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Proforma I• •
<br />City of Ramsey, MN �:i:i,
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<br />Year 1
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<br />Year 2
<br />%
<br />Year 3
<br />%
<br />Yea
<br />%
<br />Year 5
<br />%
<br />Lodging Rooms Available
<br />21,900
<br />21,900 -
<br />21,900
<br />21,900
<br />21,900
<br />Lodging Occupancy%
<br />66.6%
<br />66.6%
<br />63.87o.
<br />63.8%
<br />64.8%.
<br />64.8%
<br />63.9%
<br />63.9%
<br />62.6%
<br />62.6%
<br />Total Occ. Rooms
<br />14,596
<br />13,977
<br />14,188
<br />14,001
<br />13,711
<br />Average Daily Rate
<br />$112.00
<br />2117.66
<br />$121.13
<br />$124.76
<br />$128.50
<br />Revenue Per Available Room (REVPAR)
<br />$74.65 •
<br />$75.05
<br />$78.47
<br />$79.76
<br />$80.45
<br />REVENUE:
<br />Guest Rooms
<br />1,634,752
<br />89.60"/
<br />1,643,695
<br />90.05%
<br />1,718,564
<br />9031%
<br />1,746,791
<br />90.567o
<br />1,761,928
<br />90.81%
<br />F&B Revenue
<br />145,960
<br />8.00%
<br />139,770 .
<br />7.6656
<br />141,880
<br />7.46%
<br />140,010
<br />7.26%
<br />137,110
<br />7.07%
<br />Vending Revenue
<br />43,788
<br />2.40%
<br />41,931 .
<br />2.307
<br />42,564
<br />2.24%
<br />42,003
<br />218% .
<br />41,133
<br />212%
<br />TOTAL HOTEL REVENUE
<br />1,824,500
<br />100%
<br />1,825,396
<br />100%
<br />1,903,008
<br />100%
<br />1,928,804
<br />100%
<br />1,940,171
<br />100%
<br />HOTEL PAYROLL EXPENSE
<br />Hotel Manager
<br />65,000
<br />3.56%
<br />66,950
<br />3.67%
<br />68,959
<br />3.62%
<br />71,027
<br />3.68%
<br />73,158
<br />3.7770
<br />Ast.Manager/SalesManaget
<br />45,000
<br />2.47%
<br />46,350
<br />2.54%
<br />47,741
<br />2.517o
<br />49,173
<br />2.55%
<br />50,648
<br />2.61%
<br />.Housekeeping
<br />72,980
<br />4.00%
<br />69,885
<br />3.83%
<br />70,940
<br />.3.7356
<br />70,005
<br />3.63%
<br />68,555
<br />3.53%
<br />Maintenance
<br />32,695
<br />1.79%
<br />32,874
<br />1.80%
<br />42,964
<br />2.267o
<br />43,670
<br />2.26%
<br />44,048
<br />2.27%
<br />Front Desk
<br />125,000
<br />6.85%
<br />128,750
<br />7.05%
<br />132,613 •
<br />6.97%
<br />136,591
<br />7.08%
<br />140,689
<br />7.25%
<br />F&B Staffing'
<br />80,278
<br />4.4070
<br />76,874
<br />4.21 %
<br />78,034
<br />4.10 %
<br />77,006
<br />3.9970
<br />75,411
<br />3.89%
<br />Breakfast/Social
<br />32,695
<br />1.79%
<br />33,676
<br />1.84%
<br />34,686
<br />1.820/
<br />35,727
<br />1.85%
<br />36,799
<br />1.90%
<br />Workers Comp Insurance
<br />8,517.
<br />0.47%
<br />8,620
<br />0.47%
<br />9,080
<br />0.48%
<br />9,262
<br />0.48%
<br />9,427
<br />0.49%
<br />Payroll Tax
<br />57,771
<br />3.17%
<br />57,997
<br />3.18%
<br />60,627
<br />3.19 %
<br />61,557
<br />3.190/
<br />62,342
<br />3.21%
<br />TOTAL HOTEL PAYROLL
<br />519,936
<br />28.50%
<br />521,976
<br />28.60%
<br />545,643
<br />28.67%
<br />554,017
<br />28.72%
<br />• 561,076
<br />28.920/
<br />HOTEL OPERATING EXPENSE
<br />Cleaning Supplies
<br />7,298
<br />0.40%
<br />6,989
<br />0.38%
<br />7,094
<br />0.37 %
<br />• 7,001
<br />0.36%
<br />6,856
<br />0.35%
<br />Laundry Supplies
<br />10,947
<br />0.60%
<br />10,483
<br />0.570/
<br />10,641
<br />0.560/
<br />10,501
<br />0.54%
<br />10,283
<br />0.53%
<br />Linens
<br />14,596
<br />0.80%
<br />13,977
<br />0.77%
<br />14,188
<br />0.75%
<br />14,001
<br />0.73%
<br />13,711
<br />0.71%
<br />Guest Supplies
<br />18,245
<br />1.000/
<br />17,471
<br />0.96%
<br />17,735
<br />0.9370
<br />17,501
<br />0.91%
<br />17,139
<br />0.8870
<br />Operating Supplies
<br />12,407.
<br />0.68%
<br />11,880
<br />0.65%
<br />. 12,060
<br />0.63%
<br />11,901
<br />0.6270
<br />11,654
<br />0.60%
<br />Repairs & Maintenance
<br />12,261.
<br />0.6770
<br />16,437
<br />0.90%
<br />25,778
<br />1.35 %
<br />34,936
<br />. 1.8170
<br />35,239
<br />1.82%
<br />-Swimming Pool Maintenance
<br />12,500
<br />0.69%
<br />15,000
<br />0.82%
<br />18,000
<br />0.95%
<br />21,600
<br />1.12%
<br />. 25,920
<br />13470
<br />Grounds/Landscape
<br />7,500
<br />0.410/
<br />.7,725
<br />0.42%.
<br />7,957
<br />'0.42%
<br />8,195
<br />0.42%
<br />8,441
<br />0.4470
<br />Franchise Fee.
<br />60,225
<br />' 330 %
<br />60,225
<br />33056
<br />60,225
<br />3.167o
<br />60,225 _
<br />3.127o
<br />60,225
<br />3.10%
<br />Property Mgmt System Expense
<br />5,160
<br />0.28%
<br />5,263
<br />0.29%
<br />' 5,368
<br />0.28%
<br />5,476
<br />0.287o
<br />5,585
<br />0.2970
<br />Complimentary Breakfast
<br />58,384
<br />3.20%
<br />55,908
<br />3.06%
<br />56,752
<br />2.98%
<br />56,004
<br />2.90 %
<br />54,844
<br />2.83%
<br />Travel Agent Fees
<br />40,869
<br />2.240/
<br />41,092
<br />2.25 %
<br />42,964
<br />2.2670
<br />43,670
<br />2.26%
<br />44,048
<br />2.27%
<br />Reservations Expense
<br />9,000
<br />0.4970
<br />9,180
<br />0.50%
<br />9,364
<br />0.49%
<br />9,551
<br />0.50 %
<br />9,742
<br />0.50%
<br />F&B Expenses
<br />72,980
<br />4.00%
<br />69,885
<br />3.83%
<br />70,940
<br />3.73 %
<br />70,005
<br />3.63%
<br />68,555
<br />353 %
<br />.VeftdingExpense
<br />21,894
<br />1.20%
<br />20,966
<br />1.1570
<br />21,282
<br />1.12%
<br />21,002
<br />1.09%
<br />20,567
<br />1.06%
<br />_Marketing / Advertising
<br />12,261
<br />0.670/
<br />12,328
<br />0.68%
<br />12,889
<br />0.68%
<br />13,101
<br />0.68%
<br />13,214
<br />0.68%
<br />Utilities
<br />. 109,470 '
<br />6.00'/
<br />109,524
<br />6.00%
<br />114,180
<br />6.00%
<br />115,728
<br />6.00%
<br />116,410
<br />6.00%
<br />Cable/Internet/Phone
<br />54,750
<br />3.00%
<br />54,777
<br />3.00%
<br />57,106
<br />3.00%
<br />57,880
<br />1
<br />3.00%
<br />58,221
<br />3.00%
<br />Credit Card.Expense
<br />41,051
<br />225 %
<br />41,071
<br />2257o
<br />42,818 •
<br />2.25%
<br />43,398
<br />2.25%
<br />43,654
<br />2.25%
<br />Management Fee
<br />109,470
<br />6.00%
<br />109,524
<br />6.007o
<br />114,180
<br />6.007o
<br />115,728
<br />6.00%
<br />116,410
<br />6.00
<br />Other Expense/Frequent Stay
<br />3,649
<br />0.20%
<br />3,494
<br />0.19%
<br />3,547
<br />0.19%
<br />3,500
<br />0.187o
<br />-3,428
<br />0.18%
<br />Accounting Services
<br />4,800
<br />0.2670
<br />4,802
<br />0.260/
<br />5,007
<br />0.267o
<br />5,074
<br />0.26%
<br />5,104
<br />0,26%
<br />TOTAL OPERATING EXPENSES
<br />699,716
<br />38.35%
<br />698,001
<br />38.24%
<br />730,075
<br />38.36 %
<br />745,978
<br />38.680/
<br />749,251
<br />38.62%
<br />Income Before Fixed Expenses
<br />604,848
<br />605,419
<br />627,289
<br />628,809
<br />629y844
<br />Gross Operating Profit (GOP)
<br />RESERVES & FIXED EXPENSES
<br />Real Estate Taxes (Estimates) -
<br />112,161
<br />6.15%
<br />112,161
<br />6.14%
<br />112,161
<br />5.89%
<br />112,161
<br />5.82%
<br />112,161
<br />5.78%
<br />Insurance
<br />25,200
<br />138%
<br />25,704
<br />1.41%
<br />.26,218
<br />1.38%
<br />26,742
<br />1.39%
<br />27,277
<br />1.41%
<br />Reserves For Replacement
<br />54,735
<br />3.000/
<br />54,762
<br />3.00%
<br />76,120
<br />4.000/
<br />77,152
<br />4.000/
<br />77,607
<br />4.00%
<br />NET OPERATING INCOME (NOI)
<br />412,752
<br />22.62%
<br />412,792
<br />22.61%
<br />412,790
<br />21.69%.
<br />412,753
<br />21.40%
<br />412,799 •
<br />21.28%
<br />Loan (Interest Payment)
<br />271,474
<br />14.88 %
<br />263,506
<br />14.44%
<br />255,089
<br />13.4070
<br />246,196
<br />12.76%
<br />236,803
<br />1221 %
<br />Loan (Principal Reduction)
<br />141,258
<br />7.74%
<br />149,226
<br />8.18%
<br />157,643
<br />8.28 %
<br />166,536
<br />8.63%
<br />175,929
<br />9.07% .
<br />NET CASH FLOW
<br />$20
<br />0.00%
<br />$60
<br />OAO%
<br />$58
<br />0.00%
<br />$21
<br />0.00%
<br />$67
<br />0.00%
<br />NOTE: The above information is a forwards boking projection of anticipated expenses and profits with regard to this project based on the professional experience of Core Distinction Group 1.1.0 (CDG) pastidiparion in other p ojens,
<br />simiss in nature. Occupancy and ADR projections derived from market data trends reported by Smith Travel Research (STR) in the market's proximity along with to date rate shopping oIlocal and surrounding hotels. This proje lion could
<br />change due to changes in the economy, both locally and overall, the acceptance of the project by the local community and patrons and the fact that CDG has not been involved in a project in this area and in a municipality with these
<br />demographics in th'e past. Thereby, all investors understand and acknowledge that thew forward looking projections are notwarranted by CDG and are subject to change and fluctuation.
<br />V, Core Distinction Group, LLC
<br />5
<br />12/28/2019
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