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

The Westin Denver International AirportExecutive SummarySummary of Estimated Annual Operating ResultsTotal Net Operating Ratio toYear Revenue Income 1 Total Revenues2015² $16,495,000 $5,839,000 35.4%2016 44,367,000 17,314,000 39.0%2017 47,008,000 17,997,000 38.3%2018 48,427,000 17,178,000 35.5%2019 49,860,000 17,046,000 34.2%2020 51,307,000 16,485,000 32.1%2021 52,909,000 16,503,000 31.2%2022 54,523,000 17,022,000 31.2%2023 56,154,000 16,972,000 30.2%2024 57,799,000 17,447,000 30.2%1 Income before the deduction of depreciation, interest,amortization, and income taxes, but after the deduction of areserve for capital replacement, a subordinate management fee,and a subordinate reserve for capital expenditures. This incomeexcludes the deduction of property taxes.² 2015 represents a stub year beginning August 1, 2015 andending December 31, 2015I-7