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["Timeline"]
[null,null,"Period",null,null,null,null,"Start","Period",null,0,{"$f":"K2+1","v":1},{"$f":"L2+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,{"$f":"BX2+1","v":66},67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,"Development Period",null,null,null,null,{"$f":"G18","v":3},12,null,null,{"$f":"L2<=$H$3","v":true},{"$f":"M2<=$H$3","v":true},true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BY2<=$H$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Construction Period",null,null,null,null,{"$f":"H3+G20","v":43},1,null,null,{"$f":"AND(L2>$H$3,L2<=$H$4)","v":false},{"$f":"AND(M2>$H$3,M2<=$H$4)","v":false},false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BY2>$H$3,BY2<=$H$4)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Operating Periods",null,null,null,null,{"$f":"H4+G22","v":73},3,null,null,{"$f":"AND(L2>$H$4,L2<=$H$5)","v":false},{"$f":"AND(M2>$H$4,M2<=$H$5)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(BY2>$H$4,BY2<=$H$5)","v":true},true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Exit Period",null,null,null,null,{"$f":"H5","v":73},null,null,null,{"$f":"L2=$H$6","v":false},{"$f":"M2=$H$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BY2=$H$6","v":false},false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Months per Period",null,null,null,null,null,null,null,null,{"$f":"SUMPRODUCT(L3:L5*$I$3:$I$5)","v":12},{"$f":"SUMPRODUCT(M3:M5*$I$3:$I$5)","v":12},12,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,3,3,3,3,3,3,3,3,3,3,3,3,3,3,3,3,3,3,3,3,3,3,{"$f":"SUMPRODUCT(BY3:BY5*$I$3:$I$5)","v":3},3,3,3,3,3,3,3,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"End Date of Period",null,null,null,null,null,null,null,{"$f":"EOMONTH(G17,-1)","v":"2014-12-31"},{"$f":"EOMONTH(K8,L7)","v":"2015-12-31"},{"$f":"EOMONTH(L8,M7)","v":"2016-12-31"},"2017-12-31","2018-01-31","2018-02-28","2018-03-31","2018-04-30","2018-05-31","2018-06-30","2018-07-31","2018-08-31","2018-09-30","2018-10-31","2018-11-30","2018-12-31","2019-01-31","2019-02-28","2019-03-31","2019-04-30","2019-05-31","2019-06-30","2019-07-31","2019-08-31","2019-09-30","2019-10-31","2019-11-30","2019-12-31","2020-01-31","2020-02-29","2020-03-31","2020-04-30","2020-05-31","2020-06-30","2020-07-31","2020-08-31","2020-09-30","2020-10-31","2020-11-30","2020-12-31","2021-01-31","2021-02-28","2021-03-31","2021-04-30","2021-07-31","2021-10-31","2022-01-31","2022-04-30","2022-07-31","2022-10-31","2023-01-31","2023-04-30","2023-07-31","2023-10-31","2024-01-31","2024-04-30","2024-07-31","2024-10-31","2025-01-31","2025-04-30","2025-07-31","2025-10-31","2026-01-31","2026-04-30","2026-07-31","2026-10-31",{"$f":"EOMONTH(BX8,BY7)","v":"2027-01-31"},"2027-04-30","2027-07-31","2027-10-31","2028-01-31","2028-04-30","2028-07-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31","2028-10-31"]
[null,null,"Start of Month",null,null,null,null,null,null,null,null,{"$f":"K8+1","v":"2015-01-01"},{"$f":"L8+1","v":"2016-01-01"},"2017-01-01","2018-01-01","2018-02-01","2018-03-01","2018-04-01","2018-05-01","2018-06-01","2018-07-01","2018-08-01","2018-09-01","2018-10-01","2018-11-01","2018-12-01","2019-01-01","2019-02-01","2019-03-01","2019-04-01","2019-05-01","2019-06-01","2019-07-01","2019-08-01","2019-09-01","2019-10-01","2019-11-01","2019-12-01","2020-01-01","2020-02-01","2020-03-01","2020-04-01","2020-05-01","2020-06-01","2020-07-01","2020-08-01","2020-09-01","2020-10-01","2020-11-01","2020-12-01","2021-01-01","2021-02-01","2021-03-01","2021-04-01","2021-05-01","2021-08-01","2021-11-01","2022-02-01","2022-05-01","2022-08-01","2022-11-01","2023-02-01","2023-05-01","2023-08-01","2023-11-01","2024-02-01","2024-05-01","2024-08-01","2024-11-01","2025-02-01","2025-05-01","2025-08-01","2025-11-01","2026-02-01","2026-05-01","2026-08-01",{"$f":"BX8+1","v":"2026-11-01"},"2027-02-01","2027-05-01","2027-08-01","2027-11-01","2028-02-01","2028-05-01","2028-08-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01","2028-11-01"]
[null,null,"Year",null,null,null,null,null,null,null,null,{"$f":"YEAR(L9)","v":2015},{"$f":"YEAR(M9)","v":2016},2017,2018,2018,2018,2018,2018,2018,2018,2018,2018,2018,2018,2018,2019,2019,2019,2019,2019,2019,2019,2019,2019,2019,2019,2019,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2021,2021,2021,2021,2021,2021,2021,2022,2022,2022,2022,2023,2023,2023,2023,2024,2024,2024,2024,2025,2025,2025,2025,2026,2026,2026,{"$f":"YEAR(BY9)","v":2026},2027,2027,2027,2027,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028,2028]
[null,null,"Contruciton Month",null,null,null,null,null,null,null,null,{"$f":"K11+L4","v":0},{"$f":"L11+M4","v":0},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,{"$f":"BX11+BY4","v":40},40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40]
[null,null,"Construction Year",null,null,null,null,null,null,null,null,{"$f":"ROUNDUP(L11/12,0)*L4","v":0},{"$f":"ROUNDUP(M11/12,0)*M4","v":0},0,1,1,1,1,1,1,1,1,1,1,1,1,2,2,2,2,2,2,2,2,2,2,2,2,3,3,3,3,3,3,3,3,3,3,3,3,4,4,4,4,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"ROUNDUP(BY11/12,0)*BY4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Assumption"]
[null,null,null,null,"Units"]
[null,"Timing Assumption"]
[null,null,"Development Start",null,"Date",null,"2015-01-01"]
[null,null,"Development Period",null,"Years",null,3]
[null,null,"Land Puchase and Financing Date",null,"Date",null,{"$f":"EDATE(G17,G18*12)","v":"2018-01-01"}]
[null,null,"Construction Period",null,"Months",null,40]
[null,null,"Temporary Occupancy Date",null,"Date",null,{"$f":"EDATE(G19,G20)","v":"2021-05-01"}]
[null,null,"Holding Period",null,"Quarters",null,30]
[null,null,"Exit Period",null,"Date",null,{"$f":"EDATE(G21,G22*3)","v":"2028-11-01"}]
[]
[null,"Construction Cost Assumptions and Development"]
[null,null,null,"Development Costs","Percent",0.05,{"$f":"F26*G31","v":1600000}]
[null,null,null,"Number of Rooms","Rooms",null,80]
[null,null,null,"Cost Per Room - USD","USD/Room",null,300000]
[null,null,null,"Total Facility Cost","USD ",null,{"$f":"PRODUCT(G27:G28)","v":24000000}]
[null,null,null,"Land Cost","USD ",null,8000000]
[null,null,null,"Total Cost","USD ",null,{"$f":"SUM(G29:G30)","v":32000000}]
[null,null,null,"S-Curve - Year",null,null,null,1,2,3,4]
[null,null,null,"Spend Percent","Percent",null,null,0.2,0.4,0.3,0.1]
[]
[]
[null,"General Economic Assumption"]
[null,null,null,"Year",null,null,{"$f":"YEAR(G17)","v":2015},{"$f":"G37+4","v":2019},{"$f":"H37+4","v":2023},{"$f":"I37+4","v":2027},{"$f":"J37+4","v":2031},{"$f":"K37+4","v":2035}]
[null,null,null,"Revenue Inflation","Percent",null,5.0000000000000001E-3,0.01,1.0999999999999999E-2,1.4999999999999999E-2,1.7999999999999999E-2,1.7999999999999999E-2]
[null,null,null,"Cost Inflation","Percent",null,5.0000000000000001E-3,0.01,1.0999999999999999E-2,1.4999999999999999E-2,0.02,2.1999999999999999E-2]
[null,null,null,"Base Interest Rate (LIBOR)","Percent",null,2E-3,1.4999999999999999E-2,0.02,2.5000000000000001E-2,0.03,0.03]
[]
[null,"Revenues Assumptions"]
[null,null,null,"RevPar - USD/Day","USD/Room/Day",null,180]
[]
[null,null,null,"Year",null,null,1,2,3,null,4]
[null,null,null,"Occupancy Rate","Pct per year",null,0.6,0.65,0.7,null,0.75]
[null,null,null,"Other Revenues - Room Service and Conferences","Pct of Revenues",null,0.31,{"$f":"G47","v":0.31},{"$f":"H47","v":0.31},null,{"$f":"I47","v":0.31}]
[]
[null,"Operating Expense Assumptions"]
[null,null,null,"Number of Staff","Number",null,60]
[null,null,null,"Average Salary per Annum USD","USD/Year Real",null,25000]
[null,null,null,"Overhead Percent","Pct of Salary",null,0.3]
[null,null,null,"Other Cost as Percent of Salary","Pct of Salary",null,0.6]
[null,null,null,"Food and Other Costs as Percent of Salary","Pct of Salary",null,0.39]
[]
["Capital Allowance and Depreciation"]
[null,null,null,"Corporate Tax Rate","Percent",null,0.2]
[null,null,null,"Capital Allowance Period","Year",null,10]
[]
["Financing Assumptions"]
[null,null,null,"Loan to Value - Loan Cost",null,null,0.8]
[null,null,null,"Repayment Period",null,null,10]
[null,null,null,"Credit Spread",null,null,1.4999999999999999E-2]
[]
[null,null,"Construction Loan"]
[null,null,null,"Loan to Value",null,null,0.65]
[null,null,null,"Cash Sweep Percent",null,null,0.7]
[null,null,null,"Credit Spread",null,null,0.02]
[]
[null,null,null,"Up-front Fees",null,null,0.01]
[null,null,null,"Commitment Fees",null,null,1.4999999999999999E-2]

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[]
[null,"Set-up model assumptions"]
[]
[null,"Careful with model with model structures"]
[null,null,"Time Line"]
[null,null,"Construction Costs"]
[null,null,"Operating Income"]
[null,null,"Taxes"]
[null,null,"Financing"]
[]
[null,"Date Functions"]
[null,"Lookup Functions"]