Island Hotels, Inc. (IHI) forecasts that its free cash flow in the coming year, i.e., at t = 1, will be -$10 million (negative), but then its FCF will turn positive. At t = 2 IHIs FCF will be $33 million, and at t = 3 IHIs FCF will be $55 million. After Year 3, FCF is expected to grow at a constant rate of 5% forever. If IHIs weighted average cost of capital is 16%, what is the firm's value of operations, in millions?