Please find attached:
1. Signed lease agreement
2. Project information powerpoint
3. P&L for bank (loan amount Php217.8m)
• Bank’s version was adjusted to achieve coverage ratio of around 1.24
• Factors adjusted are
1) Occ Yr 1 from 60% to 70% (same as Aseana)
2) Base ADR from 1550 to 1700 (same rate as Aseana)
3) Result of adjustment is around 17% increase in EBITDA, except for first year, it’s 70% (from 19m to 33m)
I’m not sure if the effect of adjustment is too large. To be discussed ka.