{"summary":{"engine":"hotel-acq","engine_version":"hotel-acq-1.0.0","passed":4,"failed":0,"pending":0,"all_passing":true,"workbook_sha256":"2bf90e0cdaaf18dac27a2867a06a8cc39f163361d1bbc2d33c38d230804d3b99","checked_at":"2026-08-17T19:33:31.034791+00:00"},"conventions":{"mode":"Acquisition — an existing hotel generating revenue from day 1. With cl_term_months=1 the perm closes at month 1 (no bridge / construction loan; capitalised interest ~0).","revenue":"Rooms revenue = ADR x occupancy x keys x days-in-month with quarterly seasonality; ADR escalates on the calendar year. Other operated revenue is a % of net rooms revenue. NOI = total revenue x (1 - OpEx %).","perm_sizing":"Perm = min(stabilised-value LTV, purchase-price LTV, DSCR-supportable) on forward-12-month NOI from the perm close month; the binding constraint is reported. Debt constant from the monthly PMT on a $1 loan.","exit":"Sale value = trailing-12-month NOI / exit cap rate, less sale costs; the perm balance is repaid.","returns":"Unlevered and levered, project-level (pre-waterfall). IRR via the composed XIRR engine (ACT/365) on monthly month-end dated cash flows; equity multiple = inflows / outflows."},"tolerances":{"cash":0.6,"irr":0.0003,"moic":0.001},"cases":[{"id":"hotel_acq_base","status":"pass","source":{"workbook":"hotel_acq.xlsx","sha256":"2bf90e0cdaaf18dac27a2867a06a8cc39f163361d1bbc2d33c38d230804d3b99","cells":"Inputs R29 (perm loan); Summary Sale Price, GP Equity (total equity), N23/O23 (unlev IRR/MOIC), N24/O24 (lev IRR/MOIC). Project-level returns = XIRR (ACT/365 month-end) on the Proforma (M) unlevered / net-levered rows; the engine composes the XIRR agent.","note":"Acquisition mode (cl_term_months=1): perm closes at month 1, no construction/bridge, cap interest ~0. Perm sizes on forward-12-month NOI; purchase-price LTV (60%) binds. Revenue = ADR x occupancy x keys x days with quarterly seasonality; other revenue 20% of net rooms; OpEx 35% of total revenue; escalation on the calendar year."}},{"id":"hotel_acq_dscr","status":"pass","source":{"workbook":"hotel_acq_dscr.xlsx","sha256":"c7490077b59e00a3d254213d1572bf5fd31879180b8d72e57c5ebcc67ef0b238","cells":"Inputs R29 (perm loan); Summary Sale Price, GP Equity, N/O of Unlevered & Levered IRR/MOIC. perm_dscr_min raised to 1.60; DSCR binds. Perm loan = PV(perm_rate, amort_years, -NOI_12mo/DSCR)."}},{"id":"hotel_acq_ltv","status":"pass","source":{"workbook":"hotel_acq_ltv.xlsx","sha256":"55d5cc8502afab6b337393e3ab41db6b93405202b5ba8b54e3392a2dbe6dd00d","cells":"Inputs R29 (perm loan); Summary Sale Price, GP Equity, N/O of Unlevered & Levered IRR/MOIC. stabilized_cap_rate raised to 0.09; stabilised-value LTV binds. Value NOI uses the EOMONTH(close, S24-2)+1 window."}},{"id":"hotel_acq_bridge","status":"pass","source":{"workbook":"hotel_acq_bridge.xlsx","sha256":"c0c1d9b30fd3acbd8a7aef39e4f93ab4ba97602f6f1879910a3b6c5323def156","cells":"Inputs R29 (perm loan); Summary Sale Price, GP Equity, N/O of Unlevered & Levered IRR/MOIC. Bridge-to-perm with construction loan, capitalized interest, refi shortfall to equity; perm origination booked at refi (not construction-financed); perm first payment month 14."}}]}