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Example 2 Hammons Estimated FY 2008 FY 2009 FY 2010 FY2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Occupancy Rates 275 1 275 I 275 1 275 1 275 1 275 1 275 I 275 1 275 I 275 1 Number of Rooms Annual Room Nights Available 100,375 100,375 100,375 100,375 100,375 100,375 100,375 100,375 100,375 100,375 Estimated Room Nights Occupied 65,244 68,255 70,263 70,263 70,263 70,263 70,263 70,263 70,263 70,263 Estimated Occupancy Rate 650% 6B.0% 70 0"10 70.0"1, 70,0"10 70,0% 70.0% 70.0% 70,0"10 70.0"10 Average Room Rate 106,00 1 109,71 I 114.10 I 118.091 122.23 1 12650 1 130.93 1 135,51 1 140,26 1 145171 Gross Revenue 9,142,282 9,897,787 10,582,823 10,951,992 11,334,082 11,722,439 12,124,318 12,541,421 12,973,050 13,419,712 Rooms Department Rooms Revenue 6,915,838 7,488,256 8,016,839 8,297,428 8,587,838 8,888,413 9,199,507 9,521,490 9,854,742 10,199,658 Rooms Expense: Labor Cost 1,175,692 1,235,562 1,282,694 1,327,589 1,374,054 1,422,146 1,471,921 1,523,438 1,576,759 1,631,945 Rooms Expense: Other 622,425 636,502 641,347 663,794 687,027 711,073 735,961 761,719 788,379 815,973 Total Expenses 1,798,118 1,872,064 1,924,041 1,991,383 2,061,081 2,133,219 2,207,882 2,285,158 2,365,138 2,447,918 Rooms Other Income 32,622 34,128 35,131 35,131 35,131 35,131 35,131 36,361 37,633 38,951 Rooms Profit 5,150,342 5,650,320 6,127,929 6,341,177 6,561,888 6,790,325 7,026,757 7,272,693 7,527,237 7,790,691 Telephone Department Revenue 183,335 198,509 211,500 218,903 226,564 234,494 242,701 251,196 259,988 269,087 Cost 80,667 85,359 88,830 91,939 95,157 98,487 101,935 105,502 109,195 113,017 Telephone Profit 102,668 113,150 122,670 126,964 131,407 136,006 140,767 145,694 150,793 156,071 Food Department Food Revenue 1,650,000 1,786,569 1,903,484 1,970,106 2,039,060 2,110,427 2,184,292 2,260,742 2,339,868 2,421,764 Food Expenses: Food Cost 519,750 553,836 590,080 610,733 632,109 654,232 677,131 700,830 725,359 750,747 Food Expenses: Labor Cost 594,000 607,434 609,115 630,434 652,499 675,337 698,973 723,438 748,758 774,964 Food Expenses: Other 82,500 89,328 95,174 98,505 101,953 105,521 109,215 113,037 116,993 121,088 Total Food Expenses 1,196,250 1,250,598 1,294,369 1,339,672 1,386,561 1,435,090 1,485,319 1,537,305 1,591,110 1,646,799 Other Income 130,488 141,288 150,534 155,803 161,256 166,900 172,741 178,787 185,045 191,521 Food Profit 584,238 677,259 759,649 786,237 813,755 842,236 871,715 902,225 933,802 966,486 Beverage Department Beverage Revenue 230,000 249,037 265,334 274,621 284,233 287,075 289,946 292,845 295,774 298,731 Beverage Expenses: Beverage Cost 62,100 64,750 66,334 65,909 68,216 68,898 69,587 70,283 70,986 71,696 Beverage Expenses: Labor Cost 34,500 34,865 34,493 32,955 34,108 34,449 34,793 35,141 35,493 35,848 Beverage Expenses: Entertainment Cost 4,600 4,981 5,307 5,492 5,685 5,741 5,799 5,857 5,915 5,975 Beverage Expenses: Other 25,300 24,406 24,941 24,716 25,581 25,837 26,095 26,356 26,620 26,886 Total Beverage Expenses 126,500 129,001 131,075 129,072 133,589 134,925 136,274 137,637 139,014 140,404 Beverage Profit 103,500 120,036 134,259 145,549 150,643 152,150 153,671 155,208 156,760 158,328 Food and Beverage Profit 687,738 797,294 893,908 931,786 964,398 994,386 1,025,386 1,057,433 1,090,562 1,124,813 Gross Operating Profit 5,940,747 6,560,764 7,144,507 7,399,926 7,657,694 7,920,717 8,192,910 8,475,819 8,768,593 9,071,574 General and Undistributed Expenses AdminisLrative and General 649,102 692,845 740,798 766,639 793,386 820,571 848,702 877,899 908,113 939,380 Franchise Fee 276,634 299,530 320,674 331,897 343,514 355,537 367,980 380,860 394,190 407,986 Management Fee 274,268 296,934 317,485 328,560 340,022 351,673 363,730 376,243 389,191 402,591 Marketing 822,805 791,823 793,712 766,639 793,3 86 820,571 848,702 877,899 908,113 939,380 Heat, Light and Power 475,399 494,889 529,141 547,600 561,290 575,322 589,705 604,447 619,559 635,048 Repalrs and Maintenance 292,553 346,423 402,147 438,080 453,363 468,898 484,973 501,657 518,922 536,788 Total General and Undistributed Expenses 2,790,761 2,922,444 3,103,956 3,179,415 3,284,960 3,392,571 3,503,792 3,619,005 3,738,088 3,861,173 House Profit 3,149,986 3,638,321 4,040,551 4,220,511 4,372,733 4,528,147 4,689,117 4,856,814 5,030,504 5,210,401 Real Estate Taxes 290,000 300,150 310,655 321,528 332,782 344,429 356,484 368,961 381,875 395,240 Insurance 55,000 57,750 60,638 63,669 66,853 70,195 73,705 77,391 81,260 85,323 Total Other 345,000 357,900 371,293 385,198 399,635 414,624 430,189 446,352 463,135 480,563 Net Operating Income 2,804,986 3,280,421 3,669,258 3,835,313 3,973,099 4,113,522 4,258,928 4,410,462 4,567,369 4,729,838 Rent Interest 1,870,902 1,838,835 1,804,620 1,768,113 1,729,162 1,687,602 1,643,259 1,595,946 1,545,464 1,491,601 Depreciation I Amortization 2,114,270 1,843,208 1,894,199 1,967,292 2,052,551 520,428 567,908 595,743 605,668 615,897 Total 3,985,172 3,682,043 3,698,819 3,735,406 3,781,713 2,208,030 2,211,167 2,191,688 2,151,132 2,107,498 Net Income I Loss (1,180,186) (401,622) (29,561) 99,908 191,386 1,905,492 2,047,761 2,218,774 2,416,237 2,622,340 Add: Depreciation, Interest & Management Fee 4,259,441 3,978,977 4,016,304 4,063,965 4,121,735 2,559,703 2,574,897 2,567,931 2,540,324 2,510,089 Less: Capital Reserve 91,423 197,956 317,485 438,080 453,363 468,898 484,973 501,657 518,922 536,788 Cash Available for Debt Service 2,987,831 3,379,398 3,669,258 3,725,793 3,859,758 3,996,298 4,137,685 4,285,048 4,437,639 4,595,640 Debt Service Land Rent Loan Amortization 2,349,721 2,349,721 2,349,721 2,349,721 2,349,721 2,349,721 2,349,721 2,349,721 2,349,721 2,349,721 Total Debt Service 2,349,721 2,349,721 2,349,721 2,349,721 2,349,721 2,349,721 2,349,721 2,349,721 2,349,721 2,349,721 Cash Flow After Debt Service 638,110 1,029,677 1,319,537 1,376,072 1,510,037 1,646,577 1,787,964 1,935,327 2,087,918 2,245,919 Debt Service Coverage Ratio 1.27 144 1.56 1.59 164 170 176 LB2 1.89 1.96 29