{"text_format":"2","workbook":"xlsx","n_sheets":2,"sheets":["Ramada Houma","Sheet1"],"not_rendered":{"charts":0,"images":0,"macros":0,"external_links":5,"defined_names":51,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"run_cost":"one","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":"Ramada Houma","index":0,"n_rows":111,"n_cols":25,"rows_kept":111,"cut":false,"hidden":false,"merged":[]}
[{"$nulls":4},"Proforma Cash Flows",{"$nulls":14},""]
[{"$nulls":4},"Venence Inn",{"$nulls":18},"Loan Assumptions"]
[]
[{"$nulls":4},"Income Statement",{"$nulls":18},"Loan Amount",2400000]
["","","",{"$nulls":12}," ",{"$nulls":7},"Interest Rate",8.5000000000000006E-2]
["USE_C","USE_M","USE_H",null,null,"Year 1","PSF"," ","Year 2","PSF"," ","Year 3","PSF"," ","Year 4","PSF"," ","Year 5","PSF"," ",null,null,null,"Amortization",300]
["","","N",null,"Occupancy",null,null,0.65600903827142998,null,null,0.64191498375935996,null,null,0.73316996225565001,null,null,0.77734783222709003,null,null,0]
["N","N","",null," ",{"$nulls":18},"Annual PMT",{"$f":"Y9*12","v":231905.40003709382}]
["N","N","",null,"Number of Rooms",74,null,null,74,null,null,74,null,null,{"$f":"F9","v":74},null,null,{"$f":"F9","v":74},{"$nulls":5},"Monthly PMT",{"$f":"PMT(Y5/12,Y6,-Y4)","v":19325.450003091151}]
["N","N","",null,"Days in Period",365,null,null,365,null,null,365,null,null,365,null,null,365]
["N","N","",null,"# of Available Rooms",{"$f":"F9*F10","v":27010},null,null,{"$f":"I9*I10","v":27010},null,null,{"$f":"L9*L10","v":27010},null,null,{"$f":"O9*O10","v":27010},null,null,{"$f":"R9*R10","v":27010}]
["N","N","",null,"# of Occupied Rooms",{"$f":"F11*0.6","v":16206},null,null,{"$f":"F12*1.03","v":16692.18},null,null,{"$f":"I12*1.03","v":17192.945400000001},null,null,{"$f":"L12*1.03","v":17708.733762},null,null,{"$f":"O12*1.03","v":18239.995774859999},{"$nulls":5},"Equity",800000]
["N","N","",null,"",{"$nulls":18},"Loan"]
["N","N","",null,"Occupancy",0.65,null,null,0.65,null,null,0.65,null,null,0.65,null,null,0.65]
["N","N","",null,"bv 878+++",74,null,null,78,null,null,81,null,null,84,null,null,86,{"$nulls":5},"Price",3200000]
["N","N","",null,"RevPAR",{"$f":"F15*F14","v":48.1},null,null,{"$f":"I15*I14","v":50.7},null,null,{"$f":"L15*L14","v":52.65},null,null,{"$f":"O15*O14","v":54.6},null,null,{"$f":"R15*R14","v":55.9}]
["N","N","",null,"",{"$nulls":18},"Cost per Unit",43200]
["N","N","",null,"Departmental Revenues"]
["N","","N",null,"Gross Potential RentN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Less:  Mark-to-MarketN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","N","",null,"     Rooms",{"$f":"(F9*F14)*(F15*365)","v":1299181},21359.226804123711,{"$f":"F21/F37","v":1},{"$f":"(I9*I14)*(I15*365)","v":1369407},26448.391752577321,{"$f":"I21/$I$37","v":1},{"$f":"(L9*L14)*(L15*365)","v":1422076.5},28843.123711340206,{"$f":"L21/$L$37","v":1},{"$f":"(O9*O14)*(O15*365)","v":1474746},29793.597938144329,{"$f":"O21/$O$37","v":1},{"$f":"(R9*R14)*(R15*365)","v":1509859},29793.597938144329,{"$f":"R21/$R$37","v":1}]
["N","N","",null,"     Food & Beverage",null,0,{"$f":"F22/F37","v":0},null,0,0,null,0,0,null,0,{"$f":"O22/$O$37","v":0},null,0,{"$f":"R22/$R$37","v":0}]
["N","N","",null,"     Telephone",null,0,{"$f":"F23/F37","v":0},null,0,0,null,0,0,null,0,0,null,0,0]
["N","N","",null,"     Parking, Spa & Laundry",null,0,{"$f":"F24/F37","v":0},null,0,0,null,0,0,null,0,0,null,0,0]
["N","N","",null,"     Other",null,405.79381443298968,null,null,278.70103092783506,null,null,351.51546391752578,null,null,357.49484536082474,null,null,357.49484536082474]
["N","N","",null,"     Convention Center",null,0,{"$f":"F26/F37","v":0},null,0,0,null,0,0,null,0,{"$f":"O26/O37","v":0},null,0,0]
["","N","N",null,"Base RentN",null,0,0,null,0,0,null,0,0,null,0,0,0,0,0]
["","N","N",null,"Plus: Rent Steps / AveragesN",null,0,0,null,0,0,null,0,0,null,0,0,0,0,0]
["","N","N",null,"Plus: % RentN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"Less: ConcessionsN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"Less: Mark-to-MarketN",null,0,0,null,0,0,null,0,0,null,0,0,0,0,0]
["N","","N",null,"Less:  Concessions",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Less:  VacancyN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Less:  Uncollectable RentsN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Less:  Model UnitsN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Less:  Employee UnitsN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","N","",null,"Total Departmental Revenues",{"$f":"SUM(F21:F26)","v":1299181},21765.0206185567,{"$f":"F37/F37","v":1},{"$f":"SUM(I21:I26)","v":1369407},26727.092783505155,{"$f":"I37/I37","v":1},{"$f":"SUM(L21:L26)","v":1422076.5},29194.639175257733,{"$f":"L37/L37","v":1},{"$f":"SUM(O21:O26)","v":1474746},30151.092783505155,{"$f":"O37/O37","v":1},{"$f":"SUM(R21:R26)","v":1509859},30151.092783505155,{"$f":"R37/R37","v":1}]
["N","N","",null,""]
["N","N","",null,"Departmental Expenses"]
["N","N","N",null,"Net Base RentN",2111207,21765.0206185567,0.66956295875313021,2592528,26727.092783505155,0.68115525836984292,2831880,29194.639175257733,0.69453781234372547,2924656,30151.092783505155,0.69079448820515676,2924656,30151.092783505155,0.69079448820515676]
["","N","N",null,"Reimbursement: TaxN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"Reimbursement: CAMN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"Reimbursement: InsuranceN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","N","",null,"     Rooms",{"$f":"F37*H44","v":246844.39},5166.7525773195875,0.19,{"$f":"K44*I37","v":260187.33000000002},5777.3298969072166,0.19,{"$f":"N44*L37","v":270194.53499999997},6342.7525773195875,0.19,{"$f":"Q44*O37","v":280201.74},6597.7216494845361,0.19,{"$f":"T44*R37","v":286873.21000000002},6597.7216494845361,0.19]
["N","N","",null,"     Food & Beverage",0,0,null,null,0,null,null,0,null,null,0,null,null,0]
["N","N","",null,"     Telephone",null,0,null,null,0,null,null,0,null,null,0,null,null,0]
["N","N","",null,"     Parking, Spa & Laundry",null,0,null,null,0,null,null,0,null,null,0,null,null,0]
["N","N","",null,"     Other",{"$f":"F25*H48","v":0},186.46391752577318,null,{"$f":"K48*I25","v":0},176.88659793814432,null,{"$f":"N48*L25","v":0},261.58762886597935,null,{"$f":"Q48*O25","v":0},296.03092783505156,null,{"$f":"T48*R25","v":0},296.03092783505156]
["N","N","",null,"     Convention Center",null,0,null,null,0,null,null,0,null,null,0,null,null,0]
["","N","N",null,"Reimbursement: OtherN",null,0,0,null,0,0,null,0,0,null,0,{"$f":"O50/O27","v":{"$error":"#DIV/0!"}},null,0,0]
["N","N","",null,"Total Departmental Expenses",{"$f":"SUM(F44:F49)","v":246844.39},5353.216494845361,{"$f":"F51/F37","v":0.19},{"$f":"SUM(I44:I49)","v":260187.33000000002},5954.216494845361,{"$f":"I51/I37","v":0.19},{"$f":"SUM(L44:L49)","v":270194.53499999997},6604.3402061855668,{"$f":"L51/L37","v":0.18999999999999997},{"$f":"SUM(O44:O49)","v":280201.74},6893.7525773195875,{"$f":"O51/O37","v":0.19},{"$f":"SUM(R44:R49)","v":286873.21000000002},6893.7525773195875,{"$f":"R51/R37","v":0.19}]
["N","N","",null,""]
["N","N","",null,"Gross Operating income",{"$f":"F37-F51","v":1052336.6099999999},16411.804123711339,{"$f":"F53/F37","v":0.80999999999999994},{"$f":"I37-I51","v":1109219.67},20772.876288659794,{"$f":"I53/I37","v":0.80999999999999994},{"$f":"L37-L51","v":1151881.9650000001},22590.298969072166,{"$f":"L53/L37","v":0.81},{"$f":"O37-O51","v":1194544.26},23257.340206185567,{"$f":"O53/O37","v":0.81},{"$f":"R37-R51","v":1222985.79},23257.340206185567,{"$f":"R53/R37","v":0.81}]
["N","N","",null,""]
["N","N","",null,"Undistributed Operating Expenses"]
["","N","N",null,"Total Rental IncomeN",2630469,27118.237113402061,0.83424534237921144,3170087,32681.309278350516,0.83290187397778548,3472501,35798.9793814433,0.85165446554988167,3593350,37044.845360824744,0.84873789402651123,3593350,37044.845360824744,0.84873789402651123]
["","N","N",null,"Plus: Other IncomeN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"Less: Vacancy LossN",null,0,0,null,0,0,null,0,0,null,0,0,0,0,0]
["","N","N",null,"Less: Collection LossN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","N","",null,"     Admin & General",{"$f":"H60*F37","v":90942.670000000013},2156.9175257731958,7.0000000000000007E-2,{"$f":"K60*I37","v":95858.49},2468.4432989690722,7.0000000000000007E-2,{"$f":"N60*L37","v":99545.35500000001},2090.8144329896909,7.0000000000000007E-2,{"$f":"Q60*O37","v":103232.22000000002},2209.0206185567008,7.0000000000000007E-2,{"$f":"T60*R37","v":105690.13},2209.0206185567008,7.0000000000000007E-2]
["N","N","",null,"     Sales & Marketing",{"$f":"H61*F37","v":25983.62},950.05154639175259,0.02,{"$f":"K61*I37","v":34235.175000000003},1395.0927835051546,2.5000000000000001E-2,{"$f":"N61*L37","v":35551.912499999999},1599.0721649484535,2.5000000000000001E-2,{"$f":"Q61*O37","v":44242.38},1768.8453608247423,0.03,{"$f":"T61*R37","v":60394.36},1768.8453608247423,0.04]
["N","N","",null,"     Utilities",{"$f":"H62*F37","v":90942.670000000013},1553.8969072164948,7.0000000000000007E-2,{"$f":"K62*I37","v":95858.49},1536.6082474226805,7.0000000000000007E-2,{"$f":"N62*L37","v":99545.35500000001},1556.680412371134,7.0000000000000007E-2,{"$f":"Q62*O37","v":103232.22000000002},1592.0412371134021,7.0000000000000007E-2,{"$f":"T62*R37","v":105690.13},1592.0412371134021,7.0000000000000007E-2]
["N","N","",null,"     Property Op. & Maintenance",{"$f":"H63*F37","v":58463.144999999997},727.20618556701027,4.4999999999999998E-2,{"$f":"K63*I37","v":68470.350000000006},1156.4329896907216,0.05,{"$f":"N63*L37","v":71103.824999999997},989.08247422680415,0.05,{"$f":"Q63*O37","v":73737.3},1032.2268041237114,0.05,{"$f":"T63*R37","v":75492.95},1032.2268041237114,0.05]
["N","N","",null,"     Other",0,0,{"$f":"F64/$F$37","v":0},null,0,{"$f":"I64/$I$37","v":0},null,0,{"$f":"L64/$L$37","v":0},null,0,{"$f":"O64/$O$37","v":0},null,0,{"$f":"R64/R37","v":0}]
["N","","N",null,"Utility IncomeN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Laundry IncomeN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Parking IncomeN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Storage IncomeN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Application FeesN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Commercial IncomeN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","","N",null,"Other IncomeN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","N","",null,"Total Undist. Op. Expenses",{"$f":"SUM(F60:F64)","v":266332.10500000004},5388.072164948454,{"$f":"F72/F37","v":0.20500000000000004},{"$f":"SUM(I60:I64)","v":294422.505},6556.5773195876291,{"$f":"I72/I37","v":0.215},{"$f":"SUM(L60:L64)","v":305746.44750000001},6235.6494845360821,{"$f":"L72/L37","v":0.215},{"$f":"SUM(O60:O64)","v":324444.12},6602.1340206185569,{"$f":"O72/O37","v":0.22},{"$f":"SUM(R60:R64)","v":347267.57},6602.1340206185569,{"$f":"R72/R37","v":0.23}]
["N","N","",null,""]
["N","N","",null,"Income Before Fixed Charges",{"$f":"F53-F72","v":786004.50499999989},11023.731958762886,{"$f":"F74/F37","v":0.60499999999999987},{"$f":"I53-I72","v":814797.16499999992},14216.298969072164,{"$f":"I74/I37","v":0.59499999999999997},{"$f":"L53-L72","v":846135.51750000007},16354.649484536083,{"$f":"L74/L37","v":0.59500000000000008},{"$f":"O53-O72","v":870100.14},16655.206185567011,{"$f":"O74/O37","v":0.59},{"$f":"R53-R72","v":875718.22},16655.206185567011,{"$f":"R74/R37","v":0.57999999999999996}]
["N","N","",null,""]
["N","N","",null,"Fixed Charges"]
["","","N",null,"Effective Gross IncomeN",3153112,32506.309278350516,1,3806075,39237.886597938144,1,4077359,42034.628865979379,1,4233757,43646.9793814433,1,4233757,43646.9793814433,1,"Recov?"]
["","","N",null,"Management FeesN",null,0,0,null,0,0,null,0,0,null,0,0,169350.28,1745.879175257732,0.04]
["","","N",null,"Real Estate TaxesN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","","N",null,"Property InsuranceN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","N","",null,"     Real Estate Taxes",25000,558.97938144329896,null,27000,339.61855670103091,null,29000,448.40206185567013,null,31000,448.40206185567013,null,33000,453.60824742268039]
["N","N","",null,"     Insurance",60000,166.95876288659792,null,64000,94.75257731958763,null,68000,271.77319587628864,null,72000,327.48453608247422,null,76000,427.81443298969072]
["N","N","",null,"franchise/reservation fees",{"$f":"H83*F37","v":64959.05},727.75257731958766,0.05,{"$f":"K83*I37","v":68470.350000000006},1043.2989690721649,0.05,{"$f":"N83*L37","v":71103.824999999997},865.97938144329896,0.05,{"$f":"Q83*O37","v":73737.3},797.71134020618558,0.05,{"$f":"T83*R37","v":75492.95},1206.0437113402063,0.05]
["N","N","",null,"     Other Exp.",null,63.927835051546388,{"$f":"F84/F37","v":0},null,59.793814432989691,{"$f":"I84/$I$37","v":0},null,37.113402061855673,{"$f":"L84/$L$37","v":0},null,37.113402061855673,{"$f":"O84/$O$37","v":0},0,0,0]
["N","","N",null,"UtilitiesN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Repairs and MaintenanceN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Payroll & BenefitsN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"General and AdministrativeN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"AdvertisingN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"Legal and ProfessionalN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["N","","N",null,"SecurityN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"CAMN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"Payroll & BenefitsN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"UtilitiesN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"Repairs and MaintenanceN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"General and AdministrativeN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"SecurityN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"LandscapingN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"Non-ReimbursableN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","N","N",null,"Ground RentN",null,0,0,null,0,0,null,0,0,null,0,0,null,0,0]
["","","N",null,"Other",25459,262.46391752577318,8.0742453804368512E-3,38791,399.90721649484539,1.0191864322169163E-2,26716,275.42268041237111,1.878661239391833E-2,33432,344.65979381443299,2.2669666505282942E-2,0,0,0,null,{"$error":"#N/A"}]
["","","N",null,"Other Exp.",6000,61.855670103092784,1.902881978185361E-3,6201,63.927835051546388,1.6292374690461959E-3,5800,59.793814432989691,4.0785428913282795E-3,3600,37.113402061855673,2.4410983315092906E-3,0,0,0,null,{"$error":"#N/A"}]
["N","N","",null,"Total Fixed Charges",{"$f":"SUM(F81:F84)","v":149959.04999999999},3439.5670103092784,{"$f":"F103/F37","v":0.11542583365982106},{"$f":"SUM(I81:I84)","v":159470.35},3924.0309278350514,{"$f":"I103/I37","v":0.1164521212466418},{"$f":"SUM(L81:L84)","v":168103.82500000001},4219.1855670103096,{"$f":"L103/L37","v":0.11821011387221433},{"$f":"SUM(O81:O84)","v":176737.3},4292.1752577319585,{"$f":"O103/O37","v":0.11984253559596024},{"$f":"SUM(R81:R84)","v":184492.95},4801.0647422680413,{"$f":"R103/R37","v":0.12219217158688328}]
["N","N","",null,""]
["","","N",null,"Total ExpensesN",856281,8827.6391752577329,0.27156694719375651,1016619,10480.608247422681,0.2671043003619214,1014119,10454.835051546392,0.24871957558802155,1056748,10894.309278350516,0.249600532104228,1106110.28,11403.198762886599,0.26125974636711558]
["","","",null,"NOI",{"$f":"F74-F103","v":636045.45499999984},7584.1649484536083,{"$f":"F106/F37","v":0.48957416634017881},{"$f":"I74-I103","v":655326.81499999994},10292.268041237114,{"$f":"I106/I37","v":0.47854787875335819},{"$f":"L74-L103","v":678031.69250000012},12135.463917525773,{"$f":"L106/L37","v":0.47678988612778578},{"$f":"O74-O103","v":693362.84000000008},12363.030927835052,{"$f":"O106/O37","v":0.47015746440403983},{"$f":"R74-R103","v":691225.27},11854.14144329897,{"$f":"R106/R37","v":0.45780782841311674}]
["","","N",null,"Capital ExpendituresN",null,0,0,null,0,0,null,0,0,null,0,0,0,0,0]
["N","N","",null,"     FF & E Reserve",{"$f":"0.02*F37","v":25983.62},0,0.03,{"$f":"0.02*I37","v":27388.14},0,0.03,{"$f":"0.02*L37","v":28441.53},0,0.03,{"$f":"0.02*O37","v":29494.920000000002},0,0.03,{"$f":"0.02*R37","v":30197.18},1206.0437113402063,0.03]
["","N","N",null,"Tenant ImprovementsN",null,0,0,null,0,0,null,0,0,null,0,0,0,0,0]
["","N","N",null,"Leasing CommissionsN",null,0,0,null,0,0,null,0,0,null,0,0,0,0,0]
["","","",null,"Cash Flow",{"$f":"F106-F108","v":610061.83499999985},7584.1649484536083,{"$f":"F111/F37","v":0.46957416634017879},{"$f":"I106-I108","v":627938.67499999993},10292.268041237114,{"$f":"I111/I37","v":0.45854787875335817},{"$f":"L106-L108","v":649590.16250000009},12135.463917525773,{"$f":"L111/L37","v":0.45678988612778576},{"$f":"O106-O108","v":663867.92000000004},12363.030927835052,{"$f":"O111/O37","v":0.45015746440403975},{"$f":"R106-R108","v":661028.09},10648.097731958762,{"$f":"R111/R37","v":0.43780782841311672}]

{"sheet":"Sheet1","index":1,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}