EXHIBIT 2: Peach Tree Inn Historical Performance and Financials
Peach Tree Inn - Historical Performance
2010 2011
# rooms 145 145
Rooms sold 35597 35879
Occupancy 67.3% 67.8%
ADR (1) 130.34 132.22
ADR % Change 1.4%
RevPAR (2) 87.67 89.63
RevPAR % Change 2.2%
2012 2013 2014 2015*
145 145 145 145
36028 36148 35553 35670
68.1% 68.3% 67.2% 67.4%
137.65 139.27 140.65 142.21
4.1% 1.2% 1.0% 1.1%
93.70 95.12 94.48 95.85
4.5% 1.5% -0.7% 1.4%
Peach Tree Inn Financials 2013
$(000) % Per Rm
Departmental Revenues
Rooms 5,034 82.0% 139.27
Food & Bev 950 15.5% 26.28
Telephone 2 0.0% 0.06
Parking - 0.0% -
Other 152 2.5% 4.20
TOTAL 6,138 100.0% 169.81
Departmental Expenses
Rooms 981 16.0% 27.14
Food & Bev 786 12.8% 21.74
Telephone 39 0.6% 1.08
Parking - 0.0% -
Other 83 1.4% 2.30
TOTAL 1,889 30.8% 52.26
-
Total Operating Profit 4,249 69.2% 117.55
Unallocated Operating Expenses
General & Admin 502 8.2% 13.89
Sales & Marketing 182 3.0% 5.03
Property Operations 307 5.0% 8.49
Energy 202 3.3% 5.59
TOTAL 1,193 19.4% 33.00
-
Gross Operating Profit 3,056 49.8% 84.55
Fixed Expenses
Property Taxes 339 5.5% 9.38
Insurance 91 1.5% 2.52
Management Fee 234 3.8% 6.47
Franchise Fee 565 9.2% 15.63
Other Fixed 16 0.3% 0.44
TOTAL 1,245 20.3% 34.44
Income before Reserve 1,811 29.5% 50.11
Reserve for Replacement (3) 243 4.0% 6.72
Net Operating Income / Cash Flow 1,568 25.5% 43.39
*Note 2015 is actual for first 6 months and forecast for remainder of year (i.e., through
Darcy and Whiting believed the forecast to be accurate
2014 2015*
$(000) % Per Rm $(000) % Per Rm
5,001 81.5% 140.65 5,073 81.4% 142.21
1,020 16.6% 28.69 1,012 16.2% 28.37
2 0.0% 0.06 1 0.0% 0.03
90 1.5% 2.53 93 1.5% 2.61
23 0.4% 0.65 56 0.9% 1.57
6,136 100.0% 172.57 6,235 100.0% 174.79
1,178 19.2% 33.13 1,214 19.5% 34.03
812 13.2% 22.84 870 14.0% 24.39
42 0.7% 1.18 44 0.7% 1.23
- 0.0% - - 0.0% -
17 0.3% 0.48 4 0.1% 0.11
2,049 33.4% 57.63 2,132 34.2% 59.77
- -
4,087 66.6% 114.94 4,103 65.8% 115.02
575 9.4% 16.17 556 8.9% 15.59
303 4.9% 8.52 298 4.8% 8.35
237 3.9% 6.67 289 4.6% 8.10
214 3.5% 6.02 195 3.1% 5.47
1,329 21.7% 37.38 1,338 21.5% 37.51
- -
2,758 44.9% 77.56 2,765 44.3% 77.51
311 5.1% 8.75 276 4.4% 7.74
83 1.4% 2.33 102 1.6% 2.86
248 4.0% 6.98 252 4.0% 7.06
382 6.2% 10.74 370 5.9% 10.37
- 0.0% - - 0.0% -
1,024 16.7% 28.80 1,000 16.0% 28.03
1,734 28.3% 48.76 1,765 28.3% 49.47
247 4.0% 6.95 250 4.0% 7.01
1,487 24.2% 41.81 1,515 24.3% 42.46
der of year (i.e., through Dec 31, 2015) 13.20 purchase multiple
0.076 Cap rate
EXHIBIT 3: Key Lodging Statsistics in Savannah Market
Savannah (Overall) Market Data
Year Supply ChangeDemand Chang
Occupancy(%)Occupancy Ch
2011 6.20 2.60 70.10 -0.80
2012 9.00 3.90 66.80 -4.70
2013 2.30 10.90 72.60 8.40
2014 0.00 0.10 72.70 0.20
2015* 0.00 1.80 73.90 1.80
Savannah Competition
Property Type Rooms 2014 Occupancy
Andaz Boutique 151 80.2%
Autograph MaBoutique 125 68.4%
Bohemian HotBoutique 75 88.2%
Residence InnNational Chai 109 87.4%
Marshall Hou Boutique 68 NA
Planters Inn Boutique 60 NA
Hyatt RegencyNational Chai 351 80.9%
Marriott National Chai 387 65.9%
River Street I Boutique 86 NA
Specific Stats for Savannah competitive set (9 hotels above)
2009 2010 2011 2012
ADR 145.33 151.88 153.67 157.74
Occupancy 74.3% 75.4% 74.3% 73.6%
* Forecast for 2015
ADR ($) ADR RevPAR ($) RevPAR
Change (%) Change (%)
130.87 -3.3 91.74 -5.1
131.36 0.4% 87.75 -4.4%
130.16 -0.9% 94.50 7.7%
136.54 4.9% 99.26 5.0%
140.73 3.1% 104.00 4.8%
014 Occupancy
2013 2014 2015*
161.03 163.29 167.33
72.4% 73.5% 74.3%
EXHIBIT 4 Project Budget
$000
Property Acquisition 20,000
Construction / renovation 7,770
Other Fees & Expenses
Architects, designers 519
Hotel & Rest F&F 3,348
Information Technology 584
Operating supplies / Equipment 1,081
Pre-opening & Marketing 858
Property Taxes & Insurance 62
Financing Fees & Expenses 233
Construction Period Debt Payment 2,029
Accounting & Legal 123
Reserve / Working capital 250
Contingency 1,000
Total "other" 10,087
Grand Project Total 37,857
Financing Structure
Debt Capacity 65%
Total Debt 24,607.05
Total Equity 13,249.95
