditures
Cash Before Financing
Add: Cash From Equity Holders
Add: Cash From Debt Issues
Cash Before Debt Service
Less: Interest Expense
Less: Debt Repayment

10,400,000.00
- 10,400,000.00
3,820,914.22
6,579,085.78
-

200.00
474,898.84
475,098.84
475,098.84
475,098.84
427,640.58
652,890.69

Dividends

605,432.43

Balance Sheet
Equity Balance
Opening Balance
Add: Net Profit for Year
Less: Dividends
Add: Equity Injection
Closing Balance

3,820,914.22
3,820,914.22

3,820,914.22
- 1,108,097.29
605,432.43
3,318,249.36

Balance Sheet
Fixed Assets
Accumulated Depreciation
Net Assets

10,400,000.00
10,400,000.00

10,400,000.00
1,155,555.56
9,244,444.44

Debt
Equity
Total Equity and Debt

6,579,085.78
3,820,914.22
10,400,000.00

5,926,195.09
3,318,249.36
9,244,444.44

Difference

0.00

Cash Flow and DSCR

Free Cash Flow
EBIT
Taxes on EBIT

(1,155,355.56)
(346,606.67)

Free Cash Flow

EBTIDA
Less: Taxes on EBIT
Less: Cap Exp
Free Cash Flow
Project IRR

200.00
(346,606.67)
10,400,000.00
(10,400,000.00)

346,806.67

3,820,914.22
(3,820,914.22)

(605,432.43)
(605,432.43)

2008
(10,400,000.00)
-3,820,914.22

2009
346,806.67
-605,432.43

7.07%

Equity IRR and DSCR

Cash Flows to Equity
Dividends
Less: Equity Capital Issued
Total Equity Cash Flow
Equity IRR

0.00

9.73%

Free Cash
Equity Cas

PR

7.07% Eq IRR

9.73% Gearing

Cash Before Debt S

Divide by Debt Serv

2009
475,098.84
1,080,531.27

DSCR Ratio by Year

Minimum DSCR

0.44
0.44

ROE

0.00%

-33.39%

Return on Investment

0.00%

-8.75%

Sensitivity Analysis

Oil Price

0.44
140
130
120
110
100
90
80
70
60
50
40
30

Oil Price

Hurdle Rate

9.73%
140
130
120
110
100
90
80
70
60
50
40
30

9.7%
0.44
7.07%
2010
2

RevPar

112

Tenor

2011
3

2012
4

Sheet Name

2013
5

2014
6

#VALUE!

80
112
3%
60%
30%

80
112
3%
60%
30%

80
112
3%
60%
30%

80
112
3%
60%
30%

80
112
3%
60%
30%

75
3,000
30%

75
3,000
30%

75
3,000
30%

75
3,000
30%

75
3,000
30%

60%
40%

60%
40%

60%
40%

60%
40%

60%
40%

30%

30%

30%

30%

30%

80
115.36
60%

80
118.82
60%

80
122.39
60%

80
126.06
60%

80
129.84
60%

2,021,107
30%
606,332
2,627,439

2,081,740
30%
624,522
2,706,263

2,144,193
30%
643,258
2,787,450

2,208,518

2,274,774

30%
662,556
2,871,074

30%
682,432
2,957,206

75
3,090
30%
301,275

75
3,183
30%
310,313

75
3,278
30%
319,623

75
3,377
30%
329,211

75
3,478
30%
339,088

60%
180,765

60%
186,188

60%
191,774

60%
197,527

60%
203,453

40%
242,533

40%
249,809

40%
257,303

40%
265,022

40%
272,973

724,573

746,310

768,699

791,760

815,513

1,902,866

1,959,952

2,018,751

2,079,314

2,141,693

9.73%

0.44 Gearing

5,926,195.09

5,230,866.50

4,490,341.56

3,701,682.50

2,861,760.59

695,328.58
5,230,866.50

740,524.94
4,490,341.56

788,659.06
3,701,682.50

839,921.90
2,861,760.59

894,516.83
1,967,243.77

5.00%
1.50%
6.500%

5.00%
1.50%
6.500%

5.00%
1.50%
6.500%

5.00%
1.50%
6.500%

5.00%
1.50%
6.500%

10.569%
12.500%
10.6%

11.256%
12.500%
11.3%

11.987%
12.500%
12.0%

12.767%
12.500%
12.8%

13.596%
12.500%
13.6%

385,202.68

340,006.32

291,872.20

240,609.36

186,014.44

10,400,000
10,400,000

10,400,000
10,400,000

10,400,000
10,400,000

10,400,000
10,400,000

10,400,000
10,400,000

1,155,555.56

1,155,555.56

1,155,555.56

1,155,555.56

1,155,555.56

1,155,555.56
1,155,555.56
2,311,111.11

2,311,111.11
1,155,555.56
3,466,666.67

3,466,666.67
1,155,555.56
4,622,222.22

4,622,222.22
1,155,555.56
5,777,777.78

5,777,777.78
1,155,555.56
6,933,333.33

1,902,866.50
1,155,555.56
747,310.94
385,202.68
362,108.26
108,632.48
253,475.78

1,959,952.49
1,155,555.56
804,396.94
340,006.32
464,390.61
139,317.18
325,073.43

2,018,751.07
1,155,555.56
863,195.51
291,872.20
571,323.31
171,396.99
399,926.32

2,079,313.60
1,155,555.56
923,758.04
240,609.36
683,148.68
204,944.60
478,204.08

2,141,693.01
1,155,555.56
986,137.45
186,014.44
800,123.01
240,036.90
560,086.11

1,902,866.50
108,632.48
1,794,234.02
1,794,234.02
1,794,234.02
385,202.68
695,328.58

1,959,952.49
139,317.18
1,820,635.31
1,820,635.31
1,820,635.31
340,006.32
740,524.94

2,018,751.07
171,396.99
1,847,354.07
1,847,354.07
1,847,354.07
291,872.20
788,659.06

2,079,313.60
204,944.60
1,874,368.99
1,874,368.99
1,874,368.99
240,609.36
839,921.90

2,141,693.01
240,036.90
1,901,656.10
1,901,656.10
1,901,656.10
186,014.44
894,516.83

713,702.75

740,104.04

766,822.81

793,837.73

821,124.84

3,318,249.36
253,475.78
713,702.75
2,858,022.39

2,858,022.39
325,073.43
740,104.04
2,442,991.77

2,442,991.77
399,926.32
766,822.81
2,076,095.28

2,076,095.28
478,204.08
793,837.73
1,760,461.63

1,760,461.63
560,086.11
821,124.84
1,499,422.90

10,400,000.00
2,311,111.11
8,088,888.89

10,400,000.00
3,466,666.67
6,933,333.33

10,400,000.00
4,622,222.22
5,777,777.78

10,400,000.00
5,777,777.78
4,622,222.22

10,400,000.00
6,933,333.33
3,466,666.67

5,230,866.50
2,858,022.39
8,088,888.89

4,490,341.56
2,442,991.77
6,933,333.33

3,701,682.50
2,076,095.28
5,777,777.78

2,861,760.59
1,760,461.63
4,622,222.22

1,967,243.77
1,499,422.90
3,466,666.67

0.00

0.00

0.00

0.00

0.00

747,310.94
224,193.28

804,396.94
241,319.08

863,195.51
258,958.65

923,758.04
277,127.41

986,137.45
295,841.23

1,902,866.50
224,193.28

1,959,952.49
241,319.08

2,018,751.07
258,958.65

2,079,313.60
277,127.41

2,141,693.01
295,841.23

1,678,673.21

1,718,633.41

1,759,792.41

1,802,186.18

1,845,851.77

713,702.75
713,702.75

740,104.04
740,104.04

766,822.81
766,822.81

793,837.73
793,837.73

821,124.84
821,124.84

2010
1,678,673.21
713,702.75

2011
1,718,633.41
740,104.04

2012
1,759,792.41
766,822.81

2013
1,802,186.18
793,837.73

2014
1,845,851.77
821,124.84

63% Term
2010
1,794,234.02
1,080,531.27
1.66

8 DSCR
2011
1,820,635.31
1,080,531.27
1.68

2012
1,847,354.07
1,080,531.27

0.44

2013
1,874,368.99
1,080,531.27

1.71

1.73

2014
1,901,656.10
1,080,531.27
1.76

8.87%

13.31%

19.26%

27.16%

37.35%

6.47%

8.12%

10.46%

13.99%

19.91%

30%
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80

40%
0.63
0.63
0.63
0.63
0.63
0.63
0.63
0.63
0.63
0.63
0.63
0.63

50%
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52
0.52

Gearing
60%
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.46
0.46

70%
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41
0.41

60%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%
9.5%

70%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%
10.4%

20%
Gearing
30%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%
7.9%

40%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%
8.3%

50%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%
8.8%

2015
7

2016
8

2017
9

80
112
3%
60%
30%

80
112
3%
60%
30%

80
112
3%
60%
30%

75
3,000
30%

75
3,000
30%

75
3,000
30%

60%
40%

60%
40%

60%
40%

30%

30%

30%

80
133.73
60%

80
137.75
60%

80
141.88
60%

2,343,017
30%
702,905
3,045,922

2,413,308
30%
723,992
3,137,300

2,485,707
30%
745,712
3,231,419

75
3,582
30%
349,260

75
3,690
30%
359,738

75
3,800
30%
370,530

60%
209,556

60%
215,843

60%
222,318

40%
281,162

40%
289,597

40%
298,285

839,979

865,178

891,133

2,205,944

2,272,122

2,340,286

63% Debt Tenor

1,967,243.77

1,014,583.35

952,660.42
1,014,583.35

1,014,583.35
-

5.00%
1.50%
6.500%

5.00%
1.50%
6.500%

5.00%
1.50%
6.500%

14.480%
12.500%
14.5%

15.421%
12.500%
15.4%

0.000%
0.000%
0.0%

127,870.84

65,947.92

10,400,000
10,400,000

10,400,000
10,400,000

10,400,000
10,400,000

1,155,555.56

1,155,555.56

1,155,555.56

6,933,333.33
1,155,555.56
8,088,888.89

8,088,888.89
1,155,555.56
9,244,444.44

9,244,444.44
1,155,555.56
10,400,000.00

2,205,943.80
1,155,555.56
1,050,388.24
127,870.84
922,517.40
276,755.22
645,762.18

2,272,122.11
1,155,555.56
1,116,566.55
65,947.92
1,050,618.64
315,185.59
735,433.05

2,340,285.77
1,155,555.56
1,184,730.22
0.00
1,184,730.22
355,419.07
829,311.15

2,205,943.80
276,755.22
1,929,188.58
1,929,188.58
1,929,188.58
127,870.84
952,660.42

2,272,122.11
315,185.59
1,956,936.52
1,956,936.52
1,956,936.52
65,947.92
1,014,583.35

2,340,285.77
355,419.07
1,984,866.71
1,984,866.71
1,984,866.71
-

848,657.31

876,405.25

1,984,866.71

1,499,422.90
645,762.18
848,657.31
1,296,527.76

1,296,527.76
735,433.05
876,405.25
1,155,555.56

1,155,555.56
829,311.15
1,984,866.71
-

10,400,000.00
8,088,888.89
2,311,111.11

10,400,000.00
9,244,444.44
1,155,555.56

10,400,000.00
10,400,000.00
-

1,014,583.35
1,296,527.76
2,311,111.11

1,155,555.56
1,155,555.56

0.00

0.00

0.00

1,050,388.24
315,116.47

1,116,566.55
334,969.97

1,184,730.22
355,419.07

2,205,943.80
315,116.47

2,272,122.11
334,969.97

2,340,285.77
355,419.07

1,890,827.32

1,937,152.14

1,984,866.71

848,657.31
848,657.31

876,405.25
876,405.25

1,984,866.71
1,984,866.71

2015
1,890,827.32
848,657.31

2016
1,937,152.14
876,405.25

2017
1,984,866.71
1,984,866.71

RevPar

112

2015
1,929,188.58
1,080,531.27
1.79

2016
1,956,936.52
1,080,531.27
1.81

49.81%

63.64%

31.81%

67.64%

80%
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37
0.37

90%
0.34
0.34
0.34
0.34
0.34
0.34
0.34
0.34
0.34
0.34
0.34
0.34

80%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%
11.8%

90%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%
14.3%

2017
1,984,866.71
0.00

Base Case

1
Room
Rate

Occupancy
Rate

Cost
per Room

Other
Rev Pct

Base Case
Downside Case
Upside Case
Rate Low
Rate Low
per Room Low
Rev Pct Low
Staff Low
Staff Low
Food Low
Rate Low
Rate Low
Rate High
Rate High
per Room High
Rev Pct High
Staff High
Staff High
Food High
Rate High
Rate High
Stress Case
Batlang Case
Lucas Case
Good Case

120
100
130
100
120
120
120
120
120
120
120
120
130
120
120
120
120
120
120
120
120
60
100
130
130

60%
55%
70%
60%
55%
60%
60%
60%
60%
60%
60%
60%
60%
70%
60%
60%
60%
60%
60%
60%
60%
45%
55%
60%
70%

130,000
143,000
129,000
130000
130000
143,000
130000
130000
130000
130000
130000
130000
130000
130000
129,000
130000
130000
130000
130000
130000
130000
156,000
130,000
130,000
130,000

30%
25%
31%
30%
30%
30%
25%
30%
30%
30%
30%
30%
30%
30%
30%
31%
30%
30%
30%
30%
30%
25%
25%
30%
30%

Base Case

120

60%

130,000

30%

Cost of
Staff
3,000.00
4,000.00
2,900.00
3,000.00
3,000.00
3,000.00
3,000.00
4,000.00
3,000.00
3,000.00
3,000.00
3,000.00
3,000.00
3,000.00
3,000.00
3,000.00
2,900.00
3,000.00
3,000.00
3,000.00
3,000.00
4,500.00
4,000.00
3,000.00
3,000.00
3,000

Base Case Downside Ca

120
100
60%
55%
130,000
143,000
30%
25%

Gearing

Rate
Rate
per Room
Rev Pct
Staff
Staff
Food
Rate

Low vs Ba High vs Base

0.00%
0.00%
-3.58%
6.39%
-3.10%
0.25%
-1.06%
0.21%
-2.87%
0.28%
-0.56%
1.63%
-1.06%
0.10%
-1.45%
0.35%

63% DSCR

Num of
Staff

Cost of
Food

Interest
Rate

Inflation
Rate

75
80
60
75
75
75
75
75
80
75
75
75
75
75
75
75
75
60
75
75
75
80
70
75
60

40%
50%
39%
40%
40%
40%
40%
40%
40%
50%
40%
40%
40%
40%
40%
40%
40%
40%
39%
40%
40%
50%
50%
40%
40%

5.0%
7.0%
4.5%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
7.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
4.5%
5.0%
8.0%
7.0%
5.0%
5.0%

3.0%
3.5%
2.5%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.5%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
2.5%
4.0%
3.5%
3.0%
3.0%

75

40%

5.0%

3%

Stress Case
60
45%
156,000
25%

Base Case Downside Upside Case

120
100
130
0.6
0.55
0.7
130000
143000
129000
0.3
0.25
0.31

1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
19.00
20.00
21.00
22.00
23.00
24.00
25.00

Equity
Project
DSCR IRR
IRR
0.44
9.73%
7.07%
0.44
9.7%
7.07%
0.44
-4.1%
1.40%
0.44
18.0%
11.10%
0.44
9.7%
7.07%
0.44
6.1%
5.32%
0.44
6.6%
5.55%
0.44
8.7%
6.55%
0.44
6.9%
5.66%
0.44
9.2%
6.79%
0.44
8.7%
6.55%
0.44
8.3%
7.07%
0.44
10.4%
7.41%
0.44
9.7%
7.07%
0.44
16.1%
10.32%
0.44
10.0%
7.20%
0.44
9.9%
7.17%
0.44
10.0%
7.21%
0.44
11.4%
7.89%
0.44
9.8%
7.12%
0.44
10.1%
7.07%
0.44
9.1%
6.73%
0.44
Err:523
-4.21%
0.44
0.8%
3.57%
0.44
9.7%
7.07%
0.44
17.5%
11.06%

0.44 Equity IRR

7.07% PR IRR

9.7% Debt Tenor

Equity
Cash
(3,820,914)
(3,820,914.22)
(4,203,005.64)
(3,791,522.57)
(3,820,914.22)
(3,820,914.22)
(4,203,005.64)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,791,522.57)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)
(4,585,097.07)
(3,820,914.22)
(3,820,914.22)
(3,820,914.22)

(605,432)
(605,432.43)
(717,324.25)
(589,666.92)
(605,432.43)
(605,432.43)
(665,989.67)
(605,432.43)
(605,432.43)
(605,432.43)
(605,432.43)
(652,100.23)
(605,432.43)
(605,432.43)
(605,432.43)
(600,774.18)
(605,432.43)
(605,432.43)
(605,432.43)
(605,432.43)
(594,239.07)
(605,432.43)
(811,877.48)
(652,100.23)
(605,432.43)
(605,432.43)

713,703
713,702.75
249,338.76
1,091,808.68
713,702.75
574,583.21
651,872.37
671,259.50
601,226.75
691,207.55
671,259.50
664,276.31
720,168.80
713,702.75
991,941.84
718,458.94
722,191.40
724,950.35
781,188.35
717,947.08
725,662.44
707,236.70
(171,873.64)
376,390.19
713,702.75
1,059,427.44

740,104
740,104.04
265,285.91
1,121,560.51
740,104.04
596,810.91
676,917.77
696,387.49
624,253.76
716,933.99
696,387.49
687,429.85
753,456.44
740,104.04
1,026,690.31
744,964.52
748,847.35
751,689.07
809,614.21
744,475.70
752,939.70
726,816.31
(167,405.54)
396,127.74
740,104.04
1,096,200.47

766,823
766,822.81
280,866.84
1,151,615.66
766,822.81
619,230.88
702,192.51
721,794.76
647,497.02
742,957.65
721,794.76
710,353.63
787,502.37
766,822.81
1,062,006.66
771,794.37
775,828.42
778,755.39
838,418.28
771,325.61
780,654.79
746,343.05
(163,965.35)
415,715.78
766,822.81
1,133,602.13

793,838
793,837.73
295,990.17
1,181,955.27
793,837.73
641,818.04
727,669.55
747,458.84
670,932.17
769,256.62
747,458.84
732,962.18
822,306.71
793,837.73
1,097,877.10
798,927.59
803,113.51
806,128.28
867,581.07
798,475.62
808,798.02
765,780.34
(161,708.84)
435,077.64
793,837.73
1,171,620.43

3,000,000.00
2,000,000.00
1,000,000.00
(1,000,000.00)
(2,000,000.00)
(3,000,000.00)
(4,000,000.00)
(5,000,000.00)

1 2 3 4 5 6 7 8 9 10

Row 5
Row 6

821,125
821,124.84
310,554.62
1,212,558.44
821,124.84
664,544.56
753,318.81
773,354.58
694,532.11
795,806.29
773,354.58
755,160.81
857,867.83
821,124.84
1,134,285.39
826,340.69
830,678.89
833,784.11
897,080.47
825,901.86
837,358.02
785,088.42
(160,808.88)
454,127.90
821,124.84
1,210,241.02

9 10

Row 5
Row 6

848,657
848,657.31
324,448.15
1,243,402.05
848,657.31
687,379.63
779,106.98
799,453.95
718,266.80
822,579.21
799,453.95
776,844.71
894,182.23
848,657.31
1,171,212.68
854,007.34
858,497.98
861,696.36
926,891.62
853,577.65
866,321.66
804,224.06
(161,457.16)
472,771.57
848,657.31
1,249,446.98

876,405
876,405.25
337,546.91
1,274,460.65
876,405.25
710,289.24
804,997.23
825,725.79
742,103.03
849,544.81
825,725.79
797,898.08
931,244.35
876,405.25
1,208,637.28
881,898.18
886,541.15
889,835.48
956,986.59
881,473.20
895,673.85
823,140.37
(163,866.13)
490,903.19
876,405.25
1,289,218.61

1,984,867
1,984,866.71
1,633,055.13
2,357,025.77
1,984,866.71
1,813,767.21
2,019,533.37
1,932,666.86
1,846,535.41
1,957,200.45
1,932,666.86
1,984,866.71
2,049,577.60
1,984,866.71
2,327,065.69
1,982,200.04
1,995,306.68
1,998,699.84
2,067,865.48
1,990,086.69
1,984,866.71
1,922,317.77
1,284,751.21
1,675,079.42
1,984,866.71
2,410,064.47

Interest
Rate

Cost of
Food

Num of
Staf

Cost of
Staf
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%

Base Case

Project IRR 9.64%

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)

(6,000,000.00)

(8,000,000.00)

(10,000,000.00)

(12,000,000.00)

Free Cash Flow

PR IRR 9.64% Eq IRR 16.03% Gearing 63% Term 8 DSCR 1.64

Annunity

4,000,000.00

2,000,000.00

0.00
2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

-2,000,000.00

-4,000,000.00

-6,000,000.00

-8,000,000.00

-10,000,000.00

-12,000,000.00

Free Cash
Equity Cash

Base Case
Base Case
Downside Case
Upside Case

1
100
4000

2
200
5000

3
300
6000

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

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

6000

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

Base Case

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

100

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

6000

Annunity

PR IRR 9.64% Eq IRR 16.03% Gearing 63% Term 8 DSCR 1.64 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