Hotel Development & Acquisition Model (USALI P&L, DSCR) – Excel XLSX

BENEFITS OF THIS DOWNLOADABLE EXCEL DOCUMENT

1. Builds revenue and expense on the USALI departmental structure, so the file produces a Gross Operating Profit line before NOI instead of a single revenue row.
2. Tracks annual DSCR across the hold against a three-statement build whose balance check reads zero in all ten years.
3. One toggle on the Assumptions tab adds ground-floor retail, parking and branded residences, or removes them for a clean pure-play hotel underwrite.

FINANCIAL MODELING EXCEL DESCRIPTION

Hotel Development & Acquisition Model (USALI P&L, DSCR) is an Excel template (XLSX) with a supplemental document available for immediate download upon purchase.

Hotel operators report their P&L by department, and lenders read it that way. Rooms carries its own revenue and its own departmental cost. So does Food & Beverage. So do the Other Operated Departments. Undistributed costs, the management fee and the franchise fee sit below all of that, which is what produces a Gross Operating Profit line before anything becomes NOI. Without that structure a hotel file is really a generic real estate pro forma with a hotel label on it: revenue on one row, and none of the department detail a lender expects to see.

This workbook keeps the USALI departmental structure end to end. ADR and occupancy ramp year by year from opening through stabilization, and RevPAR is calculated from the two rather than typed in. Management fee, franchise fee and FF&E reserve are all percentages you set, so the operator and brand economics of a specific deal can be reproduced instead of approximated.

The development side runs on a monthly S-curve construction budget with interest during construction capitalized into the cost basis. A construction loan takes out into permanent debt with an interest-only period you set, and there is an optional cash-out refinancing. Annual DSCR is tracked across the hold and the minimum is highlighted, which is the number a construction lender asks about first.

All of it lands in three linked statements, P&L, Cash Flow and Balance Sheet, with a balance check that reads zero in every period. The Returns tab separates project and equity IRR, then runs a GP/LP waterfall with a preferred return and two promote tiers. The DCF exits two ways, a cap rate applied to stabilized NOI and a price per key, because those are the two numbers hotel buyers argue about.

One toggle on the Assumptions tab switches on a mixed-use module covering ground-floor retail, parking and branded residences. Switched on, that revenue flows through the statements, the returns and the exit. Switched off, the file is a clean pure-play hotel underwrite and the buyer is not walking through complexity the deal does not have.

Fifteen tabs, ten years, no macros and no circular references. Nothing is password protected, every formula is visible, and every input cell is blue and sits on one tab.

Figures in the demo scenario as delivered: Project IRR 10.1%, levered Equity IRR 17.3%, MOIC 3.03x, LP net IRR 16.1%, NPV of 4.7 million dollars at an 8.5% WACC, minimum DSCR 1.56x, stabilized RevPAR of 148.95 dollars, exit value of 366 thousand dollars per key on a 180-key property.

The secondary document is a plain text README with the same setup steps as the START HERE tab.

License: single user.

Source: Best Practices in Financial Modeling, Hotel Industry Excel: Hotel Development & Acquisition Model (USALI P&L, DSCR) Excel (XLSX) Spreadsheet, FinModelAI