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Assumption

Revenue Growht rate


EBITDA Margin
Tax for Trust
Terminal GR
Property taxes, rent and insurance
Interest Expenses
Debt
Advisory Fees
Other trust expenses

Year
Operating revenues
EBITDA

Less: Property taxes, rent and insurance


Less: Depreciation
NOI from hotel operations

Less: Advisory fee


Less: Other Trust expenses
NOI
Less: Interest Expenses
EBT
less : Income Tax Expenses
Net Income
Add: Interest expenses after tax
Add: Depreciation
Net Cash Flow
Time
Net Cas Flow
Pv of Cash Flow
Total Trust Value
Less: Debt Servicing

Net Trust Value


No. of Units

Unit per price

7.50%
29.00%
0.96%
2%
7%
6.12%
300,000,000
0.40%
0.20%

1997
322,317
93,472
22,562
12,408
58,502
3,412
580
54,510
4,583
49,927
479
49,447
4,539
12,408
66,394
0
66,394

1,069,204
300,000
769,204
59200
12.99

1998
343,555
99,631
24,049
13,040
62,542
3,485
575
58,482
18,373
40,110
385
39,725
18,196
13,040
70,961
1
70,961
64,495

1999
369,322
107,103
25,853
13,040
68,211
3,000
739
64,472
18,373
46,100
443
45,657
18,196
13,040
76,893
2
76,893
63,518

2000
397,021
115,136
27,791
13,040
74,305
3,000
794
70,511
18,373
52,138
501
51,637
18,196
13,040
82,874
3
82,874
62,220

CAPM
Cost Of Equity
Cost Of Debt
Cost Of Debt
Cost Of Equity
WACC(Unadjusted)
Add: Business Risk Premium
WACC
Net Asset Value
Purchase price
Rquired Capital
2001
426,797
123,771
29,876
13,040
80,855
3,000
854
77,002
14,225
62,777
603
62,174
14,088
13,040
89,303
4
89,303
60,938

2002
458,807
133,054
CHIP REIT (HOT.IR)
32,116
Legacy Hotel
13,040
87,898
3,000
918
83,980
14,225
69,755
670
69,085
14,088
13,040
96,214 Perpetual
5
5
96,214
1,222,782
59,671
758,362

Rf
5.74%
10.46%
6.12%
Return
6.12%
10.46%

Equity Beta
0.90

After Tax
6.07%

750,000
835,600
920,900
Equity Beta
0.86
0.90

D/E

41%
48%

Risk Premium
Market Return
5.22%
10.96%

Weight
32.58%
67.42%

Assets Beta
0.61

0.61

Total
1.98%
7.05%
9.03%
1.00%
10.03%

Tax Rate

0.96%
0.96%

Capital replacement reserve to NI


No. of Units

Year
Net Income
Add: Depreciation
Less: capital replacement reserve

Distributable Income
Distributable income per Unit
Trailing Distributable Imcome per unit
Leading Distributable Imcome per unit
REIT prospective yield
Trailing Price per unit
Leading Price per unit

Average

30.89%
59200
1997
49,447
12,408
15,274
46,581
0.79
0.79
0.85
8.00%
9.84
10.58
10.21

1998
39,725
13,040
12,271
40,494
0.68

1999
45,657
13,040
14,103
44,594
0.75

2000
51,637
13,040
15,951
48,727
0.82

2001
62,174
13,040
19,206
56,009
0.95

2002
69,085
13,040
21,340
60,785
1.03

No of Unit

59200

Trading Value or FFO Multiple


Year
1997E
Net Income from Trust
49,447
Interest
4,583
Tax
479
Depreciation
12,408
FFO
66,918
FFO/unit
1.13
FFO Multiple
12.60
Price per Unit
14.24
Average

1998E
39,725
18,373
385
13,040
71,522
1.21
10.50
12.69
13.46

TEV to EBITDA Multiple


Year
EBITDA
EBITDA/Unit
TEV to EBITDA Multiple(CHIP REIT (HOT.IR) )
Price Per Unit
Average
Total Debt
Debt Per Unit
Multiple Price per Unit(Deducting Debt)

1997E
58,502
0.99
26.70
26.39

1998E
62,542
1.06
11.70
12.36
19.37
300,000.00
5
14.31

NAV Approach
Net Asset Value for Hotel Portfolio
less: Debt Issue
Net Asset Value for RIET
Number of Unit
Per unit Value

750,000
300,000
450,000
59,200
7.60

less: Debt Issue


300,000
Net Asset Value for RIET450,000

Purchase price paid now


Purchase price will be paid later
Acqisition of operator
Acquisition cost of Initial Hotel Portfolio
Capex and NWC
Total
Debt
Equity

Unit Price Determination


Net Asset Value
Intrinsic Value(DFCF)
Yeald Spread
Trading Value(FFO Multiple)
TEV/EBITDA Multiple
Average
Price Volatility
Upper Limit
Lower Limit
Price Range

Average price
Underpricing
Unit Price per share
Number of Unit
Procced from Issue
Less: Issue Cost (2%)
Net Procced from Issue
Required procced
Excess procced

654800
180800
60600
14500
10200
920900
300000
620900

7.60
12.99
10.21
13.46
14.31
11.71
20%
14.06
9.37
10.50-14.00
CP Hotel
11.71
10%
10.5
19536
205128

Public Issue
11.71
6%
11
39,664
436304

Total

59,200
641,432
14500
626,932
620900
6,032

Series

Years to maturity

1A
1B
1C
1D

Series
1A
1B
1C
1D

Amount

3
5
7
10

Years to maturity

75000
100000
75000
50000

Amount
3
5
7
10

Interest rate schedule


Coupon rate
5.53%
5.93%
6.34%
7.08%
Total

Coupon rate
75
100
75
50
300

INTEREST
1998
4147.5
5930
4755
3540
18373

Weight
5.53%
5.93%
6.34%
7.08%
6.22%

1999
4147.5
5930
4755
3540
18373

total
25%
33%
25%
17%

1.382500%
1.976667%
1.585000%
1.180000%
6.124167%

INTEREST
2000
4147.5
5930
4755
3540
18373

2001
0
5930
4755
3540
14225

2002
0
5930
4755
3540
14225

Exhibit 7
LEGACY HOTELS INVESTMENT TRUST
FORECAST CONSOLIDATED STATEMENTS OF NET INCOME AND DISTRIBUTABLE INC
($000)
Dec. 31,
1997

March 31, June 30,


1998
1998

Sept. 30,
1998

Operating revenues

77450

64403

93945

101153

Direct operating expenses


Hotel management fees
Total Operating Expenses

55835
2324
58159

53624
1932
55556

60008
2818
62826

58940
3035
61975

Gross operating profit

19291

8847

31119

39178

5328
7%
3102

5509
9%
3272

5545
6%
3273

10861

66

22301

5609
6%
3272
750000
0.44%
30297

853
145

871
144

871
144

871
144

998

1015

1015

1015

9863
4583

-949
4497

21286
4498

29282
4497

-5446
107

16788
108

24785
107

Net income (loss)

5280
84
1.59%
5196

-5553

16680

24678

Add: depreciation

3102

3272

3223

3272

-3098
5200

-2576
-4857

-3758
16145

-4046
23904

Estimated distribution

5180

10958

10959

10959

Distributable income per Unit

.087

-.082

.273

.403

Estimated quarterly distribution per Unit

.087

.185

.185

.185

Property taxes, rent and insurance


Depreciation

Net operating income from hotel operations


Advisory fee
Other Trust expenses
Total Trust expenses
Operating income
Interest expense, net
Income (loss) before income taxes
Income tax expense

Less: capital replacement reserve


Distributable income

Note:

(1) Capital replacement reserve is a deduction in determining Distributable Income. Based on the Trust acquiring the Initial
Hotel Portfolio. Revenue and operating expenses are based on the current individual budgets of the hotels. The Trust
intends to distribute 100 per cent of the Distributable Income in the period covered by the Financial Forecast. See
\"Distribution Policy.\" Based on 59.2 million Units outstanding.

TRUST
E AND DISTRIBUTABLE INCOME
Dec. 31,
1998
84054

Annual
1998
343555

Annual Data
1994
343555

1995
252976

272965

7%
58464
2522
60986

231036
10307
241343

231036
10307
241343

23068

102212

102212

5492
7%
3273

22155
6%
13090

22155
6%
13090

14303

66967

66967

872
143

3485
575

3485
575

1015

4060

4060

13288
4498

62907
17990

62907
17990

12.66892

29%
8790
108
8682

44917
430
0.96%
44487

44917
430
0.96%
44487

3273

13040

13040

-3362
8593

-13742
43785

-13742
43785

10959

43785

43785

.146

.74

.74

.185

.74

.74

44912
18%

55233
20%

he Trust acquiring the Initial


f the hotels. The Trust
cial Forecast. See

Annual Data
1996

1997

297175

8%

66200
22%

CS-

1998

322317
8%

83784

343555
6%
231036
10307
241343
102212

26%

30%

21312

22155

7%

6%

12408

13090

50064

66967

3412
580
0.18%
3992

3485
575
0.17%
4060

46072

62907
17990

18332
40%
27740
336

44917
430

7%

1.21%

1.21%

0.96%

27404

44487

12408

13040

-12392

-13742

20800

43785

20720

43785

0.35

0.74

59200

0.35

0.74

59200

0.96%

Company
American General Hospitality
Equity Inns, Inc.
FelCor Suite Hotels, Inc.
InnKeepers USA Trust
Patriot American Hospitality
RFS Hotel Investors Inc.
Starwood Lodging Trust (Westin)
Winston Hotels
AVERAGE

Exhibit 12
SELECTED DATA FOR U.S. REAL ESTATE INVESTMENT TRUSTS
Current
Funds From Operations
Price
Annualized
(FFO)/Unit
Ticker
9/30/1997 Dist.
Yield
1995
1996
AGT
28.69
$1.71
6.%
$1.84
$2.13
ENN
15.44
$1.16
7.5%
$1.23
$1.22
FCH
40.5
$2.2
5.4%
$2.31
$2.65
KPA
16.63
$1.04
6.3%
$1.03
$1.25
PAH
31.94
$1.06
3.3%
$1.11
$1.53
RFS
19.63
$1.44
7.3%
$1.65
$1.85
HOT
55.75
$1.92
3.4%
$1.61
$2.13
WXH
13.38
$.88
6.6%
$1.37
$1.5
$1.43
5.7%

TMENT TRUSTS
om Operations
(FFO)/Unit

1997
$2.43
$1.5
$3.3
$1.45
$1.8
$2.05
$2.95
$1.51

FFO Multiple

1998
$2.85
$1.65
$3.8
$1.67
$2.45
$2.24
$3.9
$1.72

1995

1996

1997

1998

15.59
13.47
11.81
10.07
12.55
12.66
10.29
9.36
17.53
15.28
12.27
10.66
16.15
13.30
11.47
9.96
28.77
20.88
17.74
13.04
11.90
10.61
9.58
8.76
34.63
26.17
18.90
14.29
9.77
8.92
8.86
7.78
18.4x
15.2x
12.6x
10.5x

Equity
Mkt Cap
(Mil)
$486.
$510.7
$1,599.5
$649.4
$2,370.1
$532.6
$3.255.6
$229.3
$1,204.1

Debt
Mkt Cap
(Mil)
$207.2
$207.8
$504.9
$100.4
$734.5
$144.8
$1,350.4
$63.1
$414.1

TEV
(Mil)
$693.2
$718.5
$2,104.4
$749.8
$3,104.6
$677.4
$4,606.
$292.4
$1,618.3

Debt
to
5-year
FFO Growth Rate
TEV
Beta
96/95
97/96
98/97
29.9%
.7
15.8%
14.1%
17.3%
28.9%
.48 (0.8)%
23.%
10.%
16.8%
.6
14.7%
24.5%
15.2%
13.4%
.63
21.4%
16.%
15.2%
23.7%
.68
37.8%
17.6%
36.1%
21.4%
.39
12.1%
10.8%
9.3%
29.3%
.66
32.3%
38.5%
32.2%
21.6%
.46
9.5%
.7%
13.9%
23.1%
.57 17.8% 18.1%
18.6%

Dividend/FFO Payout Ratio


1997E
70.40%
77.3%
66.7%
71.7%
58.8%
70.2%
65.1%
58.3%
67.3%

1998E
60.0%
67.1%
57.9%
62.7%
47.1%
64.3%
49.2%
61.4%
58.7%

Assumption
Revenue Growht rate
EBITDA Margin
Tax for Hotel Business
Tax for Trust
Terminal GR
Property taxes, rent and insurance
Management Fees

Year
Operating revenues
EBITDA

Less: Property taxes, rent and insurance


Less: Depreciation
NOI from hotel operations

Less: Advisory fee


Less: Other Trust expenses
NOI
Less: Interest Expenses
EBT
less : Income Tax Expenses
Net Income
Add: Interest expenses after tax
Add: Depreciation
Net Cash Flow
Time
Net Cas Flow
Pv of Cash Flow
Total Trust Value
Less: Debt Servicing

net Trust Value


No. of Units

Unit per price

7.50%
27%
1%
0.96%
3%
7%
3%

1997
322,317
83,784
22,562
12,408
48,814
3,412
580
44,822
18,332
26,490
254
26,236
252
12,408
38,895
0
38,895

800,013
300,000
500,013
59200
8.45

1997

1998

25%

29%

1998
343,555
102,212
24,049
13,040
65,123
3,485
575
61,063
17,990
43,073
414
42,660
410
13,040
56,109 Perpetual
1
1
56,109
824,013
51,002
749,010

Net Asset Value


Purchase price
Rquired Capital

750,000,000
835,600,000
920,900,000

CAPM
Cost Of Equity
Cost Of Debt
Cost Of Debt
Cost Of Equity
WACC
Add: Premium
WACC

Rf
5.74%
10.44%
6.12%
Return
6.12%
10.44%

Proxy Beta
0.9

After Tax
6.07%

Risk Premium
Market Return
5.22%
10.96%

Weight
32.58%
67.42%

Total
1.98%
7.04%
9.01%
1%
10.01%

Principal
Property
Type

Exhibit 11
SELECTED DATA FOR CANADIAN REAL ESTATE INVESTM
ADJ.
Equity
52 Week
Forward
Mkt
Price
High/Low
Yield
Cap
9/30/1997
($)
(%)
Units
($Mil)

Company
Avista REIT (AVS.IR)
CAP REIT (CAR.IR)
CHIP REIT (HOT.IR)
CPL (CPL.IR)
CREIT (REF.U)
H&R REIT (HR.U)
RealFund (RFN.U)
RioCan (RIO.U)
Summit REIT (SMU.U)
AVERAGE

Diversified
Apartment
Hotel
Healthcare
Diversified
Office
Retail
Retail
Diversified

Legacy

Hotel

10.488176

Ticker

Current
Price
Annualized
9/30/1997 Dist.

Company

7.05
7.40
9.85
13.35
14.40
7.50
15.65
19.90
17.25
12.48

7.25/6.55
7.40/5.90
10.40/6.75
13.65/5.95
15.25/10.40
8.15/6.20
18.25/14.05
21.00/13.70
18.50/13.55

7.40%
8.40%
8.20%
7.80%
7.60%
8.10%
8.40%
8.40%
8.40%
8.08%

18.16
7.97
26.90
12.28
19.79
16.53
17.76
19.15
7.25

128
59
265
164
285
124
278
381
125

59.2

620.9

Funds From Operations


(FFO)/Unit
Yield
1995

Legacy

10.488176

0.35

3%

1996

ibit 11
REAL ESTATE INVESTMENT TRUSTS
Debt
Total Ent.
Mkt
Value
Debt
Cap
(TEV)
to
($Mil)
($Mil)
TEV

1997
EBITDA

73
32
109
98
143
74
134
208
91

201
91
374
262
428
198
412
589
216

36.3%
35.2%
29.1%
37.4%
33.4%
37.4%
32.5%
35.3%
42.1%
35.42%

300

920.9

33%

m Operations
(FFO)/Unit

11
8
14
15
45
35
42
60
23

TEV/
TEV/
1997
1998
1998
EBITDA EBITDA EBITDA
Times
18.3
25
8.0
11.4
14
6.5
26.7
32
11.7
17.5
33
7.9
9.5
47
9.1
5.7
45
4.4
9.8
41
10.0
9.8
72
8.2
9.4
39
5.5
13
8

81

11

99

1998
1.21

1995

0.35

Equity
Debt
Mkt Cap Mkt Cap
(Mil)
(Mil)

FFO Multiple
1997
1.13

1997
Dist.
($)
N/A
N/A
N/A
1.03
1.04
0.97
1.32
1.53
1.38

1996

1997
1998
9.278556 8.681233

620.9

300

1998
Dist.
($)
0.81
0.95
1.13
1.34
1.09
0.93
1.32
1.68
1.45

Est. 1997
Dist. Tax
Deferred
(%)
68
100
N/A
90
65
95
70
60
65

Est. 1997
Dist. Tax
Deferred
(%)
85
100
80
70
65
65
70
70
55

Debt
to
TEV

5-year
Beta

BETA
0.48
0.87
0.86
0.94
0.67
0.27
0.55
0.64
0.54

MM/
YY
Est.
07/97
05/97
06/97
05/97
06/96
12/95
12/95
12/95
01/96

Occupancy
(%)
94
97
61
97
94
98
95
93
94
91

0.74

TEV
(Mil)
920.9

33%

FFO Growth Rate


96/95
97/96

98/97

Largest Rental Markets


Greater Toronto, Southern Ontario
Greater Toronto
Alberta, Prairies, Ontario, Quebec, Maritimes
Ontario, Prairies
Ontario, British Columbia, Alberta
Toronto
Ontario, British Columbia, Alberta
Ontario, Alberta, Saskatchewan, New Brunswick
Ontario, Alberta, Nova Scotia, United States

Dividend/FFO Payout Ratio


1997E

1998E

Exhibit 10
FINANCIAL MARKET DATA
SEPTEMBER 30, 1997
Canadian Yields
U. S. Yields
Bank Rate
Prime Rate
Call Loan Average

3.5
4.75
3.35

Discount Rate
Prime Rate
Fed. Funds

5
8.5
5.69

2.72
3.05
3.59
4.13

T-Bills:
1 Month
3 Month
6 Month
1 Year

4.55
4.86
4.96
5.16

T-Bills:
1 Month
3 Month
6 Month
1 Year

Government Bond Yields:


2-Year
4.54
5-Year
5.21
7-Year
5.48
10-Year
5.74
30-Year
6.31

Government Bond Yields:


2-Year
5-Year
7-Year
10-Year
30-Year

Source: Financial Post, September 30, 1997.

5.78
5.99
6.07
6.09
6.38

Canadian Equity Market Annual Risk Premiums January 1950 to December 1996
Estimated Long-Term Canadian Market Risk Premium, Arithmetic Means
= 12.20 7.21
Estimated Long-Term Canadian Market Risk Premium, Geometric Means
= 10.96 6.72
Estimated Medium-Term Canadian Market Risk Premium, Arithmetic Means
= 12.20 7.31
Estimated Medium-Term Canadian Market Risk Premium, Geometric Means
= 10.96 6.98
Estimated Short-Term Canadian Market Risk Premium, Arithmetic Means
= 12.20 6.49
Estimated Short-Term Canadian Market Risk Premium, Geometric Means
= 10.96 6.32
Source: TSE Common Equities CD-ROM.

Volatility

Estimated Legacy Hotels REIT Unit Price Volatility

20%

ember 1996
4.99
4.24
4.41
3.98
5.81
4.64

Exhibit 7
LEGACY HOTELS INVESTMENT TRUST
FORECAST CONSOLIDATED STATEMENTS OF NET INCOME AND DISTRIBUTABLE INC
($000)
Dec. 31,
1997

March 31, June 30,


1998
1998

Sept. 30,
1998

Operating revenues

77450

64403

93945

101153

Direct operating expenses


Hotel management fees
Total Operating Expenses

55835
2324
58159

53624
1932
55556

60008
2818
62826

58940
3035
61975

Gross operating profit


Gross Margin
EBITDA
EBITDA Margin
EBITDA PER UNIT
Property taxes, rent and insurance
Depreciation
Net operating income from hotel operations

19291

8847

31119

39178

5328
3102
10861

5509
3272
66

5545
3273
22301

5609
3272
30297

853
145
998

871
144
1015

871
144
1015

871
144
1015

Operating income
Interest expense, net

9863
4583

-949
4497

21286
4498

29282
4497

Income (loss) before income taxes


Income tax expense
Net income (loss)

5280
84
5196

-5446
107
-5553

16788
108
16680

24785
107
24678

Add: depreciation

3102

Advisory fee
Other Trust expenses
Total Trust expenses

0.249077

3272

3223

3272

0.463893

-0.2253

-0.16395

-3098
5200

-2576
-4857

-3758
16145

-4046
23904

Estimated distribution

5180

10958

10959

10959

Distributable income per Unit

.087

-.082

.273

.403

Estimated quarterly distribution per Unit

.087

.185

.185

.185

Less: capital replacement reserve


Distributable income

Note:
(1) Capital replacement reserve is a deduction in determining Distributable Income. Based on the Trust acquiring the Initial
Hotel Portfolio. Revenue and operating expenses are based on the current individual budgets of the hotels. The Trust

intends to distribute 100 per cent of the Distributable Income in the period covered by the Financial Forecast. See
\"Distribution Policy.\" Based on 59.2 million Units outstanding.

TRUST
E AND DISTRIBUTABLE INCOME
Dec. 31,
1998
84054

Annual
1998
343555

Annual Data
1994
343555

1995
252976

272965

7%
58464
2522
60986

231036
10307
241343

231036
10307
241343

23068

102212

102212

5492
3273
14303

22155
13090
66967

22155
13090
66967

872
143
1015

3485
575
4060

3485
575
4060

13288
4498

62907
17990

62907
17990

8790
108
8682

44917
430
44487

44917
430
44487

3273

13040

13040

-0.38724

-0.3089

-0.308899229

-3362
8593

-13742
43785

-13742
43785

10959

43785

43785

.146

.74

.74

.185

.74

.74

he Trust acquiring the Initial


f the hotels. The Trust

44912

55233

43564.64

53576.01

cial Forecast. See

Annual Data
1996

1997

CS-

1998

66200

83784
26%

343555
6%
231036
10307
241343
102212
30%

64214

81270.48
25%
1.37

99145.64
29%
1.67

21312
12408

22155
13090

50064

66967

3412
580
3992

3485
575
4060

46072

18332

62907
17990

27740
336
27404

44917
430
44487

12408

13040

-12392

-13742

20800

43785

20720

43785

0.35

0.74

59200

0.35

0.74

59200

297175

8%

322317
8%

7%

1.21%

0.96%

SELECTED INFORMATION CONCERNING TH


Location

1
2
3
4
5
6
7
8
9
10
11

Vancouver, BC
Vancouver, BC
Calgary, AB
Calgary, AB
Edmonton, AB
Toronto, ON
Ottawa, ON
Montral, QC
Charlottetown, PEI
Halifax, NS
Moncton, NB

SELECTED INFORMATION CONCERNING THE INITIAL HOTEL PORTFOLIO

Property

Year Built
(Year of Major
Renovations)

Hotel Vancouver
Waterfront Centre Hotel
Calgary Airport Hotel 1979 (1989/1990)
The Palliser
Hotel Macdonald
Royal York
Chteau Laurier
The Queen Elizabeth
The Prince Edward
Hotel Halifax
Hotel Beausjour

1939 (1996)
1991

INITIAL HOTEL PORTFOLIO


Notes:
(1) Total revenues for the 12 months ended December 31, 1996.
(2) Average daily rate for the 12 months ended December 31, 1996.
(3) Average occupancy for the 12 months ended December 31, 1996.
(4) Leasehold interest.

1979(1989/1990)

1914 (1990/1991)
1915 (1991)
1929 (1990/1991)
1912 (1991)
1958 (1990/1991)
1984 (1995)
1975 (1989/1990)
1972 (1996)

ITIAL HOTEL PORTFOLIO

ADR,
1,996.
($)

Occupancy,
1,996.
(%)

550
489
296
405
198
1365
425
1020
211
300
310

Total
Revenues,
1,996.
($ millions)
38.2
32.6
13.1
22.7
11.5
75.3
28.9
48.3
8.4
8.8
9.4

146.32
156.41
99.25
125.65
114.36
117.5
124.2
115.74
107.87
86.33
80.52

80
81.5
78.7
70.4
70.6
75.1
75.5
66.7
57
65.5
63.3

5569

297

116

71

Number of Guest Room

Exhibit 6
KEY FINANCIAL AND OPERATING STATISTICS FOR THE INITIAL HOTEL PORTFOLIO

Occupancy
ADR
RevPAR
Total Revenue (thousands)
Net operating income before depreciation, interest
and income and capital taxes (EBITDA) (thousands)
EBITDA Margin

Increase
Occupancy (percentage points)
ADR
RevPAR
Total Revenue
EBITDA
EBITDA Margin (percentage points)

1994

1995

1996

1997

69.3%

72.1%

72.3%

N/A

$103.27

$109.29

$120.71

N/A

$71.53

$78.82

$87.3

N/A

$252,976. $272,965.
$44,912. $55,233.

$297,175.
$66,200.

$244,867.
$64,492.

22.3%

26.3%

17.8%

1994 - 1995
2.8
5.8%
10.2%
7.9%
23.%
2.4

20.2%

1995 - 1996
.2
10.4%
10.8%
8.%
19.9%
2.1

Note:
(1) The Initial Hotel Portfolio was operated by Canadian Pacific Hotels as 100 per cent-owned or leased hotels and
accordingly the Portfolio EBITDA figures do not reflect the deduction of management fees.

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