Financials · Project Pro-Forma · Nashville
Tru-Liv Studio
Nashville Financials

Project-level financial pro-forma for the Tru-Liv Studio Nashville — 189-key dual-brand Hilton hotel. Capital stack, 5-year revenue trajectory (Tru transient-leisure + Home2/liv extended-stay), occupancy ramp, EBITDA margin, debt service, and exit math.

Project: Tru-Liv Studio Nashville
Location: Nashville, TN
Horizon: 5-year hold · Stabilised Y5
Nashville Headlines
Total Project Cost$60M
Equity Ask$22M
Senior Debt$34M
Y5 Revenue$11.2M
Y5 EBITDA$4.7M
Y5 EBITDA Margin42%
Y5 DSCR1.74x
Base MOIC (13x exit)1.3x
01
Capital Stack
Sources and Uses — Nashville
Capital Stack (USD)Amount
Sources
Senior Construction Debt$34M
LP Equity (Requested)$22M
Site / Sponsor Contribution~$4M
Total Sources$60M
Uses
Hard Construction (10-story, 189 keys)$38M
FF&E + Hilton-brand Standards~$8M
Soft Costs / A&E / Permitting / Legal~$6M
Contingency (10%)~$6M
Pre-Opening + Operating Reserve~$2M
Total Uses$60M

Construction debt converts to permanent at stabilisation. Hilton-approved third-party management company contracted for pre-opening and lease-up.

02
Tru-Liv Nashville Pro-Forma
Hospitality · 189 Rooms · 5-Year Trajectory
Line ItemY1 (Lease-up)Y2Y3Y4Y5 (Stabilised)
Occupancy55%70%76%80%82%
Blended ADR$130$138$145$150$155
RevPAR$72$97$110$120$127
Room Revenue (189 keys × 365)$4.9M$6.7M$7.6M$8.3M$8.8M
F&B + Other Revenue$0.8M$1.2M$1.5M$1.7M$1.9M
Ground Floor Commercial Rent$0.3M$0.4M$0.5M$0.5M$0.5M
Total Revenue$6.0M$8.3M$9.6M$10.5M$11.2M
Departmental Expenses (~28%)($1.7M)($2.3M)($2.7M)($2.9M)($3.1M)
Undistributed Operating Expenses($1.5M)($1.9M)($2.1M)($2.2M)($2.3M)
Franchise Royalty (Hilton) + Management($0.6M)($0.8M)($1.0M)($1.1M)($1.1M)
EBITDA$2.2M$3.3M$3.8M$4.3M$4.7M
EBITDA Margin37%40%40%41%42%
03
Debt Service & Cash Flow
Nashville — Y5 Stabilised Leverage View
Senior Debt Balance$32.5M
Interest Rate (fixed)~6.75%
Debt Service (P&I)($2.7M)
Y5 EBITDA$4.7M
DSCR1.74x
Cash Flow to Equity$2.0M
Cash-on-Cash Yield9.1%

Nashville DSCR reflects higher fixed-cost hospitality model vs TA travel-center operating leverage. ADR growth and occupancy ramp drive upside on DSCR and cash-on-cash through the hold period.

04
Exit Scenarios
Nashville — Exit Math
MetricBase CaseUpside
Y5 Stabilised EBITDA$4.7M$5.5M+
Exit Multiple (Hilton-flagged, top-10 market)13.0x14.0x
Gross Enterprise Value$61.1M$77M+
Debt Payoff($32.5M)($32.5M)
Net to Equity$28.6M$44.5M+
LP Equity Invested$22M$22M
MOIC1.3x2.0x+
Benchmark
Hilton-flagged dual-brand hotels in top-10 U.S. markets typically trade at 11–14x stabilised EBITDA. Nashville's demand fundamentals — 20M+ annual visitors, supply-constrained growth, 8–12% RevPAR CAGR since 2019 — support multiple expansion beyond the base case.
05
Key Assumptions
Model Inputs — Nashville
Construction Period20–24 months
Occupancy Ramp55% Y1 → 82% Y5
Blended ADR (Y5)$155
Annual ADR Growth (stabilised)3.5% p.a.
Stabilised EBITDA Margin~42%
Debt Rate (senior)~6.75% fixed
Exit Multiple13.0x base · 14x upside
Hold Period5–7 years

Due-diligence package

Hilton franchise agreement, dual-brand program details, GC pricing references, and stabilised pro-forma workbook available on request.

← Executive Summary Business Plan
Disclaimer · Confidential Financial Model
Projected Financials · Forward-Looking
All financial figures are projected and forward-looking, based on management assumptions regarding fuel demand, QSR mix, hospitality ADR/occupancy, and franchise relationship performance. Actual results may differ materially. Investment involves risk of loss of principal.

MARS Ventures · Amit Doshi