{"summary":{"engine":"hotel-dev","engine_version":"hotel-dev-1.0.0","passed":3,"failed":0,"pending":0,"all_passing":true,"workbook_sha256":"175229f5362b7089459587283c67d071cdb6495e7ae62d6ad93164650cf13a0f","checked_at":"2026-08-17T19:33:31.045219+00:00"},"conventions":{"mode":"Ground-up development (Dev mode of the unified hotel engine). No purchase price; the basis is land + hard costs + soft costs + developer fee.","cost_draws":"Land drawn at month 1; hard costs on the S-curve (passed via hard_cost_draw_pcts) over construction_months; soft costs spread over soft_cost_months; developer fee (% of land+hard+soft) drawn at first occupancy. Construction-loan origination is financed into the draw (not in the unlevered basis).","construction_loan":"Advances cl_advance_rate x each month's cost + capitalized interest (ACT/365), pari passu with equity. Runs to the CL term, where the perm takes it out.","occupancy":"Occupancy is 0 during construction; first occupancy is the month after construction (construction_months + 1). The revenue escalator anchors on the first-occupancy year.","perm_sizing":"Perm = min(stabilized-value LTV, DSCR-supportable) on the 12-month NOI window from construction end; DSCR sized via annual PV. No purchase-price LTV branch (no purchase).","hold_exit":"The hold is measured from construction end (exit = construction end + hold_years). Sale = trailing-12-month NOI / exit cap rate, less costs; perm repaid.","returns":"Unlevered and levered, project-level (pre-waterfall). IRR via the composed XIRR engine (ACT/365) on monthly month-end cash flows; equity multiple = inflows / outflows."},"tolerances":{"cash":0.6,"irr":0.0003,"moic":0.001},"cases":[{"id":"hotel_dev_base","status":"pass","source":{"workbook":"hotel_dev.xlsx","sha256":"175229f5362b7089459587283c67d071cdb6495e7ae62d6ad93164650cf13a0f","cells":"Inputs R29 (perm), S20 (construction loan); Summary Sale Price, GP Equity, N/O of Unlevered & Levered IRR/MOIC. Perm sized on min(stabilized-value LTV, DSCR via annual PV) over the 12-month window from construction end; no purchase-price branch (dev)."}},{"id":"hotel_dev_dscr","status":"pass","source":{"workbook":"hotel_dev_dscr.xlsx","sha256":"bc88caa9fe97542dec2d1bb9b4fd5948f0194d975cb15c39a1022de5af1933c7","cells":"Inputs R29 (perm), S20 (construction loan); Summary Sale Price, N/O of Unlevered & Levered IRR/MOIC. perm_dscr_min=1.50; DSCR binds via annual PV; perm < CL -> equity funds the refi shortfall."}},{"id":"hotel_dev_straightline","status":"pass","source":{"workbook":"hotel_dev_sl.xlsx","sha256":"92666af41ef9971fbd66f360517a1eb4e4c3aa8925c7ef2fb704bca401034035","cells":"Inputs R29 (perm), S20 (construction loan); Summary Sale Price, GP Equity, N/O of Unlevered & Levered IRR/MOIC. Draw row = flat 1/18; engine called with no draw vector (default even draw)."}}]}