Portada

Palma Nova Hotel

800 Rooms

Hotel H-3 Projections

Friday, March 15, 2019

Página 1
 Equity IRR 25.6%
Min DSCR 0.00
Project IRR 14.17%

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
1 2 3 4 5 6 7 8 9

Assumptions
Palma Nova 800 Rooms
Operating Assumptions
Number of guests 379600 408800 432160 438000 449680 467200 478880 496400 496400
Income
Number of rooms 800 800 800 800 800 800 800 800 800 800
Per Room Available 165.00 170.00 185.00 197.00 200.00 207.00 210.00 215.00 215.00
Inflation Rate 0% 3% 5% 7% 10% 12% 15% 20% 20%
Occupancy Rate 65% 70% 74% 75% 77% 80% 82% 85% 85%
Other Revenues - Room Service and Conferences – Casino 14% 14% 14% 14% 14% 14% 14% 14% 14%

Operating Expense Assumptions

Number of Staff 775 775 775 775 775 775 775 775 775
Average Salary per Annum USD 6,000 6,230 6,400 6,450 6,600 6,700 6,800 6,900 7,000
Overhead Percent 10% 10% 10% 10% 10% 10% 10% 10% 10%

Other Cost 60% 60% 60% 60% 60% 60% 60% 60% 60%
Cost of Food 40% 40% 40% 40% 40% 40% 40% 40% 40%

Corp Tax 0% 0% 0% 0% 0% 0% 0% 0% 0%

Construction Cost Assumptions

Cost Per Room - USD 175,000

S-Curve 100%

Financing Assumptions

Gearing Percentage 26%

Repayment Period 10
LIBOR Rate 2%
Credit Spread 1.00%

Target Min DSCR

Working Section
Ingresos
Number of Rooms 800 800 800 800 800 800 800 800 800
RevPar 192.00 200.00 205.00 211.00 214.00 218.00 225.00 227.00 230.00
Utilisation 65% 70% 72.00% 75% 77% 80% 82% 85% 85%
Room Revenues 72,883,200 81,760,000 86,198,400 92,418,000 96,231,520 101,849,600 107,748,000 112,682,800 114,172,000

Other Revenue Percent 16% 16% 16% 16% 16% 16% 16% 16% 16%
Other Revenues 11,661,312 13,081,600 13,791,744 14,786,880 15,397,043 16,295,936 17,239,680 18,029,248 18,267,520

Total Revenues 84,544,512 94,841,600 99,990,144 107,204,880 111,628,563 118,145,536 124,987,680 130,712,048 132,439,520

Operating Expenses
Number of Staff 775 775 775 775 775 775 775 775 775
Cost per Staff 6,000 6,180 6,489 6,943 7,638 8,554 9,837 11,805 14,166
Overhead Percentage 10% 10% 10% 10% 10% 10% 10% 10% 10%
Total Staff Costs 6.59% 5,115,000 5,268,450 5,531,873 5,919,104 6,511,014 7,292,336 8,386,186 10,063,423 12,076,108
Sales and Marketing 6.00% 5,072,670.72 5,690,496.00 5,999,408.64 6,432,292.80 6,697,713.79 7,088,732.16 7,499,260.80 7,842,722.88 7,946,371.20
Energy Cost 9.20% 6,705,254.40 7,521,920.00 7,930,252.80 8,502,456.00 8,853,299.84 9,370,163.20 9,912,816.00 10,366,817.60 10,503,824.00
Repairs & Maint. 4.00% 3,381,780.48 3,793,664.00 3,999,605.76 4,288,195.20 4,465,142.53 4,725,821.44 4,999,507.20 5,228,481.92 5,297,580.80
Admin. & Generals 7.80% 6,594,471.94 7,397,644.80 7,799,231.23 8,361,980.64 8,707,027.93 9,215,351.81 9,749,039.04 10,195,539.74 10,330,282.56
Management Fee 3.00% 2,536,335.36 2,845,248.00 2,999,704.32 3,216,146.40 3,348,856.90 3,544,366.08 3,749,630.40 3,921,361.44 3,973,185.60
F&B 22.50% 19,022,515 21,339,360 22,497,782 24,121,098 25,116,427 26,582,746 28,122,228 29,410,211 29,798,892
Rooms 7.80% 6,594,471.94 7,397,644.80 7,799,231.23 8,361,980.64 8,707,027.93 9,215,351.81 9,749,039.04 10,195,539.74 10,330,282.56
Total Expenses 66.89% 55,022,500 61,254,428 64,557,089 69,203,253 72,406,510 77,034,868 82,167,706 87,224,097 90,256,526

Incentive Fee 10.00% 20.00 3,358,717.24 3,543,305.51 3,800,162.67 3,922,205.36 4,111,066.83 4,281,997.36 4,348,795.07 4,218,299.35
55,022,520.03 64,613,144.84 68,100,394.40 73,003,415.93 76,328,714.93 81,145,934.53 86,449,703.78 91,572,892.34 94,474,825.83
GOP 200 33,587,172 35,433,055 38,001,627 39,222,054 41,110,668 42,819,974 43,487,951 42,182,994

EBITDA 180 30,228,455 31,889,750 34,201,464 35,299,848 36,999,601 38,537,976 39,139,156 37,964,694

Cost/Room 175,000 0
S-Curve 100%
Rooms 800
Investment 140,000,000
Sources and Uses

Uses and Sources

Investment 190,000,000

Sources of Funds 0 25.64% 0 0.00 Apancalamiento 26% Debt Tenor 10

Debt 140,000,000.00
Equity Capital Issued 50,000,000.00
Total Sources 190,000,000.00

Debt Schedule

Debt Schedule
Opening Balance - 140,000,000.00 137,200,000.00 134,400,000.00 117,600,000.00 101,080,000.00 84,840,000.00 68,880,000.00 53,200,000.00 37,800,000.00
Add: Drawdown 140,000,000.00
Less: Repayments 2,800,000.00 2,800,000.00 16,800,000.00 16,520,000.00 16,240,000.00 15,960,000.00 15,680,000.00 15,400,000.00 15,120,000.00
Closing Balance 140,000,000.00 137,200,000.00 134,400,000.00 117,600,000.00 101,080,000.00 84,840,000.00 68,880,000.00 53,200,000.00 37,800,000.00 22,680,000.00

LIBOR Rate 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Credit Spread 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total Interest Rate 2.000% 2.000% 2.000% 2.000% 2.000% 2.000% 2.000% 2.000% 2.000% 2.000%

Repayment Percentage Annunity 9.133% 9.315% 9.502% 9.692% 9.885% 10.083% 10.285% 10.491% 10.700%
Repayment Percentage Level 10.000% 10.000% 10.000% 10.000% 10.000% 10.000% 10.000% 10.000% 10.000%
1 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
1
Interest Expense -

Depreciation Schedule

Fixed Asset Balance

Opening Balance - 190,000,000 190,000,004 190,906,857 191,863,550 192,889,594 193,948,589 195,058,577 196,214,716 197,388,891
Add: Capital Expenditures 190,000,000 4 906,854 956,692 1,026,044 1,058,995 1,109,988 1,156,139 1,174,175 1,138,941
Closing Balance 190,000,000 190,000,004 190,906,857 191,863,550 192,889,594 193,948,589 195,058,577 196,214,716 197,388,891 198,527,832

Depreciation 1,400,000.00 1,400,000.00 1,400,000.00 2,800,000.00 4,200,000.00 5,600,000.00 5,600,000.00 5,600,000.00 5,600,000.00

Accumulated Depreciation Balance

Opening Balance 0 0.00 1,400,000.00 2,800,000.00 4,200,000.00 7,000,000.00 11,200,000.00 16,800,000.00 22,400,000.00 28,000,000.00
Add: Depreciation Charge 0.00 1,400,000.00 1,400,000.00 1,400,000.00 2,800,000.00 4,200,000.00 5,600,000.00 5,600,000.00 5,600,000.00 5,600,000.00
Closing Balance 0.00 1,400,000.00 2,800,000.00 4,200,000.00 7,000,000.00 11,200,000.00 16,800,000.00 22,400,000.00 28,000,000.00 33,600,000.00

Profit and Loss

0.00% 31.87% 31.89% 31.90% 31.62% 31.32% 30.83% 29.94% 28.67%
Profit and Loss
EBTIDA 0.00 180.00 30,228,455.16 31,889,749.60 34,201,464.07 35,299,848.27 36,999,601.47 38,537,976.22 39,139,155.66 37,964,694.17
Less: Depreciation 0.00 1,400,000.00 1,400,000.00 1,400,000.00 2,800,000.00 4,200,000.00 5,600,000.00 5,600,000.00 5,600,000.00 5,600,000.00
EBIT 0.00 -1,399,820.00 28,828,455.16 30,489,749.60 31,401,464.07 31,099,848.27 31,399,601.47 32,937,976.22 33,539,155.66 32,364,694.17
Less: Interest Expense 0.00 2,800,000.00 2,800,000.00 16,800,000.00 16,520,000.00 16,240,000.00 15,960,000.00 15,680,000.00 15,400,000.00 15,120,000.00
EBT 0.00 -4,199,820.00 26,028,455.16 13,689,749.60 14,881,464.07 14,859,848.27 15,439,601.47 17,257,976.22 18,139,155.66 17,244,694.17
Less: Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Earnings 0.00 -4,199,820.00 26,028,455.16 13,689,749.60 14,881,464.07 14,859,848.27 15,439,601.47 17,257,976.22 18,139,155.66 17,244,694.17

Cash Flow

Cash Flow Statement

EBTIDA - 180.00 30,228,455.16 31,889,749.60 34,201,464.07 35,299,848.27 36,999,601.47 38,537,976.22 39,139,155.66 37,964,694.17
Less: Taxes - - - - - - - - - -
Cash From Operations - 180.00 30,228,455.16 31,889,749.60 34,201,464.07 35,299,848.27 36,999,601.47 38,537,976.22 39,139,155.66 37,964,694.17
Less: Capital Expenditures 190,000,000.00 3.60 906,853.65 956,692.49 1,026,043.92 1,058,995.45 1,109,988.04 1,156,139.29 1,174,174.67 1,138,940.83
Cash Before Financing -190,000,000.00 176.40 29,321,601.51 30,933,057.12 33,175,420.15 34,240,852.82 35,889,613.43 37,381,836.93 37,964,980.99 36,825,753.34
Add: Cash From Equity Holders 50,000,000.00 - - - - - - - - -
Add: Cash From Debt Issues 140,000,000.00 - - - - - - - - -
Cash Before Debt Service - 176.40 29,321,601.51 30,933,057.12 33,175,420.15 34,240,852.82 35,889,613.43 37,381,836.93 37,964,980.99 36,825,753.34
Less: Interest Expense -
Less: Debt Repayment - 2,800,000.00 2,800,000.00 16,800,000.00 16,520,000.00 16,240,000.00 15,960,000.00 15,680,000.00 15,400,000.00 15,120,000.00
Dividends - -2,799,823.60 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82 19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34

Balance Sheet

Equity Balance
Opening Balance - 50,000,000.00 51,400,003.60 53,706,857.25 70,063,549.74 84,809,593.67 97,908,589.11 109,378,577.16 120,614,716.44 131,588,891.11
Add: Net Profit for Year - -4,199,820.00 26,028,455.16 13,689,749.60 14,881,464.07 14,859,848.27 15,439,601.47 17,257,976.22 18,139,155.66 17,244,694.17
Less: Dividends - -2,799,823.60 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82 19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
Add: Equity Injection 50,000,000.00 2,800,000.00 2,800,000.00 16,800,000.00 16,520,000.00 16,240,000.00 15,960,000.00 15,680,000.00 15,400,000.00 15,120,000.00
 Closing Balance 50,000,000.00 51,400,003.60 53,706,857.25 70,063,549.74 84,809,593.67 97,908,589.11 109,378,577.16 120,614,716.44 131,588,891.11 142,247,831.94

Balance Sheet
Fixed Assets 190,000,000.00 190,000,003.60 190,906,857.25 191,863,549.74 192,889,593.67 193,948,589.11 195,058,577.16 196,214,716.44 197,388,891.11 198,527,831.94
Accumulated Depreciation - 1,400,000.00 2,800,000.00 4,200,000.00 7,000,000.00 11,200,000.00 16,800,000.00 22,400,000.00 28,000,000.00 33,600,000.00
Net Assets 190,000,000.00 188,600,003.60 188,106,857.25 187,663,549.74 185,889,593.67 182,748,589.11 178,258,577.16 173,814,716.44 169,388,891.11 164,927,831.94

Debt 140,000,000.00 137,200,000.00 134,400,000.00 117,600,000.00 101,080,000.00 84,840,000.00 68,880,000.00 53,200,000.00 37,800,000.00 22,680,000.00
Equity 50,000,000.00 51,400,003.60 53,706,857.25 70,063,549.74 84,809,593.67 97,908,589.11 109,378,577.16 120,614,716.44 131,588,891.11 142,247,831.94
Total Equity and Debt 190,000,000.00 188,600,003.60 188,106,857.25 187,663,549.74 185,889,593.67 182,748,589.11 178,258,577.16 173,814,716.44 169,388,891.11 164,927,831.94

Difference 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Cash Flow and DSCR

Free Cash Flow
EBIT (1,399,820.00) 28,828,455.16 30,489,749.60 31,401,464.07 31,099,848.27 31,399,601.47 32,937,976.22 33,539,155.66 32,364,694.17
Taxes on EBIT - - - - - - - - -

Free Cash Flow

EBTIDA 180.00 30,228,455.16 31,889,749.60 34,201,464.07 35,299,848.27 36,999,601.47 38,537,976.22 39,139,155.66 37,964,694.17
Less: Taxes on EBIT - - - - - - - - -
Less: Cap Exp 140,000,000.00
FCF (140,000,000.00) 180.00 30,228,455.16 31,889,749.60 34,201,464.07 35,299,848.27 36,999,601.47 38,537,976.22 39,139,155.66 37,964,694.17

Project IRR 14.17%

Equity IRR and DSCR

Cash Flows to Equity
Dividends - (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82 19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
Less: Equity Capital Issued 50,000,000.00 - - - - - - - - -
Total Equity Cash Flow (50,000,000.00) (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82 19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34

Equity IRR 25.64%

EBITDA by Guest -7.4 64.9 32.7 38.0 40.0 42.7 45.3 45.5 43.7
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Free Cash (140,000,000.00) 180.00 30,228,455.16 31,889,749.60 34,201,464.07 35,299,848.27 36,999,601.47 38,537,976.22 39,139,155.66 37,964,694.17
Equity Cash -50,000,000.00 -2,799,823.60 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82 19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34

TI 14.17% Eq TIR 25.64% 172.12% Term 10 Cobertura Servicio 0.00 Ingreso x hab. Disp. 0

2021 2022 2023 2024 2025 2026 2027 2028 2029

Cash for Debt service 176.40 29,321,601.51 30,933,057.12 33,175,420.15 34,240,852.82 35,889,613.43 37,381,836.93 37,964,980.99 36,825,753.34
Debt service 2,800,000.00 2,800,000.00 16,800,000.00 16,520,000.00 16,240,000.00 15,960,000.00 15,680,000.00 15,400,000.00 15,120,000.00

DSCR Ratio by Year 0.00 10.47 1.84 2.01 2.11 2.25 2.38 2.47 2.44

Minimum DSCR 0.00

ROE 0.00% -8.17% 48.46% 19.54% 17.55% 15.18% 14.12% 14.31% 13.78% 12.12%

Return on Investment 0.00% -0.74% 15.33% 16.25% 16.89% 17.02% 17.61% 18.95% 19.80% 19.62%

Sensitivity Analysis
 Master Scenario

Base Case 1

Rate Rate per Room Rev Pct Staff

Base Case 120 65% 130,000 30% 3,000.00

Downside Case 100 60% 143,000 25% 4,000.00
Upside Case 200 83% 129,000 31% 2,900.00
Rate Low 100 65% 130000 30% 3,000.00
Rate Low 120 60% 130000 30% 3,000.00
per Room Low 120 65% 143,000 30% 3,000.00
Rev Pct Low 120 65% 130000 25% 3,000.00
Staff Low 120 65% 130000 30% 4,000.00
Staff Low 120 65% 130000 30% 3,000.00
Food Low 120 65% 130000 30% 3,000.00
Rate Low 120 65% 130000 30% 3,000.00
Rate Low 120 65% 130000 30% 3,000.00
Rate High 200 65% 130000 30% 3,000.00
Rate High 120 83% 130000 30% 3,000.00
per Room High 120 65% 129,000 30% 3,000.00
Rev Pct High 120 65% 130000 31% 3,000.00
Staff High 120 65% 130000 30% 2,900.00
Staff High 120 65% 130000 30% 3,000.00
Food High 120 65% 130000 30% 3,000.00
Rate High 120 65% 130000 30% 3,000.00
Rate High 120 65% 130000 30% 3,000.00
Stress Case 60 45% 156,000 25% 4,500.00
Batlang Case 100 55% 130,000 25% 4,000.00
Lucas Case 130 60% 130,000 30% 3,000.00
Good Case 130 70% 130,000 30% 3,000.00

Base Case 120 65% 130,000 30% 3,000

Base Case Downside Ca

120 100
60% 55%
130,000 143,000
30% 25%

Gearing 26% DSCR

Página 5
 Master Scenario

Low vs Ba High vs Base

Rate 0.00% 0.00%
Rate 0.00% 0.00%
per Room 0.00% 0.00%
Rev Pct 0.00% 0.00%
Staff 0.00% 0.00%
Staff 0.00% 0.00%
Food 0.00% 0.00%
Rate 0.00% 0.00%

Página 6
 Master Scenario

Staff Food Rate Rate DSCR IRR IRR

0.00 25.64% 14.17%
75 40% 5.0% 3.0% 1.00 0.00 25.6% 14.17%
80 50% 7.0% 3.5% 2.00 0.00 25.6% 14.17%
60 39% 4.5% 2.5% 3.00 0.00 25.6% 14.17%
75 40% 5.0% 3.0% 4.00 0.00 25.6% 14.17%
75 40% 5.0% 3.0% 5.00 0.00 25.6% 14.17%
75 40% 5.0% 3.0% 6.00 0.00 25.6% 14.17%
75 40% 5.0% 3.0% 7.00 0.00 25.6% 14.17%
75 40% 5.0% 3.0% 8.00 0.00 25.6% 14.17%
80 40% 5.0% 3.0% 9.00 0.00 25.6% 14.17%
75 50% 5.0% 3.0% 10.00 0.00 25.6% 14.17%
75 40% 7.0% 3.0% 11.00 0.00 25.6% 14.17%
75 40% 5.0% 3.5% 12.00 0.00 25.6% 14.17%
75 40% 5.0% 3.0% 13.00 0.00 25.6% 14.17%
75 40% 5.0% 3.0% 14.00 0.00 25.6% 14.17%
75 40% 5.0% 3.0% 15.00 0.00 25.6% 14.17%
75 40% 5.0% 3.0% 16.00 0.00 25.6% 14.17%
75 40% 5.0% 3.0% 17.00 0.00 25.6% 14.17%
60 40% 5.0% 3.0% 18.00 0.00 25.6% 14.17%
75 39% 5.0% 3.0% 19.00 0.00 25.6% 14.17%
75 40% 4.5% 3.0% 20.00 0.00 25.6% 14.17%
75 40% 5.0% 2.5% 21.00 0.00 25.6% 14.17%
80 50% 8.0% 4.0% 22.00 0.00 25.6% 14.17%
70 50% 7.0% 3.5% 23.00 0.00 25.6% 14.17%
75 40% 5.0% 3.0% 24.00 0.00 25.6% 14.17%
60 40% 5.0% 3.0% 25.00 0.00 25.6% 14.17%

75 40% 5.0% 3%

Stress Case Base Case Downside Upside Case

60 120 100 200
45% 0.65 0.6 0.83
156,000 130000 143000 129000
25% 0.3 0.25 0.31

0.00 Equity IRR 14.17% PR IRR 25.6% Debt Tenor 10

Página 7
 Master Scenario

Cash
(50,000,000) (2,799,824) 26,521,602 14,133,057 16,655,420 18,000,853
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82
### (2,799,823.60) 26,521,601.51 14,133,057.12 16,655,420.15 18,000,852.82

12
10
8
6
4
2
0
1 2 3 4 5 6 7 8 9 10

Página 8
 Master Scenario

19,929,613 21,701,837 22,564,981 21,705,753

19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34
19,929,613.43 21,701,836.93 22,564,980.99 21,705,753.34

4 5 6 7 8 9 10

Página 9
 Equity Cash

Annunity

PR IRR 11.10% Eq IRR 13.19% Gearing 30% T

50,000,000.00

0.00
Free C
2020 2021 2022 2023 2024 2025 2026 2027
Equity

-50,000,000.00

-100,000,000.00

-150,000,000.00

Página 10
 Equity Cash

13.19% Gearing 30% Term 8 DSCR 0.80

Free Cash
2024 2025 2026 2027 2028 2029
Equity Cash

Página 11
 Cash Waterfall

Annunity

PR IRR 11.10% Eq IRR 13.19% Gearing 30% Term 8 DSCR

40,000,000.00

35,000,000.00

30,000,000.00
Debt service
Cash for Debt service
25,000,000.00

20,000,000.00

15,000,000.00

10,000,000.00

5,000,000.00

0.00
2021 2022 2023 2024 2025 2026 2027 2028 202

Página 12
 Cash Waterfall

Gearing 30% Term 8 DSCR 0.80 RevPar 112

Debt service
Cash for Debt service

2026 2027 2028 2029

Página 13