{"example":{"cl_advance_rate":0.65,"cl_origination_pct":0.005,"cl_rate":0.085,"cl_term_months":1,"closing_costs_pct":0.02,"exit_cap_rate":0.075,"exit_costs_pct":0.03,"hold_years":5.0,"num_keys":100,"opex_pct":0.35,"other_revenue_pct":0.2,"perm_dscr_min":1.25,"perm_io_months":0,"perm_ltv":0.6,"perm_origination_pct":0.005,"perm_rate":0.075,"perm_term_years":25,"pip_budget":0,"pip_spend_months":1,"purchase_price":73000000,"q1_adr":195.0,"q1_occupancy":0.55,"q2_adr":260.0,"q2_occupancy":0.69,"q3_adr":450.0,"q3_occupancy":0.85,"q4_adr":310.0,"q4_occupancy":0.59,"revenue_escalator_pct":0.03,"stabilized_cap_rate":0.075,"start_date":"2026-01-01"},"properties":{"start_date":{"description":"Acquisition closing date YYYY-MM-DD","title":"Start Date","type":"string"},"hold_years":{"default":5.0,"description":"Hold period from acquisition date","maximum":15.0,"minimum":1.0,"title":"Hold Years","type":"number"},"cl_term_months":{"default":1,"description":"Bridge loan term in months — controls CL payoff and perm sizing. Typically pip_spend_months + 1. Minimize to reduce cap interest.","maximum":60,"minimum":1,"title":"Cl Term Months","type":"integer"},"num_keys":{"default":100,"description":"Number of hotel keys (rooms).","maximum":2000,"minimum":10,"title":"Num Keys","type":"integer"},"purchase_price":{"description":"Acquisition price ($).","exclusiveMinimum":0,"title":"Purchase Price","type":"number"},"closing_costs_pct":{"default":0.02,"description":"Buyer closing costs as % of purchase price (title, legal, transfer taxes).","maximum":0.05,"minimum":0,"title":"Closing Costs Pct","type":"number"},"pip_budget":{"default":0.0,"description":"Property Improvement Plan total budget ($)","minimum":0,"title":"Pip Budget","type":"number"},"pip_spend_months":{"default":12,"description":"PIP drawn straight-line over this many months","maximum":36,"minimum":1,"title":"Pip Spend Months","type":"integer"},"pip_draw_overrides":{"anyOf":[{"items":{"type":"number"},"type":"array"},{"type":"null"}],"default":null,"description":"Optional monthly PIP draw amounts (length = pip_spend_months). Overrides straight-line.","title":"Pip Draw Overrides"},"soft_costs":{"default":0.0,"description":"Additional soft costs at acquisition ($) — due diligence, legal, environmental.","minimum":0,"title":"Soft Costs","type":"number"},"q1_occupancy":{"default":0.55,"description":"Q1 (Jan-Mar) occupancy %","maximum":1.0,"minimum":0,"title":"Q1 Occupancy","type":"number"},"q2_occupancy":{"default":0.69,"description":"Q2 (Apr-Jun) occupancy %","maximum":1.0,"minimum":0,"title":"Q2 Occupancy","type":"number"},"q3_occupancy":{"default":0.85,"description":"Q3 (Jul-Sep) occupancy %","maximum":1.0,"minimum":0,"title":"Q3 Occupancy","type":"number"},"q4_occupancy":{"default":0.59,"description":"Q4 (Oct-Dec) occupancy %","maximum":1.0,"minimum":0,"title":"Q4 Occupancy","type":"number"},"q1_adr":{"default":195.0,"description":"Q1 ADR $/night","exclusiveMinimum":0,"title":"Q1 Adr","type":"number"},"q2_adr":{"default":260.0,"description":"Q2 ADR $/night","exclusiveMinimum":0,"title":"Q2 Adr","type":"number"},"q3_adr":{"default":450.0,"description":"Q3 ADR $/night","exclusiveMinimum":0,"title":"Q3 Adr","type":"number"},"q4_adr":{"default":310.0,"description":"Q4 ADR $/night","exclusiveMinimum":0,"title":"Q4 Adr","type":"number"},"revenue_escalator_pct":{"default":0.03,"description":"Annual ADR / revenue escalator from acquisition year.","maximum":0.15,"minimum":0,"title":"Revenue Escalator Pct","type":"number"},"other_revenue_pct":{"default":0.2,"description":"Other operated revenue as % of net rooms revenue — F&B, parking, spa, fees, misc. Total revenue = net rooms × (1 + other_revenue_pct).","minimum":0,"title":"Other Revenue Pct","type":"number"},"opex_pct":{"default":0.35,"description":"OpEx as % of total revenue. Covers all USALI departments including rooms, F&B, undistributed overhead (A&G, S&M, POM, utilities), franchise fees, marketing/loyalty fees, management fee, FF&E reserve, and property taxes & insurance. NOI = total revenue × (1 − opex_pct). Typical range: 30-40% for full-service hotels.","maximum":1.0,"minimum":0,"title":"Opex Pct","type":"number"},"cl_advance_rate":{"default":0.65,"description":"Bridge loan LTC on (purchase_price + closing_costs + pip_budget).","exclusiveMinimum":0,"maximum":0.8,"title":"Cl Advance Rate","type":"number"},"cl_rate":{"default":0.085,"description":"Bridge loan annual interest rate. Interest capitalized via ACT/365.","exclusiveMinimum":0,"maximum":0.2,"title":"Cl Rate","type":"number"},"cl_origination_pct":{"default":0.005,"description":"Bridge loan origination fee as % of committed loan amount.","maximum":0.03,"minimum":0,"title":"Cl Origination Pct","type":"number"},"stabilized_cap_rate":{"default":0.075,"description":"Lender going-in cap rate for perm sizing at month cl_term_months","exclusiveMinimum":0,"maximum":0.15,"title":"Stabilized Cap Rate","type":"number"},"perm_ltv":{"default":0.6,"description":"Permanent loan LTV — applied as min(stabilized value × LTV, purchase_price × LTV, DSCR max).","exclusiveMinimum":0,"maximum":0.8,"title":"Perm Ltv","type":"number"},"perm_dscr_min":{"default":1.25,"description":"Minimum debt service coverage ratio for perm loan sizing.","maximum":2.0,"minimum":1.0,"title":"Perm Dscr Min","type":"number"},"perm_rate":{"default":0.075,"description":"Permanent loan annual interest rate. Amortization at rate/12 per month.","exclusiveMinimum":0,"maximum":0.2,"title":"Perm Rate","type":"number"},"perm_term_years":{"default":25,"description":"Permanent loan amortization term in years.","maximum":40,"minimum":10,"title":"Perm Term Years","type":"integer"},"perm_io_months":{"default":0,"description":"Interest-only period in months before amortization begins.","maximum":60,"minimum":0,"title":"Perm Io Months","type":"integer"},"perm_origination_pct":{"default":0.005,"description":"Permanent loan origination fee as % of loan amount.","maximum":0.03,"minimum":0,"title":"Perm Origination Pct","type":"number"},"exit_cap_rate":{"default":0.075,"description":"Exit cap rate applied to trailing-12-month NOI to derive sale price.","exclusiveMinimum":0,"maximum":0.2,"title":"Exit Cap Rate","type":"number"},"exit_costs_pct":{"default":0.03,"description":"Seller transaction costs as % of sale price.","maximum":0.06,"minimum":0,"title":"Exit Costs Pct","type":"number"}},"required":["start_date","purchase_price"],"title":"HotelAcqRequest","type":"object"}