How Sloon works: sourced numbers and your own comps

Measure	Ashgrove	Set median	Set range	Rank (1 = best)
Occupancy	76.4%	77.2%	73.8% – 79.3%	4 of 6
ADR	$326.54	$322.40	$309.80 – $341.50	3 of 6
RevPAR	$249.47	$248.51	$237.93 – $270.81	3 of 6
GOP margin	38.7%	37.6%	35.1% – 41.0%	3 of 6
GOPPAR	$143.13	$135.42	$119.30 – $173.49	3 of 6
Rooms expense POR	$77.93	$86.40	$76.20 – $90.30	2 of 6
Rooms expense POR $77.93 = $6,780,000 rooms department expense ÷ 87,004 rooms sold Ashgrove_T12_Sep2026.pdf · p. 1, Rooms expense and Rooms Sold Open source
F&B department margin	33.2%	30.1%	27.2% – 36.9%	3 of 6
Undistributed expense PAR	$96.07	$101.20	$92.30 – $107.80	2 of 6

Comp	Source	T-12 ending	Keys	Occ	ADR	RevPAR	GOP margin	Why selected
Harrow House Hotel	Owned	Sep 2026	288	78.1%	$318.20	$248.51	37.6%	Same submarket288 keysGroup mix 36%
The Lindell	Owned	Sep 2026	344	74.9%	$334.10	$250.24	39.4%	Same submarket344 keysF&B 29% of revenue
Calder Square Hotel	Bid 2025 (lost)	Jun 2025	265	77.2%	$309.80	$239.17	36.2%	Same submarket265 keysT-12 from your bid
Bayline Hotel	Owned	Sep 2026	402	79.3%	$341.50	$270.81	41.0%	Adjacent submarketGroup mix 38%F&B 27% of revenue
Merrow Park Hotel	Passed 2026	Jul 2026	330	73.8%	$322.40	$237.93	35.1%	Same submarket330 keysGroup mix 33%

Document	Pages	Received	Status
Offering memorandum	48	Oct 2	Read and mapped
T-12 P&L, Sep 2026	6	Oct 2	Read and mapped
Competitive set report, Sep 2026	32	Oct 2	Read and mapped
Budget 2027	4	Oct 9	Read and mapped
Capital plan	3	Oct 9	Read and mapped
Rooms labor schedule	—	Requested Oct 23	Waiting on seller

Source line	Mapped account	$000
Rooms Revenue	Rooms › Revenue	28,410
Food & Beverage	Food and beverage › Revenue	11,260
Other Operated Depts	Other operated departments › Revenue	1,930
Misc. Income	Miscellaneous income	520
Total Revenue	Total operating revenue	42,120

T-12 ending Sep 2026	$000	% of EGI	$ per unit
Gross potential rent	6,356	99.0%	22,380
Vacancy & credit loss	(381)	(5.9%)	(1,342)
Concessions	(64)	(1.0%)	(225)
Net rental income	5,911	92.0%	20,813
Other income (utility reimbursement, parking, fees)	512	8.0%	1,803
Effective gross income (EGI)	6,423	100.0%	22,616
Payroll	612	9.5%	2,155
Repairs & maintenance	298	4.6%	1,049
Turnover	138	2.1%	486
Utilities	288	4.5%	1,014
Insurance	341	5.3%	1,201
Real estate taxes	812	12.6%	2,859
Management fee (3% of EGI)	193	3.0%	680
General, administrative & marketing	178	2.8%	627
Total operating expenses	2,860	44.5%	10,070
Net operating income	3,563	55.5%	12,546
Replacement reserves ($300/unit)	85	1.3%	300
NOI after reserves	3,478	54.1%	12,246

Why it matters

You can’t trust a number you can’t trace.

A general AI tool sees only the files you upload. It does not know your other deals or the assets you own, and it cannot tell that two properties book payroll differently. Sloon traces every figure to its source page and maps every line to one chart of accounts, so your comparisons are like for like.

Illustrative answers on invented figures.

Is the broker's 4.5% Year-1 RevPAR growth for Hotel Ashgrove reasonable?

AI tool with the uploaded files only

Reads the offering memo you upload

The offering memo projects 4.5% RevPAR growth in Year 1, citing the planned renovation and group demand. I cannot check this against your comps or your underwriting guidelines, because I only have the uploaded file.

Sources: the uploaded file only.

Sloon

Reads the memo with your firm’s other deals and assets

No. It is 2.4 points above your guideline. Your five approved comps, three you own and two you bid on or passed, grew RevPAR 1.8% to 2.6% (median 2.3%). Harrow House, which you own, grew 2.4% the year after its 2024 rooms renovation. Your guideline caps Year-1 growth at the submarket’s trailing 3-year average: 2.1%.

Comp set approved Oct 22 Harrow House, owned Guideline: Year-1 RevPAR growth

Step by step

From data room to IC memo. Every number sourced.

Every document. One chart of accounts.

Offering memos, monthly P&Ls, competitive set reports, rent rolls, budgets and past models. Sloon maps every line of every financial statement to one chart of accounts, so payroll means the same thing in every statement. It also reads property condition and environmental reports and pulls out their findings.

Fenwick Row comp set Payroll lines, mapped

Statement	Source line	Mapped account
Fenwick Row	Payroll	Payroll
Alder Court	Payroll › Salaries	Payroll
Alder Court	Payroll › Contract Staff	Contract services Restated
Kessler Flats	Payroll › Leasing Commissions	Leasing commissions Restated
Wren Commons	Payroll › Contract Labor	Contract services Restated
Orly Gardens	Salaries & Wages	Payroll
Hollis Yard	Payroll	Payroll

3 of 5 comps restated. Comp median payroll: $2,240 per unit as reported, $1,910 mapped.

Click any number. See the page it came from.

Every figure links to the page and line it came from, so anyone can check it in one click, at their desk or in the IC meeting.

Occupancy76.4%

ADR$326.54

RevPAR$249.47

TRevPAR$369.86

GOPPAR$143.13

T-12 ending Sep 2026	$000	% of revenue	$ PAR	$ POR
Rooms revenue	28,410	67.5%	249.47	326.54
Rooms revenue $28,410k · Ashgrove_T12_Sep2026.pdf · p. 1, Rooms Revenue · Open source
Total revenue	42,120	100.0%	369.86	484.12
Gross operating profit (GOP)	16,300	38.7%	143.13	187.35
NOI after FF&E reserve	9,941	23.6%	87.29	114.26

PAR = per available room night · POR = per occupied room night

Your comps, not the broker’s.

Sloon searches the assets you own and the deals you bid on or passed. It proposes the closest set and shows why each one fits. You approve the set, and every benchmark uses only that set.

Hotel Ashgrove Comp set

31 hotels searched · 5 met all criteria · 3 near misses shown

Same or adjacent submarketFull service250–420 keysGroup mix 30–45%F&B 20–35% of revenueT-12 within 24 months

Selected (5)

Harrow House HotelOwnedT-12 ending Sep 2026

The LindellOwnedT-12 ending Sep 2026

Calder Square HotelBid 2025 (lost)T-12 ending Jun 2025

Bayline HotelOwnedT-12 ending Sep 2026

Merrow Park HotelPassed 2026T-12 ending Jul 2026

Near misses (3)

Pierce Street Inn OwnedSelect service; F&B 4% of revenue

Halden Resort Passed 2024Resort; leisure-led demand

The Corliss Sold 2023Latest T-12 is from 2023 (older than 24 months)

Approved by J. Ortiz, VP Acquisitions · Oct 22

Your guidelines, applied to every deal.

Sloon tests the broker’s assumptions against your comps and your underwriting guidelines, and shows each gap before IC does.

Hotel Ashgrove Year-1 RevPAR growth

Broker case

4.5%

Comp set, latest twelve monthsMedian 2.3%, line shows the range

1.8% to 2.6%

Your guidelineNo higher than the submarket’s trailing 3-year average

2.1% max

0%1%2%3%4%5%

Broker Year-1 growth is 2.4 points above your guideline. The base case uses 2.1%.

Ask your own data. Get cited answers and a first draft.

Ask about any deal, asset, or market your firm has seen. Sloon answers with citations, then drafts the screening memo and the IC memo from the same sources.

How does Hotel Ashgrove's GOP margin compare with our comp set?

38.7% on the T-12, or $143.13 GOPPAR. Against the five comps you approved, Ashgrove ranks 3rd of 6; the set median is 37.6% and the range is 35.1% to 41.0%. Rooms and undistributed expenses both run below the set; F&B margin runs above it. The seller has not yet sent the rooms labor schedule that would support the low rooms expense.

Ashgrove T-125 comp P&LsComp set approved Oct 22

Screening memo · draft

Hotel Ashgrove (312 keys) is offered at $132.0M ($423,077 per key), a 7.5% cap rate on T-12 NOI of $9.9M. GOP margin of 38.7% ranks 3rd of 6 in the approved comp set (median 37.6%).¹ Rooms and undistributed expenses run below the set. The rooms labor schedule, requested Oct 23, should confirm the rooms figure before the second round.

¹ Ashgrove T-12; 5 comp P&Ls; comp set approved Oct 22.

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