Redamo Suites — June 2026 Dashboard

Occupancy

53.6%

▲ 2.6 pts vs 51.0% (May) · T12 59.2%

ADR

$77.25

▼ $12.53 vs $89.78 (May) · T12 $84.57

RevPAR

$41.38

▼ $4.42 vs $45.80 (May) · T12 $50.07

Hotel Revenue

$62,419

▲ $3,653 (+6.2%) vs budget

NOI

$13,413

▼ $5,409 vs operating plan

GOPPAR

$10.40

▼ $3.91 vs $14.31 (May)

Revenue outperformed the plan Hotel revenue of $62,419 came in 6.2% above budget — the second-best revenue-versus-plan result of 2026. The headline total-income figure shows a shortfall only because the FY26 budget assumes $11,172/month of ground-floor retail rent for units still being leased.

Costs, not revenue, drove the month Operating expenses of $49,006 ran 22.7% over budget, which more than absorbed the revenue gain. $7,180 of the $9,062 overage is timing or one-off — the annual liability insurance premium ($5,180 over a monthly accrual) and a one-time front-desk equipment purchase ($2,000). Underlying operating costs ran roughly $1,900 over plan.

Highlights & Priorities

Ground-floor retail is in buildout — first tenant secured A lease is signed with Smoothie King, with the space currently under construction, and negotiations are active with several further prospects. No retail rent is being collected yet. The FY26 budget assumed $11,172/month of retail income from the outset, so until the spaces are delivered and occupied, monthly reporting will show a revenue gap that reflects construction timing rather than leasing performance. The budget line is being re-based to contracted rather than target income. Retail remains the most direct route to covering debt service.
Rate is compressing as the guest mix shifts to longer stays Occupancy rose 2.6 points while ADR fell $12.53, so RevPAR declined 9.7%. Extended stay moved from 6.1% to 20.2% of revenue. Longer stays book at lower nightly rates by design — the trade builds occupancy durability, and pricing work is underway to make sure the blended result improves rather than simply trading rate for volume.
Utilities are rising with the third building and higher occupancy Electricity reached $3,134 in June against a $1,500 budget set before the third building opened. This is the first full year operating all three buildings at materially higher occupancy, so higher consumption is expected. Thermostat automation is being fine-tuned to set unoccupied rooms back, and cooler weather from October should ease the load. The budget line is being re-based to the expanded footprint.
Construction draw increased debt service A $221,138 line-of-credit draw during June funded ongoing construction and lifted monthly interest to $22,502 from $15,618. Interest now represents 36% of revenue. Converting the construction facility to permanent debt is the principal lever available and remains the priority.
Clean month on non-operating costs Unlike May, June carried no syndication or legal charges. Per sponsor policy, capital-raise legal costs are reported below the NOI line and excluded from operating results.

Operating Snapshot

Room Nights — June 2026

Available room-nights	1,290
Occupied	691
Out of order	0
Guests served	1,155
Occupancy	53.6%

All 43 rooms available for sale for the full month — no out-of-order inventory, the third consecutive month at zero.

Extended-Stay Service Line

Occupied room-nights	90
Share of occupied nights	13.0%
Average rate	$54.44
Prior month rate	$34.41
Target mix by Q3 2026	20%+

Average rate improved 58% month over month. Room-night share is roughly flat while revenue share grew, reflecting higher-value long-stay contracts.

Income Statement — June 2026

Accrual basis, from the FY26 Budget vs Actuals report. Capital-raise legal and professional costs are reported below the NOI line as non-operating, per sponsor policy — June carried none.

Line Item	Actual	Budget	Variance	% of Budget	Status
Hotel revenue	$62,419	$58,767	+$3,653	106.2%	FAVORABLE
Retail revenue — spaces in buildout	$0	$11,172	−$11,172	0.0%	PRE-DELIVERY
Total Income	$62,419	$69,938	−$7,519	89.2%
Total Operating Expenses	$49,006	$39,944	+$9,062	122.7%	OVER
Net Operating Income	$13,413	$29,994	−$16,581	44.7%
NOI vs operating plan (budget less retail in lease-up)	$13,413	$18,822	−$5,409	71.3%	BELOW PLAN
Interest expense	($22,502)	—	not budgeted	36.1% of rev	HIGH
Other non-operating	($420)	—	—	—
Net Loss	($9,508)	$29,994	−$39,502	—

Reading the two NOI lines Against the FY26 budget as written, NOI is 55% short. Because $11,172 of that budget is rent from retail spaces still in buildout and not yet delivered, the more useful comparison is against the plan the hotel operation actually controls — and on that basis NOI came in $5,409 (29%) below plan. Both figures are shown so the gap to the original underwriting stays visible. Hotel revenue beat plan; the shortfall is entirely on the cost side.

Why the month shows a net loss despite positive NOI Interest expense of $22,502 — 36% of revenue — exceeds operating profit. This is a capital-structure outcome rather than an operating one: $2.49M of the $3.46M debt stack is a construction line of credit carrying construction-period pricing. Converting that facility to permanent debt is the single largest lever on monthly net income. A $19,482 parish tax refund received in June is excluded from the net loss above; it is a recovery of prior-period overpayments and is being applied against the related tax liability rather than recognised as June income.

Expense Performance vs Budget

Category	Actual	Budget	Variance	Status
Insurance — annual liability premium	$9,347	$4,167	+$5,180	TIMING
Personnel	$14,036	$11,045	+$2,991	OVER
Property site & maintenance	$4,754	$2,558	+$2,195	OVER
Utilities	$3,774	$2,500	+$1,274	EXPANDED FOOTPRINT
Front-desk equipment (one-off)	$2,000	—	+$2,000	ONE-OFF
Administrative	$4,787	$4,693	+$94	ON PLAN
Management fee	$4,334	$4,896	−$562	FAVORABLE
Room turn & supplies	$5,457	$7,586	−$2,128	FAVORABLE
Property taxes	$0	$2,500	−$2,500	ACCRUAL TIMING
Office & processing	$518	—	+$518
Total Operating Expenses	$49,006	$39,944	+$9,062

The insurance variance is annual-premium timing against a monthly accrual, not a run-rate increase. Excluding that and the one-off equipment purchase, underlying costs ran approximately $1,900 over plan. Property taxes are an accrual-timing benefit that will reverse.

Revenue by Channel — June 2026

Channel	June 2026	% Mix	May 2026	% Mix	Change
Standard stay	$45,629	73.1%	$44,569	75.1%	+$1,060
Extended stay (30+ day)	$12,635	20.2%	$3,630	6.1%	+$9,005
Airbnb	$3,650	5.8%	$4,695	7.9%	−$1,045
Booking.com	$0	0.0%	$5,811	9.8%	−$5,811
Early check-in / late check-out	$505	0.8%	$616	1.0%	−$111
Total Revenue	$62,419	100.0%	$59,322	100.0%	+$3,098

Extended stay more than tripled Long-stay revenue moved from 6.1% to 20.2% of the total — the clearest signal yet that the extended-stay strategy is gaining traction, and the primary explanation for the ADR decline. Total revenue still grew $3,098 month over month. Channel allocation between standard and Booking.com bookings is being finalised for June; the two carry different tax treatment, so the split is confirmed before filing. Total revenue is unaffected.

Direct vs Third-Party

Direct & Owned Channels

94.2%

Standard stay, extended stay and ancillary fees — $58,769 of $62,419. Reflects growth in directly contracted long-stay business.

Host Channel Commissions

5.0%

$3,121 of revenue, inside the 5.5–7.5% target band and $1,255 under budget — a direct benefit of the shift toward contracted long-stay guests.

Revenue & NOI — 2026 Year to Date

May 2026 NOI reflects a $154,065 fund-syndication legal charge reported below the NOI line per sponsor policy, consistent with all other periods shown.

Occupancy · ADR · RevPAR — Trailing 14 Months

Room inventory expanded in January 2026 with the third building — available room-nights moved from roughly 930–960 per month to 1,290–1,333. RevPAR is the preferred year-over-year comparison because it normalises for that expansion; occupancy alone understates performance across the step-up.

Trailing Performance Table

Month	Occ %	ADR	RevPAR	Avail	Occupied
May 2025	66.2%	$77.07	$51.01	961	636
Jun 2025	56.7%	$69.88	$39.60	930	527
Jul 2025	62.0%	$70.34	$43.62	961	596
Aug 2025	58.3%	$63.37	$36.94	959	559
Sep 2025	50.7%	$67.95	$34.42	930	471
Oct 2025	67.4%	$82.03	$55.29	957	645
Nov 2025	69.3%	$78.36	$54.26	930	644
Dec 2025	61.7%	$72.88	$44.93	1,069	659
Jan 2026	51.0%	$73.41	$37.45	1,333	680
Feb 2026	65.5%	$120.81	$79.07	1,204	788
Mar 2026	65.0%	$96.68	$62.81	1,333	866
Apr 2026	59.4%	$99.70	$59.20	1,290	766
May 2026	51.0%	$89.78	$45.80	1,333	680
Jun 2026	53.6%	$77.25	$41.38	1,290	691

2026 Financial Summary

Month	Revenue	Op Expenses	NOI	NOI Margin
January	$59,469	$35,633	$23,836	40.1%
February	$90,391	$35,073	$55,318	61.2%
March	$80,923	$48,622	$32,301	39.9%
April	$84,471	$35,471	$49,000	58.0%
May	$59,322	$40,242	$19,080	32.2%
June	$62,419	$49,006	$13,413	21.5%
YTD 2026	$436,996	$244,048	$192,948	44.2%

NOI margin has compressed over the last two months as revenue softened and the annual insurance premium landed in June. February and April benefited from peak-season rate.

Liquidity & Capital Structure — as of June 30, 2026

Cash on Hand

$137,090

▲ $35,100 vs May 31

Total Debt

$3.46M

▲ $221,138 construction draw

Monthly Interest

$22,502

36.1% of June revenue

Construction in Progress

$148,028

Work in progress at June 30

Cash increased, but it is financed rather than earned Cash rose $35,100 during June. The operating account was essentially flat — the increase sits in the construction account and is matched by a $221,138 draw on the construction line of credit. This is financed construction liquidity, not cash generated by operations. We flag it explicitly so the movement is not read as an operating improvement.

Cash Position

Operating account	$89,055
Construction account	$43,018
Reserve sweep	$5,017
Total Cash	$137,090

Operating cash represents roughly 1.8 months of operating expenses.

Debt Summary

Construction line of credit	$2,488,638
Permanent mortgage	$967,500
Total Debt	$3,456,138

72% of the debt stack is construction-period financing. Conversion to permanent debt is the primary lever on monthly interest cost.

What We Are Focused On

Convert construction financing to permanent debt At 36% of revenue, interest is the dominant driver of the monthly net result. Positive NOI is not reaching the bottom line because of construction-period pricing on $2.49M of the stack.
Deliver the ground-floor retail spaces and complete leasing Smoothie King is signed and under construction; further prospects are in negotiation. Retail represents $11,172/month of budgeted income currently at zero because the spaces are still in buildout. Delivering them is the most direct route to covering debt service.
Re-base the cost budget to the three-building footprint Several expense lines — utilities in particular — were budgeted before the third building opened and at lower occupancy. Re-basing gives cleaner variance reporting, alongside the thermostat automation work now reducing consumption in unoccupied rooms.
Stabilise blended rate as extended stay grows Extended stay is building occupancy durability and lowering channel commissions. Pricing work is making sure the blend improves RevPAR rather than trading rate for volume.