PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6...
Transcript of PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6...
![Page 1: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/1.jpg)
![Page 2: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/2.jpg)
![Page 3: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/3.jpg)
![Page 4: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/4.jpg)
![Page 5: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/5.jpg)
Lobby w/ Grand Ballroom and Rose Room
![Page 6: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/6.jpg)
Spa Level (second floor)
Includes a Museum
dedicated to the rich
history of the Baker
Hotel and Mineral
Wells, Texas
![Page 7: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/7.jpg)
Typical Guest Room Floor (floor 3 thru 9)
21 Guest Suites per floor
![Page 8: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/8.jpg)
11th floor Baker Suite and Meeting Space
A fully restored
Baker Suite, two
additional suites and
significant meeting
space with spiral
staircase access to
the tenth floor below
and the Cloud Room
above
![Page 9: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/9.jpg)
The Cloud Room and Roof Top Garden
The spectacular
Cloud Ballroom with
rooftop wine & beer
garden and a
warming kitchen to
serve up to 200
guests
![Page 10: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/10.jpg)
![Page 11: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/11.jpg)
Where are we today and where
is all the money coming from?
The Baker Hotel Capitalization
![Page 12: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/12.jpg)
The Baker Hotel Capitalization
![Page 13: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/13.jpg)
Let’s start by looking at the projected value
of the Baker Hotel post renovation….
![Page 14: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/14.jpg)
The Baker Hotel Capitalization
$30 Million
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
Mil
lio
ns
![Page 15: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/15.jpg)
The Baker Hotel Capitalization
$30 Million
Possibly up to $40
Million
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
![Page 16: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/16.jpg)
The Baker Hotel Capitalization
$30 Million
Possibly up to $40
Million
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
Assumes a $175 per
room average rate
and a 68% occupancy
4 years after
completion
![Page 17: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/17.jpg)
The Baker Hotel Capitalization
$30 Million
Possibly up to $40
Million
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$30 to $40 Million
Value
Mil
lio
ns
![Page 18: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/18.jpg)
Based on the $30 million projected valuation let’s look at what an economically feasible cost
and capital structure would be if this were a traditional real estate development
![Page 19: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/19.jpg)
The Baker Hotel Capitalization
$30 Million
Possibly up to $40
Million
$26.6 Million
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$30 to $40 Million
Value
Mil
lio
ns
![Page 20: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/20.jpg)
The Baker Hotel Capitalization
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$30 to $40 Million
Value
Mil
lio
ns
![Page 21: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/21.jpg)
The Baker Hotel Capitalization
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$30 to $40 Million
Value
Mil
lio
ns
![Page 22: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/22.jpg)
The Baker Hotel Capitalization
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$30 to $40 Million
Value
Mil
lio
ns
![Page 23: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/23.jpg)
The Baker Hotel Capitalization
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
Entrepreneurial Profit
$30 to $40 Million
Value
Mil
lio
ns
![Page 24: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/24.jpg)
The Baker Hotel Capitalization
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
Entrepreneurial Profit
$30 to $40 Million
Value
“Traditional” Real Estate
Development Transaction
Mil
lio
ns
![Page 25: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/25.jpg)
But the renovation of the Baker Hotel is by no means a “Traditional” Real Estate Development
Transaction
![Page 26: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/26.jpg)
Let’s look at the actual budget required to renovate a 90 year old 14-story hotel that has
been left abandoned for almost 50 years…
![Page 27: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/27.jpg)
The Baker Hotel Capitalization
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$30 to $40 Million
Value
Mil
lio
ns
![Page 28: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/28.jpg)
The Baker Hotel Capitalization
Building Purchase
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$30 to $40 Million
Value
Mil
lio
ns
$2.2 Million
![Page 29: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/29.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$30 to $40 Million
Value
Mil
lio
ns
$33.6 Million
![Page 30: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/30.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$30 to $40 Million
Value
Mil
lio
ns
$7.5 Million
![Page 31: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/31.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$30 to $40 Million
Value
Mil
lio
ns
$5.6 Million
![Page 32: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/32.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$30 to $40 Million
Value
Mil
lio
ns
$8.8 Million
![Page 33: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/33.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$30 to $40 Million
Value
Mil
lio
ns
$3.5 Million
![Page 34: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/34.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$61.2 Million Cost $30 to $40 Million
Value
Mil
lio
ns
![Page 35: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/35.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$61.2 Million Cost
$35 Million
“Economic Gap”
$30 to $40 Million
Value
Mil
lio
ns
![Page 36: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/36.jpg)
So this can be no “Traditional” Real Estate
Development Transaction…
![Page 37: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/37.jpg)
The successful renovation of the Baker
Hotel - with a nearly $35 million Economic
Gap - requires a “public/private
partnership” at every level of
government…
![Page 38: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/38.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$61.2 Million Cost $30 to $40 Million
Value
Mil
lio
ns
![Page 39: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/39.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$34.6 Million
in
Incentives Needed
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$61.2 Million Cost $30 to $40 Million
Value
Mil
lio
ns
![Page 40: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/40.jpg)
Let’s fill the Gap…
![Page 41: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/41.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$34.6 Million
in
Incentives Needed
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$61.2 Million Cost $30 to $40 Million
Value
?
Mil
lio
ns
![Page 42: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/42.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$34.6 Million
in
Incentives Needed
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$7.3 Million TIF
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$61.2 Million Cost $30 to $40 Million
Value
Mil
lio
ns
![Page 43: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/43.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$34.6 Million
in
Incentives Needed
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$7.3 Million TIF
$4.0 Million 4B
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$61.2 Million Cost $30 to $40 Million
Value
Mil
lio
ns
![Page 44: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/44.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$34.6 Million
in
Incentives Needed
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$7.3 Million TIF
$4.0 Million 4B
$10.3 Million
State HTC
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$61.2 Million Cost $30 to $40 Million
Value
Mil
lio
ns
![Page 45: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/45.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$34.6 Million
in
Incentives Needed
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$7.3 Million TIF
$4.0 Million 4B
$10.3 Million
State HTC
$7.0 Million
Federal HTC
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$61.2 Million Cost $30 to $40 Million
Value
Mil
lio
ns
![Page 46: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/46.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$34.6 Million
in
Incentives Needed
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$7.3 Million TIF
$4.0 Million 4B
$10.3 Million
State HTC
$7.0 Million
Federal HTC
$6.0 Million NMTC
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$61.2 Million Cost $30 to $40 Million
Value
Mil
lio
ns
![Page 47: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/47.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$34.6 Million
in
Incentives Needed
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$7.3 Million TIF
$4.0 Million 4B
$10.3 Million
State HTC
$7.0 Million
Federal HTC
$6.0 Million NMTC
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$61.2 Million Cost $30 to $40 Million
Value
$61.2 Million
Capital Stack
Mil
lio
ns
![Page 48: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/48.jpg)
The Baker Hotel Capitalization
Building Purchase
Hard Costs
FF&E
OS&E and Marketing
Soft Costs
Interest Reserve
$30 Million
Possibly up to $40
Million
$26.6 Million
$34.6 Million
in
Incentives Needed
$10.0 Million
Debt
$13.1 Million
Cash Equity
$3.5 Million Dev. Fees
$7.3 Million TIF
$4.0 Million 4B
$10.3 Million
State HTC
$7.0 Million
Federal HTC
$6.0 Million NMTC
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Costs Value Feasible Costs Sources
$61.2 Million Cost $30 to $40 Million
Value
$61.2 Million
Capital Stack
Mil
lio
ns
![Page 49: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/49.jpg)
Questions?
![Page 51: PowerPoint Presentation - Chad Patton.pdfSoft Costs $30 Million Possibly up to $40 Million $26.6 Million $10.0 Million Debt $13.1 Million Cash Equity $3.5 Million Dev. Fees $0.0 $10.0](https://reader033.fdocuments.in/reader033/viewer/2022050610/5fb12ae9075c801243563385/html5/thumbnails/51.jpg)
Questions?