Table 1 - Ten-Year Forecast of Income and Expense (55% Stabilized Occupancy)

2012/13
Number of Rooms:
Occupied Rooms:
Occupancy:
Average Rate:
RevPAR:
REVENUE
Rooms
Food & Beverage
Telephone
Convention Center
Other Income
Total
DEPARTMENTAL EXPENSES*
Rooms
Food & Beverage
Telephone
Convention Center
Other Expenses
Total
DEPARTMENTAL INCOME
UNDISTRIBUTED OPERATING EXPENSES
Administrative & General
Marketing
Franchise Fee
Prop. Operations & Maint.
Utilities
Total
HOUSE PROFIT
Management Fee
INCOME BEFORE FIXED CHARGES
FIXED EXPENSES
Property Taxes
Insurance
Lease Expense
Reserve for Replacement
Total

2013/14

238
46,041
53%
$109.39 % of
$57.98 Gross

238
47,779
55%
$113.73
$62.55

$5,036 60.2 %
2,086 24.9
16
0.2
926 11.1
301
3.6
8,365 100.0

$5,434 60.8 %
2,209 24.7
17
0.2
964 10.8
314
3.5
8,938 100.0

% of
Gross

238
47,779
55%
$117.14
$64.43

2015/16

% of
Gross

$5,597 60.8 %
2,275 24.7
18
0.2
993 10.8
323
3.5
9,206 100.0

238
47,779
55%
$120.65
$66.36

2016/17

% of
Gross

$5,765 60.8 %
2,343 24.7
18
0.2
1,023 10.8
333
3.5
9,482 100.0

238
47,779
55%
$124.27
$68.35

2017/18

% of
Gross

$5,937 60.8 %
2,414 24.7
19
0.2
1,053 10.8
343
3.5
9,765 100.0

238
47,779
55%
$128.00
$70.40

2018/19

% of
Gross

$6,116 60.8 %
2,486 24.7
19
0.2
1,085 10.8
353
3.5
10,059 100.0

238
47,779
55%
$131.84
$72.51

2019/20

% of
Gross

$6,299 60.8 %
2,561 24.7
20
0.2
1,117 10.8
364
3.5
10,361 100.0

238
47,779
55%
$135.79
$74.69

2020/21

% of
Gross

$6,488 60.8 %
2,638 24.7
21
0.2
1,151 10.8
374
3.5
10,671 100.0

238
47,779
55%
$139.87
$76.93

2021/22

% of
Gross

$6,683 60.8 %
2,717 24.7
21
0.2
1,185 10.8
386
3.5
10,992 100.0

238
47,779
55%
$144.06 % of
$79.24 Gross
$6,883 60.8 %
2,798 24.7
22
0.2
1,221 10.8
397
3.5
11,321 100.0

1,427 28.3
1,699 81.4
18 111.6
410 44.3
158 52.5
3,712 44.4
4,653 55.6

1,491 27.4
1,750 79.2
19 109.4
426 44.2
164 52.1
3,849 43.1
5,088 56.9

1,536 27.4
1,802 79.2
19 109.4
439 44.2
168 52.1
3,965 43.1
5,241 56.9

1,582 27.4
1,856 79.2
20 109.4
452 44.2
173 52.1
4,084 43.1
5,398 56.9

1,630 27.5
1,912 79.2
21 109.4
465 44.2
179 52.1
4,206 43.1
5,559 56.9

1,679 27.4
1,969 79.2
21 109.4
479 44.2
184 52.1
4,333 43.1
5,727 56.9

1,729 27.4
2,028 79.2
22 109.4
494 44.2
190 52.1
4,463 43.1
5,898 56.9

1,781 27.4
2,089 79.2
22 109.4
509 44.2
195 52.1
4,596 43.1
6,075 56.9

1,834 27.4
2,152 79.2
23 109.4
524 44.2
201 52.1
4,734 43.1
6,258 56.9

1,889 27.4
2,216 79.2
24 109.4
540 44.2
207 52.1
4,876 43.1
6,445 56.9

751
776
403
601
626
3,158
1,495
251
1,244

9.0
9.3
4.8
7.2
7.5
37.8
17.8
3.0
14.8

777
802
435
621
648
3,283
1,805
268
1,537

8.7
9.0
4.9
7.0
7.2
36.8
20.1
3.0
17.1

800
827
448
640
667
3,381
1,860
276
1,583

8.7
9.0
4.9
7.0
7.2
36.8
20.1
3.0
17.1

824
851
461
659
687
3,483
1,915
284
1,631

8.7
9.0
4.9
7.0
7.2
36.8
20.1
3.0
17.1

849
877
475
679
708
3,587
1,972
293
1,679

8.7
9.0
4.9
7.0
7.2
36.8
20.1
3.0
17.1

874
903
489
699
729
3,695
2,032
302
1,730

8.7
9.0
4.9
7.0
7.2
36.8
20.1
3.0
17.1

900
930
504
720
751
3,805
2,093
311
1,782

8.7
9.0
4.9
7.0
7.2
36.8
20.1
3.0
17.1

927
958
519
742
773
3,920
2,155
320
1,835

8.7
9.0
4.9
7.0
7.2
36.8
20.1
3.0
17.1

955
987
535
764
796
4,037
2,220
330
1,891

8.7
9.0
4.9
7.0
7.2
36.8
20.1
3.0
17.1

984
1,017
551
787
820
4,158
2,287
340
1,947

8.7
9.0
4.9
7.0
7.2
36.8
20.1
3.0
17.1

329
52
26
167
574

3.9
0.6
0.3
2.0
6.8

334
54
27
358
772

3.7
0.6
0.3
4.0
8.6

344
55
28
368
795

3.7
0.6
0.3
4.0
8.6

354
57
29
379
819

3.7
0.6
0.3
4.0
8.6

365
59
30
391
843

3.7
0.6
0.3
4.0
8.6

375
60
30
402
869

3.7
0.6
0.3
4.0
8.6

387
62
31
414
895

3.7
0.6
0.3
4.0
8.6

398
64
32
427
921

3.7
0.6
0.3
4.0
8.6

410
66
33
440
949

3.7
0.6
0.3
4.0
8.6

423
68
34
453
978

3.7
0.6
0.3
4.0
8.6

NET INCOME FROM HOTEL & CC

$670

TOTAL REVENUES FROM ARENA

TOTAL EXPENSES FROM ARENA
NET INCOME FROM ARENA

1
$2,469
$2,713
($244)

1
$2,666
$2,863
($197)

$426

$569

NET INCOME FROM HOTEL, CC, & ARENA

2014/15

8.0 %

$766

8.5 %

$789

8.5 %

$812

8.5 %

$836

8.5 %

$862

8.5 %

$887

8.5 %

$914

8.5 %

$942

8.5 %

$969

$2,864
$3,012
($148)

1
$2,954
$3,104
($150)

1
$3,047
$3,200
($153)

1
$3,137
$3,293
($156)

1
$3,231
$3,392
($161)

1
$3,328
$3,495
($167)

1
$3,427
$3,601
($174)

1
$3,531
$3,706
($175)

$641

$662

$683

$706

$726

$747

$768

$794

8.5 %

*Departmental expenses are expressed as a percentage of departmental revenues.

Cedar Rapids, Iowa

March, 2011

Table 2 - Ten-Year Forecast of Income and Expense (64% Stabilized Occupancy)

2012/13

2013/14

2014/15

Number of Rooms:
Occupied Rooms:
Occupancy:
Average Rate:
RevPAR:
REVENUE
Rooms
Food & Beverage
Telephone
Convention Center
Other Income
Total
DEPARTMENTAL EXPENSES*
Rooms
Food & Beverage
Telephone
Convention Center
Other Expenses
Total
DEPARTMENTAL INCOME
UNDISTRIBUTED OPERATING EXPENSES
Administrative & General
Marketing
Franchise Fee
Prop. Operations & Maint.
Utilities
Total
HOUSE PROFIT
Management Fee
INCOME BEFORE FIXED CHARGES
FIXED EXPENSES
Property Taxes
Insurance
Lease Expense
Reserve for Replacement
Total

238
46,041
53%
$109.39 % of
$57.98 Gross

238
55,597
64%
$113.73
$72.78

$5,036 60.2 %
2,086 24.9
16
0.2
926 11.1
301
3.6
8,365 100.0

$6,323 62.3 %
2,467 24.3
19
0.2
1,006
9.9
327
3.2
10,141 100.0

NET INCOME FROM HOTEL & CC

$670
1
$2,469
$2,713
($244)

TOTAL REVENUES FROM ARENA

TOTAL EXPENSES FROM ARENA
NET INCOME FROM ARENA
NET INCOME FROM HOTEL, CC, & ARENA

% of
Gross

238
55,597
64%
$117.14
$74.97

2015/16

% of
Gross

$6,512 62.3 %
2,541 24.3
20
0.2
1,036
9.9
337
3.2
10,445 100.0

238
55,597
64%
$120.65
$77.22

2016/17

% of
Gross

$6,708 62.3 %
2,617 24.3
21
0.2
1,067
9.9
347
3.2
10,759 100.0

238
55,597
64%
$124.27
$79.53

2017/18

% of
Gross

$6,909 62.3 %
2,695 24.3
21
0.2
1,099
9.9
357
3.2
11,081 100.0

238
55,597
64%
$128.00
$81.92

2018/19

% of
Gross

$7,116 62.3 %
2,776 24.3
22
0.2
1,132
9.9
368
3.2
11,414 100.0

238
55,597
64%
$131.84
$84.38

2019/20

% of
Gross

$7,330 62.3 %
2,859 24.3
22
0.2
1,166
9.9
379
3.2
11,757 100.0

238
55,597
64%
$135.79
$86.91

2020/21

% of
Gross

$7,550 62.3 %
2,945 24.3
23
0.2
1,201
9.9
390
3.2
12,109 100.0

238
55,597
64%
$139.87
$89.52

2021/22

% of
Gross

$7,776 62.3 %
3,034 24.3
24
0.2
1,237
9.9
402
3.2
12,472 100.0

238
55,597
64%
$144.06 % of
$92.20 Gross
$8,010 62.3 %
3,125 24.3
25
0.2
1,274
9.9
414
3.2
12,847 100.0

1,427 28.3
1,699 81.4
18 111.0
410 44.3
158 52.5
3,712 44.4
4,653 55.6

1,578 25.0
1,750 70.9
19 100.0
440 43.7
165 50.6
3,952 39.0
6,189 61.0

1,625 25.0
1,802 70.9
20 100.0
453 43.7
170 50.6
4,071 39.0
6,374 61.0

1,674 25.0
1,856 70.9
21 100.0
466 43.7
175 50.6
4,193 39.0
6,566 61.0

1,724 25.0
1,912 70.9
21 100.0
480 43.7
181 50.6
4,319 39.0
6,763 61.0

1,776 25.0
1,970 70.9
22 100.0
495 43.7
186 50.6
4,448 39.0
6,965 61.0

1,829 25.0
2,029 70.9
22 100.0
510 43.7
192 50.6
4,582 39.0
7,175 61.0

1,884 25.0
2,090 70.9
23 100.0
525 43.7
197 50.6
4,719 39.0
7,390 61.0

1,941 25.0
2,152 70.9
24 100.0
541 43.7
203 50.6
4,861 39.0
7,611 61.0

1,999 25.0
2,217 70.9
25 100.0
557 43.7
209 50.6
5,007 39.0
7,840 61.0

751
776
403
601
626
3,158
1,495
251
1,244

9.0
9.3
4.8
7.2
7.5
37.8
17.8
3.0
14.8

786
812
506
629
655
3,387
2,802
304
2,498

7.7
8.0
5.0
6.2
6.5
33.4
27.6
3.0
24.6

809
836
521
648
675
3,489
2,886
313
2,572

7.7
8.0
5.0
6.2
6.5
33.4
27.6
3.0
24.6

834
861
537
667
695
3,593
2,973
323
2,650

7.7
8.0
5.0
6.2
6.5
33.4
27.6
3.0
24.6

859
887
553
687
716
3,701
3,062
332
2,729

7.7
8.0
5.0
6.2
6.5
33.4
27.6
3.0
24.6

884
914
569
708
737
3,812
3,153
342
2,811

7.7
8.0
5.0
6.2
6.5
33.4
27.6
3.0
24.6

911
941
586
729
759
3,926
3,248
353
2,896

7.7
8.0
5.0
6.2
6.5
33.4
27.6
3.0
24.6

938
969
604
751
782
4,044
3,346
363
2,983

7.7
8.0
5.0
6.2
6.5
33.4
27.6
3.0
24.6

966
998
622
773
806
4,166
3,446
374
3,072

7.7
8.0
5.0
6.2
6.5
33.4
27.6
3.0
24.6

995
1,028
641
796
830
4,291
3,550
385
3,164

7.7
8.0
5.0
6.2
6.5
33.4
27.6
3.0
24.6

329
52
26
167
574

3.9
0.6
0.3
2.0
6.8

334
54
28
406
821

3.3
0.5
0.3
4.0
8.1

344
56
29
418
846

3.3
0.5
0.3
4.0
8.1

354
57
30
430
871

3.3
0.5
0.3
4.0
8.1

365
59
31
443
897

3.3
0.5
0.3
4.0
8.1

375
61
32
457
924

3.3
0.5
0.3
4.0
8.1

387
63
32
470
952

3.3
0.5
0.3
4.0
8.1

398
65
33
484
981

3.3
0.5
0.3
4.0
8.1

410
66
34
499
1,010

3.3
0.5
0.3
4.0
8.1

423
68
36
514
1,040

3.3
0.5
0.3
4.0
8.1

$426

8.0 %

$1,677 16.5 %
1
$2,666
$2,863
($197)

$1,726 16.5 %
1
$2,864
$3,012
($148)

$1,779 16.5 %
1
$2,954
$3,104
($150)

$1,832 16.5 %
1
$3,047
$3,200
($153)

$1,887 16.5 %
1
$3,137
$3,293
($156)

$1,944 16.5 %
1
$3,231
$3,392
($161)

$2,002 16.5 %
1
$3,328
$3,495
($167)

$2,062 16.5 %
1
$3,427
$3,601
($174)

$2,124 16.5 %
1
$3,531
$3,706
($175)

$1,480

$1,578

$1,629

$1,679

$1,731

$1,783

$1,835

$1,888

$1,949

*Departmental expenses are expressed as a percentage of departmental revenues.

Cedar Rapids, Iowa

March, 2011