The spreadsheet is prepared for use in conjunction with the Cornell University School of Hotel Administration Center for Hospitality Research Report entitled "Calculating Damage Awards in Hotel Management Agreement Terminations" by Jan A. deRoos and Scott D. Berman. The spreadsheet is provided as an example of an estimate of the value of a HMA as an academic exercise. The individual pages are a methodical approach that follows the outline of the article: Estimate hotel revenues and expenses into the future (first three tabs give 10-year proforma) Estimate fees (next three tabs) Present Value the fees (PV Calcs) Summarize and add any additional losses (last tab) The spreadsheet accommodates an HMA of up to 100 years duration and a termination date in any month.