Confidential: Internal Review Draft
Holiday Inn Express & Suites Houston Westchase
11303 Westheimer Rd, Houston TX 77077 · 127 keys · Built 2018 · Property code HOUUS
Buyer-facing operating statements · FY 2024, FY 2025, and trailing-twelve-months ending April 2026
Owner-level "Texas" and "THM" QBO classes removed; household and owner labor normalized out. Source: RevParPro pl_transactions (QBO general ledger) and HOUUS 2025 Labor Analysis.
TTM Apr 2026 Revenue
3,052,996
FY25 2,910,439 · FY24 3,404,860
TTM Adjusted NOI
733,269
24.0% margin · before mgmt fee
TTM Adjusted NOI per key
$5,774
127 keys
Operating Statement: class-stripped and normalized, USD
| Line item | FY 2024 | FY 2025 | TTM Apr 2026 |
|---|
| Revenue | | | |
|---|
| Rooms revenue | $3,346,216 | $2,836,083 | $2,977,362 |
|---|
| Other operated revenue | $58,645 | $74,357 | $75,634 |
|---|
| Total revenue | $3,404,860 | $2,910,439 | $3,052,996 |
|---|
| Operating Expenses | | | |
|---|
| Rooms | $844,325 | $862,688 | $903,888 |
|---|
| Food & beverage | $18,359 | $18,253 | $20,347 |
|---|
| Administrative & general | $358,658 | $258,978 | $252,435 |
|---|
| IT & telecom | $54,024 | $55,834 | $46,172 |
|---|
| Sales & marketing | $70,746 | $123,978 | $119,076 |
|---|
| Property ops & maintenance | $109,467 | $113,441 | $102,707 |
|---|
| Utilities | $228,296 | $193,585 | $201,885 |
|---|
| Franchise fees | $445,066 | $374,061 | $392,018 |
|---|
| Miscellaneous operating | $183 | $3,055 | $2,886 |
|---|
| Total operating expense | $2,129,124 | $2,003,871 | $2,041,415 |
|---|
| Fixed Charges | | | |
|---|
| Property taxes | $158,246 | $167,853 | $167,853 |
|---|
| Insurance | $139,676 | $147,551 | $128,663 |
|---|
| Other income | $1,791 | $52,105 | $10,025 |
|---|
| NOI before mgmt fee (as reported) | $979,605 | $643,271 | $725,090 |
|---|
| Normalization Add-backs | | | |
|---|
| Remove non-operating personal labor (in rooms wages) | $0 | $717 | $717 |
|---|
| Remove owner-side / project contract labor | n/a | $14,639 | $7,462 |
|---|
| Adjusted NOI before mgmt fee | $979,605 | $658,627 | $733,269 |
|---|
| Adjusted NOI margin | 28.8% | 22.6% | 24.0% |
|---|
| Adjusted NOI per key | $7,713 | $5,186 | $5,774 |
|---|
| Memo: below NOI (not in NOI) | | | |
|---|
| Interest expense | $472,673 | $618,956 | $599,904 |
|---|
| Depreciation | $192,769 | $0 | $0 |
|---|
Notes & methodology
- Class strip. QBO "Texas" and "THM" classes (owner-level / above-property items) removed: $67,522 of expense in FY24, $140,142 in FY25, $92,788 in the TTM. Revenue carries no Texas/THM class, so top-line is unchanged by the strip.
- Owner and personal labor. Owner compensation and household personal labor are already excluded via the QBO management-fee accrual that the class strip removes. Two further labor items rode the aggregated payroll journal entry and could not be class-tagged, so they are normalized out above: non-operating personal labor carried in room-attendant wages, and owner-side / project contract labor. FY 2024 add-backs are shown as n/a because the employee-level labor source begins in 2025, so FY 2024 NOI is conservatively left unadjusted.
- Management fee. NOI is shown before management fee, the comparable line across years. A new owner sets its own management arrangement.
- Other income is interest income on operating cash, left in NOI as presented. A buyer may elect to exclude it.
- TTM window. Trailing twelve months May 2025 through April 2026, pulled month by month from the GL.
- Below NOI. Interest expense and depreciation are shown for reference only and excluded from NOI.
- Property taxes reflect in-place assessment and will reset on sale under Texas reassessment.
- Reconciliation. Room revenue ties exactly to the all-class GL view; total operating labor ties to the Labor Analysis sheet within 0.2%.