A hotel is projected to have $ 72 mi in total revenues during the following year. Total expenses are projected to be $ 44mi. 5% of the total revenue is allocated as capital reserves. In the next four years, the annual growth rates in total revenues and total expenses will be 3.5% and 5% respectively. In the following years, revenues and total expenses will stabilize at a constant rate of 3%. The market discount rate on such assets is estimated at 10%. Going out cap rate is 8%. Cost of sales is usually 3%. Assume no additional costs (brokerage etc.) at the time of the purchase. Your investment horizon is 5 years.

What is the estimated hotel value today?

**Please show excel formula and work so I can understand. Thanks so much! :)