Real Estate Pro-Forma for Hotels

The Pro-Forma for a hotel is quite different and much more like the Income Statement of a normal company, with Revenue split into Rooms and Food & Beverage and Expenses split into Fixed vs. Variable categories.

Sales & Marketing and G&A may be much bigger, there will be management compensation and bonuses, and NOI margins tend to be lower than they are for other property types such as multifamily.

Here’s what it might look like down to the NOI and Adjusted NOI line items: