PKF Hotel Market Demand and Financial Analysis - DIA Business ...

The Westin Denver International AirportStatement of Estimated Annual Operating ResultsThe Westin Denver International AirportRepresentative Year of OperationStated in 2012 DollarsNumber of Units: 519Number of Annual Rooms Available: 189,435Number of Rooms Occupied: 140,182Annual Occupancy: 74.0%Average Daily Rate: $200.00Revenue Per Available Room: $148.00Amount Ratio Per Room P.O.R.RevenuesRooms $28,036,000 69.0% $54,019 $200.00Food & Beverage 11,915,000 29.3% 22,958 85.00Other Operated Departments 421,000 1.0% 811 3.00Rentals and Other Income 280,000 0.7% 539 2.00Total Revenues 40,652,000 100.0% 78,328 289.99Departmental ExpensesRooms 5,888,000 21.0% 11,345 42.00Food & Beverage 7,745,000 65.0% 14,923 55.25Other Operated Departments 336,000 79.8% 647 2.40Total Departmental Expenses 13,969,000 34.4% 26,915 99.65Departmental Profit 26,683,000 65.6% 51,412 190.35Undistributed ExpensesAdministrative & General 3,100,000 7.6% 5,973 22.11Marketing 2,958,000 7.3% 5,699 21.10Property Operation and Maintenance 1,453,000 3.6% 2,800 10.37Utility Costs 1,298,000 3.2% 2,501 9.26Total Undistributed Operating Expenses 8,809,000 21.7% 16,973 62.84Gross Operating Profit 17,874,000 44.0% 34,439 127.51Base Management Fee 1,220,000 3.0% 2,351 8.70Fixed ExpensesProperty Taxes 0 0.0% 0 0.00Insurance 389,000 1.0% 750 2.77Total Fixed Expenses 389,000 1.0% 750 2.77Net Operating Income 16,265,000 40.0% 31,339 116.03FF&E Reserve 2,439,000 6.0% 4,699 17.40Net Operating Income After Reserve 13,826,000 34.0% 26,640 98.63Subordinate FeesSubordinate Management Fee 407,000 1.0% 797 $3Subordinate CapEx Reserve 1,220,000 3.0% 2,366 $9Total Senior Fees 1,627,000 4.0% 3,163 $12Net Operating Income After Subordinate Fees $12,199,000 30.0% 23,505 $87.02Source: PKF Consulting USAV-23