Do a 5 Year Valuation with 100% capacity (0% Vacancy),

Case #1 Pension Funds
Name	Empire Hotel
Location	Rochester, NY
Acquisition Year	1994
Year of Construction	1969
Cost	$ 9,800,000.00
Occupancy	60%
Capitalization Rate	10%-12%
Rooms	364
Average Rate	$72
Rooms * Average Rate	$26,208
Performace in $1000's
Revenues
Rooms	$ 5,739.00
Food & Beverage	$ 3,900.00
Other	$ 361.00
Total Revenues	$ 10,000.00
+
Departmental Exoenses
Rooms	$ (1,386.00)
Food & Beverage	$ (2,925.00)
Other	$ (267.00)
Total Departmental Exoenses	$ (4,578.00)
Total Revenues	$ 5,422.00
House Expenses
Administration	$ (790.00)
Base Management Fee	$ (301.00)
Advertising/Promotion	$ (690.00)
Repairs/Maintenance	$ (522.00)
Heat/Light/Power	$ (472.00)
Total Other House Expenses	$ (2,775.00)
Gross Operating Profit	$ 2,647.00
Other Cash Expenditures
Real Estate Taxes	$ (569.00)
Insurance	$ (307.00)
Reserves for furniture, fixtures, and equipment	$ (659.00)
Total Other Cash Expenditures	$ (1,535.00)
Net Cash from Operations before Debt Service	$ 1,112.00