Synthetic example: every name, party and figure in this record is fictional.
Saguaro Select Hotel - Tempe, AZ
Stabilized select-service acquisition adjacent to the Desert Valley University campus and the Loop 202 corridor. The underwriting case holds ADR flat in year one and assumes occupancy stays in the low-to-mid 70s, with a franchise-mandated PIP funded at close out of the sources & uses rather than out of operations.
Property
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},
"_notes": null,
"keys": 142,
"year_built": 2009,
"year_renovated": 2019,
"building_class": "B",
"asset_subtype": "select_service",
"brand": "Lanternbrook Select",
"franchise_expiration": "2034-06-30",
"stories": 5,
"meeting_space_sqft": 2400,
"parking_spaces": 168,
"land_area_acres": 2.7,
"condition": "good"
}Rent Roll
json
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},
"_notes": "Hospitality has no lease-based rent roll. This section carries the trailing-twelve room-night statistics that stand in for one: available room nights are keys x 365, and occupied room nights come from the comp-set benchmark report.",
"available_room_nights": 51830,
"occupied_room_nights": 38000,
"occupancy": 0.73316612,
"adr": 160.0,
"revpar": 117.3065792012,
"vacancy_pct": 0.26683388,
"segmentation": [
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"segment": "transient",
"room_nights": 21280,
"adr": 168.5
},
{
"segment": "group",
"room_nights": 9120,
"adr": 152
},
{
"segment": "contract",
"room_nights": 7600,
"adr": 141.25
}
]
}NOI Model
json
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},
"_notes": "USALI-shaped. Gross operating profit is struck after departmental and undistributed expenses; the management fee, fixed charges, and the FF&E reserve fall below GOP to reach NOI.",
"income": {
"rooms_revenue": 6080000,
"food_beverage_revenue": 620000,
"other_operated_departments": 145000,
"miscellaneous_income": 55000,
"effective_gross_income": 6900000
},
"expenses": {
"rooms_department": 1520000,
"food_beverage_department": 496000,
"other_departmental": 87000,
"administrative_general": 462000,
"sales_marketing": 428000,
"franchise_fees": 486400,
"property_operations_maintenance": 276000,
"utilities": 262000,
"management_fee": 207000,
"property_taxes": 310000,
"insurance": 128000,
"ffe_reserve": 276000,
"total_operating_expenses": 4938400
},
"gross_operating_profit": 2882600,
"net_operating_income": 1961600,
"expense_ratio": 0.7157101449,
"gop_margin": 0.4177681159,
"adr_growth_pct_y1": 0,
"revpar_per_key": 42816.9014084507
}Valuation
json
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},
"_notes": null,
"purchase_price": 23800000,
"going_in_cap_rate": 0.0824201681,
"price_per_key": 167605.6338028169,
"exit_cap_rate": 0.0875
}Debt Structure
json
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"provisional": false
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},
"_notes": null,
"loan_amount": 14280000,
"interest_rate": 0.0765,
"loan_term_years": 5,
"amortization_years": 25,
"io_period_months": 0,
"annual_debt_service": 1283101.79,
"dscr": 1.5287953137,
"ltv": 0.6,
"debt_yield": 0.1373669468,
"recourse": "non_recourse"
}Sources & Uses
json
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"lifecycle": {
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},
"_notes": "equity_metrics.equity_total equals the stated sources.sponsor_equity (11,370,000): it is the only non-debt source, so this is an identity of stated fields, not an inferred allocation or cash flow.",
"equity_metrics": {
"equity_total": 11370000
},
"sources": {
"loan_amount": 14280000,
"sponsor_equity": 11370000,
"total": 25650000
},
"uses": {
"purchase_price": 23800000,
"closing_costs": 595000,
"pip_reserve": 1100000,
"working_capital": 155000,
"total": 25650000
},
"total_sources": 25650000,
"total_uses": 25650000
}DCF
json
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"quality": {
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"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
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}
},
"_notes": null,
"assumptions": {
"hold_period_years": 5,
"exit_cap_rate": 0.0875,
"annual_revpar_growth": 0.03
},
"levered_irr": 0.132,
"summary": {
"equity_multiple": 1.78
}
}Pipeline Log
json
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"status": "success",
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"error_message": null,
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]
}Operating Statement (T-12)
Trailing-twelve summary reconciled to the NOI model — same revenue, expense, and NOI totals; the line-item detail lives in the source statement.
json
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"resolution": "ai_extracted",
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"timestamp": "2026-08-26T09:00:00Z",
"notes": "T-12 summary reconciled to the NOI model; line detail retained in the source statement."
},
"quality": {
"confidence": "medium",
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},
"period": "t12",
"period_end": "2026-06-30",
"statement_basis": "accrual",
"income": {
"total_revenue": 6900000
},
"expenses": {
"total_operating_expenses": 4938400
},
"net_operating_income": 1961600,
"reconciles_to_noi_model": true
}Preliminary Sizing
Loan sizing against the three standard constraints. The governing test is dscr; the proposed loan of $14,280,000 fits inside it.
json
{
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},
"sizing_basis": {
"noi_underwritten": 1961600,
"value_basis": 23800000,
"annual_debt_constant": 0.0899
},
"constraints": [
{
"test": "max_ltv",
"limit": 0.75,
"max_loan": 17850000
},
{
"test": "min_dscr",
"limit": 1.25,
"max_loan": 17464958
},
{
"test": "min_debt_yield",
"limit": 0.09,
"max_loan": 21795556
}
],
"max_supportable_loan": 17464958,
"governing_constraint": "dscr",
"proposed_loan": 14280000,
"proposed_within_constraints": true,
"cushion": 3184958
}Borrower / Sponsor
Saguaro Hospitality Ventures LLC — single-principal sponsorship; figures PFS-stated pending CPA verification.
json
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"agent_id": null,
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"timestamp": "2026-08-26T09:00:00Z",
"notes": "Figures are PFS-stated; CPA verification requested for the DD period."
},
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"human_review_required": true,
"flags": [],
"partial": false,
"provisional": false
},
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},
"principals": [
{
"name": "Nina Alvarez",
"role": "managing_member",
"ownership_pct": 1,
"is_guarantor": true,
"is_key_man": true,
"net_worth_stated": 25704000,
"liquid_assets_stated": 1570800,
"contingent_liabilities_stated": 0,
"years_cre_experience": 15,
"pfs_received": true,
"tax_returns_received": false,
"figures_verified": false,
"verification_basis": "pfs_stated"
}
],
"entity": {
"name": "Saguaro Hospitality Ventures LLC",
"type": "llc",
"state": "AZ"
},
"financial_summary": {
"global_net_worth": 25704000,
"global_liquidity": 1570800,
"nw_to_loan_ratio": 1.8,
"nw_to_loan_policy_min": 1,
"liquidity_to_loan_ratio": 0.11,
"liquidity_to_loan_policy_min": 0.1,
"all_figures_verified": false,
"unverified_flag": true
}
}Market Analysis
Tempe / Airport select-service hotel fundamentals as of 2026-08.
json
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"notes": "Broker survey and published market reports; refresh before credit committee."
},
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},
"market": "Phoenix Metro",
"submarket": "Tempe / Airport",
"data_as_of": "2026-08-01",
"vacancy": {
"current_rate": 0.28,
"trend": "stable"
},
"rents": {
"yoy_growth_pct": 0.025,
"trend": "flat"
},
"cap_rates": {
"range_low": 0.08,
"range_high": 0.0875,
"subject_going_in": 0.0824201681
},
"supply": {
"note": "One competing select-service property (128 keys) under construction near the airport; delivery late 2027."
}
}Validation
Financial-validity engine run over the sections above.
json
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},
"overall_status": "clean",
"financial_validity": [],
"completeness": []
}