Generated June 22, 2026. Source: RevParPro Supabase pl_transactions (property_code = HOUUS), raw QBO actuals, both years tie to Net Income. Recast figures: THM vault lender-packet artifacts (paths in footnotes).
The purpose of this page is to decide what HOUUS financials can honestly be presented to a broker. The short version: calendar 2025 is the weak year, so lead with the trailing 12 months instead, take only the add-backs that hold up, and fix two booking issues first.
1. The three pictures
FY2024 (raw)
$781,497
NOI · 22.9% margin Revenue $3,404,860
FY2025 (raw)
$451,024
NOI · 15.5% margin down 42% Revenue $2,910,439 down 14.5%
TTM through Mar 2026 (recast)
$722,409
Adjusted NOI · 23.7% margin recovered Revenue $3,048,442
FY2024 / FY2025 NOI and revenue: pl_transactions, summed by account per year. TTM recast NOI $722,409: vault THM/lender-packets/HOUUS/02-numbers.md (reported class-filtered NOI $683,386 plus management fee add-back $39,024).
Why this matters: the 2025 calendar year straddles a revenue dip. If a broker sees only FY2025 cold, the story is a hotel that lost 14.5% of its revenue and nearly half its profit. The trailing twelve months through March 2026 shows revenue back near 2024 levels and a 23.7% margin. Same hotel, much better and entirely truthful framing.
2. Year over year, what moved
Line
FY2024
FY2025
Change
Rooms revenue
3,346,216
2,836,083
-510,133
Other revenue
58,645
74,357
+15,712
Total revenue
3,404,860
2,910,439
-494,421
Rooms department expense
884,688
888,598
+3,910
Departmental profit
2,520,172
2,021,841
-498,331
Undistributed operating (6xxx)
1,291,095
1,164,484
-126,611
Gross operating profit
1,229,077
857,357
-371,720
Property tax, insurance, benefits, mgmt fee
447,580
406,333
-41,247
Net operating income
781,497
451,024
-330,473
All figures pl_transactions. The decline is a revenue problem (rooms revenue down $510,133), not a cost blowout: expenses actually came down. That is the honest read, and it is why the recovery in the trailing months is the right thing to show.
3. Recast bridge: raw to defensible NOI (FY2025)
Each adjustment is flagged by how well it would survive a buyer's accountant pulling the tax return.
SOLID defensible add-back CAUTION judgment call, do not assume MUST-FIX correct before anything goes out
Step
Amount
Running NOI
Flag
Raw whole-hotel NOI
–
451,024
base
Re-add 2025 payroll taxes (booked at $0)
-59,133
391,891
MUST-FIX
Management fee left out (presented before mgmt fee)
Health insurance, staff meals, comp F&B (owner-tagged but real costs)
leave in
457,206
KEEP
Corporate overhead allocation (THM class)
leave in
457,206
KEEP
Defensible FY2025 NOI before management fee
–
457,206
15.7% margin
Raw NOI, payroll tax, owner/corporate class detail: pl_transactionsclass field. Existing $591,165 recast: vault THM/lender-packets/HOUUS/02-numbers.md and 2026-06-14 HOUUS Packet Reactivation and Recast Math.md.
The treatment, locked:
Management fee: left out (Ace decision, sale, 2026-06-23). The $60,315 self-managed fee is not deducted, and the figure is presented as "NOI before management fee." This is a clean, transparent way to show it: the buyer applies their own management fee assumption. It must be labeled that way on the package so it is not mistaken for a fully-loaded NOI.
The owner-tagged operating costs stay in. Health insurance ($30,613), staff meals ($9,448), and comp breakfast ($3,094) are tagged owner-class in the data but they are real, recurring costs of running the hotel, so they are kept as expenses. This is what keeps the number defensible. The older $591,165 recast that excluded these is not the number we lead with.
Defensible FY2025 NOI before management fee is $457,206 (estimate: raw $451,024 minus payroll tax $59,133 plus management fee left out $60,315 plus owner-discretionary $5,000). That is a 15.7% margin, barely above raw, because the payroll-tax correction nearly cancels the management-fee add-back. So FY2025 calendar is not the year to lead with. Lead with the trailing twelve months ($722,409 before mgmt fee, 23.7%, pending the payroll-tax correction noted below), which carries the recovery and a clean margin.
4. Must-fix before any package goes out
1. 2025 payroll taxes booked at $0. They were $59,133 in 2024. Payroll taxes do not disappear, this is a classification gap. Leaving it in overstates 2025 NOI by $59,133 (the 2024 level, acct 6115) and is the single fastest way for a buyer's accountant to lose trust in the whole package. Correcting it lowers NOI, but it is non-negotiable. The same gap sits inside the trailing-12-month window for the 2025 months it covers, so the $722,409 TTM figure carries the same overstatement and needs the per-month correction confirmed before it is final (the affected amount is an estimate of the nine 2025 months at the 2024 monthly payroll-tax level, to verify). Source: pl_transactions acct 6115.
2. $52,105 interest income in 2025 (acct 8110). Up from $1,791 in 2024. This is non-operating and must be stripped out of any NOI figure. A buyer underwrites operations, not your cash balance. Source: pl_transactions acct 8110.
3. Comparability flags (note them, do not hide them): depreciation is $0 in 2025 vs $192,769 in 2024 (not yet booked, affects net income not NOI); a $77,425 "OFFSET" elimination entry appears in 2024 only (confirm it is not double-counting); and owner-class tagging is far more complete in 2025 than 2024, so 2024 add-backs are under-supported in the data. Source: pl_transactions.
5. Recommendation
Decision
Recommended
Headline period
Trailing 12 months through March 2026 ($3,048,442 revenue, recast NOI $722,409), with FY2024 and FY2025 shown beneath for trend
Management fee
Left out. Present every NOI figure as "NOI before management fee" so the buyer applies their own fee (Ace decision, sale, 2026-06-23)
Add-backs to take
Management fee left out (per above), plus genuinely owner-discretionary items only. Keep health insurance, staff meals, and comp F&B in as operating costs
Fix before send
Re-add 2025 payroll taxes (also inside the TTM window), strip 2025 interest income, footnote the depreciation and OFFSET items
Package contents (same as Minh)
Dec 2024 + Dec 2025 STR, latest 2026 STR, 2024 + 2025 year-end financials, plus the recast summary built on the rules above
Full P&L detail, every line, both years (click to expand)
Revenue
Acct
Line
FY2024
FY2025
4110
Room Revenue - Business
3,301,183
2,804,806
4140
Room Revenue - No Show
42,332
30,786
4150
Room Revenue - Cancellation
7,876
490
4190
Room Revenue - Rebates
(5,175)
0
Rooms revenue
3,346,216
2,836,083
4220
Meeting Space Revenue
12,826
11,003
4230
Market Revenue
42,819
34,439
4240
Guest Laundry Revenue
0
(54)
4290
Miscellaneous Revenue
3,000
28,969
Total revenue
3,404,860
2,910,439
Rooms department expense
Acct
Line
FY2024
FY2025
5111
Front Office Manager Wages
36,950
43,457
5112
Executive Housekeeper Wages
39,182
41,208
5113
Housekeeping Supervisor Wages
35,534
20,898
5121
Front Desk Wages
109,923
107,841
5122
Night Audit Wages
34,639
10,154
5131
Room Attendants Wages
208,213
206,862
5132
Breakfast Attendants Wages
28,816
32,785
5133
Housemen Wages
(30,184)
17,309
5134
Laundry Wages
26,114
21,504
5141
Guest Supplies
34,443
39,723
5142
Comp F&B
126,694
126,591
5151
Cleaning Supplies
26,943
31,306
5152
Laundry Supplies
13,734
14,346
5153
Linens & Terry
18,712
19,764
5161
Travel Agency Commissions
57,492
49,789
5162
OTA Commissions
84,966
83,929
5230
Market Expense
31,709
20,307
plus smaller lines (5140, 5163, 5240)
807
823
Total rooms dept expense
884,688
888,598
Undistributed operating (6xxx), selected major lines