The master tenant structure reflects master tenant income of $4,000,000, supporting the hotel operations and debt service requirements.
Ongoing fee rates
Refinancing Fee1.00%
Asset Mgmt Fee (annual)
$50,000
Master Tenant Income
$4,000,000
Refinancing Fee
1.00%
Trust Administration
Trust
administration, accounting and investor services expenses
Strengths
- Ground tenant and operating partners manage 68 properties
- Master tenant income structured at $4,000,000
Concerns
- Hotel operational volatility inherent in full-service hospitality
- Zero-coupon payout leaves no operational cushion for cash distributions