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HomeMy WebLinkAboutSubmittal-Orlando Alonso-Olympia Theater1 inommmmmix 1 1 11 a 1 1 1 1 sorstr- _ \ IAA sk6\c"\\k\ - C!ic\q4 Mt,hs 6\miligk.--v\Af Submitted into the pub 'e on recoZilLn(s) • City Clerk IMM Submitted into the public record fqr it�m(s) on rj ��i/7l{ City Clerk 1 A 1-3RII 1In HISTORY At the turn of the 20th century, the basic t infrastructure of Miami was being put into place. it was a resort city, but the pioneers had a much grander vision. A downtown area began to develop and Q families began to establish roots in the growing metropolitan area." ' Shown in Figure 1, l2th Street at the start of Downtown Miami's growth. 1 (Pike,, 2019) 1 1 Submitted into the p ib i record fir i m(s) Pt Lt On 1/IVtit . City Clert "This photograph features the intersection of SE Second Avenue and Flagler Street in 1904. At the time the picture was taken, the corner was referred to as Avenue B and Twelfth Street. The building shown is the Halcyon Hall Hotel, where the Alfred 1 Dupont building sits today. On the southwest corner of the intersection lies the future location of the Olympia Theater." ("Olympia Theater Property in 1904") Submitted into the public record for ite s) i- on `) t l i . city clerk [' `' !I J +'1 I44 � E lie 971 lIl, REAL ESTATE OPPoIiTv : 13u f TS LETIN FOR SALE mu. F,.t . Several thoueand scree of Okeechobee muck lands. ranging in price from Fifteen Dallaars 015.00) to Four Htmdred Dollars 0400.00 can be had an easy terrace. Sev- eral hundred acres of Ron ideal for raising castor beans at ten dollars ($10.00) per sera. Samoa BROTHERS COMPANY 304 17 TM St Opposite Hal -y " Hc!rl e'x �m 6rIL Jr: tt,�a tr �l i�. Ia" 1 tYOt ry Iwr' rbeT tom, CnY Pr.P.", Peeing "The residence on the corner was rented by Dr. James Jackson and his wife in 1897. While sitting on the front porch of this home, Mrs. Jackson looked diagonally across the street and admired the vacant wooded lot. Within a year, the couple bought two lots on that corner. The couple built their home on the northeast corner- of NE Second Avenue and Flagler Street in 1899. " Shown in Figure 3, the original for sale ad for the lot across the Halcyon Hotel. ("Olympia Theater Property in 1904 ) 1 Submitted into the pa lie record f9 r items) on_ 1/U/1M . City Clerk "Six years later, Dr. Jackson built his surgical office behind their home in 1905. Both buildings were moved in 1916 when the Jacksons decided to move out of downtown Miami. The surgical office still stands at 190 SE 12th Terrace and is used as the headquarters for Dade Heritage Trust." Shown in Figure 4, the original Dr. Jackson surgical office that is currently located in Brickell. ("Olympia Theater Property in 1904") Submitted into the pubic record foj it(s) C. t on 11 I I I/ (,M . City Clerk "The home that the Jacksons rented in 1897 was replaced with the first Hippodrome Theater in 1913, After Dr. Jackson moved his home and office in 1916, the land of both buildings was used to construct the second Hippodrome Theater and office building in 1917. Much like the Jackson family, the theater made a move diagonally across the street to the northeast corner of NE Second Avenue and Flagler Street." Shown in Figure 5, the intersection of Flagler Street and NE 2nd Avenue. ("Olympia Theater Property in 1904"Y Submitted into the quirk record fpr i ru s) }M� 011 / f l T,4 City Clerk Figure 6 The home of the First Hippodrome theater became the Airdrome Theater in 1918. The Airdome Theater was demolished in 1924 to make room for today's Olympia Theater. ("Okvmpia Theater Property in 1904') GI A!RDROMI THE, 01.1) HtPf`c1I)SIN E-.—NJA�11 HELLO, MISS MIAMI! Yes, You Are Goin' to Have Some Real Shows VAUI3EVILLE AND TABLOID MUSICAL COMEDIES With First Run Moving Pictures. A Full Chance of Bill Every Second Day WEEK OF MAY 13TH Southern Beauties Tabloid Musical Comedy GIRLS---GIRLS--GIRLS Comedy, Fun, Then More Comedy ENJOY A GOOD SHOW OUT IN THE COOL EVENING BREEZES Smoking Permitted —Soft Drinks Served THREE SHOWS DAILY-4:30, 6:30, 11:30 • Admission--15c-30c Figure 8 i Submitted into the public record r item(s) �c11 on 1 114/ VI City Clerk "Construction of the Olympia Theater and Office Building began in May 1925, and the grand opening took place on February 11, 1926. The architect for the Olympia Theater and Office Building was John Eberson of Chicago. Eberson was America's foremost atmospheric theater designer. " ("Olympia Theater Designation Report", 1983) "In 1926, the property for the Olympia was owned by Edna Rickmers. She leased the property to Paramont Enterprises Inc for 99 years. Paramont was the builder and original operator of the atmospheric theater and office building. Rickmers was a long time Miami resident and next -door neighbor of the Brickell family dating back to the early 1900s. It was Edna who gave the theater its name." ("Olympia Theater Property in 1904") Figure II Submitted into the pubic record �fur itfm(s) A(.'_ on 4 City Clerk Figure 13 1 Submitted into the public record fgr itym(s) fi �.• on 1/ t11 t . City Clerk "John Eberson, who had designed his first atmospheric theater, the Majestic Theater in Houston, just two years before, was selected by Paramount as the architect. Paramount sought to build one of the most elaborate theaters in the South. Unlike the Majestic, the Olympia was designed with air conditioning, and is said to be the first air conditioned theater in the South." ("Olympia Theater Designation Report", 1983) "Eberson was the master of "atmospheric" theater design. The atmospheric theaters give the illusion of sitting in an exotic setting and reflected his European heritage, especially in statuary and interior motifs. in addition, Eberson's theater interiors contained landscape and garden influences with numerous fountains and grottoes." (Moore, 2008) Submitted into the public record Fir itpm(s) _ A C on 1/ ►l /1.4 . City clerk Figure 16 Figure 17 Figure 1d Submitted into the pu lic record fqr itim(s) on ifCity Clerk f�L' MPIA�ryy�}TN Aria F. AT -GPARA? '$/T "lM7Ii`gpA13ILS -UWN1Q CHLR MN f b P. .oNR - cADAMITi�CT A HAIL IMQQtNIEW- Submitted into the public record fqr itgm,4s) C 1 on 'll l41 ti9 . City Clem �i4�urcl.2 Submitted into the pu lic record 9r it m(s) • orsCity Clerk With the opening of the Olympia Theater, Downtown Miami began to see itself transform into an oasis for the arts and entertainment. Around every street corner, residents and winter birds would Find themselves a new club where they can soak in the tropical nightlife. When one venue would overflow, another would open and pick up the scraps. Ple„3-c 23 Submitted into the pubVe record fur item(s) AC, i on `�/ 11/ t' City Clerk Submitted into the public record for item(s) on "1/. City Clerk Figure 28 !AMU( F'LA,. Business increases up to 2CC . Kegler Street, Miami, Fla. the "Broadway" of laiiaiari as it looks today, patronized by mare than 200,000 winter vit.itora. Motels, apartment houses, department stores, in fact every type of businena from the pea- nut vendor to the railroad office has enjoyed the biggest boot in city's history --even outdoing the 1925 high mark. Figure 29 ,.� W—arm.. '�, ........ r r P/ I �+►rrra: rr.ay°�r� 1.y.... c-ti.t.t•t•�1 t t•A• uf•t•t +I.EUErEjaill�nEyq.,.p.. .,J ;:si3s�ai sasSILOS apit%cuP4V y mamas:1 Ere144!34i� 1E�multgnAlllinifflll"s4441/;441slw ESTAGE p'� IllN1H[6tRliM Submitted into the pubj C record f r it m([� on n�i\i2) 4s. City Clerk "Throughout its history, the Olympia Theatre has been host to the world's most exciting performers in the arts and entertainment community. Cultural icons such as Elvis Presley, B.B. Kings, Luciano Pavarotti and Ella Fitzgerald have proved memorable evenings under the theatres twinkling stars." Fans from all around would flock to Downtown Miami to see their favorite artists perform in a venue like no other. Shown in Figure 31, the crowd in the Olympia Theater alley waiting for Elvis Presley. (Hubbell) Submitted into the pulirC record f r rc m''SSs) on 1. City Clerk Figure 32 Figure 33 Concert Association of treaterMiaati, Inc. A Not•For•Pratlt Organization In cooperation with rn Trust Bank— the Private Bank & The Grand Bay Rote/ presents 1.ti'.\I11tn1 1ton.E IDALABORTDMBWEEKENDt 8 PM PI CiAL BENEFIT CONCERT usman Center for the Pe rforming Arts Ist raciest) .ri ttr Sohn VD �O rnr. ttett.saru Fri/i`�ti FiFnr'irurN�"iw'�'r�T � diN py F7dp1'sV �b,tA IN.i if-✓''uy,uy 83: S4 One nl a trio W" A � i rn+�iP� rru� �� Figure 34 Submitted into the puiitic record f r item(s) H 1 on '1L / 11 . City Clerk "Renamed as the Maurice Gusman Cultural Center, extensive restorations in the 1970's were overseen by famed architect Morris Lapidus, and the theatre was named to the National Register of Historic Places in 1984." (Hubbell) Figure 36 Submitted into the puplic record for itfm(s) JC,, _ on IV City Oat Picture 3) Submitted into the public record for item(s) . CityCler "Time continued to take its toll on the theatre however, and by the late-1990's virtually every structural system of the theatre was in need of repair and replacement. Richard J. Heisenbottle, AIA, was retained to develop an ambitious, multi -year plan for additional stabilization and restoration work. In order to minimize Toss of income for the theatre, construction was planned to occur during only the summer months, when bookings were normally at a minimum. Critical components were broken down into construction segments that could be completed in three months. During the rest of each year, the architectural and engineering team completed plans and theatre management secured funds for the next round of work." (Hubbell) JP\ Submitted into the putliic record f r itgm(s) �}l on 9/ i l i l . City Clerk :, OO2 REPAIRS A\D RESTORATION "The theatre owes its distinctive character to architect John Eberson, the master of `Atmospheric' theatre design, and it is one of the few Eberson theatres around the world still standing and in regular use. Restoration of Eberson's original design scheme, including colors and finishes, was another top priority of the construction plan. Following detailed analysis, decorative painters restored the original, vibrant paint scheme to the decorative plasterworl< throughout the theatre." (Hubbell) ircier We Submitted into the pu1�l c record for it m(s) f } on 'll Ik /I A . City Clerk '£ a�C�., } Submitted into the public record c9r. i m(s) AC,1. On 1/ I / 'L . City C1eri Figur ..,.+ Figure 98 Figure 50 1 0 1 1 1 1 1 11 Submitted into the public record fppr itetp(s) A (,� on rl/'li, ri City Clerk OCTOPFR, 2002 REPAIRS A\ D RESTORATIO\ "'The theater's reopening left the patrons awestruck. 'No one believed that it could be quite as stunning and beautiful as it turned out to be,' recalls Heisenbottle. 'Folks walked into the theater and it brought tears to their eyes: At the project's completion, The Olympia Theater looked as it once did at the turn of the 20th century. With vibrant colors painting the atmospheric scenery with Mediterranean Revival hues, the theater had once again come to life. " (Kirk, 2003) Submitted into (the public :ord / I1�/ p�,45� C on eCity Clerk Submitted into the public record fro; it5m(s) on '11 t 1/ t'1 . City Clerk Submitted into the public record fpr ijem(s) Ac , 1 on '1/ City Clerk Submitted into the public record f r i m(s) on City Clerk I'i ure 58 Submitted into the public record fpr itm(s) AC, Z on IJiI1t4 . City Clerk PRES ',NT2022 REPAIRS AND RESTORATION, Today, the Olympia Theater sits in the heart of downtown with dire need of repair. From its dilapidated structure and mechanical systems, to its peeling paint and flickering spirit, the theater thirsts to be brought to life along with the rest of downtown. The soul that once vibrated through the city streets is emerging once more with new projects in the horizon. The City of Miami is at the forefront of the resurrection of this once vivacious theater. They propose to not only restore and repair the urgent items the Olympia faces, such as, interior structural repairs, reroofing of the theater, historic paint and plaster repair, replacement of dated mechanical systems, marquee and ticket booth restoration, and emergency fats;ade restoration, but they also propose to reimagine the program of the ground floor retail space and 10-story apartment building. Submitted into the public record fpr i em(s) i (.. L on *1�� }� i.� . City Clerk PRFSL\T, 2022 PROPOSED SCOPE OF WORK The City of Miami proposes to transform the existing apartment building into a luxurious boutique hotel that Downtown Miami has yet to ever experience. This buildout comes vvith a hotel lobby expansion that now introduces a cocktail lounge where guests can sit back and relax while they wait to be escorted to their trendy, new -age room. Beside the bar, one can Lind themselves in the city's smoothest jazz club where patrons can sip on their cocktails while listening to the sounds of the past that once played in the Olympia. With a short stroll along Flagler Street, one can conveniently use the Laundromat facilities during the day, but after hours, if you request to pick up your dry cleaning, you will be escorted behind the racks of clothes to an inconspicuous elevator that will lead you to the city's newest speakeasy rooftop bar and restaurant. This venue will feature an unforgettable dining experience along with late night games of mini - golf, foosball, ping pong, and a photo booth to capture the night. Submitted into the public record f r i m(s) A(., 1 on '1 I , City Clerk mpc0000aoaopp i' ar SPEAKEASY .00pp. OD�O'�pOOO 700 mom ❑o4 ®a® Oo0 ®o® ❑o4 LAUNDROMAT 1If Wee WM ❑04 eD Q 0 GROUND CO\CEPT PLA\ !. 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 JAZZ CLUB HOTEL LOBBY So BAR n Submitted into the public record for i m(s) AL.1. "1 . City Clerk Figure 64 Submitted into the *lie record f r ip city clerk I. • 444`. • (iAltiftoo1 Figure 65 Figure 66 Submitted into the pu lic record f r i m(s) !C, i. on `j/y,}i�j City Clerk SPEAKEASY ENTRANCE 1 1 1 1 0 r 1 0 HOTEL S� o \\\\ THEATER o VALET 1 u LAUNDRO'MAT 1 1 1 Submitted into the public .cord fqr it m(s) j { 9/ I kJ? City Clem Figure 67 Submitted into the public record for item(s) .C„ 1 on 'U 11 / 1,4 . City Clerk Figure 69 Submitted into the pu !ic ocerc"r"-iifil t City Clerk Figure 71 Submitted into the public record fof itgm(s) A C,1 on 1/ I / 7,4 . City Clerk 1 1 L HOTEL ROOM CO\CEPT PLA\ � u Submitted into the puliic record for' em1{s) ''�� on ' n/ Di City Clerk a a 1 1 1 a a 1 1 1 1 DELUXE SLJTE STANDARD ROOM Submitted into the pu lie record f r t m{S) [ City Clerk pe -• Figure 73 Submitted into the *lac record or ilem(s) JAC— I. „ t . City Clerk Figure 77 Submitted into the pultgic record for itpm(s) {„ on rbf11/'(,q City Clerk 0 40. 0 O O MINI -GOLF GAMES Q� Iffili KITCHEN SPEAKEASY BAR E. RESTAURANT 1 teOlin 01110, PHOTO do D1 BOOTH 02000-, u a e u SPEAKEASY CO\CEPT PLAN Submitted into the public record fpgr irr�m(s) A(.a 1 on '1/ II / Ly - City Clerk MINI -GOLF ROOF DECK GAMES Submitted into the public record fpr ilem(s) AC. on n / / L City Clerk Figure 79 Figure 80 Submitted into the puleie record fyir it9m(s) iC oII"Pit‘ LL1 • City Clerk Submitted into the Inge record f ittm(s) /�i • 1 on `I%I\tt' . City Clerk DJ&JPHOTO I300TH SPEAKEASY Submitted into the Me record for item(s) on /1‘k . City Clerk Figure 85 Submitted into the publicp record for itgm(s) t\ C. i. On 1) I11 ty . City Clerk Figure 88 Submitted into the p4311c r 71 `1,T(s) record f ty Clerk Submitted into the puWip record for item(s) L, A. on 1/ v IA . City Clerk Submitted into the puplic City Clerk record f r item(s) on 'I/I111.1 . ENNISMoRE The Olympia Hotel, a Morgans Original Operating Projections Q1 2024 Ennismore 2023. Private & Confidential Submitted into the pulatie record fqr item(s) I-\ on J.0 t 11 L� . City Clerk ENNISMoRE a e i � Operating Assumptions 0 1 1 1 1 OO Ennismore 2023. Private & Confidential Submitted into the pu lic record fo it s) AC o+t . City Clerk a a 1 1 1 1 0 1 1 1 1 1 1 Hotel Program Assumptions Disclaimer: This forecast was prepared in early 2024, during a time where the global COVID-19 pandemic has caused an unprecedented downturn in the global economy, and the hospitality industry has been drastically affected. As the situation continues to develop, the projections attached herein reflect our best estimate of supply and demand levels in the subject market. The projections assume a recovery from the downturn; additionally, the projections assume that no additional economic crisis, natural disaster or other unforeseen event will impact the American Hospitality Industry, nor the greater Miami lodging market, during the projection period. Guestrooms Food & Beverage 77 guestrooms 3 Total F&B Outlets: • Lobby Bar Jazz Club Rooftop Bar & Restaurant ENN SMDIE Submitted into the 1/ tthe pulp s record item(s) otf ! • City Clerk 1 1 1 a 1 u Competitive Set Supply & Demand Assumptions Property Name SLS Brickell Hotel & Residences W Hotel Miami Autograph Collection Hotel Beaux Arts Year Open Nov 2016 Feb 2009 Room Count 124 146 Dec 2010 44 EAST, Miami May 2016 352 The Gabriel Miami Downtown, Curio Collection by Hilton Jan 2010 130 Hotel Operating Assumptions Projections assume the hotel to begin operations on January 1, 2027. Projections assume a stabilized date of December 31, 2029. Labor Assumption The projections assume a non -unionized operation. 11311111, Supply & Demand Occupancy is expected to stabilize at 73.4% in 2029, representing an 102.5% index to the competitive set. ADR is expected to stabilize at $364.17 in 2029, representing an 95% index to the competitive set. Submitted into the puklip record for tli ' �{{ i 11 ota � 4 City Clerk 1 1 Hotel Operating Assumptions Operating Assumptions ROOMS 66.1% Stabilized profitability in 2029 FOOD & BEVERAGE 30.8% Stabilized profitability in 2029 MOD (Minor Operated Departments) 0.0% of Total Revenue MISCELLANEOUS INCOME 0.5% of Total Revenue, based on comparable properties (Includes Concessions, Cancellation/Attrition, other miscellaneous revenue sources and resort fee of $0 at 71% capture rate in 2022 value dollars. TOTAL ADMINISTRATIVE & GENERAL Administrative & General Credit Card Commissions INFORMATION TECHNOLOGY TOTAL SALES & MARKETING Sales & Marketing S&M Support Fee Loyalty Program (ALL) Fee 7.0% of Total Revenue 4.5% 2.5% 1.4% 4.9% 3.0% 1.5% 0.3% of Total Revenue, based on comparable properties of Total Revenue of Total Revenue, based on comparable properties of Total Revenue of Total Revenue, based on comparable properties of Total Revenue (Accor contract amount) of Total Revenue, assumes qualified revenues based on a 14.6%stabilized contribution rate (Rooms Revenue) and a 4.75% loyalty fee on qualified revenues F&B OUTLET FEE F&B Outlet Fee REPAIRS & MAINTENANCE UTILITIES BASE MANAGEMENT FEE 1.0 % 1.0% 1.7% 1.3% 3.0% of Total Revenue Assumes a 2.0% stabilized fee (F&B Outlet Revenue) of Total Revenue, based on comparable properties of Total Revenue, based on comparable properties of Total Revenue INCENTIVE MANAGEMENT FEE 2.9% of Total Revenue, to be negotiated with Owners PROPERTY TAXES* 2.5% of Total Revenue, based on comparable properties INSURANCE* 0.8% of Total Revenue, based on comparable properties FF&E RESERVE 4.0% of Total Revenue, includes ramp up 2.0% in Year 1, 3.0% in Year 2 and 4.0% thereafter *Please note that the Owner should conduct further due diligence to confirm these estimates. ENNI3HDRE Submitted into the puplic record fir iiem(s) t 1 on `1%il I t4 . City Clerk 11 0 0 COMPETITIVE SET HISTORY & FORECAST Currency in USD Comp Set Supply' % Change Comp Set Demand % Change COMP. SET HISTORY 2017 2018 2019 2020 2021 2022 YID May YID May 2022 2023 COMP. SET FORECAST (INCLUDING SUBJECT PROPERTY)' 2023 2024 2025 2026 2027 2028 2029 2030 2031 279,328 289,445 289,720 111,964 267,010 290,540 3.696 0.1% -61.4% 138.5% 8.8% 185,853 194,537 204,183 64,613 190,346 210,366 4.7% 5.0% -68.4% 194.6% 10.5% 120,196 120,196 0.0% 93,514 94,650 1.2% 290,540 291,336 290,540 290,540 0.0% 0.3% -0.3% 0.0% 202,390 201,760 203,785 207,446 -3.8% -0.3% 1.0% 1.8% Comp Set Occupancy 66.5% 67.2% 70.5% 57.7% 71.3% 72.4% 77.8% 78.7% 69.7% 69.3% 70.1% 71.4% Change in Occupancy % 1.096 4.996 -18.1% 23.5% 1.6% - 1.296 -3.8% -0.6% 1.3% 1.8% Comp Set ADR 1 1 Y 1 1 % Change Comp Set RevPAR %Change 0247.41 4270.97 0265.20 0328.17 0325.58 0364.92 9.5% -2.1% 23.7% -0.8% 12.1% #428.19 0397.41 -7.2% 4359.10 0352.76 0350.71 4356..08 -1.6% -1.8% -0.6% 1.596 *164.61 *182.12 0186.90 *189.38 0232.10 0264.22 0333.14 0312.95 0250.15 0244.30 0245.99 4254.24 10.6% 2.6% 1.396 22.6% 13.8% - -6.1% -5.3% -2.3% 0.7% 3.4% 'NOTE: Comp Set Supply includes the Subject Property and any weighted New Supply {fapplicable). The Olympia Hotel, A Morgans Original FORECAST & POSITIONING Subject Occupancy % Change Occupancy Index Subject ADR % Change ADA Index Subject RevPAR % Change RevPAR Index 318,645 319,518 318,645 318,645 318,645 9.7% 0.3% -0.3% 0.0% 0.0% 222,693 225,366 228,070 228,070 228,070 7.4% 1.2% 1.2% 0.0% 0.0% 69.9% 70.5% 71.6% 71.6% 71.6% -2.1% 0.9% 1.5% 0.096 0.0% 4361.33 0372.17 0383.34 0394.84 #406.68 1.5% 3.0% 3.096 3.016 3.0% 0252.52 0262.50 *274.37 4282.60 0291.08 -0.7% 4.016 4.596 3.0% 3.0% 2017 2018 2019 2020 2021 2022 2022 2023 2023 2024 2025 2026 2027 2028 2029 2030 2031 ADR in 2022 Dollars' RevPAR in 2022 Dollars' Assuming a 3 % Inflation Rate ENNIS" 69.9% 71.2% 73.4% 73.4% 73.4% 1.4% 2.1% 0.0% 0.0% 100.071 101.08 102.58 102.5% 102.5% 4328.81 ¢346.12 4364.17 +375.09 +386.35 5.3% 5.2% 3.0% 3.0% 91.0% 93.0% 95.0% 95.0% 95.0% ¢229.80 1246.57 ¢267.17 ¢275.18 0283.44 7.3% 8.4% 3.096 3.0% 91.0% 93.9% 97.4% 97.4% 97.4% 4283.63 4289.57 1296.10 4296.10 4296.10 4198-23 420650 4217.23 4217.23 4217.23 4'4 n 1 1 11 1 1 1 1 1 1 Submitted intoo (the pu is on record "-1/1ltl'L4s) City Clerk ALL FIGURES IN USD 1 1-1 1 2027 %of Rev PAR POR F'17 2028 %of Rev PAR POR 1 13 2020 %of Rev PAR POR I 1 4 2030 %efRev PAR POR 11 .; 2031 %of Rev PAR POR DAYS OPEN ROOM COUNT ROOMS AVAILABLE OCCUPANCY OCCUPIED ROOMS AVERAGE DAILY RATE REVPAR 365 368 385 365 365 77 77 77 77 TT 28,105 28,182 28,105 28,105 28,105 69.9% 71,2% 73.4% 73.4% 73.4% 19,642 20,076 %Cb9 20,919 %Cbe 20,819 .g 20,619 % Ig 0328.81 0346,12 5.3% 0364.17 5.2% $375.09 3.0% 4386.35 3,0% $246.57 7.3% 422980 4267.17 8.4% 4275.18 3.0% 0283.44 3.0% REVENUE: ROOMS FOODS BEVERAGE MOD MISCELLANEOUS INCOME 06,458.5 48.8 % 083,876 0328.81 06,948.8 49.4 % 090,244 0346.12 07,508.8 49.9 % 997,517 0364.17 07,734.1 49.9 % $100,442 0375.09 07,966.1 49.9 3 $103,458 0386.35 46,705.5 50.7 % 487,085 334139 47,059.5 50.1 % *91,681 $351-63 47,467.8 49.6 % 996,984 0362.18 $7,691.8 494 % 4913,894 0373-04 47,1122.6 49.6 % 9102,890 4384.24 90.0 OD % 40 $0.00 40.0 OA % 40 40.00 $0.0 0.0 % $0 $0.00 40.0 0.0 % 40 40.00 40.0 0.0 % 40 $0.00 $64.6 0.5 % 4839 43.29 $69.5 0.5 % 1902 43.46 475.1 0.5 % 4975 43.64 477.3 0.5 % 41,009 $3.75 979.7 0.5 % 41,035 93.86 TOTAL REVENUE 413,228.E 100,0 % 4171,799 4673.49 414,077.7 100.0 % 4182,828 4701.21 415,051.7 100.0 % 4195,476 4729.99 415,503.2 100.0 % 4201,340 4751.89 015,968,3 100.0 % 4207,381 4774,44 EEO DEPARTMENTAL EXPENSES: ROOMS FOODS BEVERAGE MOD 02,279.1 35.3 % 029,599 0116.03 02,402.1 34.6 % 031,196 0119.65 02,543.8 33.9 % 433,037 0123.37 02,620.2 33.9 % 034,028 0127.07 02,698.8 33.9' % 035,049 0130.89 95,425.8 80.9 % 070,465 4276.29 45,446.6 77.2 % 070,735 4271-29 *5,171.0 69.2 % 067,156 4250.79 15,326.2 69.2 % $69,171 0256.31 45,486.0 69.2 % 071,246 0266.06 40.0 0.0 % 40 $0.00 90.0 0.0 % 40 40.00 40.0 0.0 76 40 40.00 00.0 0.0 % 90 $0.00 90.0 0.0 % 40 40.00 TOTAL DEPARTMENTAL EXPENSES 47,704.0 58.2 % 4100,054 4392.27 47,818.6 55.8 % 4101,930 $390.94 47,714.9 51.3 % 4100,193 4374.16 47,946.3 513 % 4103,190 4385.39 48,184.7 51.3 % +106,205 4306.05 TOTALDEPARTMENTAL PROFIT 45,523.6 41.8 % 471,736 4281.22 46,229.1 44.2 % 480,897 4310.27 47,336.8 48.7 % 495.285 1355.82 47,556.0 48.7 % 498,141 4360.50 47,783.E 49.7 % 4101,085 4377A9 UNDISTRIBUTED OPERATING EXPENSES 4IUDOE1: TOTAL ADMINISTRATIVE & GENERAL INFORMATION TECHNOLOGY TOTAL SALES & MARKETING F&B OUTLET FEE REPAIRS & MAINTENANCE UTILITIES $966.5 7.3 % 012,552 $49.21 01,006.5 7,1 % 413,071 050.13 01,050.1 7.0 % 013,638 450.93 41,081.3 7.0 % 014,043 452.44 01,113.4 7.0 % $14,460 95400 4185.2 1.4 % 42,405 49.43 $197.1 1.4 % 42,560 49.82 4210.7 1.4 % $2,737 410.22 $217.0 1.4 % 42,819 $10.53 $223.6 1.4 % 42,903 *10.84 450.7 5.1 % $8,724 934.20 $700.7 5.0 % $9,100 $34.90 $732.5 4.9 % 49,513 435.52 $754.4 4.9 % 49,798 43659 $777.1 4.9 % 010,092 $37.69 4155.2 1.0 % 42,016 07.53 9128.6 1.0 % 41,670 45.55 4136.8 1.0 % 41,777 48.82 4146.3 1.0 % 41,900 47.10 4150.7 1.0 % 91,957 07.31 9227,7 1.7 % 42,957 411.59 $239.7 1.7 % 93,113 411.94 1253.6 1.7 % 93,293 412.30 4261.2 1.7 % *3,392 412.67 9269.0 1.7 % 93,494 013.05 $191.8 1.4 % 42491 09.55 4182.2 1.4 % 42,366 49,27 9202.9 1.3 % 42,635 49.84 0209.0 1.3 % $2,714 010.13 4215.2 1.3 % 42,795 010.44 TOTALUDOE }2,361.9 17.9 % 430,674 412.0.25 42,472.6 17.6 % 032,112 4123.16 02,596.1 17.2 % $33,715 0125.91 42,673.6 17.2 % }34,722 4129.67 +2,753.5 17.2 % +35,760 4133.54 GROSS OPERATING PROFIT: (16, NON -OPERATING INCOME AND EXPENSE: 43,161.8 23.9 % 441,062 *160.97 4396.9 3.0 % 15,154 $20.20 0279.6 2.1 93,631 414.23 $357.1 2.7 44,637 418.1E 1107.1 0.8 41,391 *5.45 43,756.5 26.7 % 448,785 4187.11 4422.3 3.0 % 15,485 421.04 9336.7 2.4 04,372.10 916.77 4367.8 2.6 44,776 418.32 9110.3 0.8 41,433 45.50 04,740.7 31.5 % 461,567 4229.92 4451.6 3.0 % 45,864 021.90 4432.3 2.9 15,619.78 420.97 4378.8 2.5 $4,919 418.37 4113.6 0.8 41,476 0551 04,883.2 31.5 % 063,419 4236.83 4465.1 3.0 % 46,040 422.56 9445.3 2,9 05,783.65 921.60 4390.2 2.5 45,067 418.92 4117.0 0.8 41,520 05.68 *5,030.1 31.5 % 465,326 0243.95 4479.0 3.0 % 06,221 423.23 4458.7 2.9 45,957.58 922.25 9401.9 2.5 $5,219 019.49 4120.6 0.8 41,56E 45.85 BASE MANAGEMENT FEE INCENTIVE MANAGEMENT FEE' PROPERTY TAXES INSURANCE TOTAL NON-OPERAT1NG INCOME/EXPENSE 41,190.6 8.6 % 414,813 458.07 41,237.1 8.8 % 416,066 461.62 41,3763 9.1 % 417,874 486.75 41.417.7 9.1 % 418,411 468.75 41,460.2 0.1 % 418,964 470.82 EBITDA FF&E RESERVE PRIMA LESS REPLACEMENT RESERVE ® 52,021.2 15.3 % 426,240 4102.00 4264.5 2.0 % 43,436 013.47 41,755.E 133 % 422,813 489.43 42,519.4 17.0 % 432,719 012,5.49 0422.3 3.0 96 95,485 421.04 4® 14.9 % 427,235 4109.45 43,364.4 22.4 % 443,683 4153.17 9602.1 4.0 % 47,819 429.20 42® 18.4 % 435,879 4133.97 43,465.E 22A % 445,008 4168.08 0820.1 4.0 % 48,054 430.08 18.4 % 438,954 4138.00 _._ 4®.5I +3,569.9 22.4 % 445,362 4173.13 0638.7 9.0 % 98,295 430.98 4 18.4 % 438,067 4142.16 ENN SMOPE ENNISMoRE as Submitted into the p blic record fpr i m(s) MC,. L on `]/ UU!u City Clerk I1 Operating Projections a. >ti 1 1 3 ■ 1 DISCLAIMER: The attached projections are based on estimates only, and are in no way made as representations or guarantees. These projections are confidential, and have been made for internal planning purposes only. Actual performance will be determined by many factors which cannot be accurately projected at this time and will be subject to changes in conditions assumed in these projections such as construction design, timetable for completion, local and global economic factors and the like. These projections may not be distributed to third parties without the written consent of Ennismore ("Ennismore"). Ennismore disclaims all liability and responsibility for any reliance placed by anyone upon these projections. Any recipient of these projections is deemed to have acknowledged this disclaimer, agreed to keep these projections confidential and to have waived any and all claims, demands, or causes of action which they may have against Ennismore, its officers, directors, employees, and affiliated companies in any way related to their use of or reliance upon these projections. Ennismore 2023. Private & Confidential Submitted into the p blic record f r it m s) C. on } 7 City Clerk ENNISMDRE Supply and Demand n Eruusmore 2023. Private & Confidential Submitted into the public record f r i (s} an 1 l! City Clerk ENNISMDRE © Ennisrnore 2023. Private & Confidential