The Lease needs to be clear in its definition of what you are trying to accomplish here which is that the Tenant pays for all of the operating and maintenance expenses of the property.In addition be sure to include an understanding of who pays for major capital replacements (not just maintenance) such as replacement of the heating and air-conditioning units, water and sewer lines, electrical mains, roofs, glass, etc.

Is that the annual revenue from the hotel operation?

I did some digging, called the broker who claims to have done 1000's of loans and operates a legitimate business.

Every month ask your PM when you get your operating statement what the charges are, and why the items are breaking and continuing to be replaced.  

I agree with the experience requirement though, perhaps a number of hours working as such and such for a company that operates such and such.

Bob -- Sorry, I didn't see your request for the calculation, but here is how it is calculated:Capitalization Rate = Net Operating Income / Purchase PriceNOI = Total Operating Income - Total Operating ExpensesPurchase Price = The price paid by the investor for said property.You can see the exact breakdown and each line item by clicking on the Orange Button under the thumbnail photos.Please note that these cap rates are calculated using the property's income and expenses to derive its 1st year financial performance. 

The branding goes to that endeavor, that business goal.Break down your operation and look to the target market, who do you serve?

Here's one that most people miss....The IRS requires you to have a DOOR on your home office in order to expense the proportionate amount of your household operational expenses against your business.  

I couldn't operate my business like that and take 2 month vacations to remote areas of the world, and I don't think you need to operate your business like that either.

For the sake of the discussion, I'm thinking about big houses like Century 21, Long & Foster, and Keller/Williams, though I'd be interested to know if the process varies from the big guys to the smaller boutique operations.