Start Month

Number of Rooms (As per Architects confirmation)

Days Trading P.A.
Available Rooms
Occupancy %
Occupied Rooms

Average Room Rate (nett excluding all taxes & breakfast Allocation) $100.00 0.00%

Escalation of Average Room Rate increasing at p.a.

Rev PAR
Rooms Per Month 30 days/month
Revenues
Rooms uses Occupancy %
F&B factor uses Rooms
F&B (restaurant, pool restaurant, main bar, room service) % of room revenue
Conference Room % of room revenue 17.00%
Other Factor uses Rooms
Other % of room revenue
Total Revenue

Ops Costs Factors

OPS Cost Factor (Rooms) factor of revenue Rooms
OPS Cost Factor (f&b) factor of revenue Food & Beverage
OPS Cost Factor (cr) factor of revenue Conference Room
OPS Cost Factor (Other) factor of revenue Other

Deductions Factors
Admin & General factor of Total Revenue
Sales and Marketing (3% fee + 2% local at unit level) factor of Total Revenue
Heat, Light & Power factor of Total Revenue
Repairs & Maintenance factor of Total Revenue

Operating Cost
Rooms
F&B
Conference Room
Other
Total Operating Cost

Deductions
Admin and General
Sales and Marketing (3% fee + 2% local at unit level)
Heat, Light & Power
Repairs & Maintenance
Total Deductions

Gross Operating Profit (GOP)

Licence Fee Factor

Licence Fee

Gross Operating Profit (GOP) After Licencing Fee

Management Fee (GOP after Licensing Fee) Factor

Management Fee (GOP after Licensing Fee)

Income Before Fixed Charges

Fixed Charges
Property Tax and Insurance Factor
Property Tax and Insurance (Subject to owners confirmation)

EBIDTA

Reserve For Replacement Factor

Reserve For Replacement

Net Operating Income (NOI)

Gross Operating Profit / Total Revenue

Net Operating Profit / Total Revenue

Projections are best estimates and should only be used for indicative purposes. Protea Hotels (U) L
 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

2017 2018 2019 2020 2021 2022 2023 2024

1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024
76 76 76 76 76 76 76 76
365 365 365 365 365 365 365 365
27,740 27,740 27,740 27,740 27,740 27,740 27,740 27,740
20% 45% 50% 52% 56% 58% 60% 60%
5,548 12,483 13,870 14,425 15,534 16,089 16,644 16,644

$100 $107 $114 $123 $131 $140 $150 $161

7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%

$20.00 $48.15 $57.25 $63.70 $73.40 $81.35 $90.04 $96.35
$456.00 $1,026.00 $1,140.00 $1,185.60 $1,276.80 $1,322.40 $1,368.00 $1,368.00

$554,800 $1,335,681 $1,587,976 $1,767,100 $2,036,243 $2,256,594 $2,497,816 $2,672,663

22.00% 20.00% 20.00% 18.00% 16.00% 15.00% 14.00% 14.00%
$122,056 $267,136 $317,595 $318,078 $325,799 $338,489 $349,694 $374,173
R 94,316 R 227,066 R 269,956 R 300,407 R 346,161 R 383,621 R 424,629 R 454,353
7.00% 6.00% 6.00% 5.50% 5.00% 4.50% 4.00% 4.00%
$38,836 $80,141 $95,279 $97,191 $101,812 $101,547 $99,913 $106,907
$810,008 $1,910,024 $2,270,806 $2,482,776 $2,810,015 $3,080,250 $3,372,051 $3,608,095
R 24,300.25

18.00% 16.00% 16.00% 15.00% 15.00% 14.00% 13.50% 13.70%

65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00%
60.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
30.00% 40.00% 40.00% 40.00% 40.00% 50.00% 50.00% 50.00%

11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00% 11.00%

5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

$99,864 $213,709 $254,076 $265,065 $305,436 $315,923 $337,205 $366,155

$79,336 $173,639 $206,437 $206,751 $211,769 $220,018 $227,301 $243,212
$56,590 $22,707 $26,996 $30,041 $34,616 $38,362 $42,463 $45,435
$11,651 $32,056 $38,111 $38,876 $40,725 $50,773 $49,956 $53,453
$247,441 $442,110 $525,620 $540,733 $592,547 $625,076 $656,926 $708,256

$89,101 $210,103 $249,789 $273,105 $309,102 $338,828 $370,926 $396,890

$40,500 $95,501 $113,540 $124,139 $140,501 $154,013 $168,603 $180,405
$48,600 $114,601 $136,248 $148,967 $168,601 $184,815 $202,323 $216,486
$24,300 $57,301 $68,124 $74,483 $84,300 $92,408 $101,162 $108,243
$202,502 $477,506 $567,702 $620,694 $702,504 $770,063 $843,013 $902,024

$360,065 $990,408 $1,177,485 $1,321,349 $1,514,965 $1,685,111 $1,872,113 $1,997,815

1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

$8,100 $19,100 $22,708 $24,828 $28,100 $30,803 $33,721 $36,081

$351,965 $971,307 $1,154,777 $1,296,521 $1,486,865 $1,654,309 $1,838,392 $1,961,735

2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

$20,250 $47,751 $56,770 $62,069 $70,250 $77,006 $84,301 $90,202

$331,715 $923,557 $1,098,006 $1,234,452 $1,416,614 $1,577,303 $1,754,091 $1,871,532

 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
$12,150 $28,650 $34,062 $37,242 $42,150 $46,204 $50,581 $54,121

$319,565 $894,906 $1,063,944 $1,197,210 $1,374,464 $1,531,099 $1,703,510 $1,817,411

3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

$24,300 $57,301 $68,124 $74,483 $84,300 $92,408 $101,162 $108,243

$295,265 $837,606 $995,820 $1,122,727 $1,290,164 $1,438,691 $1,602,349 $1,709,168

44.45% 51.85% 51.85% 53.22% 53.91% 54.71% 55.52% 55.37%

36.45% 43.85% 43.85% 45.22% 45.91% 46.71% 47.52% 47.37%

oses. Protea Hotels (U) Limited can not guarantee future actuals will meet projections & investor should rely on their own 3rd party independent feasibility.
 Year 9 Year 10

2025 2026
1/1/2025 1/1/2026
76 76
365 365
27,740 27,740
60% 60%
16,644 16,644

$172 $184

7.00% 7.00%
$103.09 $110.31
$1,368.00 $1,368.00

$2,859,749 $3,059,932
14.00% 14.00%
$400,365 $428,390
R 486,157 R 520,188
4.00% 4.00%
$114,390 $122,397
$3,860,661 $4,130,908 $28,335,596

13.70% 12.50%
65.00% 65.00%
10.00% 10.00%
50.00% 50.00%

11.00% 11.00%
5.00% 5.00%
6.00% 6.00%
3.00% 3.00%

$391,786 $382,491
$260,237 $278,454
$48,616 $52,019
$57,195 $61,199
$757,834 $774,163 $5,870,704

$424,673 $454,400
$193,033 $206,545
$231,640 $247,854
$115,820 $123,927
$965,165 $1,032,727 $7,083,899

$2,137,663 $2,324,018 $15,380,992

1.00% 1.00%
$38,607 $41,309

$2,099,056 $2,282,709 $15,097,636

2.50% 2.50%
$96,517 $103,273

$2,002,539 $2,179,436 $14,389,246

1.50% 1.50%
$57,910 $61,964

$1,944,629 $2,117,473 $13,964,213

3.00% 3.00%
$115,820 $123,927

$1,828,810 $1,993,546 $13,114,145

55.37% 56.26%
47.37% 48.26%
Payrol factor based on the occuancy