Page 97 - Valor Hospitality Partners - Casa Anfa Project

PROFORMA

• See proformas on following slides. Some notes:

a) Very little detailed information was provided in the RFP and we have therefore used our best judgement and global

experience to draft an initial model
b) We have submitted for the 5 star and 4-star hotels only. We did not underwrite for the serviced apartments or conference
center until we understand more of the market dynamics and demand. However – we have significant serviced apartment
experience through our UAE office and we know from that experience that we would cluster all services via the hotels

and lower staffing and costs basis dramatically while offering a high level or personalized service

c) We have assumed USD with margins similar to those we experience in Sub-Saharan and Southern Africa. Margins could
be stronger
d) We assumed a 2023 opening for both hotels as per the RFP. This is reflected in the ADR’s, Occupancies and subsequent
RevPAR's and based upon our intelligence of the market today

e) We assumed both to have an International brand

f) We assume both hotels will have strong local support for F&B but did not factor that in

g) We did not assume any memberships for fitness and spa but that is clearly an upside

h) We did not venture to assume property tax rates or property insurance rates

i) We assumed International lending standards for FFE reserves

• Overall, we believe our topline assumptions to be a base case and should we be awarded the assignment, would work
immediately to visit the market, meet with JLL and ownership and create models for all the hospitality components.