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THE BOUTIQUE HOTEL REPORT



        *SOURCE: THE BOUTIQUE HOTEL REPORT 2020 - WWW.HIGHLAND-GROUP.NET


              The Boutique Hotel Report 2020                Luxury & Upper Upscale Independent Boutiques                                 Hotel ZaZa Dallas                                  Hotel ZaZa Houston Museum District
         Occupancy %                                                 78.2%                                                        71.2%                                                        68.0%
         # of Properties Reporting                                       20                                                            1                                                            1
         # of Available Rooms Reporting                               5104                                                           166                                                         313
         Average Size                                                                     255                                                           166                                                          313

         ADR                                                       $274.72                                                      $298.29                                                      $251.38
         RevPAR                                                    $214.83                                                      $212.38                                                      $170.94
         TrevPAR                                                   $332.37                                                      $336.59                                                      $335.38
         GOPPAR                                                    $104.51                                                      $132.63                                                      $114.73


         Revenue                                                  %                 POR                  PAR                   %                 POR                 PAR                    %                 POR                 PAR
           Rooms                                                     64.6%              $274.72             $78,390               59.0%             $278.72             $78,014                51.2%             $252.40             $59,090
           Food & Beverage                                           27.7%              $117.54             $33,538               35.0%             $165.41             $46,298                41.7%             $205.73             $48,164
           Other Operated Departments                                  2.9%              $12.17              $3,472                3.5%               $16.70              $4,675                3.0%              $14.61               $3,420
           Rentals & Other Income                                      4.8%              $20.60              $5,876                2.5%               $11.90              $3,332                4.1%              $20.46               $4,789
         Total Revenue                                              100.0%              $425.03           $121,276               100.0%             $472.74            $132,319               100.0%             $493.20            $115,463
         Departmental Expenses
           Rooms                                                     29.4%               $80.71             $23,031               22.0%               $61.31            $17,161                22.0%              $55.48             $12,988
           Food & Beverage                                           83.5%               $98.09             $27,991               61.4%             $101.61             $28,441                63.6%             $130.80             $30,621
           Other Operated Departments                                91.8%               $11.17              $3,188               57.3%               $16.40              $4,591               73.0%              $25.58               $5,989
         Total Departmental Expenses                                 44.7%              $189.97             $54,210               37.9%             $179.32             $50,192                43.0%             $211.86             $49,597
         Departmental Profit
           Rooms                                                     70.6%              $194.01             $55,359               78.0%             $217.41             $60,853                78.0%             $196.93             $46,102
           Food & Beverage                                           16.5%               $19.45              $5,547               38.6%               $63.80            $17,857                36.4%              $74.94             $17,543
           Other Operated Departments                                  8.2%              -$7.28                $284               42.7%              -$47.10                 $84               27.0%              -$60.33             -$2,568
         Total Departmental Profit                                   55.3%              $235.06             $67,066               62.1%             $293.42             $82,126                57.0%             $281.35             $65,866
         Undistributed Operating Expenses
           Administrative & General                                    8.8%              $37.43             $10,680                8.2%               $38.71            $10,834                 7.5%              $36.78               $8,610
           Information and Telecommunication                           1.5%               $6.30              $1,799                2.0%                $9.66              $2,702                1.7%                $8.60              $2,012
           Marketing                                                   6.9%              $29.21              $8,336                6.9%               $32.53              $9,105                7.0%              $34.36               $8,044
           Utility Costs                                               2.4%              $10.20              $2,910                1.7%                $7.94              $2,222                2.5%              $12.13               $2,840
           Property Operation & Maintenance                            4.3%              $18.27              $5,213                3.9%               $18.31              $5,126                4.2%              $20.76               $4,860
         Total Undistributed Operating Expenses                      23.9%              $101.41             $28,938               22.7%             $107.14             $29,988                22.8%             $112.62             $26,366
         Gross Operating Profit                                      31.4%              $133.65             $38,128               39.4%             $186.28             $52,138                34.2%             $168.73             $39,500
           Management Fees                                             2.7%              $11.50              $3,282                4.4%               $20.96              $5,868                3.4%              $16.85               $3,946
         Income Before Fixed Charges                                 28.7%              $122.15             $34,846               35.0%             $165.31             $46,270                30.8%             $151.87             $35,555

         Selected Fixed Charges
           Rent                                                        3.1%              $13.46              $3,840                1.1%                $5.29              $1,481                0.4%                $2.06               $481
           Taxes                                                       4.1%              $17.26              $4,925                5.2%               $24.49              $6,854                4.6%              $22.45               $5,257
           Insurance                                                   3.2%              $13.71              $3,911                1.0%                $4.65              $1,303                1.0%                $5.12              $1,198
         EBITDA/Net Operating Income                                 18.3%               $77.72             $22,170               27.7%             $130.88             $36,632                24.8%             $122.25             $28,619



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