From: Stephen Hanson

From: Stephen Hanson To: Jeffrey / E / Epstein leevacation@gmail.com> Subject: Fwd: Hotel & Restaurant Models Date: Sat, 19 Aug 2017 12:37:53 +0000 Attachments: Book3.xlsx; Bookl_(002).xlsx Inline-Images: image001.png; image002.png; image003.png; image001(1).png; image004.png; image005.png; image006.png Sent from my iPad Begin forwarded message: From: Alan Hochhauser Date: August 18, 2017 at 3:35:05 PM EDT To: "Howie W. Muchnick" < ›, Steve Hanson Subject: Hotel & Restaurant Models Attached are the two models 1. Restaurant pro forma. Comes out to $672K EBITDAR. After commercial rent tax and capital reserve, figure $45K per month in rent paid to hotel 2. Hotel model — I gave 6 different scenarios starting at 80% occupancy and $250 ADR up to 90% / $290. That last scenario is hotel break even without restaurant rent — it's lower than my last estimate of $300 because debt service came down with refi. Alan Hochhauser Chief Financial Officer LIFE RESTAURANT At Life Hotel 19 West 31St St NY NY 10001 lifehotel.com EFTA00649572 orlifdoxlcessvrk r~eldebwdny Orliferenkummny (figibsonandluceny EFTA00649573