Hotel SLB Modelling

Hi,

Okay so I am having  modelling challenges with a SLB on a hotel portfolio. They way I have been instructed is to  be able to have an SLB amount  and then in the years following the SLB you need to factor in external rent to be deducted

i.e 400m at 4.5% exit =  EBITDA 18m - as this is not income that you are now entitled to it should be removed from future EBITDA cash flows going forward.

EBITDA per asset is already modelled out and as individual assets have not been used, rather a SLB quantum , the model does not automatically factor in the loss of income.

Surely I could just apply the -18m  each year to EBITDA so that when I calculate the  remaining portfolio sale it will strip out income from the SLB?

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