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Financial Proforma FINANCIAL PROFORMA Projections of the annual operating results for the proposed Cobblestone Hotel were prepared for five years, 2017 through 2021 and presented in U.S. Dollars. The projections are based on the results of operations in comparable facilities and our calculations regarding the environment in which the proposed hotel would operate. The bases found on the following pages were prepared in constant dollars, June 2014, with slight inflation increases noted in the Proforma Schedules. The PKF Hospitality Research Trends in the Hotel Industry-USA Edition-2013 Report for Limited Service Hotels, is positioned as a benchmark for the Proforma of the proposed hotel. The hotel is scheduled to open during 2016, thus the first full year will be 2017. The Proforma for 2017 was calculated by line-item classifications of all types of Revenues, Payroll and Other Expenses in each Department. These Schedules have been prepared according to the guidelines set forth in the “Uniform System of Accounts for the Lodging Industry, Eleventh Revision Edition.” Subsequent years of the Proforma were adjusted to inflation and normal usage factors of a mid-priced transient hotel. The accompanying projections are based on estimates and assumptions developed in connection with the Feasibility Study. However, some assumptions inevitably will not materialize, and unanticipated events and circumstances may occur, therefore, actual results achieved during the projection period will vary from the projections and the variations may be material. Frostburg, Maryland • Hotel Feasibility Study Page H-1 Cobblestone Hotel Frostburg, Maryland Proforma Year One 44 Rooms Schedule 1 of 9 FullYear Ratio % Full Year Available Suite Nights 16,060 Dollars Occupancy 54% Per Occupied Suite Nights 8,672 Available Average Daily Rate 103.00 Room RevPar 55.62 Revenues Rooms 893,260 93.6% 55.62 Retail Center 26,020 2.7% 1.62 Other Hotel 34,690 3.6% 2.16 Total Revenue 953,970 100.0% 59.40 Departmental Profit Rooms 711,770 79.7% 44.32 Retail Center 8,680 33.4% 0.33 Other Hotel 17,350 50.0% 1.8 Total Departmental (House) Profit 737,800 77.3% 45.94 Deductions From Income Administrative & General 81,840 8.6% 5.10 Telecommunications 17,340 1.8% 1.08 Sales & Marketing 37,500 3.9% 2.33 Complimentary Guest Services 20,380 2.1% 1.27 Marketing Contribution = Room Revenue 1,200 0.1% 0.07 Franchise Fee = Room Revenue 42,000 4.4% 2.62 Repairs & Maintenance 8,540 0.9% 0.53 Utilities 43,590 4.6% 2.71 Total Deductions From Income 252,390 26.4% 15.71 Gross Operating Profit 485,410 50.9% 30.02 Management Fee 47,700 5.0% 2.97 Earnings before Interest, Taxes, Depreciation & Amortization 437,710 45.9% 27.25 Non Operating Expenses Real Estate Taxes – Allowance 30,000 3.1% 1.87 Subtotal Non Operating Expenses 45,000 4.7% 2.80 Insurance - Allowance 15,000 1.6% 0.93 Earnings before Interest, Taxes, Depreciation & Amortization 392,710 41.2% 24.45 Replacement Reserves 4,770 0.5% 0.30 EBITDA Less Replacement Reserves 387,940 40.7% 23.95 Debt Service 0.0% 0.00 Cash Flow 0.0% 0.00 Source: Interim Hospitality Consultants Frostburg, Maryland • Hotel Feasibility Study Page H-2 Cobblestone Hotel Frostburg, Maryland Proforma Year One Rooms Department Schedule 2 of 9 Rooms Revenue Payroll F P Per Unit of Factor 893,260 Front Office Front Office Manager Annual Salary $0 Front Desk Clerks/Reserv. 1 1 Hourly Rate $10.00 $31,200 Night Auditor Staff 1 1 Daily x 8 hr x $12.00 $37,440 Subtotal Front Office Wages $ 68,640 Housekeeping Executive Housekeeper Salary $0 Inspectress Staff Daily x 8 hr x $0 Houseman Staff/Van Driver Daily x 8 hr x $8.00 $8,320 Laundry Staff Daily x 8 hr x $0 Housekeepers (Not Linked to Wages) Occupied Suites/year 8,672 Suites Cleaned/Maid/day 16.0 Housekeeping Days/year 542 Housekeeping Hours/year 4,336 Wage/Hour $8.00 Housekeeper’s Wages $34,690 Subtotal Housekeeping Wages 0 3 43,010 Total Rooms Department Wage 111,650 Taxes and Benefits 15% 16,750 Total Room Department Payroll 128,400 As Percentage of Room Revenue 14.4% Other Expenses Cable Television Month 700.00 8,400 Carpet Cleaning Suite/6 mo. 10.00 880 China/Glass/Silver Month 100.00 1,200 Cleaning Supplies Occupied Suite 0.50 4,340 Drapery Month 30.00 360 Priority Club Program Room Revenue 0.05% 450 Guest Supplies Occupied Suite 0.35 3,040 Laundry Supplies Occupied Suite 0.55 4,770 Linen Occupied Suite 2.50 21,680 Miscellaneous Month 300.00 3,600 Printing Occupied Suite 0.35 3,040 Travel Agent Commission Occupied Suite 0.05 430 Uniforms Month 75.00 900 Total Other Expenses 53,090 As Percentage of Room Revenue 5.9% Rooms Department Profit 711,770 As Percentage of Room Revenue 79.7% Per Occupied Room 82.07 Frostburg, Maryland • Hotel Feasibility Study Page H-3 Cobblestone Hotel Frostburg, Maryland Proforma Year One Minor Departments Schedule 3 of 9 Departments FT PT Rate Revenue per Totals Ratio Occupied Suite Telecommunications 0.00 Expense -2.00 (17,340) 100% Profit -2.00 (17,340) Retail Center* Revenue 3.00 26,020 100% Expense -2.00 (17,340) -66.6% Wages 0.0% Taxes and Benefits 15% 0.0% Profit 1.00 8,680 33.4% Other* Revenue 4.00 34,690 100% Expense -2.00 (17,340 -50% Profit 2.00 17,350 50.0% *Revenue of Valet Cleaning, Meeting Room, FAX, ATM, Vending, etc. Schedule 4 of 9 Employees Taxes and Total FT PT Wages Benefits-15% Payroll Ratio Rooms Front Office 2 2 68,640 10,296 78,940 8.3% Housekeeping 0 3 43,010 6,452 49,460 5.2% Subtotal Rooms Department 2 5 111,650 16,750 128,400 13.5% Retail Department 0 0 0.0% Food & Beverage Department 0.0% Administrative and General Administrative Wages 1 0 40,000 6,000 46,000 4.8% Security Payroll 0 0 0.0% Subtotal A&G Department 1 0 40,000 6,000 46,000 4.8% Food and Beverage Comp Services 0 0.0% Sales & Marketing 0 0 0.0% Repair & Maintenance 0 0 0.0% Grand Total Hotel Payroll 3 5 $151,650 $22,750 $174,400 18.3% Note: Totals may not foot due to rounding. Frostburg, Maryland • Hotel Feasibility Study Page H-4 Cobblestone Hotel Frostburg, Maryland Proforma Year One Administrative and General Schedule 5 of 9 Per Unit of Rate Payroll F P Manager 1 Annual Salary 40,000.00 $40,000 40,000.00 Secretary/Accounting Staff 1 Salary 0.00 Subtotal Admin. Payroll Taxes & Benefits 15% 6,000 Subtotal Office Payroll 46,000.00 Security Staff 0 Daily x 8 hr x Taxes & Benefits 15% Subtotal Security Payroll 2 0.00 Total Admin. & Gen. Payroll 46,000 Other Expenses Accounting Fees Month 200.00 2,400 Audit Fees Unbudgeted Bank Charges Month 30.00 360 Computer Expense Month 200.00 2,400 Credit Card Commission of Room Revenue 2.0% 17,870 Legal Fees Unbudgeted Licenses Annual 1,000 Month 100.00 1,200 Office Expenses Occupied Suite 0.25 2,170 Printing Occupied Suite 0.25 2,170 Radios, 2-Way Month 50.00 600 Telephone Expenses Occupied Suite 0.40 3,470 Trade Association Dues Annual 1,000 Travel Expenses Month 100.00 1,200 Uniforms Month 0 Total Other Expenses 35,840 Total Administrative and General 81,840 As Percentage of Total Revenue 8.6% Per Occupied Room 9.44 Frostburg, Maryland • Hotel Feasibility Study Page H-5 Cobblestone Hotel Frostburg, Maryland Proforma Year One Food & Beverage Complimentary Services Schedule 6 of 9 F P Per Unit of Rate Hrs/Day Days/Wk Breakfast 6 am - 10 am, M-F 7 am - 11 am, S, S Hostess Social Hour 5 pm - 7 pm, M-Th Total Wages Taxes & Benefits 15% Total Payroll 0 Other Expenses Per Food - Breakfast Occupied Suite 2.00 17,340 Food - Social Hour Occupied Suite 510 Liquor/Beer/Wine Occupied Suite Paper Products Occupied Suite 0.15 1,300 Newspapers Occupied Suite 0.10 870 Seasonal Items Month 30.00 360 Total Other Expenses 20,380 Total Complimentary Service 20,380 Per Occupied Room $ 2.35 Frostburg, Maryland • Hotel Feasibility Study Page H-6 Cobblestone Hotel Frostburg, Maryland Proforma Year One Sales and Marketing Schedule 7 of 9 Per Unit of Factor Payroll F P Director of Sales 0 Salary Sales Manager Salary Secretary Staff 0 Salary Total Wages 15% Tax and Benefits Total Payroll 0 0 Advertising Billboards Month 2,000 24,000 Print--Magazine Month 500 6,000 Print--Newspaper Month Radio/Television Month Airport Month Internet Month 400 4,800 Production Annual Yellow Pages Month Total Advertising 34,800 Public Relations Contributions Month 100 1,200 Travel Month Trade Shows One (1) per year Guest Relations Month 100 1,200 Total Public Relations 2,400 Promotions Brochures Pre-Opening Expense Direct Mail Month Merchandise Month 25 300 Total Promotions 300 Total Sales and Marketing 37,500 As a percentage of Total Revenue 3.9% Per Occupied Room 4.32 Cobblestone Hotels National Fees Marketing Fee of Room Revenue Year 1 $1,200 of Room Revenue Year 2 $1,200 $1,200 $100/Month of Room Revenue Year 3 of Room Revenue Year 4 $1,200 of Room Revenue Year 5 $1,200 Franchise Fee of Room Revenue Year 1 $42,000 of Room Revenue Year 2 $42,000 $3,500/Month of Room Revenue Year 3 $42,000 of Room Revenue Year 4 $42,000 of Room Revenue Year 5 $42,000 Frostburg, Maryland • Hotel Feasibility Study Page H-7 Cobblestone Hotel Frostburg, Maryland Proforma Year One Utilities Schedule 8 of 9 Per Unit of Factor Electric Occupied Suite 1.75 15,177 Gas Occupied Suite 1.50 13,009 Water/Sewer Occupied Suite 1.50 13,009 Refuse Month 200.00 2,400 Total Utilities 43,590 As a percentage of Total Revenue 4.6% Per Occupied Room 5.03 Repairs and Maintenance Schedule 9 of 9 Payroll F P Rate Engineer Salary 0 Worker-Staff Daily X 8 hr X 0 Subtotal Wages 0 Taxes & Benefits 15% 0 Total Repair & Maint Payroll 0 0 Other Expenses Electrical Month 30 360 Plumbing Month 30 360 HVAC Month 30 360 Building Month 30 360 Suites - Bedrooms Month 30
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