Moutain Lodge Years Year! 115 30% Year 2 115 Year 3 115 60% Year 4 115 70% $55 $60 565 $80 S100 # Item Year Available Rooms 2 Occupancy 3 Occupied Room-nights 4 Average Daily Room Rate(ADR) 5 Revenues 6 Total Departmental Expenses 7 Departmental Profit 8 Total Non-Departmental Expenses 10 Gross Operating Profit 11 Total Fixed Expenses 12 Net Operating Income S202,356 $331,128 $478,296 $600,936 S689,850 S202,356 $331.128 $478.296 $600,936 $689,850 567,452 $110.376 S159.432 $200,312 $229,950 13 Market Cap Rate 14 Fatimated Real Valu 10% 10% 10% 8% 5%