SAMPLE HOTEL VALUATION by Osman Cenk Demiroglu, 2001
Operational Analysis
| Fiscal Years ended | Year 2005 | Year 2006 | Year 2007 | Year 2008 | Year 2009 | Year 2010 | Year 2011 |
| at the last day of Decembers | |||||||
| SALES | |||||||
| Rooms Revenue | 8.163.225 USD | 9.312.975 USD | 10.462.725 USD | 10.462.725 USD | 10.462.725 USD | 10.462.725 USD | 10.462.725 USD |
| Number of Rooms | 150 | 150 | 150 | 150 | 150 | 150 | 150 |
| ADR | 210 USD | 210 USD | 210 USD | 210 USD | 210 USD | 210 USD | 210 USD |
| Occupancy Rate @ (%) | 71 | 81 | 91 | 91 | 91 | 91 | 91 |
| Food and Beverage | 4.081.613 USD | 4.656.488 USD | 5.231.363 USD | 5.231.363 USD | 5.231.363 USD | 5.231.363 USD | 5.231.363 USD |
| Other (Parking, Car Rental etc...) | 1.632.645 USD | 1.862.595 USD | 2.092.545 USD | 2.092.545 USD | 2.092.545 USD | 2.092.545 USD | 2.092.545 USD |
| Total Revenues | 13.877.483 USD | 15.832.058 USD | 17.786.633 USD | 17.786.633 USD | 17.786.633 USD | 17.786.633 USD | 17.786.633 USD |
| DEPARTMENTAL EXPENSES | |||||||
| Rooms | 1.959.174 USD | 2.235.114 USD | 2.511.054 USD | 2.511.054 USD | 2.511.054 USD | 2.511.054 USD | 2.511.054 USD |
| Food and Beverage | 3.061.209 USD | 3.492.366 USD | 3.923.522 USD | 3.923.522 USD | 3.923.522 USD | 3.923.522 USD | 3.923.522 USD |
| Other | 734.690 USD | 838.168 USD | 941.645 USD | 941.645 USD | 941.645 USD | 941.645 USD | 941.645 USD |
| Total Expenses | 5.755.074 USD | 6.565.647 USD | 7.376.221 USD | 7.376.221 USD | 7.376.221 USD | 7.376.221 USD | 7.376.221 USD |
| DEPARTMENTAL INCOMES | |||||||
| Rooms | 6.204.051 USD | 7.077.861 USD | 7.951.671 USD | 7.951.671 USD | 7.951.671 USD | 7.951.671 USD | 7.951.671 USD |
| Food and Beverage | 1.020.403 USD | 1.164.122 USD | 1.307.841 USD | 1.307.841 USD | 1.307.841 USD | 1.307.841 USD | 1.307.841 USD |
| Other | 897.955 USD | 1.024.427 USD | 1.150.900 USD | 1.150.900 USD | 1.150.900 USD | 1.150.900 USD | 1.150.900 USD |
| Total Operating Dept. Income | 8.122.409 USD | 9.266.410 USD | 10.410.411 USD | 10.410.411 USD | 10.410.411 USD | 10.410.411 USD | 10.410.411 USD |
| UNDISTRIBUTED OPERATING EXPENSES | |||||||
| Operator Related Expenses | 816.323 USD | 931.298 USD | 1.046.273 USD | 1.046.273 USD | 1.046.273 USD | 1.046.273 USD | 1.046.273 USD |
| Operator Related Expenses (%) | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| General and Administrative | 812.241 USD | 926.641 USD | 1.041.041 USD | 1.041.041 USD | 1.041.041 USD | 1.041.041 USD | 1.041.041 USD |
| General and Administrative (%) | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Marketing | 649.793 USD | 741.313 USD | 728.729 USD | 728.729 USD | 728.729 USD | 728.729 USD | 728.729 USD |
| Marketing (%) | 8 | 8 | 7 | 7 | 7 | 7 | 7 |
| POMEC | 406.120 USD | 463.321 USD | 624.625 USD | 624.625 USD | 728.729 USD | 728.729 USD | 832.833 USD |
| POMEC (%) | 5 | 5 | 6 | 6 | 7 | 7 | 8 |
| Total | 2.684.477 USD | 3.062.572 USD | 3.440.667 USD | 3.440.667 USD | 3.544.771 USD | 3.544.771 USD | 3.648.875 USD |
| INCOME BEFORE FIXED CHARGES | 5.437.932 USD | 6.203.838 USD | 6.969.744 USD | 6.969.744 USD | 6.865.640 USD | 6.865.640 USD | 6.761.536 USD |
| FIXED CHARGES | |||||||
| Depreciation (DDB Method) | 4.000.000 USD | 2.857.143 USD | 2.040.816 USD | 1.457.726 USD | 1.041.233 USD | 743.738 USD | 531.241 USD |
| Insurance | 200.000 USD | 200.000 USD | 200.000 USD | ||||