Hotel Invt Demo Reports

8/8/2019 Hotel Invt Demo Reports

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PROPERTY INVESTMENT FEASIBILITY STUDY

Investment: Grand Luxury Hotel page 1

Description: Hotel Investment 15:43Location: Sydney CBD Oct 29Capital City: Sydney 2009

Prepared By: Devfeas Pty. Ltd. File: Hotel Invt Demo

Feastudy 6.0 was used to prepare this feasibility study. Licensed to Devfeas Pty Ltd

Profit & Loss Amounts are in $'s

Income: Investment Sale Price 64,037,636Rent (inc. Recov Outgoings) 39,253,187Less: GST Collected in Income -9,390,075 93,900,749

Less Purchase Price:Building (Book) 27,500,000Equipment (Book) 5,000,000Imputed Land Value 7,500,000 40,000,000

Less Costs:Purchasing (Stamp Duty, Fin. Estab., Conv.) 2,385,490Management Fees 826,383Selling (inc. Conv.) & Leasing 1,600,941Council Rates 455,596Water & Sewer 5,399Land Tax 755,535 1,216,529Less: GST Input Tax Credits -3,875,211

2,154,132 42,154,132

Margin Before Interest and Tax 51,746,617Less Interest 10,803,125

Net Income Before Tax 40,943,491

Plus Income Tax Benefits:Depreciation Tax Benefits 2,332,344Non-Depreciation Tax Benefits -7,561,555 -5,229,212

Net Income Before Capital Gains Tax 35,714,280

Less Capital Gains Tax:Net Sale Price 56,760,632Less: Cost Base 31,663,236

Taxable Capital Gain 25,097,3967,529,219

Holding Period Return After Tax 28,185,061

Internal Rate of Return After Tax 13.16%

Holding Period Return After Tax 77.51%

Equity Amount: 8,000,000 (31.09% IRR on Equity)Margin on Equity After Tax: 28,185,061 (352.31% MoE After Tax)

Peak Level of Debt : 34,249,655 (Occurs on Oct 2008)

End of Profit and Loss (Categorised) Report


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GST Summary Report Amounts are in $'s

With GST GST Pre-GSTIncome:

Investment Sale Price 64,037,636 5,821,603 58,216,033Rental (inc. Recov Outgoings) 39,253,187 3,568,472 35,684,716

Totals 103,290,823 9,390,075 93,900,749

Investment Costs:

Investment Purchase Price 40,000,000 3,636,364 36,363,636Stamp Duty on Transfer 2,185,490 0 2,185,490Stamp Duty on Mortgage 0 0 0Conveyancing Fees (Purchase) 200,000 18,182 181,818Management Fees 826,383 75,126 751,257Leasing Fees 0 0 0Rates and Taxes

Council Rates 455,596Water & Sewer 5,399Land Tax 755,535 1,216,529 0 1,216,529

Selling Fees 1,280,753 116,432 1,164,321Conveyancing Fees (Sale) 320,188 29,108 291,080

Total Before Interest, Income Tax & CGT 46,029,343 3,875,211 42,154,132

Borrowing Interest 10,803,125 0 10,803,125

Total Cost Before Income Tax & CGT 56,832,468 3,875,211 52,957,257

Holding Period Return After Tax 28,185,061Internal Rate of Return 13.16%Holding Period Return (as a %) 77.51%

GST Collected with Sales and Other Income 9,390,075GST Input Tax Credits 3,875,211

End of GST Summary Report


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Categorised Cashflow Amounts are in $'sThe Investment spans 20 quartersInvestment Cashflow begins October 2008 and ends September 2013

Cashflow Period 1 2 3 4 5 Subtotals

2008 2009Quarter Ending Dec Mar Jun Sep Dec

Inflation Factor 1.0067 1.0168 1.0270 1.0373 1.0477AUV 7,500,000 7,500,000 7,500,000 7,728,023 7,728,023ACV 40,000,000 40,000,000 40,000,000 41,216,125 41,216,125AAV 2,000,000 2,000,000 2,000,000 2,060,806 2,060,806

Purchase & Costs 42,385,490 42,385,490Management Fees 38,000 38,000 38,000 38,000 39,944 191,944Leasing & Selling 0Council Rates 64,086 88,045 152,131Water & Sewer 275 275 275 275 275 1,373Land Tax 105,750 145,561 251,311Other Costs 0Contingency Costs 0GST Debits in Inc. 164,091 164,091 164,091 164,091 656,364

COSTS B4 INT. 42,593,600 202,365 202,365 290,411 349,871 43,638,613

Sell-On Income 0Rent Income -1,805,000 -1,805,000 -1,805,000 -1,805,000 -1,897,347 -9,117,347Recov. R & T 0Recov. Man. Fees 0Other Income 0GST Tax Credits -3,658,000 -3,455 -3,455 -3,455 -3,668,364Tax Refund/Paid 425,935 425,935

INCOME B4 INT. -1,805,000 -5,463,000 -1,808,455 -1,382,520 -1,900,802 -12,359,776

Net Outlay 40,788,600 -5,260,635 -1,606,089 -1,092,109 -1,550,931 31,278,837Equity Input -8,000,000 -8,000,000Cum. Debt B4 Int. 32,788,600 27,527,966 25,921,877 24,829,768 23,278,837Interest 841,495 730,091 708,008 690,392 674,940 3,644,925Cum. Interest 841,495 1,571,586 2,279,594 2,969,986 3,644,925Cum. Net Debt 33,630,096 29,099,552 28,201,471 27,799,754 26,923,762

NET FLOW 41,630,096 -4,530,543 -898,081 -401,717 -875,992 34,923,762N.P.V. Factors 0.9784 0.9469 0.9165 0.8870 0.8584N.P.V. Net Flow -41,640,152 4,373,832 830,429 362,801 760,046 -35,313,045

Cashflow (Categorised) Report continues on the next page


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2010 2011Quarter Ending Mar Jun Sep Dec Mar


Purchase & Costs 42,385,490Management Fees 39,944 39,944 39,944 41,988 41,988 395,752Leasing & Selling 0Council Rates 91,632 243,763Water & Sewer 275 275 275 275 275 2,745Land Tax 151,858 403,169Other Costs 0Contingency Costs 0GST Debits in Inc. 172,486 172,486 172,486 172,486 181,311 1,527,619

COSTS B4 INT. 212,705 212,705 304,337 366,606 223,573 44,958,539

Sell-On Income 0Rent Income -1,897,347 -1,897,347 -1,897,347 -1,994,419 -1,994,419 -18,798,227Recov. R & T 0Recov. Man. Fees 0Other Income 0GST Tax Credits -3,631 -3,631 -3,631 -3,631 -3,817 -3,686,706Tax Refund/Paid 777,776 1,203,711

INCOME B4 INT. -1,900,979 -1,900,979 -1,123,202 -1,998,050 -1,998,236 -21,281,222

Net Outlay -1,688,274 -1,688,274 -818,865 -1,631,444 -1,774,663 23,677,317Equity Input -8,000,000Cum. Debt B4 Int. 21,590,563 19,902,289 19,083,424 17,451,980 15,677,317Interest 651,851 625,724 606,953 593,269 566,050 6,688,772Cum. Interest 4,296,776 4,922,500 5,529,453 6,122,722 6,688,772Cum. Net Debt 25,887,339 24,824,789 24,612,878 23,574,703 22,366,089

NET FLOW -1,036,423 -1,062,550 -211,912 -1,038,175 -1,208,613 30,366,089N.P.V. Factors 0.8308 0.8041 0.7782 0.7531 0.7289N.P.V. Net Flow 868,918 862,190 171,934 790,290 889,155 -31,730,559



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2011 2012Quarter Ending Jun Sep Dec Mar Jun


Purchase & Costs 42,385,490Management Fees 41,988 41,988 44,136 44,136 44,136 612,136Leasing & Selling 0Council Rates 95,366 339,129Water & Sewer 275 275 275 275 275 4,118Land Tax 158,412 561,581Other Costs 0Contingency Costs 0GST Debits in Inc. 181,311 181,311 181,311 190,587 190,587 2,452,725

COSTS B4 INT. 223,573 318,939 384,133 234,997 234,997 46,355,179

Sell-On Income 0Rent Income -1,994,419 -1,994,419 -2,096,457 -2,096,457 -2,096,457 -29,076,437Recov. R & T 0Recov. Man. Fees 0Other Income 0GST Tax Credits -3,817 -3,817 -3,817 -4,012 -4,012 -3,706,182Tax Refund/Paid 999,708 2,203,419

INCOME B4 INT. -1,998,236 -998,528 -2,100,274 -2,100,470 -2,100,470 -30,579,200

Net Outlay -1,774,663 -679,589 -1,716,142 -1,865,472 -1,865,472 15,775,979Equity Input -8,000,000Cum. Debt B4 Int. 13,902,654 13,223,065 11,506,923 9,641,451 7,775,979Interest 535,582 514,273 499,825 468,072 432,845 9,139,369Cum. Interest 7,224,354 7,738,628 8,238,452 8,706,524 9,139,369Cum. Net Debt 21,127,009 20,961,692 19,745,376 18,347,975 16,915,347

NET FLOW -1,239,081 -165,316 -1,216,317 -1,397,401 -1,432,628 24,915,347N.P.V. Factors 0.7054 0.6827 0.6608 0.6395 0.6189N.P.V. Net Flow 882,266 120,292 812,340 902,082 895,091 -28,118,488



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Cashflow Period 16 17 18 19 20 Totals

2012 2013Quarter Ending Sep Dec Mar Jun Sep


Purchase & Costs 42,385,490Management Fees 44,136 46,394 46,394 46,394 30,929 826,383Leasing & Selling 1,600,941 1,600,941Council Rates 99,251 17,216 455,596Water & Sewer 275 275 275 275 183 5,399Land Tax 165,232 28,722 755,535Other Costs 0Contingency Costs 0GST Debits in Inc. 190,587 190,587 200,338 200,338 6,155,500 9,390,075

COSTS B4 INT. 334,249 402,488 247,006 247,006 7,833,490 55,419,418

Sell-On Income -64,037,636 -64,037,636Rent Income -2,096,457 -2,203,716 -2,203,716 -2,203,716 -1,469,144 -39,253,187Recov. R & T 0Recov. Man. Fees 0Other Income 0GST Tax Credits -4,012 -4,012 -4,218 -4,218 -152,569 -3,875,211Tax Refund/Paid 1,242,380 9,312,631 12,758,430

INCOME B4 INT. -858,090 -2,207,728 -2,207,934 -2,207,934 -56,346,719 -94,407,604

Net Outlay -523,841 -1,805,241 -1,960,927 -1,960,927 -48,513,229 -38,988,186Equity Input 36,185,061 28,185,061Cum. Debt B4 Int. 7,252,138 5,446,897 3,485,969 1,525,042 -45,479,729Interest 408,744 393,445 356,719 316,279 188,569 10,803,125Cum. Interest 9,548,113 9,941,558 10,298,277 10,614,556 10,803,125Cum. Net Debt 16,800,250 15,388,455 13,784,247 12,139,598 -34,676,603

NET FLOW -115,097 -1,411,795 -1,604,208 -1,644,649 -48,324,659 -28,185,061N.P.V. Factors 0.5990 0.5797 0.5611 0.5430 0.5255N.P.V. Net Flow 76,671 827,251 908,680 901,635 25,404,251 0

End of Cashflow (Categorised) Report


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Escalated Rent and Sell-On Calculation Amounts are in $'s

Final Annual Total Positive Rental Income (ex GST) : 8,013,513

Final Annual Total Negative Rental Income (ex GST) : 0

Final Annual Total Management Fees (ex GST) : -168,706

Final Annual Total Rates and Taxes : -276,723

Final Annual Recov Management Fees and R&T (ex GST) : 0

Annual Net Rent For Sell-On Calculation : 7,568,084

Cap. Rate For Sell-On Calculation : 13.00%

Pre-GST Capital Value : 58,216,033

Add GST : 5,821,603

Calculated Investment Sell-On Value : 64,037,636

Rent Item 1 Item Description: Hotel Lessee's Rent GST AppliesVacancy Rate: 5.00% Esc. Rate: 5.00% Final Esc Factor: 1.2209Start Theoretical Rent: 7,600,000 Rate1: 300Final Theoretical Rent: 9,278,805 Esc. Rate1: 366

End of Escalated Rent and Sell-On Calculation Report


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Taxation Calculation Summary (ex GST) Amounts are in $'s

Net Income Before Depreciation, Investment Sale and CGT Summary:Rent (inc. rec outgoings) 35,684,716Other Income 0Management Fees -751,257Leasing Fees 0Rates & Taxes -1,216,529Other Costs 0

Net Interest -10,803,125

Total Net Income Before Depreciation, Investment Sale and CGT 22,913,804

Depreciation Tax Deductions Summary:Buildings Initial Book Value 27,500,000Plant & Equipment Initial Book Value 5,000,000

Opening Balance 32,500,000Buildings Final Book Value 24,119,792Plant & Equipment Final Book Value 1,312,500

Closing Balance 25,432,292Total Depreciation 7,067,708

Capital Gains Tax Summary:

Investment Sale Price (ex GST) 58,216,033Less Selling Costs (ex GST) 1,455,401Net Investment Sale Price 56,760,632Less: Cost Base

IPP (ex GST) 36,363,636Incidental Purchase Costs (ex GST) 2,367,308Depreciation Claimed -7,067,708 31,663,236

Taxable Capital Gain 25,097,396

TAXATION TOTALSIncome Tax Refund (Before CGT) ( 15,846,096 @ 33.00% ) 5,229,212Less Capital Gains Tax ( 25,097,396 @ 30.00% ) 7,529,219

TOTAL TAX PAID 12,758,430

End of Taxation Calculation Summary Report


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Depreciation Schedule

The Investment spans 6 Financial YearsNumber Of Depreciation Items Building : 1 Plant & Equipment : 1

Amounts are in $'s

Investment Year: 1 2 3 4 Subtotals

Financial Year Ending June: 2009 2010 2011 2012

BUILDING DEPRECIATION

Building 515,625 687,500 687,500 687,500 2,578,125

Total Building Depreciation 515,625 687,500 687,500 687,500 2,578,125

PLANT DEPRECIATION

All Plant & Equipment 562,500 750,000 750,000 750,000 2,812,500

Total P. & E. Depreciation 562,500 750,000 750,000 750,000 2,812,500

Total Depreciation 1,078,125 1,437,500 1,437,500 1,437,500 5,390,625

Total Tax Benefit 355,781 474,375 474,375 474,375 1,778,906

Depreciation Schedule Report continues on the next page


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Depreciation Schedule

The Investment spans 6 Financial YearsNumber Of Depreciation Items Building : 1 Plant & Equipment : 1

Amounts are in $'s

Investment Year: 5 6 Totals

Financial Year Ending June: 2013 2014

BUILDING DEPRECIATION

Building 687,500 114,583 3,380,208

Total Building Depreciation 687,500 114,583 3,380,208

PLANT DEPRECIATION

All Plant & Equipment 750,000 125,000 3,687,500

Total P. & E. Depreciation 750,000 125,000 3,687,500

Total Depreciation 1,437,500 239,583 7,067,708

Total Tax Benefit 474,375 79,063 2,332,344

End of Depreciation Schedule Report


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Sensitivity Analysis for Borrowing Interest Rate Variations

Range is -2.50% to +2.50% in 0.50% Increments Amounts are in $'s

Interest Sale Value Inv. Cost Margin HPR IRR

7.50% 64,037,636 49,791,570 30,306,071 83.34% 14.25%8.00% 64,037,636 50,397,041 29,900,406 82.23% 14.04%8.50% 64,037,636 51,016,051 29,485,669 81.09% 13.82%

9.00% 64,037,636 51,648,891 29,061,666 79.92% 13.60%9.50% 64,037,636 52,295,859 28,628,198 78.73% 13.38%

10.00% 64,037,636 52,957,257 28,185,061 77.51% 13.16%

10.50% 64,037,636 53,633,397 27,732,048 76.26% 12.93%11.00% 64,037,636 54,324,594 27,268,946 74.99% 12.69%11.50% 64,037,636 55,031,172 26,795,538 73.69% 12.46%12.00% 64,037,636 55,753,463 26,311,604 72.36% 12.22%12.50% 64,037,636 56,491,802 25,816,916 71.00% 11.97%

Sensitivity Analysis for Rent Escalation Rate Variations


W/Ave Esc. Rate Sale Value Inv. Cost Margin HPR IRR

-5.00% 42,153,661 53,169,321 9,864,605 27.13% 5.45%-3.00% 45,872,432 53,123,993 13,017,139 35.80% 6.96%-1.00% 49,895,007 53,079,850 16,406,621 45.12% 8.49%1.00% 54,245,633 53,037,152 20,051,182 55.14% 10.03%3.00% 58,950,452 52,996,183 23,970,330 65.92% 11.59%

5.00% 64,037,636 52,957,257 28,185,061 77.51% 13.16%

7.00% 69,537,547 52,920,718 32,717,961 89.97% 14.74%9.00% 75,482,902 52,886,946 37,593,331 103.38% 16.33%

11.00% 81,908,949 52,856,354 42,837,312 117.80% 17.92%

13.00% 88,853,661 52,829,399 48,478,024 133.31% 19.53%15.00% 96,357,942 52,806,580 54,545,713 150.00% 21.15%

Sensitivity Reports continue on the next page


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Sensitivity Analysis for Capitalisation Rate Variations


Cap. Rate Sale Value Inv. Cost Margin HPR IRR

11.75% 70,850,151 53,112,087 32,411,917 89.13% 14.53%12.00% 69,374,106 53,078,541 31,496,098 86.61% 14.24%12.25% 67,958,308 53,046,363 30,617,660 84.20% 13.96%

12.50% 66,599,142 53,015,473 29,774,359 81.88% 13.69%12.75% 65,293,276 52,985,794 28,964,129 79.65% 13.42%

13.00% 64,037,636 52,957,257 28,185,061 77.51% 13.16%

13.25% 62,829,379 52,929,797 27,435,392 75.45% 12.90%13.50% 61,665,872 52,903,353 26,713,489 73.46% 12.65%13.75% 60,544,674 52,877,872 26,017,837 71.55% 12.41%14.00% 59,463,519 52,853,300 25,347,030 69.70% 12.17%14.25% 58,420,300 52,829,590 24,699,759 67.92% 11.94%

Sensitivity Analysis for Equity Variations


Equity Sale Value Inv. Cost Margin HPR IRR

6,000,000 64,037,636 54,144,192 27,389,815 75.32% 12.77%6,400,000 64,037,636 53,906,805 27,548,864 75.76% 12.85%6,800,000 64,037,636 53,669,418 27,707,913 76.20% 12.92%7,200,000 64,037,636 53,432,031 27,866,963 76.63% 13.00%7,600,000 64,037,636 53,194,644 28,026,012 77.07% 13.08%

8,000,000 64,037,636 52,957,257 28,185,061 77.51% 13.16%

8,400,000 64,037,636 52,719,870 28,344,110 77.95% 13.23%8,800,000 64,037,636 52,482,483 28,503,160 78.38% 13.31%9,200,000 64,037,636 52,245,096 28,662,209 78.82% 13.39%

9,600,000 64,037,636 52,007,709 28,821,258 79.26% 13.47%10,000,000 64,037,636 51,770,323 28,980,307 79.70% 13.54%

Sensitivity Reports continue on the next page


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Sensitivity Analysis for Investment Period Variations

Range is 36 months to 156 months, in 12 month Increments Amounts are in $'s

End Date Sale Value Inv. Cost Margin HPR IRR

09/2011 57,918,173 48,727,818 16,608,211 45.67% 13.54%09/2012 60,901,126 51,055,965 22,074,702 60.71% 13.19%

09/2013 64,037,636 52,957,257 28,185,061 77.51% 13.16%

09/2014 67,335,599 54,373,769 34,996,432 96.24% 13.28%09/2015 70,803,313 55,247,690 42,563,458 117.05% 13.49%09/2016 74,449,507 55,835,753 50,851,978 139.84% 13.72%09/2017 78,283,355 56,443,149 59,831,331 164.54% 13.95%09/2018 82,314,502 57,078,685 69,545,283 191.25% 14.16%09/2019 86,553,089 57,743,664 80,042,487 220.12% 14.37%09/2020 91,009,780 58,439,452 91,374,546 251.28% 14.57%09/2021 95,695,782 59,167,477 103,596,187 284.89% 14.75%

Sensitivity Analysis for Leasing Vacancy Rate Variations


Increment Sale Value Inv. Cost Margin HPR IRR

-5.00% 67,606,407 52,642,251 31,923,074 87.79% 14.62%-4.00% 66,892,653 52,705,253 31,175,471 85.73% 14.33%-3.00% 66,178,899 52,768,254 30,427,869 83.68% 14.04%-2.00% 65,465,145 52,831,255 29,680,266 81.62% 13.75%-1.00% 64,751,390 52,894,256 28,932,664 79.56% 13.45%

0.00% 64,037,636 52,957,257 28,185,061 77.51% 13.16%

1.00% 63,323,882 53,020,258 27,437,459 75.45% 12.86%2.00% 62,610,128 53,083,260 26,689,856 73.40% 12.56%3.00% 61,896,374 53,146,261 25,942,254 71.34% 12.26%

4.00% 61,182,619 53,209,262 25,194,651 69.29% 11.95%5.00% 60,468,865 53,272,263 24,447,049 67.23% 11.65%

End of Sensitivity Reports


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Inputs Report Amounts are in $'s

Investment Settings

Investment Identification

Investment Name : Grand Luxury Hotel

Type of Investment : GeneralCapital City : SydneyDescription : Hotel InvestmentLocation : Sydney CBDPrepared By : Devfeas Pty. Ltd.

Investment Dates

Reference Date : October 2008Completion Date : September 2013First month of financial year : July

Residual Investment Value Calculation

Residual Investment Value Calculation is NOT required.

Equity

Equity has been provisionally injected as a percentage of purchase price : 20.00%

Loans and Interest

Only Primary Debt Funds apply to any borrowings.Primary Debt interest rate per annum throughout cashflow : 10.00%

Primary Debt Finance Establishment Fee has NOT been selected.

Lending interest rate per annum : 6.00%

Inflation Rate

Inflation rate per annum : 4.00%

Tax Rates

Marginal/Company tax rate : 33.00%Effective Capital gains tax rate : 30.00%

Inputs Report continues on the next page


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Inputs Report (continued) Amounts are in $'s

GST Settings

This Investment is a Non-Residential Property.GST rate : 10.00%GST is remitted/refunded quarterly.

Other Settings

Contingency as a percentage of all costs before interest : 0.00%

Monetary amounts are shown to the nearest dollar.

Investment Purchase Price

Investment Purchase Price: 40,000,000

An Input Tax Credit is Available for the Investment Purchase Price.

Building Depreciation

Total Building Depreciation : 3,380,208

Building Depreciation Item 1 of 1

Description : BuildingOriginal Cost : 27,500,000Starting Book Value : 27,500,000Depreciation Start Date : Oct 2008Depreciation Rate : 2.50%

Plant & Equipment Depreciation

Total Plant & Equipment Depreciation : 3,687,500

Plant & Equipment Depreciation Item 1 of 1

Description : All Plant & EquipmentOriginal Cost / Starting Book Value : 5,000,000Depreciation Start Date : Oct 2008Depreciation Rate : 15.00%Depreciation is calculated using the 'P' method.



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Rates and Taxes

Total Rates and Taxes : 1,216,529

Rates and Taxes Item 1 of 3

Description : Council RatesFee Basis : Assessed Unimproved ValueFee Frequency : AnnualFee Paid : AugustFee Method : As PercentagePercentage : 1.14%


Description : Water & SewerFee Basis : Assessed Annual ValueFee Frequency : QuarterlyFee Paid : AugustFee Method : Use Tax Scales


Description : Land TaxFee Basis : Assessed Unimproved ValueFee Frequency : AnnualFee Paid : DecemberFee Method : Use Tax Scales

Assessed Values for Rates and Taxes

Assessed Unimproved Value is calculated as a percentageof Escalated Imputed Land Value: 100.00%

Assessed Capital Value is calculated as a percentageof Escalated Imputed Capital Value: 100.00%

Assessed Annual Value is calculated as a percentageof Assessed Capital Value: 5.00%

Stamp Duty on Transfer and Conveyancing Fees

Stamp Duty on Transfer is calculated using the tax library. 2,185,490

Purchaser's Conveyancing Fees : 0.50% 200,000Vendor's Conveyancing Fees : 0.50% 320,188



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Selling, Leasing and Management Fees

Selling Fees : 2.00% 1,280,753Leasing Fees : 0.00% 0Management Fees : 2.00% 826,383

Capitalisation or CV Escalation Rate

Cap. Rate for Sell-On: 13.00%

GST Applies to the Investment Sale Price.

Rent Income Items

Total Rent Income Received : 39,253,187

Rent Income Item 1 of 1

Description : Hotel Lessee's RentLeasing Vacancy : 5.00%Escalation Rate : 5.00%Leasing Fees Date : Oct 2008 Leasing Fees apply to this item.Rent Start Date : Oct 2008First Review Date : Oct 2008Quarters Between Reviews : 4This tenant does NOT pay pro-rata Rates and Taxes.This tenant does NOT pay pro-rata Management Fees.GST applies to this item

... from the rent start date.Amount : 7,600,000

End of Inputs Report

Hotel Invt Demo Reports

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Transcript of Hotel Invt Demo Reports