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Executive Summary <br />iii <br /> <br />Financial Indicators <br />Current/Trailing 12 Mos. Occupancy 31.1% <br />Projected Year 1 Occupancy 29.0% <br />Stabilized Occupancy 40.0% <br />Estimated Lease-up Period 36 Months <br />Estimated Stabilization March-2024 <br />Current/Trailing 12 Mos. Average Daily Rate $47.46 <br />Projected Year 1 Average Daily Rate $55.87 <br />Stabilized Average Daily Rate $67.40 <br />Projected Inflation Rates ADR Expenses <br />Year 1 0.0% 2.5% <br />Year 2 10.0% 2.5% <br />Year 3 7.0% 2.5% <br />Stabilized 2.5% 2.5% <br />Going-In Capitalization Rate 9.50% <br />Discount Rate 12.00% <br />Terminal Capitalization Rate 10.00% <br />Year 1 Operating Data Total Per Room <br />Total Revenue $381,187 $5,956.05 <br />Operating Expenses $363,028 $5,672.32 <br />Expense Ratio 95.24% <br />Net Operating Income (EBITDA) $18,159 $283.73 <br />Stabilized Operating Data - Year 4 Total Per Room <br />Total Revenue $633,529 $9,898.89 <br />Operating Expenses $500,604 $7,821.94 <br />Expense Ratio 79.02% <br />Net Operating Income (EBITDA) $132,925 $2,076.95 <br /> <br />VALUATION Total Per Room <br />Market Value As Is On March 16, 2021 <br />Sales Comparison Approach $880,000 $13,750.00 <br />Income Capitalization Approach $900,000 $14,062.50 <br />Market Value As Stabilized On March 16, 2024 <br />Sales Comparison Approach $1,550,000 $24,218.75 <br />Income Capitalization Approach $1,390,000 $21,718.75 <br />CONCLUDED MARKET VALUE <br />Appraisal Premise Interest Appraised Value <br />As Is Fee Simple Estate $900,000 <br />As Stabilized Fee Simple Estate $1,390,000 <br />Compiled by CBRE <br />Date of Value <br />March 16, 2021 <br />March 16, 2024 <br />