Moxy Hotels, Marriott International s newest and most anxious affordable brand, serves as a playground that attracts Fun Hunter travelers. With a highly competitive market for hotels in much of the United States and Canada, Moxy Hotels gives owners and franchisees a new pick of the litter to compete in the upper, midscale priced tier in prime urban locations. The total investment necessary to begin operation of a newly-constructed prototypical Moxy Hotel, excluding the cost of real estate and related costs (building permit, tap, and impact fees), ranges from $10,309,910 to $25,544,600 for a 100 to 150-room Moxy Hotel and from $15,162,110 to 31,230,300 for a 151 to 200-room Moxy Hotel, plus from 100,000 to 200,000 Euros to be paid to a third-party not related to us. This includes approximately $161,000 to $280,590 that must be paid to the franchisor or an affiliate.