If you did not read or listened to the call I will explain how it went down:
Craven stated a 13XEBITDA as the going multiple for select service hotels in the marketplace.
If you take the 10% JV ownership and increase it to 20% if the promote feature works out, the JV will provide 20 Million in EBITDA from the overall 100 million EBITDA in the JV.
The EBITDA average for 2013 is $49 million.
If you take the 20 million EBITDA from the JV + the 49 EBITDA = 69.
69 X 13 = 897
897 / 22.6 million shares = $39.69 per share.