Using The hotel Valuation software HMEV FIXVAR V3 Model
The assignment is divided into two parts. Part A requires students to complete the valuation calculations on the basis of the instructions provided in this document and has been designed to allow students to apply a variety of valuation approaches utilised in the international hotel industry. Part B then requires students to critically evaluate the relevance and appropriateness of the valuation methodologies and assumptions applied in Part A and to consider the perspective and information required from the valuation process by different industry investors (i.e owner / operator / lender).
Task Part A ? Completion of valuation calculations
The Assignment Hotel is a 206 room 5-star (deluxe rather than superior deluxe) hotel due to open on 01 January 2017 close to the City of London (EC1). The hotel facilities comprise large, high specification rooms designed to appeal to the transient business and leisure hotel user. The hotel is a conversion of an existing building situated in close proximity to Barbican and Moorgate stations and within easy walking distance of St Pauls Cathedral and Liverpool Street. The hotel facilities will include two restaurants (one fine dining, one bistro), two small function rooms and two meeting rooms. The hotel is owned by a real estate investor and will be operated by an internationally renowned brand under a management agreement. Part A of this assignment comprises five components as follows;
Part A (1) ? Complete HMEV FIXVAR V3 Model
Utilising the Base Year proforma presented in the following table together with the following instructions you should complete the HMEV FIXVAR V3 model
? _Calculate the appropriate inputs to create the Base Year P&L shown in Table 1.
? _Inflation ? 2.5% per year across all revenues and expenses except property tax which requires -20% in 2017; 2.5% in 2018, 25% in 2019 and 2.5% thereafter.
? _10 year occupancy inputs ? 70% occupancy in 2017 and 2018 and 75% thereafter.
? _Future average rate inputs ? 2017 – ?195; 2018 – ?194; 2019 – ?205; 2020 – ?215.24. Model to calculate all future years based on 2.5% inflation.
? _Fixed costs %s ? apply in accordance with standard model.
11 Part A (2) ? Complete ?unleveraged? DCF valuation model
Using the future Net Income estimates from the FIXVAR V3 model, complete the ?unleveraged? DCF valuation model to arrive at estimates of value based on;
? _Multiple of maintainable earnings based on stabilised year 2021 and a 14x multiple.
? _DCF valuation based on a discount rate of 10% and a 14x exit multiple in year 20.
Part A (3) ? Complete HMEV VarHold V3.1 model
Using the future Net Income estimates from the FIXVAR V3 model, complete the ?leveraged? HMEV VarHold V3.1 model to arrive at estimates of value based on;
? _First projection year ? 2017;
? _Holding period 10 years
? _Stabilised year ? 2021
? _Equity yield ? 11.5%
? _Terminal cap rate ? 7%
? _Selling expenses ? 2.5%
? _Mortgage interest rate ? 7.5%
? _Mortgage Amortization ? 25 years with 12 payments per year
? _LTV ratio ? 60%
? _Debt coverage ratio ? 1.50
? _Debt yield ? 10%
Part A (4) ? Complete sales comparison valuation calculations
Throughout the module, you will be provided with a number of documents containing details of recent UK hotel transactions. Using these, coupled with your own research, you are to provide a table of relevant comparable hotel valuation data with a guide as to the indicated valuation range.
Part A (5) ? Provide a final conclusion of value for the Assignment Hotel
On the basis of the foregoing methodologies in Parts A (2-4) you are to provide a final conclusion as to the current market value of the Assignment Hotel with commentary to support your rationale.
In Section B, you should
? _Critically evaluate the strengths and limitations of the valuation methodologies utilised in part A and recommend any alternative valuation methodologies you deem appropriate;
? _Critically assess the appropriateness of the assumptions used in the unleveraged valuation approaches – Part A (2) and the leveraged valuation approaches ? Part A (3);
? _Comment on the perspective of, and information required by, parties interested in the valuation exercise i.e the hotel owner; lender, and management company.
Preferred language style UK English
Vulnerabilities ? Lab assignment.
Continuing on the previous assignments, do the following two assignments. Focus on the process (i.e. vulnerability exists ? it is unpatched ? and exploit code is readily available through metasploit framework).
Submit a word document that shows
1) Proof that your exploit worked (normally the connection after the ?exploit? command is issued in msfconsole)
Sample output (with highlighted portions)
msf exploit(drb_remote_codeexec) > exploit
[*] trying to exploit instance_eval
[*] B: “ABA6zQ9BNmtrgcuqrn”
[*] A is input…
[*] Command shell session 5 opened (192.168.193.132:4444 -> 192.168.193.131:34120) at 2016-10-05 21:46:50 -0400
2) Once connected to victim machine (shell),some basic output after issuing commands such as ?id? or ?uname -a?
Sample output (with highlighted portions)
Lab 1# php-cgi vulnerability https://web.nvd.nist.gov/view/vuln/detail?vulnId=CVE-2012-1823
See the video at https://www.youtube.com/watch?v=UMuOcK0OfX0
Lab 2# DRuby vulnerability https://www.youtube.com/watch?v=0OxvA66rIUo
Topic WCF using c# visual studio inquiring for rest client and all requirement as attached
NOTE : Please Be aware Im using visual studio 2015 and I already created assignment 1
Create a string manipulation service that exposes the following methods:
Method Signature Description
List ConvertToArray(string str) Takes a sentence and returns each word in an List structure
String ConvertToUpperCase(string str) Takes a string and returns the same string converted to uppercase characters
Int LengthOfString(string str) Takes a string and returns the number of characters in the string
List WordLengths(string str) Takes a string and returns a custom class (structure below) containing each word in the string and the number of characters in the word.
? Create a client (consumer) of the service created in part 1.
? The client must have the ability to call each of the 4 methods exposed by the service (ConvertToArray, ConvertToUpperCase, LengthOfString and WordLengths).
? The type of application the client application is built from is up to you (e.g. console, windows, WPF ?).
? The client application must have the ability to allow the user to choose which of the four service methods to call and what parameters are passed to the service.
? The client application must present the data returned from the service in some fashion.
? Clear instructions on how to use the client application must be provided with the submission in the form of a readme.txt
? The endpoint with which the client communicates with the service must be one of the 3 endpoints described in part 1.