Sheraton Hotel Redding At Sundial Bridge - Redding Record ...

February-2011 

SUMMARY APPRAISAL REPORT 

Sheraton Hotel Redding At Sundial 

Bridge 

840 SUNDIAL BRIDGE DRIVE 

REDDING, CALIFORNIA 

SUBMITTED TO:PR OPOSED 

Mr. Allen Bergstrom 

U.S. Bank 

9467 Milliken Avenue 

Rancho Cucamonga, California 91730 

+1 909 481-3186 

PREPARED BY: 

HVS Consulting and Valuation Services 

Division of M&R Valuation Services, Inc. 

100 Bush Street, Suite 750 

San Francisco, California 94104 

+1 415 896-0868

100 Bush Street, Suite 750 

San Francisco, California 94104 

+1 415 896-0868 

+1 415 986-4931 FAX 

www.hvs.com 

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February 16, 2011 

Mr. Allen Bergstrom 

U.S. Bank 

9467 Milliken Avenue 

Rancho Cucamonga, California 91730 

allen.bergstrom@usbank.com 

Dear Mr. Bergstrom: 

Re: Sheraton Hotel Redding At Sundial Bridge 

Redding, California 

HVS Reference: 2011040008 

Pursuant to your request, we herewith submit our summary appraisal report for 

the above-captioned proposed hotel. We have inspected the real estate and 

analyzed the market conditions in the Redding, California area. We have also 

reviewed the proposed improvements for this site. Our report was prepared in 

accordance with, and is subject to, the requirements of the Financial Institutions 

Reform, Recovery, and Enforcement Act (FIRREA) and the Uniform Standards of 

Professional Appraisal Practice (USPAP), as provided by the Appraisal Foundation. 

Based on our analysis, it is our opinion that the “as is” market value of the 

leasehold interest in the Sheraton Hotel Redding At Sundial Bridge, as of February 

9, 2011, is: 

$0 

ZERO DOLLARS 

The subject property is a leasehold interest. At the time of inspection, the site was 

vacant and no construction had begun. As the prospective market value of the 

subject property upon completion exceeds the development cost, there is no 

market based incentive to develop the site at this time. 

Based on our analysis, it is our opinion that the “when complete” market value of 

the leasehold interest in the Sheraton Hotel Redding At Sundial Bridge, as of June 

1, 2012, will be: 

$17,500,000 

SEVENTEEN MILLION FIVE HUNDRED THOUSAND DOLLARS 

This value estimate equates to $134,615 per room. We have also estimated the 

prospective market value of the subject property as of its projected date of

stabilization. Based on our analysis, it is our opinion that the “when stabilized” 

prospective market value of the leasehold interest in the Sheraton Hotel Redding 

At Sundial Bridge, as of June 1, 2016, will be: 

$20,400,000 

TWENTY MILLION FOUR HUNDRED THOUSAND DOLLARS 

We have made no assumptions of hypothetical conditions in our report. 

The analysis is based on the extraordinary assumption that the described 

improvements have been completed as of the prospective "when complete" date of 

value. The reader should understand that the completed subject property does not 

yet, in fact, exist as of the date of appraisal. Our appraisal does not address 

unforeseeable events that could alter the proposed project and/or the market 

conditions reflected in the analyses; we assume that no significant changes, other 

than those anticipated and explained in this report, will take place between the 

date of inspection and date of prospective value. 

According to the developer, the ground rent payable to the sublessor (Turtle Bay 

Exploration Park) equals 5% of total revenue. The ground rent is waived in the 

first and second years of operation. We have made the extraordinary assumption 

that the sublease continues to pay ground lease payments to the sublessor in this 

amount for the duration of our projection period. 

Additionally, our opinion of the market value of the subject property prospectively, 

as of the date of stabilization, assumes that the hotel will be maintained in good 

competitive condition and that no major changes will have occurred in the local 

market or national economy that would impact the performance of the property at 

that time. 

The hotel is expected to be developed consistent with Sheraton’s brand standards 

for improvements, finishes, design, and amenities, however, service practices such 

as doormen and extensive room service may not be warranted in the market. A 

modification of this service platform is not expected to affect the revenue 

performance of the hotel. 

We assume that the building will be fully open and operational on the assumed 

opening date and will meet all local building codes and brand standards. 

Furthermore, we assume that the hotel staff will be adequately trained to allow for 

a successful opening and that pre-marketing efforts will have introduced the 

product to major local accounts at least six months in advance of the opening date. 

Other several important general assumptions have been made that apply to this 

appraisal and our valuations of proposed hotels in general. These aspects are set 

forth in the Assumptions and Limiting Conditions chapter of this report. 

We hereby certify that we have no undisclosed interest in the property, and our 

employment and compensation are not contingent upon our findings. This study is

subject to the comments made throughout this report and to all assumptions and 

limiting conditions set forth herein. 

Sincerely, 

M&R Valuation Services, Inc. 

Elaine Sahlins 

Senior Vice President 

State Appraiser License (CA) AG002987 

esahlins@hvs.com, +1 415 268-0347 

Suzanne R. Mellen, CRE, MAI, FRICS, ISHC 

Senior Managing Director 


smellen@hvs.com, +1 415 268-0351

Table of Contents 

SECTION TITLE PAGE 

1. Summary of Salient Data and Conclusions 6 

2. Nature of the Assignment 9 

3. Description of the Site and Neighborhood 17 

4. Description of the Proposed Project 25 

5. Market Area Analysis 33 

6. Supply and Demand Analysis 46 

7. Projection of Occupancy and Average Rate 57 

8. Highest and Best Use 65 

9. Approaches to Value 67 

10. Income Capitalization Approach 69 

11. Sales Comparison Approach 97 

12. Cost Approach 106 

13. Reconciliation of Value Indications 115 

14. Statement of Assumptions and Limiting Conditions 118 

15. Certification 122 

Addenda 

Penetration Explanation i 

Explanation of the Simultaneous Valuation Formula v 

Engagement Letter 

State Appraiser Licenses 

Qualifications

1. Summary of Salient Data and Conclusions 

Project: Sheraton Hotel Redding At Sundial Bridge 

Location: 840 Sundial Bridge Drive 

Redding, California 96001 

Interest Appraised: Leasehold 

Highest and Best Use (as if vacant): Hold for future development. 

LAND DESCRIPTION 

Area: 4.67 acres, or 203,224 square feet 

Zoning: PF and SP - Public Facility and Specific Plan 

Assessor's Parcel Number(s): 102-040-005-000 

Flood Zone: X500 

PROPOSED IMPROVEMENTS DESCRIPTION 

Expected Opening Date: June 1, 2012 

Property Type: Full-service lodging facility 

Building Area: 77,334 square feet 

Guestrooms: 130 

Number of Stories: Three 

Food and Beverage Facilities: A restaurant, a lounge 

Meeting Space: 6,217 square feet of indoor space and access to a number 

of outdoor spaces 

Additional Facilities: An outdoor pool and whirlpool, an exercise room, a gift 

shop, business workstations, and guest vending areas 

Parking Spaces: 129 surface parking spaces 

February-2011 Summary of Salient Data and Conclusions 

Sheraton Hotel Redding At Sundial Bridge – Redding, California 6

SUMMARY OF VALUE PARAMETERS 

Number of Years to Stabilize: Five (after opening) 

Stabilized Year: 2016/17 

VALUE OPINIONS AS OF FEBRUARY 9, 2011 

“As Is” Market Value: $0 

VALUE OPINIONS AS OF JUNE 1, 2012 

Income Capitalization Approach: $17,500,000 

Sales Comparison Approach: $17,600,000 

Cost Approach: $19,700,000 

“When Complete” Prospective Market Value: $17,500,000 ($134,615 per room) 

Value Opinion as of June 1, 2016 

“When Stabilized” Prospective Market Value: $20,400,000 ($156,923 per room) 

ASSIGNMENT CONDITIONS 

Extraordinary Assumptions: The analysis is based on the extraordinary assumption 

that the described improvements have been completed as 

of the prospective "when complete" date of value. The 

reader should understand that the completed subject 

property does not yet, in fact, exist as of the date of 

appraisal. Our appraisal does not address unforeseeable 

events that could alter the proposed project and/or the 

market conditions reflected in the analyses; we assume 

that no significant changes, other than those anticipated 

and explained in this report, will take place between the 


Additionally, our opinion of the stabilized market value of 

the subject property prospectively, as of the date of 

stabilization, assumes that the hotel will be maintained in 

good competitive condition and that no major changes 

will have occurred in the local market or national 

economy that would impact the performance of the 

property at that time. 



According to the developer, the ground rent payable to 

the sublessor (Turtle Bay Exploration Park) equals 5% of 

total revenue. The ground rent is waived in the first and 

second years of operation. We have made the 

extraordinary assumption that the sublease continues to 

pay ground lease payments to the sublessor in this 


The hotel is expected to be developed consistent with 

Sheraton’s brand standards for improvements, finishes, 

design, and amenities, however, service practices such as 

doormen and extensive room service may not be 

warranted in the market. A modification of this service 

platform is not expected to affect the revenue 


We assume that the building will be fully open and 

operational on the assumed opening date and will meet all 

local building codes and brand standards. Furthermore, 

we assume that the hotel staff will be adequately trained 

to allow for a successful opening and that pre-marketing 

efforts will have introduced the product to major local 

accounts at least six months in advance of the opening 

date. 

Several other important general assumptions have been 

made that apply to this appraisal and our valuations of 

proposed hotels in general. These aspects are set forth in 

the Assumptions and Limiting Conditions chapter of this 

report. 

Hypothetical Conditions: We have made no assumptions of hypothetical conditions 

in our report. 



2. Nature of the Assignment 

Subject of the 

Appraisal 

Property 

Rights Appraised 

The subject of the summary appraisal is a ±203,224-square-foot (±4.67-acre) 

parcel to be improved with a modified full-service lodging facility; the hotel will be 

affiliated with the Sheraton brand. The property is expected to open on June 1, 

2012, and will feature 130 rooms, a restaurant, a lounge, an outdoor pool and 

whirlpool, an exercise room, a gift shop, business workstations, and guest vending 

areas. The hotel will also feature all necessary back-of-the-house space. As of the 

date of inspection, no construction has begun and the existing visitors’ center was 

open to the public. 

The subject site’s location is at the northeast intersection of Auditorium Drive and 

Highway 44, adjacent to the existing Turtle Bay Exploration Park (Turtle Bay). This 

site is in the city of Redding, California. The subject site is part of a larger parcel 

measuring approximately 60.44 acres, or 2,632,766 square feet, with primary 

frontage along the off-ramp road from Highway 44 to Auditorium Drive. This 

acreage includes a 1,014-space parking lot and improvements to be shared by the 

hotel and the existing Turtle Bay Exploration Park facilities. The hotel parcel 

contains 129 parking spaces. The subject site’s location is 840 Sundial Bridge 

Drive, Redding, California 96001. 











The property rights appraised are the leasehold ownership of the improvements, 

including the furniture, fixtures, and equipment. The leasehold interest is defined 

as “the tenant's possessory interest created by a lease." 1 

1 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5 th ed. (Chicago Appraisal 

Institute, 2010). 

February-2011 Nature of the Assignment 


Pertinent Dates 

Ownership, Franchise, 

and Management 

Assumptions 

The Sheraton Hotel Redding At Sundial Bridge is appraised as a going concern (i.e., 

an open and operating facility). 

The effective date of the “as is” market value conclusion is February 9, 2011. The 

effective date of the “when complete” prospective market value conclusion is June 

1, 2012. The effective date of the "when stabilized" prospective market value 

conclusion is June 1, 2016. All projections are expressed in inflated dollars. The 

subject site was inspected by Jaime Law on February 9, 2011. Elaine Sahlins 

inspected the subject site on May 6, 2010, during the course of a previous market 

study. Suzanne R Mellen, MAI, CRE, FRICS participated in the analysis and 

reviewed the findings, but did not personally inspect the property. 

The developer of the proposed subject property is a partnership composed of the 

McConnel Foundation, KBK Foundation, Turtle Bay Exploration Park, and Azul 

Hospitality Group, which will also be the hotel operator. Turtle Bay is contributing 

the existing visitor center, which will be adjacent to the hotel improvements. The 

City of Redding owns the land by which Turtle Bay (the tenant) subleases a portion 

for the development of the hotel. No other transfers of the property have 

reportedly occurred within the last three years. The site is not currently under 

contract for sale nor is it listed for sale. 

The City of Redding (landlord) and the Turtle Bay Exploration Park (tenant) 

entered into a ground lease agreement dated January 7, 1992. The term of the 

ground lease is 55 years with an additional term of 55 years. The agreement was 

amended several times. The last amendment to the agreement, dated November 

23, 2010, allows Turtle Bay to sublease a portion of the premises to a third party 

(the hotel developer) and to permit the third party to develop a portion of the 

premises with a hotel, restaurant, and related hospitality facilities and necessary 

improvements. Although not specified in the lease documents, according to the 

developer, the ground rent payable to the sublessor (Turtle Bay Exploration Park) 

equals 5% of total revenue. The ground rent is waived in the first and second years 

of operation. We forecast ground lease payments to the sublessor in this amount 

for the duration of our projection period. 

The subject property is assumed to be operated by a professional third-party 

operator. A market-rate management fee of 3.0% of total revenue has been 

included in the forecast of income and expense. As part of the development 

planning for the hotel, Turtle Bay is working with Azul Hospitality Group as the 

potential management and development group. The proposed subject property 

will operate under a franchise agreement with Starwood Hotels and Resorts as a 

Sheraton Hotel. The franchise fees are based on the executed license agreement, 

dated December 15, 2010, and are forecast as a percentage of rooms revenue on 



Objective of the 

Appraisal 

an annual basis as follows: royalty fees at 6%, marketing fees at 1%, and 

reservation fees at 1%. 

The objective of the appraisal is to develop an opinion of the subject property’s 

"when complete" market value and prospective market value upon stabilization. 

The following definition of market value has been agreed upon by the agencies 

that regulate federal financial institutions in the United States: 

The most probable price which a property should bring in a competitive 

and open market under all conditions requisite to a fair sale, the buyer and 

seller each acting prudently and knowledgeably, and assuming the price is 

not affected by undue stimulus. Implicit in this definition are the 

consummation of a sale as of a specified date and the passing of title from 

seller to buyer under conditions whereby: 

1. buyer and seller are typically motivated; 

2. both parties are well informed or well advised, and acting in what 

they consider their own best interests; 

3. a reasonable time is allowed for exposure in the open market; 

4. payment is made in terms of cash in U.S. dollars or in terms of 

financial arrangements comparable thereto; and 

5. the price represents the normal consideration for the property sold 

unaffected by special or creative financing or sales concessions 

granted by anyone associated with the sale. 2 

“As is” market value is defined by the Appraisal Institute as follows: 

The estimate of the market value of real property in its current physical 

condition, use, and zoning as of the appraisal date. 3 

Prospective market value is defined by the Appraisal Institute as follows: 

A value opinion effective as of a specified future date. 4 

The prospective value opinion upon stabilization estimates the market value of a 

property upon reaching a stabilized level of operation. Operations are stabilized at 

2 Federal Register, Vol. 55, No. 165, August 24, 1990: 34696. 

3 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: 

Appraisal Institute, 2010). 





Intended Use of the 

Appraisal 

Identification of the 

Client and Intended 

User(s) 

Assignment Conditions 

that point in time when abnormalities in supply and demand or any additional 

transitory conditions cease to exist and the existing conditions are those expected 

to continue over the economic life of the property. 

This summary report is being prepared for loan underwriting and-or credit 

decisions. 

The client for this engagement is U.S. Bank. The intended users of this report is U.S. 

Bank National Association, and its parent, affiliates, subsidiaries and assigns. 

“Extraordinary Assumption” is defined in USPAP as follows: 

An assumption, directly related to a specific assignment, which, if found to 

be false, could alter the appraiser’s opinions or conclusions. Comment: 

Extraordinary assumptions presume as fact otherwise uncertain 

information about physical, legal, or economic characteristics of the subject 

property; or about conclusions external to the property, such as market 

conditions or trends; or about the integrity of the data used in an analysis. 5 



value. The reader should understand that the completed subject property does not 






Additionally, our opinion of the stabilized market value of the subject property 

prospectively, as of the date of stabilization, assumes that the hotel will be 

maintained in good competitive condition and that no major changes will have 

occurred in the local market or national economy that would impact the 

performance of the property at that time. 






5 Appraisal Institute, Uniform Standards of Professional Appraisal Practice, 2010 – 2011 

ed. 



Exposure Period 











Several other important general assumptions have been made that apply to this 



“Hypothetical Condition” is defined in USPAP as follows: 

That which is contrary to what exists but is supposed for the purpose of 

analysis. Comment: Hypothetical conditions assume conditions contrary to 

known facts about physical, legal, or economic characteristics of the 

subject property; or about conditions external to the property, such as 

market conditions or trends; or about the integrity of data used in an 

analysis. 6 


We have not made any jurisdictional exceptions to the Uniform Standards of 

Professional Appraisal Practice in our analysis or report. 

Exposure period is defined as the estimated length of time that the property 

interest being appraised would have been offered on the market prior to the 

hypothetical consummation of a sale at market value on the effective date of the 

appraisal. The exposure period reflects a retrospective opinion based on an 

analysis of past events and assumes a competitive and open market. 

Our opinion is that the exposure period for the proposed subject property, prior to 

our date of value, is estimated to be less than or equal to nine months. The 

marketing and sales process for hotels is extremely efficient. Brokers specializing 

in hotel transactions actively solicit potential buyers on an ongoing basis and 

6 Appraisal Institute, Uniform Standards of Professional Appraisal Practice, 2010 – 2011 

ed. 



maintain databases on hotel investor criteria. According to the brokers 

interviewed, the current period from when a property is listed to when the sale 

closes is typically six to nine months. Brokers are able to electronically produce 

marketing materials, elicit interest, schedule property tours, accept offers, and 

select a buyer in approximately 90 to 120 days. Following the execution of a 

purchase and sale agreement, the due diligence and closing period is typically 90 

days. 

Hotel properties are being actively sought after by investors. Since the economic 

downturn, a number of funds have been established to pursue hotel acquisitions. 

Quality assets often solicit numerous bids, and for willing buyers and willing 

sellers, the marketing process has resulted in the timely closing of transactions. 

We are also aware that some potential sellers are not actively marketing their 

hotels at this time. Although these sellers may bring their assets to market during 

a more robust financing period, their current lack of participation in the process 

does not impact our opinion concerning the exposure period. 

Published surveys report marketing time, not the exposure period. Marketing 

time is an opinion of the amount of time it might take to sell a property at the 

concluded market value level during the period immediately after the effective 

date of an appraisal. Currently, marketing time for full-service and luxury/upperupscale 

hotels is averaging 7.63 and 8.50 months, respectively, according to the 

Korpacz Real Estate Investor Survey - Third Quarter 2010, published by 

PricewaterhouseCoopers. Overall marketing time is averaging 8.0 months for 

hotels, as reported by the Real Estate Research Corporation’s Summer 2010 Real 

Estate Survey. The following table illustrates marketing periods reported in recent 

Korpacz Real Estate Investor Surveys. 

FIGURE 2-1 MARKETING PERIODS (MONTHS) 

Property Type 

Luxury/Upper-Upscale 

Full-Service 

Economy/Limited-Service 

Extended Stay 

3rd Quarter '10 1st Quarter '10 Year Ago 

2.0 to 20.0 4.0 to 20.0 1.0 to 18.0 

8.50 10.38 8.21 

2.0 to 24.0 3.0 to 24.0 4.0 to 18.0 

7.63 9.31 8.22 

4.0 to 12.0 4.0 to 12.0 4.0 to 12.0 

7.60 7.40 7.83 

2.0 to 24.0 3.0 to 24.0 4.0 to 12.0 

8.20 9.50 7.00 

Source: Korpacz Real Estate Investor Survey - Third Quarter 2010 



Competency 

Scope of Work 

While marketing time refers to the amount of time necessary to market the hotel 

subsequent to our date of value to sell for the appraised value, the two concepts 

are similar and simply reflect different perspectives in time. 

Our qualifications are included as an addendum to this report. These qualifications 

reflect that we have the competence required to complete this engagement, in 

accordance with the competency provision of the Uniform Standards of 

Professional Appraisal Practice. Our knowledge and experience is appropriate for 

the complexity of this assignment. 

The methodology used to develop this appraisal is based on the market research 

and valuation techniques set forth in the textbooks authored by Hospitality 

Valuation Services for the American Institute of Real Estate Appraisers and the 

Appraisal Institute, entitled The Valuation of Hotels and Motels, 7 Hotels, Motels and 

Restaurants: Valuations and Market Studies, 8 The Computerized Income Approach 

to Hotel/Motel Market Studies and Valuations, 9 Hotels and Motels: A Guide to 

Market Analysis, Investment Analysis, and Valuations, 10 and Hotels and Motels – 

Valuations and Market Studies. 11 

1. All information was collected and analyzed by the staff of M&R Valuation 

Services, Inc. Information was supplied by the client and/or the property’s 

development team. 

2. The subject site has been evaluated from the viewpoint of its physical 

utility for the future operation of a hotel, as well as access, visibility, and 

other relevant factors. 

3. The subject property's proposed improvements have been reviewed for 

their expected quality of construction, design, and layout efficiency. 

4. The surrounding economic environment, on both an area and 

neighborhood level, has been reviewed to identify specific hostelry-related 

7 Stephen Rushmore, The Valuation of Hotels and Motels. (Chicago: American Institute of 

Real Estate Appraisers, 1978). 

8 Stephen Rushmore, Hotels, Motels and Restaurants: Valuations and Market Studies. 

(Chicago: American Institute of Real Estate Appraisers, 1983). 

9 Stephen Rushmore, The Computerized Income Approach to Hotel/Motel Market Studies and 

Valuations. (Chicago: American Institute of Real Estate Appraisers, 1990). 

10 Stephen Rushmore, Hotels and Motels: A Guide to Market Analysis, Investment 

Analysis, and Valuations (Chicago: Appraisal Institute, 1992). 

11 Stephen Rushmore and Erich Baum, Hotels and Motels – Valuations and Market Studies. 

(Chicago: Appraisal Institute, 2001). 



economic and demographic trends that may have an impact on future 

demand for hotels. 

5. Dividing the market for hotel accommodations into individual segments 

defines specific market characteristics for the types of travelers expected 

to utilize the area's hotels. The factors investigated include purpose of 

visit, average length of stay, facilities and amenities required, seasonality, 

daily demand fluctuations, and price sensitivity. 

6. An analysis of existing and proposed competition provides an indication of 

the current accommodated demand, along with market penetration and 

the degree of competitiveness. Unless noted otherwise, we have inspected 

the competitive lodging facilities summarized in this report. 

7. Documentation for an occupancy and average rate projection is derived 

utilizing the build-up approach based on an analysis of lodging activity. 

8. A detailed projection of income and expense made in accordance with the 

Uniform System of Accounts for the Lodging Industry sets forth the 

anticipated economic benefits of the subject property. 

9. The appraisal considers the following three approaches to value: cost, sales 

comparison, and income capitalization. We have investigated numerous 

improved sales in the market area and have spoken with buyers, sellers, 

brokers, property developers, and public officials. Because lodging 

facilities are income-producing properties that are normally bought and 

sold on the basis of capitalization of their anticipated stabilized earning 

power, the greatest weight is given to the value indicated by the income 

capitalization approach. We find that most hotel investors employ a 

similar procedure in formulating their purchase decisions, and thus the 

income capitalization approach most closely reflects the rationale of 

typical buyers. 

The value conclusions of the appraisal are based on this investigation and analysis 

and are conveyed in this summary report. The analyses, opinions, and conclusions 

were developed based on, and this report has been prepared in conformance with, 

our interpretation of the guidelines and recommendations set forth in USPAP. 



3. Description of the Site and Neighborhood 

LAND 

AREA MAP 

The subject site is within the Turtle Bay Exploration Park area, at the corner of 

Auditorium Drive and Highway 44, in the city of Redding, the county of Shasta, and 

the state of California. The site offers frontage toward the Highway 44 off-ramp 

road. Interstate 5 provides north-south access, while Highway 299 provides east 

west access to Redding. The subject site is located on the west side of Interstate 5. 

Although the subject site is irregular in shape, its topography is level. Land to the 

east of the subject site provides expansive views of protected park land and the 

Sacramento River. 

Turtle Bay Exploration Park parcel measures approximately 60.44 acres, or 

2,632,766 square feet, with primary frontage along the off-ramp road from 

Highway 44 to Auditorium Drive. This acreage includes a 1,014-space parking lot 

and improvements to be shared by the proposed hotel and the existing Turtle Bay 

Exploration Park facilities. The hotel parcel measures approximately 4.67 acres or 

203,224 square feet. This site is expected to be improved with a 130-room hotel 

with a restaurant, a lounge, an outdoor pool and whirlpool, an exercise room, a gift 

shop, business workstations, and guest vending areas. The following parcels 

outline the Turtle Bay Exploration Park parcel and the subdivided hotel parcel. 

February-2011 Description of the Site and Neighborhood 


ASSESSOR’S MAP – TURTLE BAY EXPLORATION PARK 



Physical Characteristics 

HOTEL SITE 

Additional characteristics of the site are set forth in the following table. The 

topography of the parcel is generally flat, and the site’s shape is irregular. The 

following table illustrates the subject site’s characteristics. 



FIGURE 3-1 SUBJECT PARCEL'S CHARACTERISTICS 

Size 

Configuration 

Parcel Number(s) 

Utilities 

Easements and 

Encroachments 

Soil and Subsoil 

Conditions 

Nuisances and 

Hazards 

Zoning 

Flood Zone 

Seismicity 

4.67 acres 

Prima ry vehicular a ccess to the propos ed s ubject property wi ll be 

provided by Auditorium Drive. The topography of the parcel is 

generally flat, and the site’s shape is irregular. 

102-040-005-000 

The subject site will reportedly be served by all necessary 

utilities. We assume that these will be acquired from the most 

cos t-effecti ve providers within the loca l ma rket. 

We are not aware of any easements attached to the property that 

would significantly affect the utility of the site or marketability of 

this project. 

Geological and soil reports were not provided to us or made 

available for our review during the preparation of this report. We 

are not qualified to evaluate soil conditions other than by a 

vi s ual i ns pecti on of the s urfa ce; no extra ordinary condi ti ons were 

apparent. 

We were not informed of any site-specific nuisances or hazards, 

and there were no visible signs of toxic ground contaminants at 

the time of our ins pecti on. Becaus e we are not experts in this 

field, we do not warrant the absence of hazardous waste and urge 

the reader to obtain an i ndependent analys is of thes e factors . 

PF a nd SP 

Public Fa cility and Specifi c Plan 

This Public Facility zoning designation allows for public and quasipublic 

facilities that are appropriate for educational facilities, 

cul tura l and i ns ti tutiona l us es , hea lth services , speciali zed 

housing and care facilities, parks and recreation, general 

government operations, airports, utility and public service needs, 

and other similar and related supporting uses. The site is also 

designated Specific Plan and in the case of the subject site, the 

plan contains different allowable uses, which include hotel, 

resta urant, a nd s ervie area s . 

X 500 - Pa nel #0603602585E Da ted June 16, 2006 

An area inundated by 500-year floodi ng; an area inundated by 100year 

fl ooding wi th a vera ge depths of l es s than 1 foot or wi th 

drainage areas less than 1 square mile; or an area protected by 

levees from 100-year flooding. 

The city of Redding is not identified as containing any principal 

active zoned faults for study under the Alquist-Priolo Special 

Studies Zone Act of 1972. Nevertheless, Redding is proximate to 

identified active zoned faults. Soil and seismic conditions are 

cons istent in a ll of the s urrounding rea l es ta te a nd wil l not affect 

the s ubject property’s marketabili ty or utili ty. Geological and s oi l 

reports were not provided to us or ma de availa bl e for our review 

during the preparation of this report. We are not qualified to 

evaluate soil conditions other than by a visual inspection of the 

surface; no extraordinary conditions were apparent. 



SUBJECT SITE RENDERING AND SHARED PARKING AMENITY 

Site Utility 

Access and Visibility 

Upon completion of construction, the subject site will not contain any significant 

portion of undeveloped land that could be sold, entitled, and developed for 

alternate use. The site is expected to be fully developed with site or building 

improvements, which will contribute to the overall profitability of the hotel. 

The subject site is readily accessible to a variety of local, county, state, and 

interstate highways. The site offers frontage toward the Highway 44 off-ramp 

road. The city recently completed the Dana-to-Downtown redevelopment project 

in October 2010, which enhanced the off-ramp roads for both westbound and 

eastbound traffic from Highway 44 and included approximately one mile of 12foot-wide 

bikeway with the trail path at Highway 44 across the Sacramento River 



MAP OF REGIONAL ACCESS ROUTES 

Neighborhood 

to the Mt. Shasta Mall. According to city representatives, approximately 50,000 

vehicles pass this section of the highway every day. Another planned project 

involves the creation of a scenic walking/biking trail that will connect the subject 

site area and Turtle Bay Exploration Park to the Redding Mall area, and will 

traverse the Sacramento River. The subject site is situated just east of the 

convention center grounds. The improvements will be designed contiguous with 

the existing visitors’ center, relocating the main entrance to Turtle Bay Exploration 

Park. 

The neighborhood surrounding a lodging facility often has an impact on a hotel's 

status, image, class, style of operation, and sometimes its ability to attract and 

properly serve a particular market segment. This section of the report investigates 

the subject neighborhood and evaluates any pertinent location factors that could 

affect its future occupancy, average rate, and overall profitability. 



Turtle Bay Exploration 

Park 

The subject neighborhood can be defined as the Turtle Bay Exploration Park, a 

cultural and scientific center focusing on the Sacramento River ecosystem. The 

Botanical Gardens, which was the final phase of Turtle Bay Exploration Park, 

opened in May 2005. The Redding Convention Center, located a few hundred feet 

from the subject site, is also part of the subject's neighborhood. The convention 

center works very closely with the Redding Visitors Bureau to ensure that the 

facility remains the principal location for convention business, trade shows, 

cultural events, sporting events, and various entertainment activities in the 

Redding area. This neighborhood, located on the west side of Interstate 5, is 

considered to be Redding's social community center, as many concerts and events, 

as well as educational events, are conducted here year-round. 

Turtle Bay Exploration Park, adjacent to the subject site, is a cultural and 

scientific center focusing on the Sacramento River ecosystem and its surrounding 

forests. The complex currently includes one museum, a summer butterfly house, 

the Arboretum on the River, the Sundial Bridge, a café, and the visitor center. The 

Botanical Gardens, which was the final phase of Turtle Bay Exploration Park, 

opened in May 2005. 

The McConnell Arboretum & Botanical Gardens also includes roughly 200 acres of 

undeveloped arboretum and roundly 20 acres of botanical garden adjacent to the 

Sacramento River, with views of the Shasta Valley mountain range, the Sundial 

Bridge at Turtle Bay, as well as views of valley oaks and native vegetation along 

the Sacramento River. 

The overall concept of the exploration park was created in the mid-1980s, when 

museum officials planned to construct a museum complex on roundly 60 acres, 

and came to fruition by the mid-1990s. Currently, an additional 340 acres of 

natural habitat located on both sides of the Sacramento River are being restored, 

re-establishing native vegetation in the wood, grass, and seasonal wetlands, as 

well as the oak groves. 

The Turtle Bay Museum contains various permanent and temporary exhibits 

related to the area's natural and cultural history, local arts, and life sciences. 

Current exhibits include an exhibition of the science of the human body, an 

interactive exhibition exploring the concept of sustainability, as well as an 

exhibition of 42 unique pieces of art that include painting, drawing, printmaking, 

photography, sculpture and mixed media. 

Paul Bunyan’s Forest Camp is an education exploration center resembling an oldfashioned 

forest camp. The Millhouse Museum houses displays of various items 

typically found in North State forests, and local wildlife, including live animals. 

Outdoor exhibits focus on the timber, logging, and railroad industries in California. 



Conclusion 

Other amenities include outdoor play equipment for children, an outdoor 

amphitheater that hosts seasonal live-animal shows, as well as a seasonal aviary 

and butterfly house. 

The 217-foot-high Sundial Bridge at Turtle Bay, which opened on July 4, 2004, is a 

unique pedestrian bridge that crosses the Sacramento River connecting the 

nationally designated trail system in Redding with the Turtle Bay Exploration Park 

and McConnell Arboretum. The bridge was designed by world-renowned architect 

Santiago Calatrava and was designed to resemble a bird in flight. A unique feature 

of the bridge is the pylon, which acts as a sundial, reflecting the time on a tilecovered 

border on the northern side of the bridge. Since its opening, the bridge has 

drawn many visitors to the Redding area, and has been very well publicized on 

Interstate 5, with multiple large color billboards. 

For the fiscal year of 2009/2010 ending June, Turtle Bay Exploration Park had 

approximately 150,000 visitors. In addition to general visitation, 10 weddings and 

35 meetings and events were held during 2008/09. According to Turtle Bay 

representatives, approximately 400,000 people visit the Sundial Bridge each year. 

The destination is actively marketed to the Sacramento, Eureka, southern Oregon, 

and San Francisco Bay areas. 

We have analyzed the issues of size, topography, access, visibility, and the 

availability of utilities. The subject site is well situated in Redding's community 

center, adjacent to Turtle Bay Exploration Park, the Sundial Bridge, and a few 

hundred feet from the convention center, where concerts and large-scale social 

events are conducted every year. The recently completed off-ramp roads project 

enhances the site's access and visibility from Highway 44. In general, the site is 

well suited for future hotel use, with good access, visibility, and topography for an 

effective hotel operation. 



4. Description of the Proposed Project 

Project Overview 

The Sheraton Redding At Sundial Bridge will be a full-service lodging facility 

containing 130 rentable units. The three-story property is scheduled to open on 

June 1, 2012. The proposed improvements are being designed to complement and 

integrate with the existing visitor center at Turtle Bay Exploration Park. A threemeal 

restaurant will operate in conjunction with the existing visitor center. Due to 

the constraints of the site and to take advantage of the existing facilities at the 

park’s visitor center, the meeting rooms’ location will be at a less-than-ideal 

distance from the kitchen facilities; however, this issue will be addressed with 

outdoor access and effective service plans. All typical and market-appropriate 

features and amenities appear to be included in the hotel's design. We assume that 

the building will be fully open and operational on the assumed opening date and 

will meet all local building codes and brand standards. Furthermore, we assume 

that the hotel staff will be adequately trained to allow for a successful opening and 

that pre-marketing efforts will have introduced the product to major local 

accounts at least six months in advance of the opening date. 





performance of the hotel. Sheraton is an upscale hotel brand that serves the needs 

of both business and leisure travelers. 

February-2011 Description of the Proposed Project 


RENDERING – VIEW FROM THE NORTH 

RENDERING – VIEW FROM THE EAST 



Summary of the 

Facilities 

RENDERING – VIEW FROM THE NORTH 

Based on information provided by the proposed subject property’s development 

representatives, the following table summarizes the facilities that will be available 

at the proposed subject property. 



Site Improvements and 

Hotel Structure 

FIGURE 4-1 PROPOSED FACILITIES SUMMARY 

Guestroom Configuration 

Ki ng 45 

Queen/Queen 68 

Suite 8 

Presidential Suite 1 

Ki ng ADA 4 

Queen ADA 4 

Total 130 

Food & Beverage Facilities 

Full-Service Restaurant and Lounge 1,425 

Meeting & Banquet Facilities 

Meeti n Room 5,321 

Cl ub Lounge 896 

Total 6,217 

Amenities & Services 

Outdoor Swimming Pool 

Outdoor Whirlpool 

Vending Areas 

Turtle Bay Exploration Park 

Infrastructure 

Pa rking Spaces 1014 shared s paces 

Elevators 

Life-Safety Systems 

Cons tructi on Deta i ls 

Exercise Room 

Lobby Workstation 

Gift Shop/Sundries 

Number of Units 

Square Footage 

Square Footage 

2 Guest 

Sprinklers, Smoke 

Steel, Reinforced 

The hotel structure will comprise one single, three-story building with guestrooms 

on all floors, double-loaded off interior corridors. The building will stretch from 

the northeast to the southwest. The entrance will be situated on the northeast end 

of the building, adjacent to the visitor center. Three stairways and two elevators 

will provide internal vertical transportation within the building. Ample parking 

will be available on the surface lot around the perimeter of the hotel. We assume 

that all structural components will meet local building codes and that no 

significant defaults will occur during construction that may impact the future 

operating potential of the hotel or delay its assumed opening date. We assume that 



Public Areas 

all signage will adequately identify the property and meet brand standards. 

Planned landscaping should allow for a positive guest impression and competitive 

exterior appearance. Sidewalks will be present along the front entrance and 

around the perimeter of the hotel. Other site improvements will include an 

outdoor pool and whirlpool and a fitness room. Overall, the planned 

improvements appear typical for a hotel of this type and should meet the 

standards for this market. 

The proposed improvements are being designed to complement and integrate 

with the existing visitors' center at Turtle Bay Exploration Park. Due to the 

constraints of the site and to take advantage of the existing facilities at the park’s 

visitor center, the meeting rooms’ location will be at a less-than-ideal distance 

from the kitchen facilities. According to the prospective management company, 

this issue will be addressed with outdoor access and effective service plans. In 

general, the subject property should offer a well-designed, functional layout of 

support areas and guestrooms. All typical and market-appropriate features and 

amenities appear to be included in the hotel's design. 

The following illustrates the first floor’s layout. 



FIRST FLOOR PLAN 



Guestrooms 

Back-of-the-House 

ADA and 

Environmental 

Capital Expenditures 

Construction Budget 

The hotel is expected to feature standard and suite-style guestroom 

configurations, and guestrooms will be present on all three floors of the property 

within the single building. The guestrooms will average 370 square feet in size 

(standard king rooms will measure 309 square feet, standard queen/queen rooms 

347 square feet, suites 694 square feet, and the presidential suite will measure 896 

square feet) and will offer standard amenities for this upscale product type. ADAcompliant 

rooms are approximately 80 to 100 square feet larger. In addition to the 

standard furnishings, rooms are expected to feature an iron and ironing board, a 

coffeemaker, and high-speed Internet access. Suites, which will be available for a 

premium rate, will provide a larger living area with additional furnishings and 

other upgraded amenities. Overall, the guestrooms should offer a high-quality 

product for this Redding market. 

The hotel will be served by the necessary back-of-the-house space, including an inhouse 

laundry facility, administrative offices, and a full-service kitchen to serve the 

needs of the restaurant and the function space. These spaces should be adequate 

for a hotel of this type and should allow for the efficient operation of the property 

under competent management. 

We assume that the property will be built according to all pertinent codes and 

brand standards. Moreover, we assume its construction will not create any 

environmental hazards (such as mold) and that the property will fully comply with 

the Americans with Disabilities Act. 

Our analysis assumes that, after its opening, the hotel will require ongoing 

upgrades and periodic refurbishments in order to maintain its competitive level in 

this market. These costs should be adequately funded by the forecasted reserve 

for replacement, as long as a successful, ongoing preventive-maintenance program 

is employed by hotel staff. 

The construction budget for the 130-room subject hotel, as provided by the project 

developer, is illustrated in the following table. According to the developer, predevelopment 

costs spent, as of February 16, 2010, equate to $723,297. The costs 

comprise mainly of architectural and engineering fees, franchise fees, project 

management fees, civil engineering fees, and interior design fees. 



FIGURE 4-2 SUBJECT PROPERTY CONSTRUCTION BUDGET 

Conclusion 

Component 

SOFT/FINANCING COSTS 

Project Management 

Architectural & Engineering 

Interior Design 

Permits & Fees 

SUB TOTAL SOFT COSTS 

Soft Cost Contingency (3%) 

TOTAL SOFT COSTS 

CONSTRUCTION 

Guestrooms (including site work and utilities) 

Remodel of Visitor Center (including lobby and 

restaurant) 

Restaurant Patio 

Pool 

Kitchen Equipment 

FF&E 

OS&E 

IT Systems 

Event Lawn 

SUB TOTAL CONSTRUCTION COSTS 

Cons tructi on Conti ngency (5%) 

TOTAL CONSTRUCTION COSTS 

TOTAL SOFT AND CONSTRUCTION COSTS 

Financing/Legal/Reports/Closing 

Pre-Opening/Working Capita l 

Initial Franchise Fee 

Cost per Room 

$120,000 $923 

650,000 5,000 

140,000 1,077 

815,000 6,269 

1,725,000 13,269 

51,750 398 

1,776,750 13,667 

10,780,050 82,923 

750,000 5,769 

200,000 1,538 

250,000 1,923 

400,000 3,077 

1,105,000 8,500 

715,000 5,500 

450,000 3,462 

200,000 1,538 

14,850,050 114,231 

742,503 5,712 

15,592,553 119,943 

17,369,303 133,610 

1,000,000 7,692 

750,000 5,769 

85,000 654 

TOTAL DEVELOPMENT COST $19,204,303 $147,725 

Contri buted Bui l ding 

$2,000,000 $15,385 

TOTAL PROJECT COST $21,204,303 $163,110 

Overall, the subject property should offer a well-designed, functional layout of 

support areas and guestrooms. All typical and market-appropriate features and 

amenities appear to be included in the hotel's design. We assume that the building 

will be fully open and operational on the assumed opening date and will meet all 

local building codes and brand standards. Furthermore, we assume that the hotel 

staff will be adequately trained to allow for a successful opening and that premarketing 

efforts will have introduced the product to major local accounts at least 

six months in advance of the opening date. 


Sheraton Hotel Redding At Sundial Bridge – Redding, California 32 

Cost

5. Market Area Analysis 

Market Area Definition 

The market area for a lodging facility is the geographical region where the sources 

of demand and the competitive supply are located. The subject property is located 

in the city of Redding, the county of Shasta, and the state of California. 

In the larger context, the proposed subject property’s market area can be defined 

by its Metropolitan Statistical Area (MSA): Redding, CA. In addition to Shasta 

County, the Redding, CA MSA includes the cities of Redding, Anderson, and Shasta 

Lake. The metropolitan area of Shasta lies adjacent to the Sacramento River, 

approximately 160 miles north of San Francisco, and equidistant between Seattle 

and Los Angeles. The city of Redding lies off Interstate 5, and is defined by Oasis 

Road to the north, State Highway 273 to the west, State Highway 299 to the east, 

and Rancho and Canyon Roads to the south. The Sacramento River, which runs 

north-south, winds through the city center, parallel to Interstate 5. The area has 

evolved into a service and retail center of a regional trade area, depending largely 

on regional demand, area tourism, and travel along Interstate 5. The following 

exhibit illustrates the market area. 

February-2011 Market Area Analysis 


MAP OF MARKET AREA 

Economic and 

Demographic Review 

A primary source of economic and demographic statistics used in this analysis is 

the Complete Economic and Demographic Data Source published by Woods & Poole 

Economics, Inc., a well-regarded forecasting service based in Washington, D.C. 

Using a database containing more than 900 variables for each county in the nation, 

Woods & Poole employs a sophisticated regional model to forecast economic and 

demographic trends. Historical statistics are based on census data and information 

published by the Bureau of Economic Analysis. Projections are formulated by 

Woods & Poole, and all dollar amounts have been adjusted for inflation, thus 

reflecting real change. 

These data are summarized in the following table. 



FIGURE 5-1 ECONOMIC AND DEMOGRAPHIC DATA SUMMARY 

Average Annual 

Compounded Change 

1990 2000 2010 2015 1990-00 2000-10 2010-15 

Resident Population (Thousands) 

Shasta County 148.6 163.8 185.4 198.4 1.0 % 1.2 % 1.4 % 

Redding, CA MSA 148.6 163.8 185.4 198.4 1.0 1.2 1.4 

State of California 29,959.5 33,998.8 37,535.5 39,524.3 1.3 1.0 1.0 

United States 249,622.8 282,171.9 310,063.4 325,421.9 1.2 0.9 1.0 

Per-Capita Personal Income* 

Shasta County $23,152 $26,504 $29,133 $30,771 1.4 1.0 1.1 

Redding, CA MSA 23,152 26,504 29,133 30,771 1.4 1.0 1.1 

State of California 29,136 35,192 37,809 40,186 1.9 0.7 1.2 

United States 26,226 32,352 35,582 37,963 2.1 1.0 1.3 

W&P Wealth Index 

Shasta County 87.7 82.3 81.3 80.6 (0.6) (0.1) (0.2) 

Redding, CA MSA 87.7 82.3 81.3 80.6 (0.6) (0.1) (0.2) 

State of California 110.4 108.5 107.4 107.0 (0.2) (0.1) (0.1) 

United States 100.0 100.0 100.0 100.0 0.0 0.0 0.0 

Total Retail Sales (Millions)* 

Shasta County $1,581 $2,052 $2,379 $2,673 2.6 1.5 2.4 

Redding, CA MSA 1,581 2,052 2,379 2,673 2.6 1.5 2.4 

State of California 305,378 402,311 439,247 485,242 2.8 0.9 2.0 

United States 2,545,947 3,516,734 3,716,099 4,093,326 3.3 0.6 2.0 

* Inflation Adjusted 

Source: Woods & Poole Economics, Inc.

Workforce 

Characteristics 

The U.S. population has grown at an average annual compounded rate of 0.9% 

from 2000 through 2010. The county’s population has grown at a quicker pace 

than the nation’s population; the average annual growth rate of 1.2% between 

2000 and 2010 reflects a gradually expanding area. Following this population 

trend, per-capita personal income increased slowly, at 1.0% on average annually 

for the county between 2000 and 2010. Local wealth indexes declined in recent 

years, registering an 81.3 level for the county in 2010, down from an 82.3 level in 

2000. Retail sales totaled $2,378.6 million in the county in 2010, versus $2,052.0 

million in 2000. This represents an average annual change of 1.5%. A stronger 

2.4% average annual change is expected in county retail sales through 2015. 

The characteristics of an area's workforce provide an indication of the type and 

amount of transient visitation likely to be generated by local businesses. Sectors 

such as finance, insurance, and real estate (FIRE); wholesale trade; and services 

produce a considerable number of visitors who are not particularly rate sensitive. 

The government sector often generates transient room nights, but per-diem 

reimbursement allowances often limit the accommodations selection to budget 

and mid-priced lodging facilities. Contributions from manufacturing, construction, 

transportation, communications, and public utilities (TCPU) employers can also be 

important, depending on the company type. 

The following table sets forth the county workforce distribution by business sector 

in 1990, 2000, and 2010, as well as a forecast for 2015. 



FIGURE 5-2 HISTORICAL AND PROJECTED EMPLOYMENT (000S) 

Percent Percent Percent Percent 

Industry 1990 of Total 2000 of Total 2010 of Total 2015 of Total 

Farm 1.9 2.6 % 1.7 2.0 % 1.3 1.4 % 1.3 1.3 % (0.9) % (2.5) % (0.2) % 

Forestry, Fishing, Related Activities And Other 1.4 2.0 1.4 1.7 1.3 1.4 1.3 1.3 (0.0) (0.9) 0.1 

Mi ni ng 0.3 0.4 0.2 0.2 0.1 0.1 0.1 0.1 (2.8) (6.2) 0.4 

Utilities 0.8 1.1 0.6 0.7 0.5 0.5 0.5 0.5 (2.8) (2.3) (0.2) 

Cons truction 6.2 8.5 5.7 6.7 5.5 5.8 6.0 6.0 (0.8) (0.3) 1.6 

Ma nufa cturing 4.0 5.5 3.8 4.4 2.7 2.9 2.6 2.6 (0.6) (3.1) (1.0) 

Total Trade 13.0 17.9 13.2 15.5 14.3 15.1 15.0 15.0 0.2 0.8 1.0 

Wholesale Trade 2.5 3.4 1.9 2.3 2.5 2.7 2.7 2.7 (2.6) 2.8 1.7 

Retail Trade 10.5 14.5 11.3 13.3 11.8 12.5 12.3 12.3 0.8 0.4 0.9 

Transportation And Warehousing 2.9 4.0 3.3 3.8 4.6 4.9 4.8 4.8 1.1 3.5 0.6 

Information 0.8 1.1 1.2 1.4 1.3 1.3 1.3 1.3 4.2 0.4 0.5 

Finance And Insurance 2.6 3.7 2.8 3.3 2.9 3.1 3.0 3.0 0.7 0.2 0.7 

Real Estate And Rental And Lease 2.8 3.8 3.7 4.3 4.7 5.0 5.1 5.1 2.9 2.4 1.8 

Total Services 24.8 34.2 34.0 39.9 40.6 43.1 44.4 44.4 3.2 1.8 1.8 

Profes s i onal And Techni cal Servi ces 3.0 4.1 4.2 4.9 6.1 6.5 7.4 7.4 3.5 3.9 3.9 

Mana gement Of Compani es And Enterpri s es 0.4 0.6 0.8 0.9 0.5 0.5 0.4 0.4 5.8 (5.3) (0.5) 

Administrative And Waste Services 2.8 3.8 4.4 5.2 4.5 4.7 4.7 4.7 4.7 0.2 0.9 

Educational Services 0.7 1.0 1.1 1.3 1.6 1.7 1.7 1.7 4.4 3.9 1.2 

Health Care And Social Assistance 7.9 10.9 10.8 12.7 12.4 13.2 13.0 13.0 3.3 1.4 1.0 

Arts, Entertainment, And Recreation 1.0 1.4 1.5 1.8 2.0 2.1 2.2 2.2 4.4 2.9 1.5 

Accommodation And Food Services 4.6 6.4 5.7 6.7 7.4 7.8 8.2 8.2 2.1 2.7 2.0 

Other Services, Except Public Administration 4.4 6.1 5.5 6.5 6.2 6.5 6.8 6.8 2.4 1.1 2.0 

Total Government 11.0 15.2 13.6 16.0 14.5 15.4 14.7 14.7 2.2 0.6 0.3 

Federal Civilian Government 1.3 1.8 1.3 1.6 1.2 1.3 1.2 1.2 0.3 (0.9) 0.2 

Federal Military 0.4 0.6 0.3 0.4 0.3 0.3 0.3 0.3 (3.1) (1.2) 0.1 

State And Local Government 9.3 12.8 12.0 14.1 13.0 13.8 13.2 13.2 2.6 0.8 0.3 

TOTAL 72.3 100.0 % 85.2 100.0 % 94.3 100.0 % 100.0 100.0 % 1.7 % 1.0 % 1.2 % 

U.S. 139,380.8 — 166,758.8 — 181,631.0 — 192,313.7 — 1.3 0.9 1.1 

Source: Woods & Poole Economics, Inc. 

Average Annual 

Compounded Change 

1990- 2000- 2010- 

2000 2010 2015

Major Business and 

Industry 

Woods & Poole Economics, Inc. reports that during the period from 1990 to 2000, 

total employment in the county grew at an average annual rate of 1.7%. This trend 

was on par with the growth rate recorded by the MSA, and outpaced the national 

average, reflecting the expanding nature of the local economy during that decade. 

Most recently, the pace of total employment growth in the county slowed to 1.0% 

on an annual average from 2000 to 2010. 

Of the primary employment sectors, Total Services recorded the highest increase 

in number of employees during the period from 2000 to 2010, increasing by 6,602 

people, or 19.4%, and rising from 39.9% to 43.1% of total employment. Of the 

various service sub-sectors, Health Care And Social Assistance and 

Accommodation And Food Services were the largest employers. Strong growth 

was also recorded in the Transportation And Warehousing sector, as well as the 

Total Trade sector, which expanded by 41.5% and 8.0%, respectively, in the period 

from 2000 to 2010. Forecasts developed by Woods & Poole Economics, Inc. 

anticipate that total employment in the county will change by 1.2% on average 

annually through 2015. The trend is above the forecast rate of change for the U.S. 

as a whole during the same period. 

Providing additional context for understanding the nature of the regional 

economy, the following table presents a list of the major employers in the subject 

property’s market. 

FIGURE 5-3 MAJOR EMPLOYERS 

Rank Firm Industry 

1 Mercy Medi cal Ctr Reddi ng Hospitals 

2 Lassen Canyon Nursery Inc. Nurseries-Plants Trees & Etc.-Wholesale 

3 Oakdale Heights Mgmt Corp Business Management Consultants 

4 Shasta College Schools-Universities & Colleges Academic 

5 Shasta Regional Medical Ctr Hospitals 

6 Walmart Department Stores 

7 Shascade Community Svc. Social Service & Welfare Organizations 

8 Transportation Department State Government-Transportation Programs 

9 Win-River Casino Casi nos 

10 J F Shea Co. Asphalt & Asphalt Products 

Source: California Employment Development Department 

Consistent with other parts of the state and nation, the area was negatively 

impacted by the recent economic downturn. Redding has been challenged by 



Unemployment 

Statistics 

increased unemployment, growth in residential foreclosures, the closure of three 

major retailers, and the decline in construction all affected hotel performance. 

The largest non-governmental employers in the area are the Mercy and Redding 

Medical Centers; Redding serves as the healthcare center for Northern California. 

Both hospitals enjoy an excellent reputation for quality healthcare, with Redding 

Medical Center having a nationally recognized heart surgery program. Other major 

employers include enterprises involved in wholesale, government, and gaming. 

Bethel Church supports close to 360 employees and is one of the major employers 

in Shasta County. The church draws thousands of worshippers each year to regular 

services and conferences. In 2011, the church is planning to expand from two to 

ten conferences. The Church also runs an international ministry school and a 

television studio. 

The following table presents historical unemployment rates for the proposed 

subject property’s market area. 

FIGURE 5-4 UNEMPLOYMENT STATISTICS 

Year 

County MSA 

2000 6.1 % 6.1 % 4.9 % 4.0 % 

2001 6.3 6.3 5.4 4.7 

2002 7.2 7.2 6.7 5.8 

2003 7.6 7.6 6.8 6.0 

2004 7.6 7.6 6.2 5.5 

2005 7.3 7.3 5.4 5.1 

2006 6.6 6.6 4.9 4.6 

2007 7.5 7.5 5.3 4.6 

2008 10.0 10.0 7.2 5.8 

2009 14.8 14.8 11.4 9.3 

Recent Month - December 

2009 15.7 % 15.7 % 12.2 % 10.0 % 

2010 16.0 16.0 12.3 9.4 

Source: U.S. Bureau of Labor Statistics 

The unemployment rate for the U.S. fluctuated within the narrow range of 4% to 

6% in the period spanning 1997 to 2007. The recession that began in late 2007, 

and the subsequent financial crisis in 2008, forced many businesses to downsize 

or cease operations. Over seven million jobs were lost between 2008 and 2009; as 

a result, the national unemployment rate reached 10.0% in the fourth quarter of 



State 

U.S.

Convention Activity 

2009. However, beginning in the fourth quarter of 2009, the pace of job losses 

slowed dramatically and the national economy began to exhibit positive trends. 

Job growth resumed in January of 2010, and excluding the fluctuations related to 

the loss of temporary jobs associated with the 2010 Census collection of data, the 

pace of job growth improved during the remainder of 2010, with the 

unemployment rate declining to 9.4 for 2010. Non-farm employment payrolls 

showed job growth for eight of the twelve months of 2010. Forecasts for 2011 

anticipate an accelerating pace of job growth throughout the year, barring any 

unforeseen international economic crisis. Nevertheless, it is expected to take 

several years to regenerate the jobs that were lost during the recession, and most 

economists expect unemployment to remain heightened over the near term. 

Locally, the unemployment rate was 14.8% in 2009; for this same area in 2010, the 

most recent month’s unemployment rate was registered at 16.0%, versus 15.7% 

for the same month in 2009, indicating the local pace of job losses slowed in the 

past year. 

A convention center serves as a gauge of visitation trends to a particular market. 

Convention centers also generate significant levels of demand for area hotels and 

serve as a focal point for community activity. Typically, hotels proximate to a 

convention center will benefit the most. Hotels serving as headquarters for an 

event benefit the most by way of premium rates and hosting related banquet 

events. During the largest of conventions, peripheral hotels may benefit from 

compression within the city as a whole. 

The Redding Convention Center is a multipurpose facility situated in a park-like 

setting near the Sacramento River’s edge just off Highway 299 west, adjacent to 

the subject site. The facility contains 38,000 square feet of meeting space, with the 

capacity to seat 2,082 and to feed 1,800 convention delegates at a time. The 

convention center works very closely with the Redding Visitors Bureau to ensure 

that the facility remains the principal location for convention business, trade 

shows, cultural events, sporting events, and various entertainment activities in the 

Redding area. Historical convention attendance data were not provided upon 

request. However, according to convention center officials, the past two years 

were dramatically impacted by the decline in regional association and social event 

activities, as well as music concerts. Convention officials stated optimism in their 

2011 outlook, as the pace of group bookings at the center began to increase in the 

latter part of 2010. Visitors Bureau officials also acknowledged an improvement in 

booking pace. The bureau underwent a management transition in mid-2010 and 

new marketing strategies are being deployed to bring in more groups and 

conventions to Redding. 



Airport Traffic 

Airport passenger counts are important indicators of lodging demand. Depending 

on the type of service provided by a particular airfield, a sizable percentage of 

arriving passengers may require hotel accommodations. Trends showing changes 

in passenger counts also reflect local business activity and the overall economic 

health of the area. 

Redding Municipal Airport is located approximately 10 miles south of the 

proposed subject property. It must be noted that, relative to other U.S. cities, 

Redding is not considered a “fly-in” destination due to the limited size of the 

airport, the paucity of scheduled flights, and the expense associated with flying 

into the city. Although the airport continues to be served by Skywest Express 

Airlines (United Express) and Horizon Air (Alaska Airlines), the routing of 

scheduled flights has changed. Air service is still provided between Redding and 

Arcata, Los Angeles, and San Francisco but Horizon now flies round trip to Seattle 

rather than Portland. Redding Municipal Airport is also expected to undertake 

more than $10 million for improvements to the airport’s terminal and runways 

from federal stimulus funds made available as part of the economic recovery 

programs. The first phase of construction, which involved extending the runway 

safety areas, was completed in November 2010. The second phase is currently 

under design and is expected to be completed in 2011. The airport terminal 

project will include the expansion of the hold room, the installation of new 

restrooms beyond the passenger security checkpoint, the expansion of the baggage 

claim area, the replacement of the carpet, and the expansion of the second floor. 

Construction is expected to begin in late 2011. 

The following table illustrates recent operating statistics for the primary airport 

facility serving the subject property’s submarket. 



Major Developments 

FIGURE 5-5 AIRPORT STATISTICS 

Year 

Passenger 

Traffic 

2000 132,926 — — 

2001 131,472 (1.1) % (1.1) % 

2002 107,031 (18.6) (10.3) 

2003 107,752 0.7 (6.8) 

2004 121,846 13.1 (2.2) 

2005 124,631 2.3 (1.3) 

2006 133,412 7.0 0.1 

2007 129,679 (2.8) (0.4) 

2008 132,058 1.8 (0.1) 

2009 114,276 (13.5) (1.7) 

2010 114,105 (0.1) (1.5) 

Year-to-date, January 

2010 7,904 — — 

2011 7,396 (6.4) % — 

*Annual average compounded percentage change from the previous year 

**Annual average compounded percentage change from first year of data 

Source: Redding Municipal Airport 

Percent Percent 

Change* Change** 

The decline in passenger traffic in 2009 can be attributed in large to the recent 

economic recession. In 2010, passenger traffic stabilized and remained flat 

compared to 2009. The year-to-date data for the month of January 2011 reflects a 

decline compared to the same period last year; however, it is early in the year and 

passenger traffic for 2011 is expected to slightly improve. 

In order to promote economic growth, the City of Redding recently announced the 

completion of the Stillwater Business Park. The park consists of 678 acres, 314 of 

which have completed infrastructure and paved road and are ready for 

development with an approved building permit. Also completed recently was the 

Hilltop Drive Streetscape Project. This $5.1 million project was officially dedicated 

in December 2009. The redesign of Hilltop Drive includes 13,000 energy-saving 

LED lights wrapped around 46 palm trees anchoring 12 new landscaped medians. 

Those trees and more than two-dozen decorative street lights are the only “poles” 

standing along Hilltop Drive. Fifty-five utility poles were removed and all utilities 

were installed underground, creating a more attractive view for residents and 

tourists. 



Tourist Attractions 

Additionally, the City has been instrumental in the revitalization of Downtown 

with conversion of the Downtown Mall into the “Market Street Promenade.” This 

project included the removal of the mall roof in June 2009, marking the end to a 

project that saw the Redevelopment Agency partner with property owners in the 

area to weatherize and improve their facades. The total cost of the roof removal 

and storefront improvements was $2.5 million. The Shasta County Economic 

Development Corp. is actively seeking tenants, including a Fortune 500 company 

with the potential for 300 jobs. 

In 2009, IASCO, an airplane contract crew and training company, won a contract to 

host flight training for Chinese Airlines student pilots. Two classes of nearly 30 

students came to Redding in 2009; by 2012, the number is expected to grow to 

132 students. Students spend 12 to 14 months in Redding. IASCO operates a fleet 

of 17 aircraft based at the Redding airport and employs 20 flight instructors. 

The following description of the area’s tourist attractions reflects the variety of 

activities that draw leisure travelers to the Redding area. 

� The 100-acre Redding Big League Dreams Sports Complex, which opened in 

2004, features three-fourths replicas of three major league baseball parks, two 

additional ballparks, an all-weather, 20,000-square-foot indoor field house, a 

sports restaurant, four sand volleyball courts, five soccer fields, a batting cage, 

and parking for 400 cars. The complex is a major draw year-round for 

tournament teams from around Northern California, as well as a major 

destination for local residents and tourists. 

� The Shasta Caverns began forming over 250 million years ago in the massive 

limestone of the Grey Rocks visible from Interstate 5. The caverns, located off 

the Shasta Caverns/O'Brien exit, are privately owned and tours are offered 

year-round. 

� The Redding Aquatic Center, located proximate to the Sacramento River and 

just west of Route 273, features one recreation pool with zero-depth “walk-in” 

entry and an Olympic-sized competition class swimming pool, as well as a 160foot 

water slide and diving boards. The center also features a new change 

house, a sand volleyball court, and a full-service concession stand. The aquatic 

center provides ample space for social events and parties, as well as bench and 

park settings for company picnics and banquets. The aquatic park is located in 

Caldwell Park. 

� The Kool April Nights, which showcases classic cars and the music of the 

1950s and 1960s, is held for four days in April; an estimated 2,000 vehicles 

participate in car shows, a parade, and general cruising around the town. The 

event draws over 10,000 people, and hotels in the area regularly sell out a year 

in advance for the event. 



� The Rodeo Week Festivities has been a tradition in Redding since the 1930s 

and is held for two days in May. This is a professional cowboy rodeo 

celebration with the largest parade in Northern California. 

� The Shasta District Fair is traditionally held for five days in mid-June. With 

entertainment, auto racing, and five days of horse shows and competition, the 

fair draws some 90,000 people. Over 8,000 exhibits and 600 live-stock animals 

are on display. 

� The Shasta College Theater and the Shasta College Art Gallery offer 

entertainment to Shasta County residents. The Shasta College Fine Arts 

Program offers quality cultural entertainment with more than 50 performing 

arts events each year. 

� The Old City Hall Gallery and Performing Arts Center is a historic building 

listed in the National Register of Historical Places. With its landmark bell 

tower, the structure is located in the historic portion of downtown. 

� Summer through fall, the area is popular for hiking, fishing, and water sports. 

There are 529 acres of parkland within the Redding city limits. Other 

recreational pursuits include hunting and mountain biking. For these activities, 

area attractions include the mountainous areas of Lassen, Shasta, and the 

Trinity counties, and the 602-foot-high Shasta Dam, which is the secondlargest 

dam in the United States. These attractions produce transient lodging 

demand throughout the year, particularly during the summer and on 

weekends. 

� The Shasta Lake is comprised of many inlets, including the North Sacramento 

River, the McCloud River, the Pit River, and some creeks. Shasta Lake is the 

center of water sports activity in the area, including houseboating, jet skiing, 

and boogie boarding. 

� The Shasta-Trinity National Forest is a federally designated forest, the 

largest National Forest in California, and is managed by the United States 

Forest Service. The 2.2-million acre forest encompasses five wilderness areas, 

hundreds of mountain lakes and 6,278 miles of streams and rivers. Major 

features include Shasta Lake, the largest man-made lake in California and 

Mount Shasta, elevation 14,162 feet. The Shasta-Trinity National Forest offers 

a wide range of recreational activities. Some of these include hiking, 

backpacking, mountain climbing, horseback riding, camping, boating, fishing, 

sightseeing, downhill skiing, snowboarding, cross-country skiing, and 

snowmobiling. 

In 2009, leisure activities near Redding were affected by both the economy and a 

difficult period of drought—water levels at Shasta Lake were at their lowest point 

in 20 year. In 2010, heavy rainfall improved the lake’s capacity and the shoreline 



Conclusion 

frontage is back to normal levels. Several operators interviewed indicated that 

2010 summer occupancy levels increased, citing the improved rainfall condition. 

This section discussed a wide variety of economic indicators for the pertinent 

market area. Based on our research of the proposed subject property’s market 

area, we are able to conclude that the Redding, CA MSA continues to represent a 

diverse economy, supported by the area’s tourist and leisure attractions, its 

location midway between Seattle and Los Angeles on Interstate 5, and its position 

as a regional medical center. Hotel operators reported an increase in 

accommodated room nights in 2010, especially room-night generation from sport 

groups from the Big League Dreams. However, Redding’s economy is expected to 

be challenged in the near term. Residential foreclosure rates remain high, income 

levels continue to slide, and commercial properties are becoming more vulnerable. 

An estimated one million square feet of retail and commercial space is reportedly 

vacant and commercial rents are less than half compared to those during the peak 

of 2007 and 2008. The monthly unemployment rate rose in December 2010 

compared to the same period in 2009, albeit at a more moderate rate. The outlook 

for the area is cautiously optimistic. Although the local economic indicators are 

still declining, visitation is improving. Overall recovery in the area is expected over 

the long term. 

Our analysis of the outlook for this specific market also considers the broader 

context of the national economy. The U.S. economy entered a recession in 

December of 2007, initially triggered by the subprime mortgage crisis that led to 

the collapse of the housing bubble. The recession worsened in the fall of 2008 

when the financial crisis shocked the world economy. The U.S. fell into economic 

decline for most of 2009, but some positive trends began to emerge mid-year. The 

nation’s gross domestic product and corporate profits began to grow again in the 

third quarter of 2009. Momentum continued to build during 2010. Stock prices 

and retail sales increased across the country, and real GDP in the U.S. expanded by 

an annual rate of 3.2% in the fourth quarter of 2010, accelerating from the 2.6% 

rate noted in the third quarter. The prospects for continued economic growth are 

tied to the expansion of the labor market. While many employment sectors, 

including manufacturing, are reporting improving trends, unemployment remains 

heightened. The construction and housing sectors continue to be challenged. 

Nevertheless, in January of 2011, the Federal Reserve reported that businesses 

were positive, although still generally cautious, about the outlook for 2011. Both 

political parties have made the reduction of unemployment a top priority and, at 

this point, expectations are for slow to moderate growth in the near term, with the 

potential for a period of stronger growth as the economic recovery accelerates. 



6. Supply and Demand Analysis 

Definition of Subject 

Hotel Market 

Historical Supply 

and Demand Data 

In the economic principle of supply and demand, price varies directly, but not 

proportionately, with demand and inversely, but not proportionately, with supply. 

In the lodging industry, supply is measured by the number of guestrooms 

available, and demand is measured by the number of rooms occupied; the net 

effect of supply and demand towards equilibrium results in a prevailing price, or 

average rate. The purpose of this section is to investigate current supply and 

demand trends as indicated by the current competitive market, and set forth a 

basis for the projection of future supply and demand growth. 

The Redding, California area lodging options include a variety of limited- and fullservice 

properties that accommodate three market segments: leisure guests, 

commercial drive-through travelers, and group meetings. For the purposes of this 

analysis, the supply of existing hotels includes limited- and full-service branded 

and independent properties located mostly along Hilltop Drive and Interstate 5 

ranging in age from three to 41 years old, and the newly opened Fairfield Inn, 

which opened in May 2010. The competitive set accommodates primarily leisure 

travelers visiting the area and commercial travelers driving through the area from 

other major cities such as San Francisco and Seattle. 

Smith Travel Research (STR) is an independent research firm that compiles and 

publishes data on the lodging industry, routinely used by typical hotel buyers. STR 

has compiled historical supply and demand data for a group of hotels considered 

applicable to this analysis for the proposed subject property. This information is 

presented in the following table, along with the market-wide occupancy, average 

rate, and rooms revenue per available room (RevPAR). RevPAR is calculated by 

multiplying occupancy by average rate and provides an indication of how well 

rooms revenue is being maximized. 

February-2011 Supply and Demand Analysis 


FIGURE 6-1 HISTORICAL SUPPLY AND DEMAND TRENDS 

Year 

Average Daily 

Room Count 

Available Room 

Nights Change 

Occupied Room 

Nights Change Occupancy 

Average 

Rate Change RevPAR Change 

1999 825 299,172 — 188,782 — 63.1 % $69.24 — $43.69 — 

2000 825 301,125 0.7 % 187,002 (0.9) % 62.1 72.96 5.4 % 45.31 3.7 % 

2001 825 301,125 0.0 200,737 7.3 66.7 76.85 5.3 51.23 13.1 

2002 825 301,125 0.0 215,180 7.2 71.5 79.47 3.4 56.79 10.9 

2003 846 308,628 2.5 206,982 (3.8) 67.1 81.79 2.9 54.85 (3.4) 

2004 948 346,020 12.1 223,735 8.1 64.7 83.65 2.3 54.09 (1.4) 

2005 948 346,020 0.0 232,395 3.9 67.2 88.63 6.0 59.53 10.1 

2006 1,021 372,740 7.7 245,610 5.7 65.9 91.59 3.3 60.35 1.4 

2007 1,028 375,220 0.7 250,613 2.0 66.8 95.79 4.6 63.98 6.0 

2008 1,028 375,220 0.0 250,957 0.1 66.9 102.60 7.1 68.62 7.3 

2009 1,028 375,220 0.0 235,636 (6.1) 62.8 96.84 (5.6) 60.82 (11.4) 

2010 1,076 392,860 4.7 255,066 8.2 64.9 97.36 0.5 63.21 3.9 

Average Annual Compounded 

Cha nge: 1999-2010 

Hotels Included in Sample 

2.5 % 2.8 % 3.1 % 3.4 % 

Oxford Suites 140 Jun-90 Jun 1990 

Hilton Garden Inn Redding 93 Nov-03 Nov 2003 

Hampton Inn Suites Redding 80 Feb-06 Feb 2006 

La Quinta Inn & Suites Redding 141 Jan-09 Jun 1965 

Holiday Inn Redding 125 Nov-97 Feb 1968 

BEST WESTERN PLUS Hilltop Inn 115 Nov-10 Jun 1972 

Red Lion Hotel Redding 192 Oct-99 Jun 1972 

Fairfield Inn & Suites Redding 72 May-10 May 2010 

BEST WESTERN Twin View Inn & Suites 79 Jan-08 Feb 1996 

Ramada Limited Redding 63 Feb-99 Feb 1999 

Total 1,100 

Number Year 

of Rooms Affiliated 

Source: Smith Travel Research 

Year 

Opened

Seasonality 

It is important to note some limitations of the STR data. Hotels are occasionally 

added to or removed from the sample, and not every property reports data in a 

consistent and timely manner; these factors can influence the overall quality of the 

information by skewing the results. These inconsistencies may also cause the STR 

data to differ from the results of our competitive survey. Nonetheless, STR data 

provide the best indication of aggregate growth or decline in existing supply and 

demand; thus, these trends have been considered in our analysis. Opening dates, 

as available, are presented for each reporting hotel in the previous table. 

As shown by the STR trend report, between 1999 and 2007, the market typically 

ran occupancies in the mid- to high-60% range, peaking in 2002 at roundly 71.5%. 

During this period, annual average rate growth fluctuated from a low of 2.3% to a 

high of 6.0%. In 2008, the market again experienced strong demand and the 

highest rate growth (7.1%) was recorded for the historical period. As with many 

markets in this current cycle, demand began to contract in the fall of 2008. With 

the decrease in demand levels and resultant decline in occupancy, operators 

responded by dropping rates. In 2009, monthly average rates show discounts of 

roundly 3% in the winter to 10% in August, which resulted in an overall rate 

decline of 5.6%. Demand levels began rebounding in September 2009 and 

remained strong in 2010. The additional inventory from the new Fairfield Inn, 

which opened in May 2010, was quickly absorbed by the strong demand levels. 

Average rate experienced rate growth during the summer months, albeit at 

moderate levels. Operators expect to be able to continue to raise rates in 2011. 

Monthly occupancy and average rate trends are presented in the following tables. 



FIGURE 6-2 MONTHLY OCCUPANCY TRENDS 

Month 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

January 44.0 % 44.5 % 49.4 % 52.9 % 55.6 % 48.6 % 47.1 % 53.7 % 50.6 % 54.5 % 44.8 % 54.1 % 

February 49.6 47.9 54.9 57.1 61.2 52.7 58.6 54.5 57.9 59.4 50.7 59.1 

March 56.3 59.1 60.6 68.2 63.8 59.4 61.5 63.7 60.6 64.5 57.8 66.8 

April 63.6 63.4 67.4 74.8 66.7 64.0 67.8 61.0 67.1 64.4 60.8 66.4 

May 62.5 67.1 69.0 79.6 72.6 62.5 69.8 69.1 70.4 70.9 65.7 66.9 

June 68.0 70.9 77.0 80.7 75.9 73.6 79.3 74.6 77.8 74.6 73.1 72.0 

July 79.2 71.5 79.8 83.8 80.7 80.1 82.9 77.1 82.6 94.8 75.1 81.5 

August 80.1 78.7 82.5 86.3 80.0 84.8 79.2 79.5 80.9 85.0 79.3 71.3 

September 82.0 74.7 73.1 73.9 71.1 69.4 73.1 74.2 70.2 66.4 69.6 67.0 

October 71.5 61.6 65.5 71.9 71.6 65.7 70.1 70.3 68.2 61.5 67.7 62.3 

November 55.2 57.3 65.1 65.5 56.5 59.9 63.3 59.5 61.9 58.3 58.7 61.0 

December 43.0 47.8 55.0 61.5 52.3 54.5 53.0 51.7 52.7 47.3 49.5 49.4 

Annual Occupancy 63.1 % 62.1 % 66.7 % 71.5 % 67.1 % 64.7 % 67.2 % 65.9 % 66.8 % 66.9 % 62.8 % 64.9 % 

FIGURE 6-3 MONTHLY AVERAGE RATE TRENDS 

Source: Smith Travel Research 

Month 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

January $67.06 $66.95 $72.47 $73.96 $77.65 $77.37 $80.42 $83.23 $88.06 $99.86 $96.80 $93.20 

February 67.13 67.80 73.12 73.30 76.56 78.77 80.87 84.98 89.34 101.70 95.41 94.00 

March 67.44 69.06 73.36 76.73 77.69 79.20 82.40 87.74 90.39 100.26 95.69 94.54 

April 69.91 73.32 76.54 81.37 85.00 85.18 90.07 93.45 96.20 104.60 99.39 99.87 

May 69.16 73.83 78.15 78.75 83.61 83.14 88.52 93.50 96.36 104.83 98.31 97.42 

June 70.37 75.22 79.49 81.39 84.83 85.04 90.29 95.87 99.77 105.32 99.24 99.31 

July 72.01 76.89 80.51 84.24 88.07 89.67 94.73 96.51 100.53 104.46 100.48 102.11 

August 72.16 76.59 81.39 85.02 87.30 90.08 93.81 95.69 101.38 109.60 98.68 103.35 

September 69.21 74.07 77.96 78.88 79.77 84.84 91.12 92.83 97.50 101.84 95.47 98.77 

October 67.20 71.94 75.39 78.00 79.81 81.42 88.40 90.95 95.01 98.18 93.86 95.72 

November 68.29 71.59 74.76 78.53 78.56 80.85 87.60 89.89 94.44 97.53 92.96 92.89 

December 67.32 72.49 73.69 77.80 77.66 80.75 87.79 87.42 93.26 96.44 93.10 91.75 

Annual Average Rate $69.24 $72.96 $76.85 $79.47 $81.79 $83.65 $88.63 $91.59 $95.79 $102.60 $96.84 $97.36 

Source: Smith Travel Research

SUPPLY 

As seen in the preceding charts, the market traditionally peaks during the summer 

months, as vacationers take advantage of the numerous outdoor and water sports 

activities in the area. The low season occurs during the winter months starting in 

November, with the lowest points in January. Average rates show trends similar to 

those of occupancy. 

Based on an evaluation of the occupancy, rate structure, market orientation, chain 

affiliation, location, facilities, amenities, reputation, and quality of each area hotel, 

as well as the comments of management representatives, we have identified 

several properties that are expected to be competitive with the proposed subject 

property. 

The following table summarizes the important operating characteristics of the 

future competitors. This information was compiled from personal interviews, 

inspections, lodging directories, and our in-house library of operating data. The 

table also sets forth each property’s penetration factors; penetration is the ratio 

between a specific hotel’s operating results and the corresponding data for the 

market. If the penetration factor is greater than 100%, the property is performing 

better than the market as a whole; conversely, if the penetration is less than 100%, 

the hotel is performing at a level below the market-wide average. 



FIGURE 6-4 COMPETITORS – OPERATING PERFORMANCE 

Est. Segmentation Estimated 2008 Estimated 2009 Estimated 2010 

Weighted 

Weighted 

Weighted 

Annual 

Annual 

Annual 

Number 

Room 

Average 

Room 

Average 

Room 

Average 

Property of Rooms 

Count Occ. Rate RevPAR Count Occ. Rate RevPAR Count Occ. Rate 

RevPAR 

Commercial 

Meeting 

and Group 

Leisure 

RevPAR 

Change 

Occupancy 

Penetration 

Yield 

Penetration 

Hilton Garden Inn Redding 93 55 % 5 % 40 % 93 81 % $123.00 $99.63 93 77 % $113.00 $87.01 93 81 % $112.00 $90.72 4.3 % 124.8 % 143.5 % 

Hampton Inn & Suites Redding 80 55 5 40 80 82 113.00 92.66 80 79 112.00 88.48 80 81 112.00 90.72 2.5 124.8 143.5 

Holiday Inn Redding 125 30 15 55 125 66 108.00 71.28 125 63 100.00 63.00 125 63 103.00 64.89 3.0 97.1 102.6 

Best Western Twin View Inn & Suites 79 40 0 60 79 60 85.00 51.00 79 55 75.00 41.25 79 57 76.00 43.32 5.0 87.8 68.5 

La Quinta Redding 141 30 20 50 141 64 95.00 60.80 141 58 92.00 53.36 141 60 92.00 55.20 3.4 92.5 87.3 

Red Lion Hotel 192 45 20 35 192 62 95.00 58.90 192 60 90.00 54.00 192 62 91.00 56.42 4.5 95.5 89.2 

Oxford Suites 140 50 10 40 140 68 100.00 68.00 140 65 90.00 58.50 140 65 90.00 58.50 0.0 100.2 92.5 

Best Western Hilltop Inn 115 30 15 55 115 72 111.00 79.92 115 67 108.00 72.36 115 68 110.00 74.80 3.4 104.8 118.3 

Ramada Limited Redding 63 25 0 75 63 60 85.00 51.00 63 50 75.00 37.50 63 52 75.00 39.00 4.0 80.1 61.7 

Fairfield Inn & Suites Redding, CA 72 40 0 60 0 0 0.00 0.00 0 0 0.00 0.00 48 60 102.00 61.20 n/a 92.5 96.8 

Totals/Averages 1,100 41 % 12 % 47 % 1,028 67.7 % $102.63 $69.48 1,028 63.6 % $96.50 $61.35 1,076 64.9 % $97.42 $63.22 3.1 % 100.0 % 100.0 %

MAP OF COMPETITION 

Supply Changes 

The following map illustrates the locations of the proposed subject property and 

its future competitors. 

It is important to consider any new hotels that may have an impact on the 

proposed subject property’s operating performance. Based upon our research and 

inspection (as applicable), new supply considered in our analysis is presented in 

the following table. 



FIGURE 6-5 NEW SUPPLY 

DEMAND 

Proposed Property 

Number 

of Rooms 

Total 

Competitive 

Level 

Estimated 

Opening Date 

Sheraton Redding At Sundial Bridge 130 100 % June 1, 2012 

Propos ed Comfort Sui tes 64 0 January 1, 2014 

Propos ed TownePla ce Suites #1 76 0 January 0, 1900 

Propos ed TownePla ce Suites #2 102 0 January 0, 1900 

Totals/Averages 372 

The Fairfield Inn opened in May 2010 on a site off Caterpillar Road. On a site 

adjacent to the Fairfield Inn, also off Caterpillar Road, a 64-room Comfort Suites is 

under review for approval by the Planning Commission. There are two proposed 

TownePlace Suites properties in Redding. The first one is on the same block as the 

aforementioned proposed Comfort Suites. The permit has not been issued for this 

hotel. The second TownePlace Suites is proposed on a site off the intersection of 

Executive Way and Larkspur Road. The building permit for this hotel has been 

issued, but the developer is still seeking financing. The permit will expire on June 

23, 2011, if work has not commenced by that date. Also, a site off New Market 

Street was approved for the development of a 110-room hotel with a spa and a 

restaurant as part of a larger mixed-use development. The planning department 

was recently contacted about extending the approval for the hotel (reportedly, the 

property has reverted to the lender). These proposed projects have not been 

considered competitive with the subject property due to the early stage or 

uncertainty of the project. 

While we have taken reasonable steps to investigate proposed hotel projects and 

their status, due to the nature of real estate development, it is impossible to 

determine with certainty every hotel that will be opened in the future, or what 

their marketing strategies and effect in the market will be. Depending on the 

outcome of current and future projects, the future operating potential of the 

proposed subject property may be positively or negatively affected. Future 

improvement in market conditions will raise the risk of increased competition. Our 

forthcoming forecast of stabilized occupancy and average rate is intended to 

reflect such risk. 

The following table presents the most recent trends for the subject hotel market as 

tracked by HVS. These data pertain to the competitors discussed previously in this 

section; performance results are estimated, rounded for the competition, and in 

some cases weighted if there are secondary competitors present. In this respect, 



FIGURE 6-6 HISTORICAL MARKET TRENDS 

Year 

the information in the table differs from the previously presented STR data and is 

consistent with the supply and demand analysis developed for this report. 

Est. 2008 254,007 — 375,220 — 67.7 % $102.63 — $69.48 — 

Est. 2009 238,542 (6.1) % 375,220 0.0 % 63.6 96.50 (6.0) % 61.35 (11.7) % 

Est. 2010 254,955 6.9 392,860 4.7 64.9 97.42 1.0 63.22 3.1 

Avg. Annual Compounded 

Demand Analysis 

Using Market 

Segmentation 

Accommodated 

Demand and Marketwide 

Occupancy 

Accommodated 

Room Nights % Change 

Room Nights 

Available 

% Change 

Market 

Occupancy Market ADR 

% Change 

Market 

RevPAR % Change 

For the purpose of demand analysis, the overall market is divided into individual 

segments based on the nature of travel. Based on our fieldwork, area analysis, and 

knowledge of the local lodging market, we estimate the 2010 distribution of 

accommodated room night demand as follows. 

FIGURE 6-7 ACCOMMODATED ROOM NIGHT DEMAND 

Market Segment 

Marketwide 

Accommodated 

Demand 

Percentage 

of Total 

Commerci a l 104,538 41 % 

Meeting a nd Group 29,338 12 

Leisure 121,080 47 

Total 254,955 100 % 

The market’s demand mix is dominated by leisure demand, at 47% of the 

accommodated room nights. Commercial demand follows at roughly 41% of 

accommodated room nights. The remaining portion comprises meeting and group 

at 12%. 

Using the distribution of accommodated hotel demand as a starting point, we will 

analyze the characteristics of each market segment in an effort to determine future 

trends in room night demand. Demand in the subject’s market has been projected 

to grow by the following rates. 



FIGURE 6-8 AVERAGE ANNUAL COMPOUNDED MARKET SEGMENT GROWTH RATES 


Annual Growth Rate 

2011 2012 2013 2014 2015 2016 2017 

Commerci a l 5.0 % 5.0 % 5.0 % 3.0 % 0.5 % 0.0 % 0.0 % 

Meeting and Group 3.0 4.0 4.0 3.0 0.5 0.0 0.0 

Leisure 7.0 5.0 4.0 3.0 0.5 0.0 0.0 

Base Demand Growth 5.7 % 4.9 % 4.4 % 3.0 % 0.5 % 0.0 % 0.0 % 

Based upon a review of the market dynamics in the subject property’s competitive 

environment, we have forecast growth rates for each market segment. Using the 

calculated potential demand for the market, we have determined market-wide 

accommodated demand based on the inherent limitations of demand fluctuations 

and other factors in the market area. 

The following table details our projection of lodging demand growth for the 

subject market, including the total number of occupied room nights and any 

residual unaccommodated demand in the market. 



FIGURE 6-9 FORECAST OF MARKET OCCUPANCY 

Commercial 

Base Demand 

104,538 109,765 115,253 121,016 124,646 125,269 125,269 

Growth Rate 5.0 % 5.0 % 5.0 % 3.0 % 0.5 % 0.0 % 

Meeting and Group 

Base Demand 

Growth Rate 

Leisure 

Base Demand 

Growth Rate 

2010 2011 2012 2013 

29,338 30,218 31,426 32,684 33,664 33,832 33,832 

3.0 % 4.0 % 4.0 % 3.0 % 0.5 % 0.0 % 

121,080 129,555 136,033 141,474 145,718 146,447 146,447 

7.0 % 5.0 % 4.0 % 3.0 % 0.5 % 0.0 % 

Totals 

Base Demand 254,955 269,538 282,712 295,173 304,029 305,549 305,549 

Overall Demand Growth 5.7 % 4.9 % 4.4 % 3.0 % 0.5 % 0.0 % 

Existing Hotel Supply 

Proposed Hotels 

1,076 1,100 1,100 1,100 1,100 1,100 1,100 

Sheraton Redding At Sundial Bridge ¹ 76 130 130 130 130 

Available Rooms per Night 392,860 401,500 429,320 448,950 448,950 448,950 448,950 

Nights per Year 365 365 365 365 365 365 365 

Total Supply 1,076 1,100 1,176 1,230 1,230 1,230 1,230 

Rooms Supply Growth — 2.2 % 6.9 % 4.6 % 0.0 % 0.0 % 0.0 % 

Marketwide Occupancy 64.9 % 67.1 % 65.9 % 65.7 % 67.7 % 68.1 % 68.1 % 

¹ Opening in June 2012 of the 100% competitive, 130-room Sheraton Redding At Sundial Bridge 

2014 2015 2016 

These room night projections for the market area will be used in forecasting the 

proposed subject property's occupancy and average rate in the following chapter. 



7. Projection of Occupancy and Average Rate 

Penetration Rate 

Analysis 

Historical Penetration 

Rates by Market 

Segment 

FIGURE 7-1 HISTORICAL PENETRATION RATES 

Property 

Along with average rate results, the occupancy levels achieved by a hotel are the 

foundation of the property's financial performance and market value. Most of a 

lodging facility's other revenue sources (such as food, beverages, and telephone 

income) are driven by the number of guests, and many expense levels also vary 

with occupancy. To a certain degree, occupancy attainment can be manipulated by 

management. For example, hotel operators may choose to lower rates in an effort 

to maximize occupancy. Our forecasts reflect an operating strategy that we believe 

would be implemented by a typical, professional hotel management team to 

achieve an optimal mix of occupancy and average rate. 

The subject property's forecasted market share and occupancy levels are based 

upon its anticipated competitive position within the market, as quantified by its 

penetration rate. The penetration rate is the ratio of a property's market share to 

its fair share. A complete discussion of the concept of penetration is presented in 

the addenda. 

In the following table, the penetration rates attained by the competitors are set 

forth for each segment for the base year. 

Hilton Garden Inn Redding 167 % 54 % 105 % 125 % 

Hampton Inn & Suites Redding 167 54 105 125 

Holiday Inn Redding 71 127 112 97 

Best Western Twin View Inn & Suites 86 0 111 88 

La Quinta Redding 68 161 97 92 

Red Lion Hotel 105 166 70 96 

Oxford Suites 122 87 84 100 

Best Western Hilltop Inn 77 137 121 105 

Ramada Limited Redding 49 0 127 80 

Fairfield Inn & Suites Redding, CA 90 0 117 92 

February-2011 Projection of Occupancy and Average Rate 


Commercial 

Meeting and 

Group 

Leisure 

Overall

Forecast of Subject 

Property’s Occupancy 

The Hilton Garden Inn Redding achieved the highest penetration rate within the 

commercial segment due to its quality product, amenities, and brand affiliation. As 

a result of its expansive meeting facilities, the Red Lion Hotel achieved the highest 

penetration rate in the meeting and group segment, while the Ramada Limited 

Redding led the market with the highest leisure penetration rate, resulting from its 

low-rated leisure orientation and lack of meeting space. 

The proposed Sheraton Hotel is forecast to achieve an overall penetration rate 

below those of the Hampton Inn and Hilton Garden Inn. Its higher rate positioning 

as a branded, full-service hotel and its larger size compared to the aforementioned 

hotels are factors influencing our analysis of the subject’s forecast occupancy 

penetration rate. 

Because the supply and demand balance for the competitive market is dynamic, 

there is a circular relationship between the penetration factors of each hotel in the 

market. The performance of individual new hotels has a direct effect upon the 

aggregate performance of the market, and consequently upon the calculated 

penetration factor for each hotel in each market segment. The same is true when 

the performance of existing hotels changes, either positively (following a 

refurbishment, for example) or negatively (when a poorly maintained or marketed 

hotel loses market share). 

A hotel’s penetration factor is calculated as its achieved market share of demand 

divided by its fair share of demand. Thus, if one hotel’s penetration performance 

increases, thereby increasing its achieved market share, this leaves less demand 

available in the market for the other hotels to capture and the penetration 

performance of one or more of those other hotels consequently declines (other 

things remaining equal). This type of market share adjustment takes place every 

time there is a change in supply, or a change in the relative penetration 

performance of one or more hotels in the competitive market. 

Our projections of penetration, demand capture and occupancy performance for 

the subject property account for these types of adjustments to market share within 

the defined competitive market. Consequently, the actual penetration factors 

applicable to the subject property and its competitors for each market segment in 

each projection year may vary somewhat from the penetration factors delineated 

in the previous tables. 

The proposed Sheraton’s location is modestly inferior to those of the Hilton 

Garden Inn and the Hampton Inn and Suites. Both properties benefit from 

established brands with strong distribution networks, a characteristic that will be 

shared by the subject property. The Sheraton hotel is expected to be the highestrated 

property in the area. To reflect this rate positioning, the subject property’s 



occupancy rate has been positioned below the performance levels of the Hilton 

Garden Inn and Hampton Inn and Suites, but above the market average. More 

specifically, we forecast the subject’s overall occupancy penetration rate to 

stabilize at 110%. Because of its brand affiliation, full-service orientation, and 

quality of the proposed product and amenities, we anticipate the subject will 

outperform the commercial and meeting and group segment penetration rates. We 

anticipate the subject will achieve just under its fair market share of leisure 

demand segment, focusing mainly on the upper-tier leisure demand in Redding. 

The subject property's occupancy forecast is set forth as follows, with the adjusted 

projected penetration rates used as a basis for calculating the amount of captured 

market demand. 

FIGURE 7-2 FORECAST OF SUBJECT PROPERTY'S OCCUPANCY 


2012 2013 2014 2015 2016 

2017 

Commercial 

Demand 115,253 121,016 124,646 125,269 125,269 125,269 

Ma rket Share 7.0 % 11.9 % 12.5 % 13.1 % 13.1 % 13.1 % 

Ca pture 8,074 14,395 15,623 16,378 16,378 16,378 

Penetra tion 109 % 113 % 119 % 124 % 124 % 124 % 

Meeting and Group 

Demand 31,426 32,684 33,664 33,832 33,832 33,832 

Ma rket Share 8.1 % 14.0 % 14.5 % 14.5 % 14.5 % 14.5 % 

Ca pture 2,545 4,582 4,869 4,893 4,893 4,893 

Penetra tion 126 % 133 % 137 % 137 % 137 % 137 % 

Leisure 

Demand 136,033 141,474 145,718 146,447 146,447 146,447 

Ma rket Share 5.3 % 9.2 % 9.6 % 9.7 % 9.7 % 9.7 % 

Ca pture 7,256 13,010 13,963 14,174 14,174 14,174 

Penetra tion 83 % 87 % 91 % 92 % 92 % 92 % 

Total Room Nights Captured 17,875 31,987 34,456 35,446 35,446 35,446 

Available Room Nights 27,690 47,450 47,450 47,450 47,450 47,450 

Subject Occupancy 65 % 67 % 73 % 75 % 75 % 75 % 

Ma rketwide Ava ila bl e Room Nights 429,320 448,950 448,950 448,950 448,950 448,950 

Fair Share 6 % 11 % 11 % 11 % 11 % 11 % 

Ma rketwide Occupied Room Ni ghts 282,712 295,173 304,029 305,549 305,549 305,549 

Market Share 6 % 11 % 11 % 12 % 12 % 12 % 

Marketwide Occupancy 66 % 66 % 68 % 68 % 68 % 68 % 

Total Penetration 98 % 103 % 107 % 110 % 110 % 110 % 



Average Rate Analysis 

These positioned segment penetration rates result in the following market 

segmentation forecast. 

FIGURE 7-3 MARKET SEGMENTATION FORECAST – SUBJECT PROPERTY 

2012 2013 2014 2015 2016 2017 

Comme rci a l 45 % 45 % 45 % 46 % 46 % 46 % 

Meeting a nd Group 14 14 14 14 14 14 

Leisure 41 41 41 40 40 40 

Total 100 % 100 % 100 % 100 % 100 % 100 % 

Based on our analysis of the proposed subject property and market area, we have 

selected a stabilized occupancy level of 75%. The stabilized occupancy is intended 

to reflect the anticipated results of the property over its remaining economic life, 

given any and all changes in the life cycle of the hotel. Thus, the stabilized 

occupancy excludes from consideration any abnormal relationship between 

supply and demand, as well as any nonrecurring conditions that may result in 

unusually high or low occupancies. Although the subject property may operate at 

occupancies above this stabilized level, we believe it equally possible for new 

competition and temporary economic downturns to force the occupancy below 

this selected point of stability. 

These projections reflect years beginning June 1, 2012, corresponding to the first 

projection year for the subject property’s forecast of income and expense. 

FIGURE 7-4 FORECAST OF OCCUPANCY 

Subject 

Property's 

Occupancy 



Year 

2012/13 66 % 

2013/14 70 

2014/15 73 

2015/16 75 

2016/17 75 

One of the most important considerations in estimating the value of a lodging 

facility is a supportable forecast of its attainable average rate, which is more 

formally defined as the average rate per occupied room. Average rate can be

Competitive Position 

calculated by dividing the total rooms revenue achieved during a specified period 

by the number of rooms sold during the same period. The projected average rate 

and the anticipated occupancy percentage are used to forecast rooms revenue, 

which in turn provides the basis for estimating most other income and expense 

categories. 

Although the average rate analysis presented here follows the occupancy 

projection, these two statistics are highly correlated; in reality, one cannot project 

occupancy without making specific assumptions regarding average rate. This 

relationship is best illustrated by revenue per available room (RevPAR), which 

reflects a property's ability to maximize rooms revenue. 

At this time, the subject property is expected to be the newest hotel in the market 

and proximate to one of the major leisure demand generators in Redding. The 

property will offer upscale rooms. It is our opinion that the average rate, if the 

hotel were operating as a stabilized property in 2010, would be moderately above 

the rates of the Hilton Garden Inn and Hampton Inn and Suites. The base-year 

(2010) average rate for the subject property as if open and stabilized has been 

estimated at $121.78. The following table summarizes the historical 2010 average 

rate and the RevPAR of the subject property’s future competitors. 

FIGURE 7-5 BASE-YEAR AVERAGE RATE AND REVPAR OF THE COMPETITORS 

Property 

Estimated 2010 

Average Room 

Rate 

Average 

Room Rate 

Penetration 

Rooms Revenue 

Per Available 

Room (RevPAR) 

RevPAR 

Penetration 

Hilton Garden Inn Redding $112.00 115.0 % $90.72 143.5 % 

Hampton Inn & Suites Redding 112.00 115.0 90.72 143.5 

Holiday Inn Redding 103.00 105.7 64.89 102.6 

Best Western Twin View Inn & Suites 76.00 78.0 43.32 68.5 

La Quinta Redding 92.00 94.4 55.20 87.3 

Red Lion Hotel 91.00 93.4 56.42 89.2 

Oxford Suites 90.00 92.4 58.50 92.5 

Best Western Hilltop Inn 110.00 112.9 74.80 118.3 

Ramada Limited Redding 75.00 77.0 39.00 61.7 

Fairfield Inn & Suites Redding, CA 102.00 104.7 61.20 96.8 

Average - Primary Competitors $97.42 100.0 % $63.22 100.0 % 

The estimated base-year average rate for the subject property as if open and 

stabilized is then adjusted annually with inflationary growth in 2011, and more 

robust growth in 2012 and 2013, and inflationary growth thereafter. The following 



average rates will be used to project the subject property's rooms revenue; this 

forecast reflects fiscal years that begin June 1, 2012. 



FIGURE 7-6 MARKET AND SUBJECT PROPERTY AVERAGE RATE FORECAST 

BASE YEAR 

Calendar Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 

Market ADR $97.42 $100.35 $105.36 $110.63 $113.95 $117.37 $120.89 $124.52 $128.25 $132.10 

Projected ADR Growth Ra te (ba s ed on HGI a nd HI&S) 3.0% 5.0% 5.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 

Subject Property Average Rate Penetration 125% 125.0% 125.0% 125.0% 125.0% 125.0% 125.0% 125.0% 125.0% 125.0% 

Subject Property ADR $121.78 $125.43 $131.70 $138.29 $142.44 $146.71 $151.11 $155.65 $160.31 $165.12 

Year 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 

Subject Property Average Rate $128.57 $135.00 $140.36 $144.57 $148.91 $153.38 $157.98 $162.72 $167.60 

less Opening Discount 0.0% 3.0% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 

Adjusted Average Rate $128.57 $130.95 $138.96 $144.57 $148.91 $153.38 $157.98 $162.72 $167.60 

Inflation 2.0% 2.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 

Deflated fiscalised ADR (Base Year) $126.05 $125.86 $129.67 $130.98 $130.98 $130.98 $130.98 $130.98 $130.98

Upon opening, the subject property will offer the market’s highest-quality product, 

which is expected to help property management attain high average rates. An 

initial opening rate discount for the first two fiscal years of operation was applied. 

The following table reflects a summary of our proposed subject property 

occupancy and average rate projections. 

FIGURE 7-7 SUBJECT PROPERTY OCCUPANCY AND AVERAGE RATE 

FORECAST 

Subject Property Occupancy and Average Rate (Fiscal Year) 

Fiscal 

Year Occupancy Average Rate Discount 

ADR After 

Discount 

Average 

Rate % 

Change 

2012/13 66.0 $135.00 3.0 % $130.95 — 

2013/14 70.0 140.36 1.0 138.96 6.1 % 

2014/15 73.0 144.57 0.0 144.57 4.0 

2015/16 75.0 148.91 0.0 148.91 3.0 

2016/17 75.0 153.38 0.0 153.38 3.0 



8. Highest and Best Use 

As if Vacant 

The concept of highest and best use is a fundamental element in the determination 

of value of real property, either as if vacant or as improved. Highest and best use is 

defined as follows: 

The reasonably probable and legal use of vacant land or an improved 

property that is physically possible, appropriately supported, financially 

feasible, and that results in the highest value. The four criteria the highest 

and best use must meet are legal permissibility, physical possibility, 

financial feasibility, and maximum productivity. Alternatively, the probable 

use of land or improved property—specific with respect to the user and 

timing of the use—that is adequately supported and results in the highest 

present value. 12 

The concept of highest and best use is the premise upon which value is based and 

is a product of competitive forces in the marketplace. The principle of balance 

holds that real property value is created and sustained when contrasting, 

opposing, or interacting elements are in a state of equilibrium. This principle 

applies to relationships among various property components as well as the 

relationship between the costs of production and the property's productivity. The 

point of economic balance is achieved when the combination of land and building 

is optimal (i.e., when no marginal benefit or utility is achieved by adding another 

unit of capital). The law of increasing returns holds that larger amounts of the 

agents of production produce greater net income up to a certain point, after which 

the law of diminishing returns is applied. 

Land value is derived from potential use rather than actual use. The highest and 

best use is that which generates the greatest return to the land. An analysis as to 

the highest and best use of the land should be made first and may be influenced by 

many factors. In estimating highest and best use, there are four stages of analysis: 

1. Legally permissible use. What uses are permitted by zoning, deed 

restrictions, lease encumbrances, or any other legally binding codes, 

restrictions, or interests? 

As detailed in the zoning section of this report, the subject site is located in 



February-2011 Highest and Best Use 


a commercially zoned district with a specific plan that allows for hotel, 

restaurant, office, and retail uses, among other uses. 

2. Physically possible use. What uses of the site are physically possible? 

The subject site is large enough to support most smaller-scale commercial 

developments, certainly a hotel, restaurant, office, or strip retail 

development defined under legal uses permitted. The topography is 

appropriate and access is adequate for these types of developments. 

3. Financially feasible use. Which possible and permissible uses will produce 

a net return to the owner of the site? 

Given that current market rates of return do not support the construction 

of the proposed hotel, the developer would have to accept a lower rates-ofreturn 

requirement in order to make this project financially feasible. Very 

little new commercial construction is underway in the area due to the 

challenging economic trends. At this time, it is our opinion that the highest 

and best use of the land is to hold for future development. 

4. Maximally productive use. Among the feasible uses, which use will produce 

the highest net return or the highest present worth? 

Given the proposed hotel project is not financially feasible at this time, it is 

our opinion that the highest and best use is to hold for future development. 

February-2011 Highest and Best Use 


9. Approaches to Value 

Income Capitalization 

Approach 

Sales Comparison 

Approach 

Cost Approach 

Reconciliation 

In appraising real estate for market value, three approaches to value are 

considered: income capitalization, cost, and sales comparison. Basic summaries of 

each approach are provided as follows; please refer to the introduction of each 

respective chapter for additional description. 

The income capitalization approach analyzes a property's ability to generate 

financial returns as an investment. The appraisal estimates a property's operating 

cash flow, and the result is utilized in a direct capitalization technique and a 

discounted cash flow analysis. The income capitalization approach is often 

selected as the preferred valuation method for operating properties because it 

most closely reflects the investment rationale of knowledgeable buyers. 

The sales comparison approach estimates the value of a property by comparing it 

to similar properties sold on the open market. To obtain a supportable estimate of 

value, the sales price of a comparable property must be adjusted to reflect any 

dissimilarity between it and the property being appraised. The sales comparison 

approach is most useful in the case of simple forms of real estate such as vacant 

land and single-family homes, where the properties are homogeneous and the 

adjustments are few and relatively simple to compute. In the case of complex 

investments such as hotels, where the adjustments are numerous and more 

difficult to quantify, the sales comparison approach loses much of its reliability. 

The cost approach estimates market value by computing the current cost of 

replacing the property and subtracting any depreciation resulting from 

deterioration and obsolescence. The value of the land is then added to the 

depreciated value. 

The cost approach is most reliable for estimating the value of new properties; 

therefore, this approach is particularly applicable for this project given its 

proposed nature. 

The final step in the valuation process is the reconciliation and correlation of the 

value indications. Factors that are considered in assessing the reliability of each 

approach include the purpose of the appraisal, the nature of the subject property, 

and the reliability of the data used. In the reconciliation, the applicability and 

supportability of each approach are considered and the range of value indications 

is examined. The most significant weight is given to the approach that produces 

the most reliable solution and most closely reflects the criteria used by typical 

February-2011 Approaches to Value 


investors. Moreover, given the proposed nature of this project, the cost approach is 

also highly applicable. 

February-2011 Approaches to Value 


10. Income Capitalization Approach 

Methodology 

The income capitalization approach is based on the principle that the value of a 

property is indicated by its net return, or what is known as the present worth of 

future benefits. The future benefits of income-producing properties, such as hotels, 

are net income before debt service and depreciation (as estimated by a forecast of 

income and expense) and any anticipated reversionary proceeds from a sale. 

These future benefits can be converted into an indication of market value through 

a capitalization process and discounted cash flow analysis. 

Using the income capitalization approach, the proposed subject property has been 

valued by analyzing the local market for transient accommodations, examining 

future competition, and developing a forecast of income and expense that reflects 

anticipated income trends and cost components through a stabilized year of 

operation. 

The forecast of income and expense is expressed in current dollars for each year. 

The stabilized year is intended to reflect the anticipated operating results of the 

property over its remaining economic life, given any or all applicable stages of 

build-up, plateau, and decline in the life cycle of the hotel. Thus, income and 

expense estimates from the stabilized year forward exclude from consideration 

any abnormal relationship between supply and demand, as well as any 

nonrecurring conditions that may result in unusual revenues or expenses. The 

stabilized year's net income is then extended into an eleven-year forecast of 

income and expense by applying the assumed underlying inflation rate to each 

revenue and expense item from the stabilized year forward, unless otherwise 

noted. 

The eleven-year forecast of net income forms the basis of a mortgage-equity and 

discounted cash flow analysis, where ten years of net income and a reversion 

derived from the capitalized eleventh year's net income are discounted back to the 

date of value and summed to derive an estimate of market value. The ten-year 

period reflects the typical holding period of large real estate assets such as hotels. 

In addition, the ten-year time frame provides for the stabilization of income 

streams and comparison of yields with alternate types of real estate. The 

forecasted income streams reflect the future benefits of owning specific rights in 

income-producing real estate. 

Because the value is unknown but the loan-to-value ratio and market rates of 

return can be estimated, the value is computed by way of a linear algebraic 

February-2011 Income Capitalization Approach 


Comparable Operating 

Statements 

equation. The algebraic equation that solves for the total property value using a 

ten-year mortgage-equity technique was developed by Suzanne R. Mellen, CRE, 

MAI, FRICS, ISHC, Managing Director of the San Francisco office of HVS. A 

complete discussion of the technique is presented in her article entitled 

“Simultaneous Valuation: A New Technique.” 13 

In order to project future income and expense for the proposed subject property, 

we have included a sample of individual comparable operating statements from 

our database of hotel statistics. All financial data are presented according to the 

three most common measures of industry performance: ratio to sales (RTS), 

amounts per available room (PAR), and amounts per occupied room night (POR). 

These historical income and expense statements will be used as benchmarks in our 

forthcoming forecast of income and expense. 

13 Suzanne Mellen, "Simultaneous Valuation: A New Technique," Appraisal Journal. 

April (1983). 



FIGURE 10-1 COMPARABLE OPERATING STATEMENTS: RATIO TO SALES 

Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Subject 

Stabilized $ 

Year: 2008 2007 2007 2005/06 2005/06 2009 

Number of Rooms: 180 to 230 140 to 190 310 to 390 200 to 260 230 to 290 130 

Days Open: 366 365 365 365 365 365 

Occupancy: 75% 78% 86% 72% 76% 75% 

Average Rate: $134 $101 $177 $122 $119 $128 

RevPAR: $100 $79 $152 $88 $90 $96 

REVENUE 

Rooms 58.2 % 81.9 % 76.0 % 77.0 % 74.8 % 72.1 % 

Food 35.1 14.1 16.1 16.6 18.6 21.8 

Beverage 3.9 2.0 2.3 3.8 2.3 3.7 

Other Operated Departments 0.8 0.3 0.3 0.6 0.4 0.2 

Other Income 2.0 1.8 5.3 2.0 3.9 2.2 

Total 

DEPARTMENTAL EXPENSES* 

100.0 100.0 100.0 100.0 100.0 100.0 

Rooms 18.9 30.2 20.3 22.6 24.5 21.0 

Food & Beverage 53.3 88.0 70.3 75.0 68.4 73.0 


Other Expenses 32.0 63.7 32.7 50.8 40.2 48.0 

Total 33.0 40.5 31.1 34.2 35.0 35.1 

DEPARTMENTAL INCOME 

OPERATING EXPENSES 

67.0 59.5 68.9 65.8 65.0 64.9 

Administrative & General 7.3 8.4 6.8 10.6 9.1 8.0 

Marketing 7.4 5.9 3.9 8.9 10.1 3.6 

Franchise Fee 6.1 6.9 7.0 4.5 3.6 5.8 

Property Operations & Maintenance 3.3 4.4 3.5 4.6 4.6 3.9 

Utilities 4.0 4.9 2.0 4.6 5.0 3.8 

Total 28.2 30.5 23.3 33.2 32.4 25.0 

HOUSE PROFIT 38.8 29.0 45.6 32.6 32.6 39.9 

* Departmenta l expens e rati os are expres s ed as a percentage of departmental revenues 



FIGURE 10-2 COMPARABLE OPERATING STATEMENTS: AMOUNTS PER AVAILABLE ROOM 


Stabilized $ 

Year: 2008 2007 2007 2005/06 2005/06 2009 


Days Open: 366 365 365 365 365 365 

Occupancy: 75% 78% 86% 72% 76% 75% 

Average Rate: $134 $101 $177 $122 $119 $128 

RevPAR: $100 $79 $152 $88 $90 $96 

REVENUE 

Rooms $36,768 $28,665 $55,479 $32,223 $33,019 $35,164 

Food 22,153 4,933 11,727 6,930 8,219 10,638 

Beverage 2,458 707 1,687 1,607 1,004 1,808 

Other Operated Departments 512 91 249 236 192 105 

Other Income 1,246 622 3,862 825 1,731 1,055 

Total 

DEPARTMENTAL EXPENSES 

63,138 35,018 73,003 41,821 44,165 48,770 

Rooms 6,956 8,671 11,277 7,266 8,088 7,384 

Food & Beverage 13,128 4,963 9,436 6,406 6,312 9,086 

Other Operated Departments 355 140 734 214 358 158 

Other Expenses 399 396 1,262 419 696 506 

Total 20,837 14,171 22,708 14,306 15,454 17,135 



42,300 20,848 50,295 27,515 28,712 31,636 

Administrative & General 4,581 2,951 4,991 4,437 4,015 3,886 

Marketing 4,680 2,067 2,870 3,742 4,462 1,738 

Franchise Fee 3,867 2,415 5,094 1,878 1,612 2,813 

Property Operations & Maintenance 2,108 1,549 2,573 1,913 2,038 1,892 

Utilities 2,557 1,701 1,455 1,926 2,192 1,853 

Total 17,793 10,683 16,984 13,895 14,319 12,182 

HOUSE PROFIT 24,507 10,165 33,311 13,620 14,393 19,453 



FIGURE 10-3 COMPARABLE OPERATING STATEMENTS: AMOUNTS PER OCCUPIED ROOM 


Stabilized $ 

Year: 2008 2007 2007 2005/06 2005/06 2009 


Days Open: 366 365 365 365 365 365 

Occupancy: 75% 78% 86% 72% 76% 75% 

Average Rate: $134 $101 $177 $122 $119 $128 

RevPAR: $100 $79 $152 $88 $90 $96 

REVENUE 

Rooms $133.95 $101.07 $177.15 $121.89 $119.27 $128.45 

Food 80.70 17.39 37.45 26.21 29.69 38.86 

Beverage 8.96 2.49 5.39 6.08 3.63 6.61 


Other Income 4.54 2.19 12.33 3.12 6.25 3.85 

Total 

DEPARTMENTAL EXPENSES 

230.01 123.48 233.11 158.20 159.53 178.16 

Rooms 25.34 30.57 36.01 27.49 29.22 26.97 

Food & Beverage 47.83 17.50 30.13 24.23 22.80 33.19 


Other Expenses 1.45 1.40 4.03 1.59 2.51 1.85 

Total 75.91 49.97 72.51 54.11 55.82 62.59 



154.10 73.51 160.60 104.08 103.71 115.56 

Administrative & General 16.69 10.41 15.94 16.78 14.50 14.20 

Marketing 17.05 7.29 9.16 14.16 16.12 6.35 

Franchise Fee 14.09 8.51 16.27 7.10 5.82 10.28 

Property Operations & Maintenance 7.68 5.46 8.21 7.24 7.36 6.91 

Utilities 9.31 6.00 4.65 7.28 7.92 6.77 

Total 64.82 37.67 54.23 52.56 51.72 44.50 

HOUSE PROFIT 89.28 35.84 106.37 51.52 51.99 71.06 



Premise of Forecast 

Fixed and Variable 

Component Analysis 

Inflation Assumption 

Summary of 

Projections 

The comparables’ departmental income ranged from 59.5% to 68.9% of total 

revenue. The comparable properties achieved a house profit ranging from 29.0% 

to 45.6% of total revenue. We will refer to the comparable operating data in our 

discussion of each line item, which follows later in this section of the report. 

In 2010, occupancy gains have been considerable on a nationwide basis and, in 

many markets, average rates began to show signs of recovery beginning in the 

second half of the year. With demand recovery established in 2010, hotel 

operators are expected to continue to pursue price increases for 2011. Operators 

and investors in the market anticipate an acceleration of revenue growth 

thereafter as the economy and lodging market gain traction in the recovery; this 

outlook is reflected in our forecasts. Strong RevPAR growth and continued 

monitoring of expenses are anticipated to positively affect the overall net 

operating income. 

HVS uses a fixed and variable component model to project a lodging facility's 

revenue and expense levels. This model is based on the premise that hotel 

revenues and expenses have one component that is fixed and another that varies 

directly with occupancy and facility usage. A projection can be made by taking a 

known level of revenue or expense and calculating its fixed and variable 

components. The fixed component is then increased in tandem with the underlying 

rate of inflation, while the variable component is adjusted for a specific measure of 

volume such as total revenue. 

A general rate of inflation must be established that will be applied to most revenue 

and expense categories. The following table shows inflation estimates made by 

economists at some noted institutions and corporations. 

In consideration of the most recent trends, the projections set forth previously, 

and our assessment of probable property appreciation levels, we have applied an 

underlying inflation rate of 2.0% in 2012/13, 2.0% in 2013/14, and 3.0% in 

2014/15 and thereafter. This stabilized inflation rate takes into account normal, 

recurring inflation cycles. Inflation is likely to fluctuate above and below this level 

during the projection period. Any exceptions to the application of the assumed 

underlying inflation rate are discussed in our write-up of individual income and 

expense items. 

Based on an analysis that will be detailed throughout this section, we have 

formulated a forecast of income and expense. The following table presents a 

detailed forecast through the fifth projection year, including amounts per available 

room and per occupied room. The second table illustrates our ten-year forecast of 

income and expense, presented with a lesser degree of detail. The forecasts pertain 

to years beginning June 1, 2012 and are expressed in inflated dollars for each year. 



FIGURE 10-4 DETAILED FORECAST OF INCOME AND EXPENSE 

2012/13 Begins June 2013/14 2014/15 2015/16 Stabilized 

Number of Rooms: 130 130 130 130 130 

Occupancy: 66% 70% 73% 75% 75% 

Average Rate: $130.95 $138.96 $144.57 $148.91 $153.38 

RevPAR: $86.42 $97.27 $105.54 $111.68 $115.03 

Days Open: 365 365 365 365 365 

Occupied Rooms: 31,317 %Gross PAR POR 33,215 %Gross PAR POR 34,639 %Gross PAR POR 35,588 %Gross PAR POR 35,588 %Gross PAR POR 

REVENUE 

Rooms $4,101 76.7 % $31,546 $130.95 $4,616 75.5 % $35,508 $138.97 $5,008 73.9 % $38,523 $144.58 $5,299 72.1 % $40,762 $148.90 $5,458 72.1 % $41,985 $153.37 

Food 988 18.5 7,602 31.56 1,186 19.4 9,121 35.70 1,392 20.5 10,711 40.20 1,603 21.8 12,332 45.05 1,651 21.8 12,702 46.40 

Beverage 118 2.2 905 3.76 161 2.6 1,240 4.86 213 3.1 1,639 6.15 273 3.7 2,096 7.66 281 3.7 2,159 7.89 

Telephone 13 0.2 100 0.41 14 0.2 108 0.42 15 0.2 116 0.43 16 0.2 122 0.45 16 0.2 126 0.46 

Other Income 130 2.4 998 4.14 141 2.3 1,084 4.24 151 2.2 1,159 4.35 159 2.2 1,223 4.47 164 2.2 1,260 4.60 

Total Revenues 5,350 100.0 41,151 170.82 6,118 100.0 47,061 184.19 6,779 100.0 52,147 195.71 7,350 100.0 56,535 206.52 7,570 100.0 58,232 212.72 

DEPARTMENTAL EXPENSES * 

Rooms 970 23.6 7,458 30.96 1,021 22.1 7,854 30.74 1,069 21.3 8,223 30.86 1,113 21.0 8,561 31.27 1,146 21.0 8,817 32.21 

Food & Beverage 1,052 95.2 8,096 33.61 1,152 85.6 8,864 34.69 1,259 78.4 9,681 36.33 1,369 73.0 10,533 38.48 1,410 73.0 10,849 39.63 

Telephone 21 160.9 161 0.67 22 155.7 169 0.66 23 152.2 176 0.66 24 150.0 183 0.67 25 150.0 189 0.69 

Other Expenses 68 52.1 520 2.16 71 50.1 543 2.13 74 48.8 566 2.12 76 48.0 587 2.14 79 48.0 605 2.21 

Total 2,110 39.5 16,234 67.39 2,266 37.0 17,430 68.22 2,424 35.8 18,646 69.98 2,582 35.1 19,864 72.56 2,660 35.1 20,460 74.74 

DEPARTMENTAL INCOME 3,239 60.5 24,917 103.43 3,852 63.0 29,631 115.97 4,355 64.2 33,502 125.73 4,767 64.9 36,671 133.96 4,910 64.9 37,772 137.98 

UNDISTRIBUTED OPERATING EXPENSES 

Administrative & General 509 9.5 3,912 16.24 536 8.8 4,122 16.13 561 8.3 4,319 16.21 586 8.0 4,505 16.46 603 8.0 4,640 16.95 

Marketing 227 4.3 1,750 7.26 240 3.9 1,844 7.22 251 3.7 1,932 7.25 262 3.6 2,015 7.36 270 3.6 2,076 7.58 

Franchise Fee 328 6.1 2,524 10.48 369 6.0 2,841 11.12 401 5.9 3,082 11.57 424 5.8 3,261 11.91 437 5.8 3,359 12.27 

Prop. Operations & Maint. 248 4.6 1,904 7.91 261 4.3 2,007 7.85 273 4.0 2,103 7.89 285 3.9 2,193 8.01 294 3.9 2,259 8.25 

Utilities 243 4.5 1,866 7.74 256 4.2 1,966 7.69 268 3.9 2,060 7.73 279 3.8 2,148 7.85 288 3.8 2,213 8.08 

Total 1,554 29.0 11,955 49.63 1,661 27.2 12,780 50.02 1,754 25.8 13,496 50.65 1,836 25.1 14,123 51.59 1,891 25.1 14,546 53.14 

HOUSE PROFIT 1,685 31.5 12,961 53.80 2,191 35.8 16,851 65.95 2,601 38.4 20,006 75.08 2,931 39.8 22,549 82.37 3,019 39.8 23,226 84.84 

Management Fee 160 3.0 1,235 5.12 184 3.0 1,412 5.53 203 3.0 1,564 5.87 220 3.0 1,696 6.20 227 3.0 1,747 6.38 

INCOME BEFORE FIXED CHARGES 1,524 28.5 11,727 48.68 2,007 32.8 15,439 60.43 2,397 35.4 18,442 69.21 2,711 36.8 20,853 76.17 2,792 36.8 21,479 78.46 

FIXED EXPENSES 

Property Taxes 227 4.2 1,747 7.25 232 3.8 1,785 6.98 237 3.5 1,823 6.84 242 3.3 1,862 6.80 247 3.3 1,900 6.94 

Insurance 71 1.3 542 2.25 73 1.2 559 2.19 75 1.1 575 2.16 77 1.0 593 2.17 79 1.0 611 2.23 

Ground Lease 0 0.0 0 0.00 0 0.0 0 0.00 339 5.0 2,607 9.79 368 5.0 2,827 10.33 379 5.0 2,912 10.64 

Reserve for Replacement 160 3.0 1,235 5.12 184 3.0 1,412 5.53 271 4.0 2,086 7.83 294 4.0 2,261 8.26 303 4.0 2,329 8.51 

Total 458 8.5 3,524 14.63 488 8.0 3,755 14.70 922 13.6 7,092 26.62 981 13.3 7,543 27.55 1,008 13.3 7,751 28.32 

NET INCOME $1,066 20.0 % $8,202 $34.05 $1,519 24.8 % $11,684 $45.73 $1,475 21.8 % $11,350 $42.60 $1,730 23.5 % $13,310 $48.62 $1,785 23.5 % $13,727 $50.15 

*Departmental expenses are expressed as a percentage of departmental revenues. 



FIGURE 10-5 TEN-YEAR FORECAST OF INCOME AND EXPENSE 

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 

Number of Rooms: 130 130 130 130 130 130 130 130 130 130 

Occupied Rooms: 31,317 33,215 34,639 35,588 35,588 35,588 35,588 35,588 35,588 35,588 

Occupancy: 66% 70% 73% 75% 75% 75% 75% 75% 75% 75% 

Average Rate: $130.95 % of $138.96 % of $144.57 % of $148.91 % of $153.38 % of $157.98 % of $162.72 % of $167.60 % of $172.63 % of $177.81 

RevPAR: $86.42 Gross $97.27 Gross $105.54 Gross $111.68 Gross $115.03 Gross $118.49 Gross $122.04 Gross $125.70 Gross $129.47 Gross $133.36 

REVENUE 

Rooms $4,101 76.7 % $4,616 75.5 % $5,008 73.9 % $5,299 72.1 % $5,458 72.1 % $5,622 72.1 % $5,791 72.1 % $5,965 72.1 % $6,143 72.1 % $6,328 72.1 % 

Food 988 18.5 1,186 19.4 1,392 20.5 1,603 21.8 1,651 21.8 1,701 21.8 1,752 21.8 1,804 21.8 1,859 21.8 1,914 21.8 

Beverage 118 2.2 161 2.6 213 3.1 273 3.7 281 3.7 289 3.7 298 3.7 307 3.7 316 3.7 325 3.7 

Telephone 13 0.2 14 0.2 15 0.2 16 0.2 16 0.2 17 0.2 17 0.2 18 0.2 18 0.2 19 0.2 

Other Income 130 2.4 141 2.3 151 2.2 159 2.2 164 2.2 169 2.2 174 2.2 179 2.2 184 2.2 190 2.2 

Total 5,350 100.0 6,118 100.0 6,779 100.0 7,350 100.0 7,570 100.0 7,797 100.0 8,032 100.0 8,273 100.0 8,520 100.0 8,777 100.0 

DEPARTMENTAL EXPENSES* 

Rooms 970 23.6 1,021 22.1 1,069 21.3 1,113 21.0 1,146 21.0 1,181 21.0 1,216 21.0 1,253 21.0 1,290 21.0 1,329 21.0 

Food & Beverage 1,052 95.2 1,152 85.6 1,259 78.4 1,369 73.0 1,410 73.0 1,453 73.0 1,496 73.0 1,541 73.0 1,587 73.0 1,635 73.0 

Telephone 21 160.9 22 155.7 23 152.2 24 150.0 25 150.0 25 150.0 26 150.0 27 150.0 28 150.0 28 150.0 

Other Expenses 68 52.1 71 50.1 74 48.8 76 48.0 79 48.0 81 48.0 83 48.0 86 48.0 88 48.0 91 48.0 

Total 2,110 39.5 2,266 37.0 2,424 35.8 2,582 35.1 2,660 35.1 2,740 35.1 2,822 35.1 2,906 35.1 2,994 35.1 3,083 35.1 

DEPARTMENTAL INCOME 3,239 60.5 3,852 63.0 4,355 64.2 4,767 64.9 4,910 64.9 5,058 64.9 5,210 64.9 5,367 64.9 5,527 64.9 5,693 64.9 

UNDISTRIBUTED OPERATING EXPENSES 

Administrative & General 509 9.5 536 8.8 561 8.3 586 8.0 603 8.0 621 8.0 640 8.0 659 8.0 679 8.0 699 8.0 

Marketing 227 4.3 240 3.9 251 3.7 262 3.6 270 3.6 278 3.6 286 3.6 295 3.6 304 3.6 313 3.6 

Franchise Fee 328 6.1 369 6.0 401 5.9 424 5.8 437 5.8 450 5.8 463 5.8 477 5.8 491 5.8 506 5.8 

Prop. Operations & Maint. 248 4.6 261 4.3 273 4.0 285 3.9 294 3.9 302 3.9 312 3.9 321 3.9 331 3.9 340 3.9 

Utilities 243 4.5 256 4.2 268 3.9 279 3.8 288 3.8 296 3.8 305 3.8 314 3.8 324 3.8 333 3.8 

Total 1,554 29.0 1,661 27.2 1,754 25.8 1,836 25.1 1,891 25.1 1,948 25.1 2,006 25.1 2,066 25.1 2,128 25.1 2,192 25.1 

HOUSE PROFIT 1,685 31.5 2,191 35.8 2,601 38.4 2,931 39.8 3,019 39.8 3,110 39.8 3,204 39.8 3,300 39.8 3,398 39.8 3,501 39.8 

Management Fee 160 3.0 184 3.0 203 3.0 220 3.0 227 3.0 234 3.0 241 3.0 248 3.0 256 3.0 263 3.0 

INCOME BEFORE FIXED CHARGES 1,524 28.5 2,007 32.8 2,397 35.4 2,711 36.8 2,792 36.8 2,876 36.8 2,963 36.8 3,052 36.8 3,143 36.8 3,238 36.8 

FIXED EXPENSES 

Property Taxes 227 4.2 232 3.8 237 3.5 242 3.3 247 3.3 252 3.2 257 3.2 262 3.2 267 3.1 272 3.1 

Insurance 71 1.3 73 1.2 75 1.1 77 1.0 79 1.0 82 1.0 84 1.0 87 1.0 89 1.0 92 1.0 

Ground Lease 0 0.0 0 0.0 339 5.0 368 5.0 379 5.0 390 5.0 402 5.0 414 5.0 426 5.0 439 5.0 

Reserve for Replacement 160 3.0 184 3.0 271 4.0 294 4.0 303 4.0 312 4.0 321 4.0 331 4.0 341 4.0 351 4.0 

Total 458 8.5 488 8.0 922 13.6 981 13.3 1,008 13.3 1,035 13.2 1,064 13.2 1,093 13.2 1,123 13.1 1,154 13.1 

NET INCOME $1,066 20.0 % $1,519 24.8 % $1,475 21.8 % $1,730 23.5 % $1,785 23.5 % $1,841 23.6 % $1,899 23.6 % $1,959 23.6 % $2,020 23.7 % $2,084 23.7 % 

1 1 1 1 1 1 1 1 1 1 

*Departmental expenses are expressed as a percentage of departmental revenues. 



% of 

Gross

Forecast of Income and 

Expense 

The following description sets forth the basis for the forecast of income and 

expense. 

We anticipate that it will take five years for the subject property to reach a 

stabilized level of operation. 

Revenues 

Rooms revenue is determined by two variables: occupancy and average rate. We 

projected occupancy and average rate in a previous section of this report. The 

subject property is expected to stabilize at an occupancy level of 75% with an 

average rate of $153.38 in 2016/17. Following the stabilized year, the subject 

property’s average rate is projected to increase along with the underlying rate of 

inflation. 

The Sheraton Redding At Sundial Bridge’s food and beverage department will 

include a restaurant and a lounge; moreover, banquet space is expected to span 

6,217 square feet. Due to its location, the subject’s lunch period is expected to be 

seasonal increasing with summer demand. The comparable statements illustrated 

food and beverage revenue between 19.7% and 66.9% of rooms revenue, or 

$19.89 and $89.66 per occupied room. We project the subject’s food and beverage 

revenue to be $31.56 and $3.76 per occupied room, respectively, in the first 

projection year, or respectively 24.1% and 2.9% of rooms revenue. These peroccupied-room 

amounts are forecast to ramp-up and increase to $46.40 and $7.89 

for respective food and beverage revenue categories by the stabilized year, or 

respectively 30.3% and 5.1% of rooms revenue. As a percentage of food revenue, 

beverage revenue is forecast at 11.9% in the first projection year, stabilizing at 

17.0%. 

Telephone revenue for the comparable operating statements ranged from 0.3% to 

1.4% of rooms revenue and $0.32 to $1.87 on a per-occupied-room basis. We 

forecast the proposed subject property’s telephone revenue to stabilize at 0.3% of 

rooms revenue or $0.46 per occupied room in 2016/17. 

Other income at the proposed subject property is likely to be generated by inroom 

movies, guest laundry, recreation activities, and other miscellaneous 

services. Other income revenue for the comparables ranged from 2.2% to 7.0% of 

rooms revenue or $2.19 to $12.33 on a per-occupied-room basis. We forecast the 

proposed subject property’s other income to stabilize at $4.60 per occupied room 

in 2016/17. 

Expenses 



The comparables illustrated rooms expense ranging between 18.9% and 30.2% of 

rooms revenue; on a per-occupied-room basis, the range was between $25.34 and 

$36.01. We have projected rooms expense for the subject at 23.6% of 

departmental revenue in the first year (or $30.96 per occupied room), stabilizing 

at 21.0% in 2016/17 (or $32.21 per occupied room). 

Food and beverage expenses will consist of items necessary for the primary 

operation of a hotel's restaurant and banquet facilities. The comparables illustrate 

food and beverage expense ranging between 53.3% and 88.0% of food and 

beverage revenue. We have projected food and beverage expense for the subject at 

95.2% of departmental revenue in the first year, stabilizing at a ratio of 73.0% in 

2016/17. 

Telephone expense for the comparables ranged from 69.2% and 295.1% of 

telephone revenue. We have projected a stabilized expense ratio of 150.0% in 

2016/17. 

Other income expense consists of costs associated with other income and is 

dependent on the nature of the revenue. The comparables illustrated other income 

expense ranging between 32.0% and 63.7% of other income. We have projected a 

stabilized expense ratio of 48.0% in 2016/17. 

Administrative and general expense for the comparable operations indicates a 

range from 6.8% to 10.6% of total revenue, or $2,951 to $4,991 per available 

room. In the first projection year, we have projected administrative and general 

expense for the proposed subject property to be $3,912 per available room, or 

9.5% of total revenue. By the 2016/17 stabilized year, these amounts change to 

$4,640 per available room and 8.0% of total revenue. 

Marketing expense for the comparable operations indicate a range from 3.9% to 

10.1% of total revenue, or $2,067 to $4,680 per available room. Considering the 

proposed subject property’s location in the Redding area and its need to draw 

demand from other destinations, marketing expense has been forecast at $1,750 

per available room, or 4.3% of total revenue in the first year. By the 2016/17 

stabilized year, these amounts change to $2,076 per available room and 3.6% of 

total revenue. 

As previously discussed, the subject is expected to be franchised under the 

Sheraton Hotel brand. Costs associated with this franchise are summarized in the 

introductory chapter in this report. 

Property operations and maintenance expense for the comparable operations 

indicate a range from 3.3% to 4.6% of total revenue, or $1,549 to $2,573 per 



available room. We expect the proposed subject property's maintenance operation 

to be well managed, and expense levels should stabilize at a typical level for a 

property of this type. In the first projection year, we have projected property 

operations and maintenance expense for the proposed subject property to be 

$1,904 per available room, or 4.6% of total revenue. By the 2016/17 stabilized 

year, these amounts change to $2,259 per available room and 3.9% of total 

revenue. 

On a percentage-of-total-revenue basis, the comparable operations indicate a 

utilities expense range from 2.0% to 5.0% of total revenue, or $1,455 to $2,557 per 

available room. In the first projection year, we have projected utilities expense for 

the proposed subject property to be $1,866 per available room, or 4.5% of total 

revenue. By the 2016/17 stabilized year, these amounts change to $2,213 per 

available room and 3.8% of total revenue. 

For the purposes of this appraisal, the subject property is assumed to be operated 

by a professional third-party operator. As such, management fees have been 

forecast at current market rates, at 3.0% of total revenue. 

Real estate in the state of California is assessed at 100% of market value upon the 

sale, expansion, or new construction of a property. Once established, the assessed 

value of a property can increase by no more than 2.0% per year, according to state 

law. A reassessment is triggered by the sale, expansion, or improvement of a 

property. Because this appraisal is predicated upon a hypothetical sale, we have 

calculated the first year’s property tax burden based on the estimated fee simple 

market value of the subject property determined by this appraisal. Real and 

personal property are taxed at the same rate. Property taxes are “stepped up” 

upon the assumed sale of the hotel at the end of Year Ten by loading the terminal 

capitalization rate with the tax rate. 

In most states, the comparison of a hotel’s assessed value with that of comparable 

hotels in the same taxing jurisdiction can provide insight into whether or not the 

property is fairly assessed. The assessed value of the land and improvements is 

divided by the hotel’s number of rooms to provide a unit of comparison with other 

hotels. This is a useful tool in most states, where properties are periodically 

reassessed to market value. However, in California the comparison of assessed 

values is generally irrelevant due to Proposition 13, enacted in 1978, which 

removed the relationship between a property’s assessed value and its market 

value. Under Proposition 13 a property is reassessed upon sale to market value, 

which is generally presumed to be the sales price; thereafter, the assessed value is 

increased at a maximum of 2% per year. Trends in appreciation and depreciation 

caused by market fluctuations are not reflected in a property’s assessed value in 

California, unless there is a sales transaction. Thus, comparable hotels in California 



can have markedly different assessed values, depending upon when the last sales 

transaction occurred. For this reason, we have not researched the assessed values 

of comparable hotels to assess the reasonableness of the subject’s assessed value. 

The following table details the subject property's assessment history. 

Note that the calculated tax burden for properties in California is based on the 

market value of the fee simple interest. The market value of the fee simple interest 

in the subject property, as of the date of completion, was estimated without the 

ground lease payments. Tax rates are based on the city and county budgets, which 

change annually. The most recent tax rate in this jurisdiction was reported at 

1.10120%. Based on state law and the current tax rate, the proposed subject 

property’s projected property tax expense levels are calculated as follows. 

FIGURE 10-6 SUBJECT PROPERTY TAX CALCULATION 

Estimated Market Value of 

Fee Simple Interest Tax Rate 

First Year's 

Tax Burden 

$20,628,881 x 1.1012% 

$227,165 

Tax payments are due twice yearly in Shasta County. We estimate that property 

taxes for the Sheraton Redding At Sundial Bridge will equal approximately 

$227,165 in the first forecast year of our projection period, increasing by 2.0% 

annually thereafter, the maximum allowed by state law 

Based on comparable data and the structural attributes of the proposed subject 

hotel, we project the proposed subject property's insurance expense at $611 per 

available room by the stabilized year (positioned at $500 on a per-available-room 

basis in base-year dollars). This forecast equates to 1.0% of total revenue on a 

stabilized basis. In subsequent years, this amount is assumed to increase in 

tandem with inflation. 

The City of Redding (landlord) and the Turtle Bay Exploration Park (tenant) 

entered into a ground lease agreement dated January 7, 1992. The term of the 

ground lease is 55 years with an additional term of 55 years. The agreement was 

amended several times. The last amendment to the agreement, dated November 

23, 2010, allows Turtle Bay to sublease a portion of the premises to a third party 

(the hotel developer) and to permit the third party to develop a portion of the 

premises with a hotel, restaurant, and related hospitality facilities and necessary 

improvements. According to the developer, the ground rent payable to the 

sublessor (Turtle Bay Exploration Park) equals 5% of total revenue. The ground 



INCOME 

CAPITALIZATION 

Mortgage Component 

rent is waived in the first and second years of operation. We forecast ground lease 

payments to the sublessor in this amount for the duration of our projection period. 

A reserve for replacement equal to 3.0% of total revenue in the first and second 

projection years, and 4.0% in the third projection year and thereafter, has been 

deducted. 

The subject property has been valued via the income approach through the 

application of a ten-year mortgage-equity technique and discounted cash-flow 

analysis. The conversion of the subject property's forecasted net income into an 

estimate of value was based on the premise that investors typically purchase real 

estate with a small amount of equity cash (20% to 50%) and a large amount of 

mortgage financing (50% to 80%). The amounts and terms of available mortgage 

financing and the rates of return that are required to attract sufficient equity 

capital formed the basis for allocating the net income between the mortgage and 

equity components and deriving a value estimate. 

Data for the mortgage component may be developed from statistics of actual hotel 

mortgages made by long-term lenders. The American Council of Life Insurance, 

which represents 20 large life insurance companies, publishes quarterly 

information pertaining to the hotel mortgages issued by its member companies. 

Because of the six- to nine-month lag time in reporting and publishing hotel 

mortgage statistics, it was necessary to update this information to reflect current 

lending practices. Our research indicates that the greatest degree of correlation 

exists between the average interest rate of a hotel mortgage and the concurrent 

yield on an average A corporate bond. 

The relationship between hotel interest rates and the yields from the average A 

corporate bond can be detailed through a regression analysis, which is expressed 

as follows. 

Y = 0.91584700 X + 1.19219600 

Where: Y = Estimated Hotel/Motel Mortgage Interest Rate 

X = Current Average A Corporate Bond Yield 

(Coefficient of correlation is 96%) 

The January 19, 2011, average yield on average A corporate bonds, as reported by 

Moody’s Investors Service, was 5.52%. When used in the previously presented 

equation, a factor of 5.52 produces an estimated hotel/motel interest rate of 6.2% 

(rounded). 



The ACLI hotel mortgage interest rate (based on actual loans) was 8.43% in the 

fourth quarter of 2009, while Moody's Corporate A Bond Yield for the same period 

was only 5.66%. There was insufficient ACLI hotel loan activity in the first quarter 

of 2010 to report hotel loan terms. Hotel real estate financing was more severely 

impacted in the lending arena than corporate financing; thus, there was a lower 

correlation between these two data points in 2009 than we have witnessed 

historically. Lenders began to return to the market in the second quarter of 2010. 

Once it was apparent that the hotel market had bottomed out and was in recovery, 

both lenders and investors began to view hotel assets more favorably, as earnings 

could only recover from the nadir recorded in the recent past. Commercial banks 

and insurance companies have re-entered the market, and we are also seeing the 

re-emergence of the commercial mortgage-backed securities market. Lenders are 

currently sizing mortgages at debt yields of 13% to 15%, which, when applied to 

values determined at capitalization rates based on the trailing-twelve-month net 

operating income levels of 5% to 9%, equate to loan-to-value ratios ranging from 

roughly 40% to 70%. Debt is most commonly being priced at a 300 to 700 basis 

point spread over the 30 day LIBOR, with both fixed rate and floating rate 

becoming increasingly available. Interest rates for single hotel assets are currently 

ranging from 5.5% to 8.0%, depending on the type of debt, loan-to-value ratio, and 

the quality of the asset and its market. 

In addition to the mortgage interest rate estimate derived from this regression 

analysis, HVS constantly monitors the terms of hotel mortgage loans made by our 

institutional lending clients. Fixed-rate debt is being priced at roughly 400 to 600 

basis points over the corresponding yield on treasury notes. As of January 19, 

2011, the yield on the ten-year T-bill was 3.4%, indicating an interest rate range 

from 7.4% to 9.4%. The current pricing of hotel mortgages is well above the 

normal historical spread of 300 to 500 basis points that existed prior to both the 

financial crisis and the more aggressive lending environment of the recent past. 

At present, we find that lenders who are active in the market are using loan-tovalue 

ratios of 40% to 70% and amortization periods of 20 to 30 years. The 

overall lending environment is becoming increasingly more active, with 

commercial banks, mortgage REITS, insurance companies, and CMBS starting to 

return to the market. While debt is becoming more available, underwriting 

standards have become stricter and loan-to-value ratios continue to be 

conservative. 

While some debt financing is available in today’s market, lenders are applying 

stringent underwriting standards to any new loans. Based on our analysis of the 

current lodging industry mortgage market and adjustments for specific factors, 

such as the property’s site, proposed facility, and conditions in the Redding hotel 

market, it is our opinion that a 6.50% interest, 25-year amortization mortgage 



Equity Component & 

Equity Yield Rate 

with a 0.081025 constant is appropriate for the proposed subject property. In the 

mortgage-equity analysis, we have applied a loan-to-value ratio of 65%, which is 

reasonable to expect based on this interest rate and current parameters. 

The remaining capital required for a hotel investment generally comes from the 

equity investor. The rate of return that an equity investor expects over a ten-year 

holding period is known as the equity yield. Unlike the equity dividend, which is a 

short-term rate of return, the equity yield specifically considers a long-term 

holding period (generally ten years), annual inflation- adjusted cash flows, 

property appreciation, mortgage amortization, and proceeds from a sale at the end 

of the holding period. To establish an appropriate equity yield rate, we have used 

two sources of data: past appraisals and investor interviews. 

Hotel Sales – Each appraisal performed by HVS uses a similar mortgage-equity 

approach in which income is projected and then discounted to a current value at 

rates reflecting the cost of debt and equity capital. In the case of hotels that were 

sold near the date of our valuation, we were able to determine an appropriate 

equity yield rate by inserting the projection into a valuation model, and adjusting 

the appraised value to reflect the actual sales price by modifying the return 

assumptions. The following table shows a representative sample of hotels that 

were sold shortly after we appraised them, along with the imputed equity return 

based on our valuation approach. 



FIGURE 10-7 SAMPLE OF HOTELS SOLD 

Hotel Location 

Overall Rate Based on 

Net Operating Income 

Number Date 

Total 

Property Equity Historical Projected Stabilized Equity 

of Rooms of Sale Yield Yield Year Year One Year Dividend 

Skamania Lodge Stevenson, WA 254 Dec-10 11.7 % 17.7 % 6.2 % 7.2 % 8.6 % 7.2 % 

Sheraton Framingham Framingham, CT 375 Oct-10 13.5 18.2 4.0 6.9 10.7 6.9 

St Regis Hotel As pen, CO 179 Sep-10 10.0 11.7 2.3 2.5 8.2 2.5 

Fairmont Copley Plaza Boston, MA 383 Aug-10 8.8 9.6 3.4 3.3 7.6 3.3 

Intercontinental Buckhead Atlanta, GA 422 Jul-10 11.9 17.2 6.8 6.5 8.5 6.5 

Sir Francis Drake San Francisco, CA 416 Jun-10 10.1 12.9 1.7 3.5 7.8 3.5 

Doubletree Hotel Bethesda Bethesda, MD 269 Jun-10 11.8 17.3 8.4 8.3 8.6 8.3 

Renaissance Syracuse Syracuse, NY 279 May-10 14.6 20.6 8.0 8.4 11.5 8.4 

Los Angeles Ma rriott Downtown Los Angel es , CA 469 Mar-10 12.2 16.8 1.3 3.2 9.8 — 

Ca s a Ma drona Hotel & Spa Sausalito, CA 61 Feb-10 11.7 15.8 1.9 2.9 10.3 2.9 

Tuscan Inn San Francisco, CA 221 Jan-10 13.0 17.1 6.6 6.6 10.0 6.6 

W Hotel San Francisco, CA 404 Jul-09 13.7 16.9 8.0 6.4 10.6 4.0 

Hyatt Regency Orange County Garden Grove, CA 654 Oct-08 10.5 15.8 8.0 6.9 7.7 6.9 

Sheraton Gateway LAX Los Angel es , CA 802 Aug-08 11.0 17.4 6.3 8.1 8.0 8.1 

Hyatt Regency Phoenix, AZ 696 Jul-08 12.5 19.5 10.3 9.0 9.6 9.0 

Hilton Lincoln Center Dallas, TX 500 Jun-08 11.0 17.3 6.9 4.4 9.4 4.4 

Holiday Inn Sunspree Resort Lake Buena Vis ta, FL 507 May-08 14.5 21.8 — 1.4 11.5 1.4 

Four Points Columbus Airport Col umbus , OH 177 Jan-08 12.9 24.7 8.4 8.7 9.9 8.7 

Hotel 57 New York, NY 200 Jan-08 10.1 16.7 4.9 3.6 7.5 3.6 

Hyatt Regency Milwa ukee, WI 483 Jan-08 11.9 20.7 6.1 8.5 8.7 10.8 

JW Marriott New Orleans, LA 494 Jan-08 11.0 19.8 — 1.5 8.1 — 

Sheraton Hotel Salt Lake City, UT 362 Dec-07 12.0 20.1 7.4 6.0 9.9 2.2 

Hyatt Regency New Orleans, LA 1184 Dec-07 16.3 26.4 8.1 6.8 13.4 3.8 

Aberdeen Woods Conf. Ctr. Pea chtree City, GA 233 Nov-07 11.5 19.2 1.1 1.6 9.7 — 

Ma rriott BWI Airport Hotel Linthicum, MD 309 Nov-07 10.7 21.9 8.8 7.9 7.8 10.9 

Crown Pl a za Phoenix, AZ 248 Oct-07 10.7 19.2 7.3 8.0 8.5 8.2 

Westin Airport Atlanta, GA 495 Aug-07 11.6 21.7 6.6 8.1 9.0 8.7 

Holiday Inn LAX Los Angel es , CA 405 Aug-07 13.8 26.8 6.9 7.7 10.2 7.6 

Hilton Downtown St. Louis, MO 195 Aug-07 11.3 20.8 6.8 7.8 8.6 7.8 

Hotel Palomar San Francisco, CA 195 Aug-07 11.1 21.0 5.0 7.6 8.8 8.7 

Sheraton Hotel Nashua, NH 336 Jun-07 13.2 25.2 5.5 8.0 10.4 7.9 

Source: HVS 

Investor Interviews - During the course of our work, we continuously monitor 

investor equity yield requirements through discussions with hotel investors and 

brokers. While equity still looks to yield high returns for the risk of hotel 

investment, increased competition for quality assets and lower leverage levels 

have placed downward pressure on equity yield returns. We find that equity yield 

rates currently range from a low in the low to mid-teens for high-quality, 

institutional-grade assets in markets with high barriers to entry to the upper teens 

for quality assets in more typical markets; equity yield rates tend to near or exceed 



Terminal Capitalization 

Rate 

20% for aging assets with functional obsolescence and/or other challenging 

property- or market-related issues. 

The following table summarizes the range of equity yields indicated by hotel sales 

and investor interviews. We note that there tends to be lag between the sales data 

and current market conditions, and thus the full effect of the change in the 

economy and capital markets may not yet be reflected. 

FIGURE 10-8 SUMMARY OF EQUITY YIELD OR INTERNAL RATE OF RETURN 

REQUIREMENTS 

Source Data Point Range Average 

HVS Hotel Sales - Full-Service 9.6% - 26.8% 19.00% 

HVS Hotel Sales - Limited/Select-Service 11.3% - 24.6% 19.49% 

HVS Investor Interviews 12% - 22% 

Based on the assumed 65% loan-to-value ratio, the risk inherent in achieving the 

projected income stream, and the age, condition, and anticipated market position 

of the subject property, it is our opinion that an equity investor is likely to require 

an equity yield rate of 17.0%. The lack of attainable yields on alternate 

investments has continued to put downward pressure on equity yield rates, 

despite the desire of investors to yield higher returns. Competition for quality 

assets is increasing amongst all hotel asset types. These influences are keeping 

equity yields from increasing significantly. Equity return requirements remain 

elevated for the more challenged hotel assets. 

Inherent in this valuation process is the assumption of a sale at the end of the tenyear 

holding period. The estimated reversionary sales price as of that date is 

calculated by capitalizing the projected eleventh-year net income by an overall 

terminal capitalization rate. An allocation for the selling expenses is deducted from 

this sales price, and the net proceeds to the equity interest (also known as the 

equity residual) are calculated by deducting the outstanding mortgage balance 

from the reversion. 

We have reviewed several recent investor surveys. The following chart 

summarizes the averages presented for terminal capitalization rates in various 

investor surveys during the past decade. Note that survey data lag the market and 

do not necessarily reflect the most current market conditions. 



Mortgage-Equity 

Method – 

Value Opinion 

FIGURE 10-9 TERMINAL CAPITALIZATION RATES DERIVED FROM INVESTOR 

SURVEYS 


Korpa cz Real Es ta te Investor Survey - 3rd Qua rter 2010 

Full-Service Hotels 7.00% - 12.0% 9.89% 

Luxury Hotels 6.0% - 12.0% 9.45% 

CRE/RERC Rea l Es ta te Report - Summer 2010 

First Tier Hotels 7.6% - 13.0% 10.12% 

For purposes of this analysis, we have applied a terminal capitalization rate of 

9.0%. Our final position for the terminal capitalization rate reflects the current 

market for hotel investments. In tandem with overall lower return expectations, 

terminal capitalization rates for quality hotel assets in markets with high barriers 

to entry have returned to their 2005 to 2007 lows, while terminal capitalization 

rates for older assets or for those suffering from functional obsolescence and/or 

weak market conditions remain elevated, reflecting the market's recognition that 

certain assets have less opportunity for significant appreciation. 

As the property is a California leasehold interest, the reversionary value must 

consider the taxes to a new buyer in the 11th year and the ground rent expense. 

The first step in this process is the calculation of the property taxes in the 

reversion. The property taxes in the reversionary year are based on the 11th 

year’s net operating income before rent and taxes (to reflect the fee simple interest 

for taxation) capitalized by the terminal capitalization rate loaded with the tax 

rate. The full reversionary value is then calculated by subtracting the reversionary 

property taxes and the ground lease payment from the net income in the 11 th year. 

This net income is then capitalized by an unloaded terminal capitalization rate. 

The valuation of the mortgage and equity components is accomplished using an 

algebraic equation that calculates the exact amount of debt and equity that the 

hotel will be able to support based on the anticipated cash flow (as estimated by 

the forecast of income and expense) and the specific return requirements 

demanded by the mortgage lender (interest) and the equity investor (equity yield). 

Thus, the anticipated net income (before debt service and depreciation) is 

allocated to the mortgage and equity components based on market rates of return 

and loan-to-value ratios. The total of the mortgage component and the equity 

component equals the value of the property. Using this method of the income 

capitalization approach with the variables set forth, we estimate the value of the 

leasehold interest in the subject property, as of June 1, 2012, to be $17,500,000. 



Mathematical Proof of 

Value 

The value is mathematically proven by confirming the market-derived yields are 

met for the lender and equity participant during the projection period. Using the 

assumed financial structure set forth in the previous calculations, market value 

can be allocated between the debt and equity as follows. 

Mortgage Component (65%) $11,390,000 

Equity Component (35%) 6,133,000 

Total $17,523,000 

The annual debt service is calculated by multiplying the mortgage component by 

the mortgage constant. 

Mortgage Component $11,390,000 

Mortgage Constant 0.081025 

Annual Debt Service $922,873 

The eleven-year forecast of net income and ten-year forecast of net income to 

equity are presented in the following table. 



FIGURE 10-10 ELEVEN-YEAR FORECAST OF NET INCOME AND TEN-YEAR FORECAST OF NET INCOME TO EQUITY 

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 

Occupancy 66 % 70 % 73 % 75 % 75 % 75 % 75 % 75 % 75 % 75 % 75 % 

Average Rate $130.95 $138.96 $144.57 $148.91 $153.38 $157.98 $162.72 $167.60 $172.63 $177.81 $183.14 

Net Income Before Debt 1,066 1,519 1,475 1,730 1,785 1,841 1,899 1,959 2,020 2,084 2,878 

Less: Debt Service 923 923 923 923 923 923 923 923 923 923 

Net Income to Equity $143 $596 $552 $807 $862 $918 $976 $1,036 $1,097 $1,161 

Debt Coverage Ratio 1.16 1.65 1.60 1.87 1.93 1.99 2.06 2.12 2.19 2.26 

Ca s h-on-Ca s h Return 2.3 % 9.7 % 9.0 % 13.2 % 14.0 % 15.0 % 15.9 % 16.9 % 17.9 % 18.9 % 



Our debt coverage ratio falls within the range of 1.3 to 1.7, reflecting the debt 

coverage ratios required in the current market. The net proceeds to equity upon 

sale of the property were determined by deducting sales expenses (brokerage and 

legal fees) and the outstanding mortgage balance. 

The equity residual at the end of the tenth year is calculated by deducting 

brokerage and legal fees and the mortgage balance from the reversionary value. 

The reversionary value is calculated as the eleventh year's net income capitalized 

by the terminal capitalization rate. The calculation is shown as follows. 

As mentioned, the full reversionary value is calculated by subtracting the 

reversionary property taxes and the ground lease payment from the net income in 

the 11 th year. This net income is then capitalized by an unloaded terminal 

capitalization rate. 

Reversionary Value ( $ 2,122,000/0.090) 

Less: 

Brokerage and Legal Fees 

Mortgage Balance 

Net Sale Proceeds to Equity 

$23,574,000 

707,000 

8,829,000 

$14,038,000 

The discount rate (before debt service), the yield to the lender, and the yield to the 

equity position have been calculated by computer with the following results. 

FIGURE 10-11 TOTAL PROPERTY VALUE AND INTERNAL RATES OF RETURN 

Projected Yield 

(Internal Rate of Return) 

Position Value Over Holding Period 

Total Property $17,523,000 11.2 % 

Mortgage $11,390,000 6.4 

Equity $6,133,000 17.0 

Note: Whereas the mortgage constant and value are calculated on the basis 

of monthly mortgage payments, the mortgage yield in this proof assumes 

single annual payments. As a result, the proof's derived yield may be slightly 

less than that actually input. 

The position of the total property yield or unleveraged discount rate reflects the 

increasing availability and low cost of both debt and equity capital. During the 

recent downturn, equity yields increased, reflecting the elevated level of the 

perceived risk of the hospitality sector and the uncertainty concerning the length 



and depth of the recession. Debt was expensive and difficult to obtain. However, 

toward the end of the first quarter of 2010, increased acquisition activity by 

lodging REITs and the selective return of lenders to the marketplace began to 

place downward pressure on overall rates of return. Unleveraged discount rates 

continued to decline throughout 2010 as market activity increased and, as of the 

first quarter of 2011, have returned to the lows witnessed during the 2006 to early 

2007 period. We continue to interview hotel investors to assess the movement in 

yield rates and their impact on value. 

The following tables demonstrate that the property receives its anticipated yields, 

proving that the value is correct based on the assumptions used in this approach. 

FIGURE 10-12 VALUE OF THE MORTGAGE COMPONENT 

Total Annual Present Worth of $1 Discounted 

Year Debt Service Factor at 6.4% Cash Flow 

2012/13 $923,000 x 0.939568 = $867,000 

2013/14 923,000 x 0.882789 = 815,000 

2014/15 923,000 x 0.829440 = 766,000 

2015/16 923,000 x 0.779316 = 719,000 

2016/17 923,000 x 0.732221 = 676,000 

2017/18 923,000 x 0.687971 = 635,000 

2018/19 923,000 x 0.646396 = 597,000 

2019/20 923,000 x 0.607333 = 561,000 

2020/21 923,000 x 0.570631 = 527,000 

2021/22 9,752,000 * x 0.536147 = 5,229,000 

Value of Mortgage Component $11,392,000 

*10th year debt service of $923,000 plus outstanding mortgage balance of $8,829,000 



Derived Capitalization 

Rates 

FIGURE 10-13 VALUE OF THE EQUITY COMPONENT 

Net Income Present Worth of $1 Discounted 

Year to Equity Factor at 17.0% Cash Flow 

2012/13 $142,835 x 0.854712 = $122,000 

2013/14 596,000 x 0.730533 = 435,000 

2014/15 552,050 x 0.624395 = 345,000 

2015/16 807,500 x 0.533678 = 431,000 

2016/17 861,500 x 0.456141 = 393,000 

2017/18 918,150 x 0.389869 = 358,000 

2018/19 975,400 x 0.333226 = 325,000 

2019/20 1,035,350 x 0.284812 = 295,000 

2020/21 1,097,000 x 0.243432 = 267,000 

2021/22 15,198,150 * x 0.208065 = 3,162,000 

Value of Equity Component $6,133,000 

*10th year net income to equity of $1,160,150 plus sales proceeds of $14,038,000 

FIGURE 10-14 OVERALL PROPERTY VALUE 

Net Income 

Available for Present Worth of $1 Discounted 

Year Debt Service Factor at 11.2% Cash Flow 

2012/13 $1,065,835 x 0.899006 = $958,000 

2013/14 1,519,000 x 0.808212 = 1,228,000 

2014/15 1,475,050 x 0.726588 = 1,072,000 

2015/16 1,730,500 x 0.653207 = 1,130,000 

2016/17 1,784,500 x 0.587238 = 1,048,000 

2017/18 1,841,150 x 0.527930 = 972,000 

2018/19 1,898,400 x 0.474613 = 901,000 

2019/20 1,958,350 x 0.426680 = 836,000 

2020/21 2,020,000 x 0.383588 = 775,000 

2021/22 24,950,000 * x 0.344848 = 8,604,000 

Total Property Value $17,524,000 

*10th year net income of $2,083,150 plus sales proceeds of $22,867,000 

The following chart summarizes the averages presented for overall capitalization 

rates in various investor surveys during the past decade. 



FIGURE 10-15 HISTORICAL TREND OF OVERALL CAPITALIZATION RATES 

Overall Cap Rate (%) 

13.0 

12.0 

11.0 

10.0 

9.0 

8.0 

7.0 

6.0 

5.0 

4.0 

2001 

2002 

2003 



2004 

2005 

2006 

Korpacz - Full-Service Korpacz - Luxury CRE/RERC - First Tier 

FIGURE 10-16 OVERALL CAPITALIZATION RATES DERIVED FROM SALES AND 

INVESTOR SURVEYS 






CRE/RERC Real Es ta te Report - Summer 2010 


We note that the averages illustrated in the previous table are derived from wide 

arrays of data points and a range of reasonableness extends both lower and higher 

than the indicated data points. The following table reflects the capitalization rates 

for the proposed subject property that have been derived based on our estimate of 

market value via the discounted cash flow analysis. Note that the stabilized year's 

net income has been deflated to first-year dollars. 

2007 

2008 

2009 

2010

Discounted Cash Flow 

Analysis – 

“When Complete” 

FIGURE 10-17 DERIVED CAPITALIZATION RATES 

Net Operating Derived 

Year Income Capitalization Rate 

Forecast 2012/13 $1,066,000 6.1 % 

Deflated Stabilized 

(2012) Dollars 1,601,000 9.1 

The derived capitalization rates are considered to be appropriate for a proposed 

lodging facility such as the Sheraton Redding At Sundial Bridge. The derived 

capitalization rates that are based on the forecasted net operating income fall in 

line with acceptable returns for a hotel of this caliber. We note that these 

capitalization rates reflect the expectation of continued improvement in 

profitability over the initial years of the forecast. Investors are acquiring assets at 

low “going-in” capitalization rates with the anticipation of a future upside as the 

economy continues to grow. As RevPAR and net income levels recover, direct 

capitalization rates can be expected to return to more typical levels. 

The process of converting the projected income stream into an estimate of value 

via the discounted cash flow method is described as follows. 

1. An appropriate discount rate is selected to apply to the projected net 

income before debt service. This rate reflects the "free and clear" internal 

rate of return to an all-cash purchaser or a blended rate of debt and equity 

return requirements. The discount rate takes into consideration the degree 

of perceived risk, anticipated inflation, market attitudes, and rates of 

return on other investment alternatives, as well as the availability and cost 

of financing. The discount rate is chosen by reviewing sales transactions 

and investor surveys and interviewing market participants. 

2. A reversionary value reflecting the sales price of the property at the end of 

the ten-year holding period is calculated by capitalizing the eleventh-year 

net income by the terminal capitalization rate and deducting typical 

brokerage and legal fees. As the property is a leasehold interest, the 

reversionary value must consider the taxes to a new buyer in the 11 th year 

and the ground rent expense. The property taxes in the reversionary year 

are based on the 11 th year’s net operating income before ground rent and 

taxes (to reflect the fee simple interest for taxation) capitalized by the 

terminal capitalization rate loaded with the tax rate. 

3. Each year's forecasted net income before debt service and depreciation 

and the reversionary sales proceeds at the end of the ten-year holding 



period are converted to a present value by multiplying the cash flow by the 

chosen discount rate for that year in the forecast. The sum of the 

discounted cash flows equates to the value of the subject property. 

The following chart summarizes the averages presented for discount rates in 

various investor surveys during the past decade. 

FIGURE 10-18 OVERALL DISCOUNT RATES DERIVED FROM SALES AND 

INVESTOR SURVEYS 






CRE/RERC Rea l Es ta te Report - Summer 2010 


We note that the averages illustrated in the previous table are derived from wide 

arrays of data points and a range of reasonableness extends both lower and higher 

than the indicated data points. Based on our review of these surveys, sales 

transactions (see total property yields shown in the table titled Sample of Hotels 

Sold), and interviewing market participants, we have selected a discount rate of 

11.23% for our analysis. Similar to the developed total property yield, our selected 

discount rate considers the current market for hotel investments. 

Utilizing the discount rate set forth, the discounted cash flow procedure is 

summarized as follows. 



Discounted Cash Flow 

Analysis – 

“When Stabilized” 

FIGURE 10-19 DISCOUNTED CASH FLOW ANALYSIS – WHEN COMPLETE 

Discount Factor Discounted 

Year Net Income @ 11.23% Cash Flow 

2012/13 $1,065,835 0.89901 $958,192 

2013/14 1,519,000 0.80821 1,227,675 

2014/15 1,475,050 0.72659 1,071,754 

2015/16 1,730,500 0.65321 1,130,375 

2016/17 1,784,500 0.58724 1,047,925 

2017/18 1,841,150 0.52793 971,999 

2018/19 1,898,400 0.47461 901,005 

2019/20 1,958,350 0.42668 835,588 

2020/21 2,020,000 0.38359 774,848 

2021/22 24,950,000 * 0.34485 8,603,940 

Estimated Value $17,523,301 

(SAY) $17,500,000 

Reversion Analysis 

11th Year's Net Income (before taxes a nd ground rent) $2,878,000 

Les s Real Es tate Ta xes $304,338 

Les s Griound Rent $452,000 

11th Year's Net Income (after taxes a nd ground rent) $2,121,662 

Ca pi ta l i za ti on Ra te 9.0% 

Total Sales Proceeds $23,574,026 

Less: Transaction Costs @ 3.0% 707,221 

Net Sales Proceeds $22,866,805 

*10th year net income of $2,083,150 plus sales proceeds of $22,867,000 

The preceding valuation process was repeated using the projected cash flows 

beginning as of the stabilized year. The discounted cash flow procedure is 

summarized as follows. 



Conclusion 

FIGURE 10-20 DISCOUNTED CASH FLOW ANALYSIS—STABILIZED VALUE 

Discount Rate 11.23% 

Terminal Cap 9. 0% 

Tax Rate (CA) 1.1012 

Transaction Costs 3. 0% 

Net 

Discount 

Factor Discounted 

Year Income @ 11.23% Cash Flow 

2016/17 $1,756,198 0.89904 $1,578,889 

2017/18 1,812,150 

0.80827 1, 464, 705 

2018/19 1,868,400 

0.72666 1, 357, 701 

2019/20 1,927,350 

0.65330 1, 259, 137 

2020/21 1,988,000 

0.58734 1, 167, 634 

2021/22 2,050,150 

0.52804 1, 082, 565 

2022/23 2,115,000 

0.47473 1, 004, 053 

2023/24 2,181,780 

0.42680 931,184 

2024/25 2,250,743 

0.38371 863,632 

2025/26 28,058,746 * 0.34497 9, 679, 410 

Estimated Market Value $20,388,909 

(Sa y) $20,400,000 

Reversion Analysis 

11th Year's Net Income (before taxes and ground rent) 3,239,214 

Less Real Estate Taxes 342,535 

Less Griound Rent 508,730 

11th Year's Net Income (after taxes and ground rent) 2,387,950 

Capitalization Rate 9.0% 

Total Sales Proceeds 26,532,773 

Less: Transaction Costs @ 3.0% 795,983 

Net Sales Proceeds 25,736,790 

Based on this procedure, it is our opinion that the prospective market value, as of 

June 1, 2016, is $20,400,000. 

Using the income capitalization approach, the proposed subject property was 

valued by a mortgage-equity analysis, a straightforward discounted cash flow 

analysis, and a direct capitalization technique. Based on our review of each method 

and their inherent strengths and weaknesses, as well as investor attitudes and 

methodologies, we have reconciled the “when complete” value indication via the 

income capitalization approach to $17,500,000. Furthermore, it is our opinion that 

the “when stabilized” value is $20,400,000. 



11. Sales Comparison Approach 

Comparable Sales 

The sales comparison approach is based on the principle of substitution, which 

defines a property’s value as the cost of acquiring an equally desirable substitute 

(assuming that no costly delay is incurred in making the substitution). Thus, the 

sales comparison approach can be used to form an opinion of a property’s market 

value from the price at which equally desirable properties have sold, or for which 

they can be purchased, on the open market. 

To present our selection of comparable sales, we conducted a comprehensive 

search for transactions of hotels that bear comparison to the proposed subject 

property in one or more key areas. When possible, we gave priority to 

transactions occurring in the same state or region as the subject property. We also 

considered factors such as operational and physical similarities to the proposed 

subject property, including brand affiliation and revenue-generating potential. We 

have primarily focused on transactions that occurred within the last two years 

because of changes in market conditions since that time. The following 

transactions involved hotels that have some degree of similitude with the 

proposed subject property. 

February-2011 Sales Comparison Approach 


FIGURE 11-1 REVIEW OF PERTINENT TRANSACTIONS 

Property Location Sale Date 

Price Rooms Price/Rm 

Chamberl a i n Wes t Holl ywood West Hollywood, California Dec-10 $38,500,000 113 $340,708 1980 

Hollywood Heights Hotel Hollywood, California Dec-10 29,350,000 160 183,438 1975 

Homewood Suites Carlsbad North San Diego County Ca rl s ba d, Ca l i forni a Nov-10 32,000,000 145 220,690 2008 

Sheraton Delfina Santa Monica Santa Monica, California Nov-10 102,800,000 310 331,613 1983 

Embassy Suites Irvine Orange County Airport Irvine, California Oct-10 59,275,000 293 202,304 1986 

Radisson Ontario Airport Ontario, California Aug-10 12,000,000 299 40,134 1986 

Courtya rd Anaheim a t Dis neyl a nd Res ort Anaheim, California Jul-10 25,000,000 153 163,399 2006 

Holiday Inn San Jose Silicon Valley San Jose, California Jul-10 10,500,000 208 50,481 1990 

Hilton Checkers Los Angeles, Cal ifornia Jun-10 46,000,000 188 244,681 1927 

Homewood Suites Clovis Cl ovi s , Ca l i forni a Feb-10 12,435,000 83 149,819 2010 

Sheraton Pleasanton Pl ea s anton, Cal ifornia Jan-10 12,300,000 170 72,353 1985 

Comfort Sui tes Pa l m Des ert Pa lm Desert, Ca li forni a Dec-09 5,550,000 72 77,083 2000 

Wyndham Orange County Costa Mes a , Ca l i forni a Nov-09 21,000,000 238 88,235 1987 

Holiday Inn Laguna Hills Laguna Hill s, California Jul-09 12,000,000 147 81,633 1977 

Hampton Inn & Suites Clovis Cl ovi s , Ca l i forni a Jul-09 11,150,000 86 129,651 2009 

Marriott Riverside Riverside, California Jun-09 19,300,000 292 66,096 1987 

Marriott Na pa Va lley Hotel & Spa Napa, California May-09 36,000,000 274 131,387 1979 

Homewood Suites Carlsbad North San Diego County Ca rl s ba d, Ca l i forni a Feb-09 27,235,000 145 187,828 2008 

Hampton Inn Carlsbad Ca rl s ba d, Ca l i forni a Jan-09 15,800,000 94 168,085 2007 

Residence Inn Santa Clarita Valencia Santa Clarita, California Oct-08 16,599,578 90 184,440 1997 

Fairfield Inn Santa Clarita Santa Clarita, California Oct-08 9,337,262 66 141,474 1997 

Courtya rd Sa nta Cl a ri ta Valencia, California Sep-08 22,700,000 140 162,143 2007 

Holiday Inn Sacramento Northeast Sacramento, California Aug-08 19,000,000 230 82,609 1980 

Homewood Suites San Jose Airport San Jose, California Jul-08 21,862,000 140 156,157 1991 

Holiday Inn Express Santa Nella Santa Nella, California Jul-08 7,500,000 100 75,000 1989 

Hyatt Regency Suites Palm Springs Pa lm Springs , Cal ifornia Jun-08 19,800,000 193 102,591 1985 

Hampton Inn & Suites Tulare Tulare, California Jun-08 10,331,000 86 120,128 2008 

Residence Inn San Diego Oceanside Oceanside, California May-08 28,750,000 125 230,000 2007 

Residence Inn Downtown Burbank Burbank, California May-08 50,500,000 166 304,217 2007 

Hyatt Valencia Valencia, California May-08 55,000,000 244 225,410 1998 

Courtya rd Cypress Cypres s , Ca l i fornia Apr-08 31,164,000 180 173,133 1988 

Marriott Bakersfield a t the Convention Center Bakersfield, California Ma r-08 26,000,000 258 100,775 1995 

Hilton Garden Inn Sacramento South Natomas Sacramento, California Ma r-08 27,360,000 154 177,662 1999 

Embassy Suites Los Angeles Downey Downey, California Jan-08 34,660,000 219 158,265 1985 

Year 

Opened 

From these selected sales, we have chosen several primary transactions for further 

review and consideration in the development of an indication of value via this 

approach. These are illustrated in the following table. 



FIGURE 11-2 SUMMARY OF SELECTED COMPARABLE SALES 

Property Location Sale Date 

Homewood Suites Carlsbad North San Diego County Carl s ba d, Ca l i forni a Nov-10 $32,000,000 145 $220,690 2008 

Sheraton Delfina Santa Monica Santa Monica, California Nov-10 102,800,000 310 331,613 1983 

Sheraton Pleasanton Pleas anton, Cal i forni a Jan-10 12,300,000 170 72,353 1985 

Holiday Inn Laguna Hills Laguna Hills , California Jul-09 12,000,000 147 81,633 1977 

These sales are further detailed on the following pages. 

Price Rooms Price/Rm 

Year 

Opened 



Sale#1 

Homewood Suites 

Carlsbad North San 

Diego County 

Carlsbad, California 

145 Rooms 

TRANSACTION DATA 

Date of Sale: November-10 

Interest Conveyed: Fee Simple 

Buyer: Cha tha m Lodgi ng Trus t 

Seller: Royal Hospitality Washington, LLC/Lee Estates, LLC 

Sales Price: $32,000,000 

Price per Room: $220,690 

Occupancy (Sep 1, 2009 - Aug 31, 2010): 76.5% 

Average Rate (Sep 1, 2009 - Aug 31, 2010): $148 

RevPAR (Sep 1, 2009 - Aug 31, 2010): $113 

Rooms Revenue Multiplier: 5.3 

Reported Capitalization Rate: 7.7% 

Confi rma ti on: Buyer 

PROPERTY DATA 

Year Opened: 2008 

Property Class: First Class 

Facilities: # Stories: 3, # F&B Outlets: 1, Total SF Meeting Space: 

3,324 

Amenities: Business Center, Laundry/Valet, Gift Shop, Outdoor 

Pool, Fitnes s Center 

Condi ti on a t Sa l e: Very Good 

Type of Location: Airport 

This property is located off of Interstate 5 across from the McClellan Palomar 

Airport. The hotel is also near several area businesses and demand generators 

including Calloway Golf, LEGOLAND, the Carlsbad Outlet Mall, Flower Fields, and 

the San Diego area. The property opened in February of 2008 and will continue to 

operate as a Homewood Suites. The buyers funded this purchase with borrowings 

under Chatham's secured revolving credit facility. Island Hospitality will operate 

the property. 



Sale#2 

Sheraton Delfina Santa 

Monica 

Santa Monica, 

California 

310 Rooms 


Date of Sale: November-10 


Buyer: Pebbl ebrook Hotel Trus t 

Seller: Priva te Inves tor 

Sales Price: $102,800,000 

Pri ce per Room: $331,613 

Occupancy (Jan 1, 2009 - Dec 31, 2009): 81.0% 

Average Rate (Jan 1, 2009 - Dec 31, 2009): $179 

RevPAR (Jan 1, 2009 - Dec 31, 2009): $145 


Reported Capitalization Rate: Not Disclosed 

Confirma ti on: Buyer 

PROPERTY DATA 


Property Cl ass: First Class 

Facilities: # Stories: 10, # F&B Outlets: 2, Total SF Meeting 

Space: 10,000 

Amenities: Conference/Convention Services , Bus iness Center, 

Laundry/Valet, Concierge, Garage/Parking, Room 

Service, Gift Shop, Health/Spa, Outdoor Pool, Fitness 

Center, Whi rl pool 

Condition a t Sa l e: Good 

Type of Location: Urban, Resort 

This property is located four blocks from the Pacific Ocean and is within walking 

distance of several area shops and restaurants. The hotel is also near several area 

demand generators including the Santa Monica Beach and Pier, the Santa Monica 

Civic Center, Third Street Promenade, the Getty Center, and several Los Angeles 

area attractions. At the time of sale, the owners planned to conduct a $9 million 

property-wide renovation focusing on the guestrooms and public space areas. 

over the course of the next 18 months. The property underwent an $11 million 

renovation in 2005. The hotel will continue to be managed by the Viceroy Hotel 

Group under the Sheraton brand. 



Sale#3 

Sheraton Pleasanton 

Pleasanton, California 

170 Rooms 


Date of Sale: January-10 


Buyer: Pl easa nton Lodging, LP 

Seller: Mesa Wes t Real Es tate Income Fund 





RevPAR (Jan 1, 2009 - Dec 31, 2009): $46 



Confi rma ti on: Broker 

PROPERTY DATA 


Property Cla s s : First Class 

Facilities: # F&B Outlets : 1, Total SF Meeting Space: 3,718 

Amenities: Business Center, Laundry/Valet, Room Service, Gift 

Shop, Outdoor Pool, Fitness Center, Whirlpool 

Conditi on a t Sa l e: Good 

Type of Location: Suburban 

This property is located next to the Stoneridge Mall in the East Bay. The hotel is 

within minutes of several area corporations and demand generators including 

Safeway headquarters, Pepsi/Frito-Lay, General Electric, AT&T, Phillip Morris, the 

Alameda County Fairgrounds, and the Pleasanton Sports and Recreation Center. In 

2006, the property underwent a major renovation in which the hotel was 

rebranded to a full-service Sheraton from a Wyndham Garden. At the time of sale, 

the new owners planned to renovate the property while retaining the Sheraton 

brand. 



Sale#4 

Holiday Inn Laguna 

Hills 

Laguna Hills, California 

147 Rooms 


Date of Sale: July-09 


Buyer: Lee's La guna Hills Resort, LLC 

Seller: La guna Hills Hotel Development Venture, LP 





RevPAR (Jan 1, 2008 - Dec 31, 2008): $69 



Confi rma ti on: Broker 

PROPERTY DATA 


Property Clas s : Mi d-Sca l e 

Facilities: # Stories : 4, # F&B Outlets: 2, Total SF Meeting Space: 

8,420 

Amenities: Airport Shuttle, Laundry/Valet, Outdoor Pool, Fitnes s 

Center, Enterta i nment 

Conditi on a t Sa l e: Good 

Type of Location: Suburban 

This property is situated on six acres off of Interstate 5 and La Paz Road, halfway 

between Los Angeles and San Diego. The hotel is near several area businesses and 

demand generators including Laguna Beach, the Chet Holifield Federal Building, the 

Shops at Mission Viejo, the Wild Rivers Water Park, and the Dana Point Harbor. 

Financing of $6,000,000 was provided by the seller to accommodate the sale. At 

the time of sale, the buyers were in the process of planning out future renovations 

to the property. 



Review of Comparable 

Sales 

The following table sets forth the adjustment grid used to account for differences 

between the transacted properties and the subject property. 

FIGURE 11-3 COMPARABLE SALES ADJUSTMENT GRID 

Elements of Comparison 

Subject 

Property 

Sale Price $32,000,000 $102,800,000 $12,300,000 $12,000,000 

Number of Rooms 130 145 310 170 147 

Price per Room $220,690 $331,613 $72,353 $81,633 

Date of Sale November-10 November-10 January-10 July-09 

Adjustments for Transaction Characteristics (Per Room) 

Property Rights Conveyed leasehold Fee Simple Fee Simple Fee Simple Fee Simple 

Adjustment (15.0) % (15.0) % (15.0) % (15.0) % 

Adjusted Sales Price 187,586 281,871 61,500 69,388 

Financing Terms Cash Equivalent Cash Equivalent Cash Equivalent Cash Equivalent 

Adjustment 0.0 % 0.0 % 0.0 % 0.0 % 


Conditions of Sale Normal Normal Normal Normal 

Adjustment 0.0 % 0.0 % 0.0 % 0.0 % 


Market Conditions Similar Similar Similar Similar 

Adjustment 0.0 % 0.0 % 5.0 % 15.0 % 


Adjusted Price $187,586 $281,871 $64,575 $79,796 

Adjustments for Property Characteristics 

Sale #1 Sale #2 

Homewood Suites 

Carlsbad North San 

Diego County, 

Carlsbad, California 

Sheraton Delfina 

Santa Monica, 

Santa Monica, 

California 

Sale #3 Sale #4 

Sheraton 

Pleasanton, 

Pleasanton, 

California 

Holiday Inn Laguna 

Hills, Laguna Hills, 

California 

Location/Market Superior Superior Similar Similar 

Adjustment (10.0) % (15.0) % 0.0 % 0.0 % 

Market Orientation (RevPAR) $94.21 $113.33 $144.99 $46.08 $69.12 

Adjustment (16.9) % (35.0) % 104.4 % 36.3 % 

Cumulative Percentage Adjustment (26.9) % (50.0) % 104.4 % 36.3 % 

Net Adjust. for Property Characteristics (50,405) (141,003) 67,446 28,964 

Final Adjusted Unit Price $137,182 $140,868 $132,021 $108,760 

Adjustments have been applied to each of the comparable sales, based on the 

characteristics of the transaction, including market conditions and property 

complexity and issues. All sales were adjusted downward by 15% to account for 



Conclusion 

the subject’s leasehold position. Sale #4, which occurred prior to 2010, was 

adjusted upward by 15.0% and sale #3, which occurred in early 2010, was 

adjusted upward by 5%. Further adjustments have been applied based on the 

characteristics of each property, as compared to the subject property. Sales #1 and 

#2 were adjusted downward by 10% and 15%, respectively, to account for the 

subject’s inferior location. The adjustments for property characteristics include a 

RevPAR adjustment. Hotels are purchased and sold based on their ability to 

generate revenue and net income. RevPAR inherently reflects each comparable 

sale’s relative revenue-producing ability, the primary consideration of hotel 

purchasers. The best way to adjust comparable hotel sales is to calculate the 

difference between a comparable hotel’s RevPAR at the time of sale and the 

subject property’s RevPAR. We have adjusted the per-room sales price for each 

sale by the percentage differential between the subject property’s stabilized 

RevPAR and that of each property at the time of its sale. 

Prior to adjustments, the comparable sales transacted for amounts ranging from 

$72,000 to $332,000 per room. Following quantitative and qualitative 

adjustments, the comparables ranged from $109,000 to $141,000 per room. we 

have concluded a value of $135,000 per room, or $17,600,000, for the 130-room 

subject property. 



12. Cost Approach 

Development Budget 

The cost approach reflects a set of procedures through which a value indication is 

derived for the fee simple interest in a property by estimating the current cost to 

construct a reproduction of, or replacement for, the existing structure; deducting 

accrued depreciation from the reproduction or replacement cost; and adding the 

estimated land value plus an entrepreneurial profit. Adjustments may then be 

made to the indicated fee simple value of the subject property to reflect the value 

of the property interest being appraised. 

Because the subject property is proposed, the cost approach has significant 

applicability. In this report section we will estimate the replacement cost as new of 

the improvements, review the hotel’s construction budget, estimate the market 

value of the site, and add an entrepreneurial profit incentive to arrive at the total 

cost new to develop the subject property. The total cost new to build the facility is 

often used by hotel buyers as a benchmark against the income and sales 

indications – particularly for new hotels. 

As a check against this estimate, we have also reviewed the construction budget 

for the subject hotel, which is illustrated in the following table. The developer’s 

construction budget equates to $21,204,303 or $163,110 per room. Note that the 

developer’s budget includes the contribution of the visitors’ center, which 

accounts for $2,000,000. 

February-2011 Cost Approach 


FIGURE 12-1 SUBJECT PROPERTY CONSTRUCTION BUDGET – PROVIDED BY AZUL HOSPITALITY GROUP 

Component 

Building and Site Improvements 

Project Management 

Architectural & Engineering 

Guestrooms (including site work and utilities) 

Remodel of Visitor Center (including lobby and 

Restaurant Patio 

Pool 

Event Lawn 

Cons tructi on Conti ngency 

Sub Total Building and Site Improvements 

Furniture, Fixtures and Equipment 

Kitchen Equipment 

FF&E 

OS&E 

IT Systems 

Sub Total Furniture, Fixtures and Equipment 

Pre-Opening and Working Capital Costs 

Pre-Openi ng/Working Capita l 

Initial Franchise Fee 

Sub Total Pre-Opening and Working Capital Costs 

$120,000 $923 

650,000 5,000 

10,780,050 82,923 

750,000 5,769 

200,000 1,538 

250,000 1,923 

200,000 1,538 

742,503 5,712 

13,692,553 105,327 

400,000 3,077 

1,105,000 8,500 

715,000 5,500 

450,000 3,462 

2,670,000 20,538 

750,000 5,769 

85,000 654 

835,000 6,423 

Soft/Financing Costs 

Interior Design 140,000 1,077 

Permits & Fees 

815,000 6,269 

Financing/Legal/Reports/Closing 

1,000,000 7,692 

Soft Cost Contingency 

TOTAL CONSTRUCTION COSTS 

Contri buted Bui l di ng 

Sub Total Soft/Financing Costs 

Cost Cost per Room 

51,750 398 

2,006,750 15,437 

19,204,303 147,725 

$2,000,000 $15,385 

TOTAL PROJECT COST $21,204,303 $163,110 

According to the developer, pre-development costs spent, as of February 16, 2010, 

equate to $723,297. The costs comprise mainly of architectural and engineering 

fees, franchise fees, project management fees, civil engineering fees, and interior 

design fees. 



Economic Rent Analysis 

Hotels and resorts have routinely been constructed on leased land. While the lease 

terms differ somewhat from property to property, the basis for the rental 

calculation is often tied to a percentage of revenue formula. Using the forecasted 

revenues for the subject property and applying a typical hotel ground lease rental 

formula, the appraiser can determine the hotel's economic rental, or what can be 

termed the income attributed to the land. The subject site is encumbered by a 

long-term sublease with Turtle Bay Exploration Park, which holds a long-term 

ground lease with the City of Redding. 

We have researched actual long-term ground leases encumbering hotels. The 

following tables summarize our findings, showing the property, its room count, 

and its rental formula. 



FIGURE 12-2 SUMMARY OF HOTEL GROUND LEASES 

Dollar Percentage 

Number of Amount of Total 

City ST Rooms Ground Lease Formula (+000) Revenue 

Rancho Mirage, CA CA 250 Year 1: 0.5% of total revenue; year 2: 1.0% of total revenue; year 3: 

1.5% of total revenue; yea r 4+: 5.0% of total revenue 

Chi co, CA CA 43 $114,400 annually, increa sed every 30 months by the CPI set at 1989, 

plus 7% of gross total sales minus the base rent 

$501 5.0% 

$617 6.2% 

Los Angeles, CA CA 200 7.5% of rooms revenue $364 3.6% 

Cuperti no CA 149 6% of gross sa les, aga inst a mini mum $601 6.0% 

San Diego CA 422 5% of rooms revenue, 3% of food revenue, 5% of bevera ge revenue, 

and 5% to 10% of other revenue 

Rental Based on 

Stabilized Revenue 

130-Unit Subject Property 

$437 5.0% 

Minimum: $364 3.6% 

Maximum: $617 6.2% 

Average: $512 5.3% 



FIGURE 12-3 GROUND RENT 

Our analysis of these ground lease rental formulas indicates that economic ground 

rents for hotels such as the proposed subject property typically range from 

approximately 4% to 6% of total revenue, averaging 5.3% of total revenue. The 

ground rent set forth for the proposed subject property falls within this range and 

in line with the average, indicating the lease is at market rates, with no positive or 

negative economic rent. The following table shows the calculation of economic 

ground rent for the proposed subject hotel through the tenth projection year. 

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 

Total Revenue $5,350 $6,118 $6,779 $7,350 $7,570 $7,797 $8,032 $8,273 $8,520 $8,777 

Ground Rent @ 5% of Total Revenue $0 $0 $339 $368 $379 $390 $402 $414 $426 $439 

Leased Fee Analysis 

At the request of the client, the leased fee interest in the land was estimated. We 

forecasted out the lease payments through the end of the assumed ten-year 

holding period, calculated the reversion value of the leased payments into 

perpetuity, and discounted the cash flows to the value date to form our value 

conclusion. 

The lease payments are discounted using a discount rate of 11.00%. This discount 

rate is consistent with the rate used for the leasehold interest. At the current time 

the market does not differentiate between fee simple and leasehold interests in 

long-term leased assets and required rates of return. This factor is taken into 

consideration in our selection of a discount rate. As the ground lease rent is based 

on revenues, the leased fee interest is expected to benefit from the anticipated 

improvements in the hotel’s performance without the risks associated with the 

expense components of the operation. However, the leased fee position does not 

have as much upside as the leasehold position. As revenues increase at a rate 

greater than inflation net operating income can have a significantly greater gain 

than revenues, benefits that accrue to the leasehold position. The lease payments 

are capitalized utilizing a terminal capitalization rate of 7.00%. The calculation of 

our value conclusion is depicted in the following table. 



FIGURE 12-4 DISCOUNTED CASH FLOW ANALYSIS – GROUND RENT (000’S) 

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 

Total Revenue $5,350 $6,118 $6,779 $7,350 $7,570 $7,797 $8,032 $8,273 $8,520 $8,777 

Ground Rent @ 5% of Total Revenue $0 $0 $339 $368 $379 $390 $402 $414 $426 $439 

Discount rate 11% 0.8626 0.8116 0.7312 0.6587 0.5935 0.5346 0.4817 0.4339 0.3909 0.3522 

Discounted Cashflow $0 $0 $248 $242 $225 $208 $193 $179 $167 $155 

Discounted Reversiony Value* $2,274 

FIGURE 12-5 SELECTED LAND SALES 

* Utilizing eleventh year ground rent and 7% terminal rate Land Value $3,891 

Parcel Seller Buyer 

The leased fee interest in the land was estimated to be $3,891,000, or $19.13 per 

square foot. 

The following sales support our value conclusion of the leased fee interest. Note 

the first two years of the proposed subject property’s ground rent is waived; 

therefore, our per-square-foot value conclusion is just below the comparable sales. 

5150 Chiles Roa d, Da vis, CA 

3216 Northga te Boulevard, 

Robert & Patricia Hart David & Natalie Taylor February-08 50,094 1,200,000 23.95 

Sacramento, CA Estate of Yee Shee Fong Palace Development LLC December-06 81,457 1,650,000 20.26 

50 S River Roa d, West Sa cra mento, 

Wesst Sacramento 

CA Weyerhaeuser Company Redevelopment Agency June-08 113,256 2,700,000 23.84 

1125 Sibley Steet, Folsom, CA 

Replacement Cost 

Hassan & Ramouna 

Minooeifa r 

Sale Date Size (SF) Sale Price Price per SF 

Ca rama zza Decvel opment 

Compa ny November-06 169,448 3,700,000 21.84 

Based on our analyses, a range of $20.26 to $23.95 per square foot is reflected for 

the subject site, which supports the $19.13-per-square-foot result of the value of 

the leased fee interest. 

Replacement cost is the current construction cost of a building with the same 

utility as the subject property, but built with modern materials and according to 

current construction and design standards. For a proposed hotel, it is typically the 

development cost, unless the developer plans many over improvements. One of 

the nationally recognized authorities on replacement cost information is Marshall 

& Swift, and HVS uses the Commercial Estimator computer program they produce. 

The estimate of replacement cost by this method includes all direct costs plus a 

portion of indirect costs, such as construction financing, temporary utilities, and 

general conditions. 



Building and Site 

Improvements 

Furniture, Fixtures and 

Equipment 

For the purpose of developing a cost estimate using the Marshall & Swift Cost 

Estimator program, the subject property has been classified as a Class D, Rank 5 

hotel building. Based on information obtained from Azul Hospitality Group, the 

total building area of the subject property is estimated to be ±77,334 square feet. 

FIGURE 12-6 MARSHALL & SWIFT ESTIMATE 

Occupancy Class Height Rank 

100% Hotel, Full-Servi ce D 10 5 

Total Area 77,334 

Number of Stories (Section) 3 

Shape 2 

Number of Rooms 130 

Cos t a s of Feb-11 

Area Per Square Foot Total Per Room 

Basic Structure 

Base Cost 77,334 $143.49 $11,096,656 

Exterior Walls 77,334 18.52 1,432,226 

Heating & Cooling 77,334 13.64 1,054,836 

Elevator 2 126,977.00 253,954 

Sprinklers 77,334 5.45 421,470 

Basic Structure Cost 77,334 $184.38 $14,259,141 $109,686 

The proposed property will open in June 2012 and will feature 130 rooms, a 

restaurant, a lounge, 6,217 square feet of meeting space, an outdoor pool and 

whirlpool, an exercise room, a lobby workstation, and vending areas. The hotel 

will also feature all necessary back-of-the-house space. 

Building and site improvements include all buildings and other relatively 

permanent structures located on, or attached to, the subject parcel. The cost of the 

improvements includes costs of materials, fees, and labor to construct the subject 

property’s improvements. Based on these considerations, the replacement cost of 

the building as if new utilizing the Marshall & Swift Cost Estimator program has 

been estimated to be $109,686 per room, or a total of $14,259,141. 

Furniture, fixtures, and equipment (FF&E) include all non-permanent, removable 

items at the subject property, such as guestroom furnishings, kitchen equipment, 

and items of décor. The cost of the furniture, fixtures, and equipment, along with 

all fees associated with installing and furnishing the items in the subject property, 



Pre-Opening and 

Working Capital Costs 

Soft Costs 

Replacement Cost 

Summary 

Allocation of 

Developer's Profit 

Conclusion 

comprise the total cost of furniture, fixtures, and equipment. Based on our 

understanding of the expected quality of furnishings, we estimate the replacement 

cost of the subject property's furniture, fixtures, and equipment (as if new) at 

approximately $20,000 per room, or a total of $2,600,000. 

Pre-opening costs include expenses such as marketing, staffing, training, and 

administrative expenditures. Working capital includes a working capital reserve to 

maintain adequate cash flow until the operation reaches a break-even point. We 

estimate the pre-opening costs for the subject property to be roughly $6,500 per 

room, or a total of $845,000. 

Soft costs include items other than labor and material that are necessary for 

construction, but are not typically part of the construction contract. Soft costs can 

include professional fees, financing costs and the interest paid on construction 

loans, taxes and the builder’s or developer’s all-risk insurance during construction, 

marketing, sales, and lease-up costs incurred to achieve occupancy or sales. We 

estimate the amount of soft costs for the subject property to be approximately 

$15,500 per room, or a total of $2,015,000. 

Based on the preceding analysis, we estimate the replacement cost of the subject 

property as follows. 

FIGURE 12-7 REPLACEMENT COST SUMMARY 

Item Cost per Room Cost 

Building $109,686 $14,259,141 

Furniture, Fixtures, & Equipment 20,000 2,600,000 

Pre-Opening & Worki ng Ca pi ta l 6,500 845,000 

Soft Costs 15,500 2,015,000 

Total Replacement Cost $151,686 $19,719,141 

Developer's profit represents the entrepreneurial incentive anticipated by hotel 

developers to induce the construction of a new hotel project. As a result of 

economic conditions in the hotel industry, developer's profit has not always been 

in evidence. Hotel developers generate a profit through the hotel’s cash flow and 

ultimate sale or refinancing. 

In the estimation of development cost for the subject property, the costs of several 

components of the total property were quantified. The replacement cost of the 

building as if new utilizing the Marshall & Swift Cost Estimator program as well as 

our review of the hotel’s construction budget. This replacement cost estimate has 

been rounded to $19,700,000. This value estimate compares to the developer’s 



construction budget of $19,204,303. Note that this figure excludes the contribution 

of the existing visitors’ center. 

The market value conclusion via the income approach is well below the 

replacement cost estimate. It is our understanding that the developer of this 

project is willing to accept below market rates of return, expecting the hotel to 

serve as an amenity to the Turtle Bay Exploration part and enhance the 

destination. As the development costs exceed the market value of the project, it is 

our opinion that the “as is” market value of the leasehold interest, as of the 

February 9, 2011, is $0. 



13. Reconciliation of Value Indications 

Income Capitalization 

Approach 

Sales Comparison 

Approach 

The reconciliation, which is the last step in the appraisal process, involves 

summarizing and correlating the data and procedures employed throughout the 

analysis. The final value conclusion is arrived at after reviewing the estimates 

indicated by the income capitalization, sales comparison, and cost approaches. The 

relative significance, applicability, and defensibility of each indicated value are 

considered, and the greatest weight is given to that approach deemed most 

appropriate for the property being appraised. 

The purpose of this report is to estimate the market value of the leasehold interest 

in the subject property; our appraisal involves a careful analysis of the property 

itself and the economic, demographic, political, physical, and environmental 

factors that influence real estate values. 

To estimate the subject property's value via the income capitalization approach, 

we have analyzed the local market for transient accommodations, examined the 

competitive environment, projected occupancy and average rate levels, and 

developed a forecast of income and expense that reflects anticipated income 

trends and cost components through a stabilized year of operation. The subject 

property's projected net income before debt service was allocated to the mortgage 

and equity components based on market rates of return and loan-to-value ratios. 

Through a discounted cash flow and income capitalization procedure, the value of 

each component was calculated; the total of the mortgage and equity components 

equates to the value of the property. 

Our nationwide experience indicates that the procedures used in estimating 

market value by the income capitalization approach are comparable to those 

employed by the hotel investors who constitute the marketplace. For this reason, 

we believe that the income capitalization approach produces the most supportable 

value estimate, and it is given the greatest weight in our final estimate of the 

subject property's market value. 

The sales comparison approach uses actual sales of similar properties to provide 

an indication of the subject property's value. Although we have investigated a 

number of sales in an attempt to develop a range of value indications, several 

adjustments are necessary to render these sales prices applicable to the subject 

property. The adjustments, which tend to be subjective, diminish the reliability of 

the sales comparison approach; furthermore, typical hotel investors employ a 

sales comparison procedure only to establish broad value parameters. 

February-2011 Reconciliation of Value Indications 


Cost Approach 

Value Conclusion 

As discussed in the Cost Approach chapter, this methodology is applicable for this 

property, as it is proposed, and has been heavily considered in our reconciliation 

process. 

Careful consideration has been given to the strengths and weaknesses of the three 

approaches to value discussed above. In recognition of the purpose of this 

appraisal, we have given primary weight to the value indicated by the income 

capitalization approach. 

Based on our analysis, it is our opinion that the “as is” market value of the 

leasehold interest in the Sheraton Hotel Redding At Sundial Bridge, as of February 

9, 2011, is: 



$0 

ZERO DOLLARS 

Based on our analysis, it is our opinion that the “when complete” market value of 

the leasehold interest in the Sheraton Hotel Redding At Sundial Bridge, as of June 

1, 2012, will be: 

$17,500,000 

SEVENTEEN MILLION FIVE HUNDRED THOUSAND DOLLARS 

This value estimate equates to $134,615 per room. We have also estimated the 

prospective market value of the subject property as of its projected date of 

stabilization. Based on our analysis, it is our opinion that the “when stabilized” 

prospective market value of the leasehold interest in the Sheraton Hotel Redding 

At Sundial Bridge, as of June 1, 2016, will be: 

$20,400,000 

TWENTY MILLION FOUR HUNDRED THOUSAND DOLLARS 

The estimates of market value include the land, the improvements, and the 

furniture, fixtures, and equipment. The appraisal assumes that the hotel is open 

and operational. 




value. The reader should understand that the completed subject property does not






Additionally, our opinion of the stabilized market value of the subject property 

prospectively, as of the date of stabilization, assumes that the hotel will be 

maintained in good competitive condition and that no major changes will have 

occurred in the local market or national economy that would impact the 

performance of the property at that time. 
















Several other important general assumptions have been made that apply to this 





14. Statement of Assumptions and Limiting Conditions 

1. We note that the development of our value opinion(s) for the proposed 

subject property assumes this extraordinary assumption: specifically that 

the described improvements have been completed as of the date of value. 

The reader should understand that: 

2. The improved subject property does not yet, in fact, exist as of the date of 

appraisal; 

3. Certain events need to occur, as disclosed in the report, before the 

property appraised with the proposed improvements will in fact exist; and 

4. The financial analysis presented in this report is based upon assumptions, 

estimates, and evaluations of the market conditions in the local and 

national economy, which may be subject to sharp rises and declines. Over 

the projection period considered in our analysis, wages and other 

operating expenses may increase or decrease due to market volatility and 

economic forces outside the control of the hotel’s management. We assume 

that the price of hotel rooms, food, beverages, and other sources of revenue 

to the hotel will be adjusted to offset any increases or decreases in related 

costs. We do not warrant that our estimates will be attained, but they have 

been developed on the basis of information obtained during the course of 

our market research and are intended to reflect the expectations of a 

typical hotel buyer as of the stated date(s) of valuation. 

5. This report is to be used in whole and not in part. 

6. No responsibility is assumed for matters of a legal nature, nor do we 

render any opinion as to title, which is assumed to be marketable and free 

of any deed restrictions and easements. The property is evaluated as 

though free and clear unless otherwise stated. 

7. We assume that there are no hidden or unapparent conditions of the subsoil 

or structures, such as underground storage tanks, that would impact 

the property’s development potential. No responsibility is assumed for 

these conditions or for any engineering that may be required to discover 

them. 

8. We have not considered the presence of potentially hazardous materials or 

any form of toxic waste on the project site. The consultants are not 

qualified to detect hazardous substances, and we urge the client to retain 

an expert in this field if desired. 

February-2011 Statement of Assumptions and Limiting Conditions 


9. The Americans with Disabilities Act (ADA) became effective on January 26, 

1992. We have assumed the proposed hotel would be designed and 

constructed to be in full compliance with the ADA. 

10. We have made no survey of the site, and we assume no responsibility in 

connection with such matters. Sketches, photographs, maps, and other 

exhibits are included to assist the reader in visualizing the property. It is 

assumed that the use of the described real estate will be within the 

boundaries of the property described, and that no encroachment will exist. 

11. All information, financial operating statements, estimates, and opinions 

obtained from parties not employed by M&R Valuation Services, Inc. are 

assumed to be true and correct. We can assume no liability resulting from 

misinformation. 

12. Unless noted, we assume that there are no encroachments, zoning 

violations, or building violations encumbering the subject property. 

13. The property is assumed to be in full compliance with all applicable 

federal, state, local, and private codes, laws, consents, licenses, and 

regulations (including a liquor license where appropriate), and that all 

licenses, permits, certificates, franchises, and so forth can be freely 

renewed or transferred to a purchaser. 

14. All mortgages, liens, encumbrances, leases, and servitudes have been 

disregarded unless specified otherwise. 

15. None of this material may be reproduced in any form without our written 

permission, and the report cannot be disseminated to the public through 

advertising, public relations, news, sales, or other media. 

16. We are not required to give testimony or attendance in court by reason of 

this analysis without previous arrangements, and only when our standard 

per-diem fees and travel costs are paid prior to the appearance. 

17. If the reader is making a fiduciary or individual investment decision and 

has any questions concerning the material presented in this report, it is 

recommended that the reader contact us. 

18. We take no responsibility for any events or circumstances that take place 

subsequent to either the date of value or the date of our field inspection, 

whichever occurs first. 

19. The quality of a lodging facility's on-site management has a direct effect on 

a property's economic viability. The financial forecasts presented in this 

analysis assume responsible ownership and competent management. Any 

departure from this assumption may have a significant impact on the 

projected operating results. 



20. This analysis assumes continuation of all Internal Revenue Service tax code 

provisions as stated or interpreted on either the date of value or the date of 

our field inspection, whichever occurs first. 

21. Many of the figures presented in this report were generated using 

sophisticated computer models that make calculations based on numbers 

carried out to three or more decimal places. In the interest of simplicity, 

most numbers have been rounded to the nearest tenth of a percent. Thus, 

these figures may be subject to small rounding errors. 

22. It is agreed that our liability to the client is limited to the amount of the fee 

paid as liquidated damages. Our responsibility is limited to the client, and 

use of this report by third parties shall be solely at the risk of the client 

and/or third parties. The use of this report is also subject to the terms and 

conditions set forth in our engagement letter with the client. 

23. Evaluating and comprising financial forecasts for hotels is both a science 

and an art. Although this analysis employs various mathematical 

calculations to provide value indications, the final forecasts are subjective 

and may be influenced by our experience and other factors not specifically 

set forth in this report. 

24. Our report was prepared in accordance with, and is subject to, the 

requirements of the Financial Institutions Reform, Recovery, and 

Enforcement Act (FIRREA) and the Uniform Standards of Professional 

Practice (USPAP), as provided by the Appraisal Foundation. 

25. This study was prepared by M&R Valuation Services, Inc. All opinions, 

recommendations, and conclusions expressed during the course of this 

assignment are rendered by the staff of M&R Valuation Services, Inc. as 

employees, rather than as individuals. 

26. This analysis assumes that the development and planning of the subject 

property prior to opening have been competently managed. Among the 

items assumed to occur are the employment of management and executive 

positions, the hiring and training of hotel staff, the establishment and 

implementation of operating policies and procedures, and the production 

and execution of a sales and marketing plan. The projections in this 

analysis are dependent upon a typical preopening process. Any variance 

from industry preopening planning and process for a hotel of this nature 

may materially affect the values and forecasts set forth in this report. 

27. The analysis is based on the extraordinary assumption that the described 

improvements have been completed as of the prospective "when 

complete" date of value. The reader should understand that the completed 

subject property does not yet, in fact, exist as of the date of appraisal. Our 

appraisal does not address unforeseeable events that could alter the 



proposed project and/or the market conditions reflected in the analyses; 

we assume that no significant changes, other than those anticipated and 

explained in this report, will take place between the date of inspection and 

date of prospective value. 

28. Additionally, our opinion of the stabilized market value of the subject 

property prospectively, as of the date of stabilization, assumes that the 

hotel will be maintained in good competitive condition and that no major 

changes will have occurred in the local market or national economy that 

would impact the performance of the property at that time. 

29. According to the developer, the ground rent payable to the sublessor 

(Turtle Bay Exploration Park) equals 5% of total revenue. The ground rent 

is waived in the first and second years of operation. We have made the 

extraordinary assumption that the sublease continues to pay ground lease 

payments to the sublessor in this amount for the duration of our projection 

period. 

30. The hotel is expected to be developed consistent with Sheraton’s brand 

standards for improvements, finishes, design, and amenities, however, 

service practices such as doormen and extensive room service may not be 

warranted in the market. A modification of this service platform is not 

expected to affect the revenue performance of the hotel. 

31. We assume that the building will be fully open and operational on the 

assumed opening date and will meet all local building codes and brand 

standards. Furthermore, we assume that the hotel staff will be adequately 

trained to allow for a successful opening and that pre-marketing efforts 

will have introduced the product to major local accounts at least six 

months in advance of the opening date. 



15. Certification 

The undersigned hereby certify that, to the best of our knowledge and belief: 

1. the statements of fact presented in this report are true and correct; 

2. the reported analyses, opinions, and conclusions are limited only by the 

reported assumptions and limiting conditions, and are our personal, 

impartial, and unbiased professional analyses, opinions, and conclusions; 

3. we have no (or the specified) present or prospective interest in the 

property that is the subject of this report and no (or the specified) personal 

interest with respect to the parties involved; 

4. we have no bias with respect to the property that is the subject of this 

report or to the parties involved with this assignment; 

5. our engagement in this assignment was not contingent upon developing or 

reporting predetermined results; 

6. our compensation for completing this assignment is not contingent upon 

the development or reporting of a predetermined value or direction in 

value that favors the cause of the client, the amount of the value opinion, 

the attainment of a stipulated result, or the occurrence of a subsequent 

event directly related to the intended use of this appraisal; 

7. our analyses, opinions, and conclusions were developed, and this report 

has been prepared, in conformity with the Uniform Standards of 

Professional Appraisal Practice; 

8. Jaime Law personally inspected the site described in this report; Elaine 

Sahlins inspected the subject site on May 6, 2010, during the course of a 

previous market study. Suzanne R. Mellen, CRE, MAI, FRICS, ISHC 

participated in the analysis and reviewed the findings, but did not 

personally inspect the property; 

9. Elaine Sahlins and Jaime Law provided significant real property appraisal 

assistance to Suzanne R. Mellen, CRE, MAI, FRICS, ISHC, and that no one 

other than those listed above and the undersigned prepared the analyses, 

conclusions, and opinions concerning the real estate that are set forth in 

this appraisal report; Elaine Sahlins performed consulting work on this 

property within the past three years; 

10. the reported analyses, opinions, and conclusions were developed, and this 

report has been prepared, in conformity with the requirements of the Code 

February-2011 Certification 


of Professional Ethics and the Standards of Professional Appraisal Practice 

of the Appraisal Institute; 

11. the use of this report is subject to the requirements of the Appraisal 

Institute relating to review by its duly authorized representatives; and 

12. as of the date of this report, Suzanne R. Mellen, CRE, MAI, FRICS, ISHC has 

completed the requirements of the continuing education program of the 

Appraisal Institute. 





Senior Managing Director 


M&R Valuation Services, Inc. 

February-2011 Certification 


Penetration Explanation 

BASE-YEAR OCCUPANCY AND PENETRATION LEVELS 

Property 

Let us illustrate the penetration adjustment with an example. 

A market has three existing hotels with the following operating statistics: 

Number 

of Rooms Fair Share Commercial 

Based upon each hotel’s room count, market segmentation, and annual occupancy, 

the annual number of room nights accommodated in the market from each market 

segment can be quantified, as set forth below. 

MARKET-WIDE ROOM NIGHT DEMAND 

Meeting and 

Group Leisure Occupancy 

Hotel A 100 23.5 % 60 % 20 % 20 % 75.0 % 100.8 % 

Hotel B 125 29.4 70 10 20 65.0 87.4 

Hotel C 200 47.1 30 60 10 80.0 107.5 

Totals/Average 425 100.0 % 47 % 38 % 15 % 74.4 % 100.0 % 

Market 

Segment 

Annual Room 

Night 

Demand 

Percentage of 

Total 

Commerci a l 54,704 47.4 % 

Meeti ng a nd Group 43,481 37.7 

Leisure 17,246 14.9 

Total 115,431 100.0 % 

Penetration 

The following discussion will be based upon an analysis of the commercial market 

segment. The same methodology is applied for each market segment to derive an 

estimate of a hotel’s overall occupancy. The table below sets forth the commercial 

demand accommodated by each hotel. Each hotel’s commercial penetration factor 

is computed by: 

February-2011 Penetration Explanation 

Sheraton Hotel Redding At Sundial Bridge – Redding, California i

calculating the hotel’s market share % of commercial demand (commercial room 

nights accommodated by subject hotel divided by total commercial room nights 

accommodated by all hotels) and 

dividing the hotel’s commercial market share % by the hotel’s fair share %. 

The following table sets forth each hotel’s fair share, commercial market share, 

and commercial penetration factor. 

COMMERCIAL SEGMENT PENETRATION FACTORS 

Property 

Number 

of Rooms Fair Share 

If a new 100-room hotel enters the market, the fair share of each hotel changes 

due to the new denominator, which has increased by the 100 rooms that have 

been added to the market. 

COMMERCIAL SEGMENT FAIR SHARE 

Commercial 

Capture 

Hotel A 100 23.5 % 16,425 30.0 % 127.6 % 

Hotel B 125 29.4 20,759 37.9 129.0 

Hotel C 200 47.1 17,520 32.0 68.1 

Totals/Average 425 100.0 % 54,704 100.0 % 100.0 % 

Property 

Number of 

Rooms 

Commercial 

Market Share 

Fair Share 

Hotel A 100 19.0 % 

Hotel B 125 23.8 

Hotel C 200 38.1 

New Hotel 100 19.0 

Total 525 100.0 % 

Commercial 

Penetration 

The new hotel’s penetration factor is projected for its first year of operation. It is 

estimated that the hotel will capture (penetrate) only 85% of its fair share as it 

establishes itself in the market. The new hotel’s market share and room night 

capture can be calculated based upon the hotel’s estimated penetration factor. 

When the market share of the existing hotels and that of the new hotel are added 

up, they no longer equal 100% because of the new hotel’s entry into the market. 

The market share of each hotel must be adjusted to reflect the change in the 

denominator that comprises the sum of each hotel’s market share. 


Sheraton Hotel Redding At Sundial Bridge – Redding, California ii

COMMERCIAL SEGMENT PROJECTIONS (YEAR 1) 

Property 

Number 


This adjustment can be mathematically calculated by dividing each hotel’s market 

share percentages by the new denominator of 97.1%. The resulting calculations 

reflect each hotel’s new adjusted market share. The sum of the adjusted market 

shares equals 100%, indicating that the adjustment has been successfully 

completed. Once the market shares have been calculated, the penetration factors 

can be recalculated (adjusted market share divided by fair share) to derive the 

adjusted penetration factors based upon the new hotel’s entry into the market. 

Note that each existing hotel’s penetration factor actually increases because the 

new hotel is capturing (penetrating) less than its fair share of demand. 

Hist./Proj. 

Penetration 

Factor 

Hist./Proj. 

Market 

Share 

Adjusted 

Market 

Share 

Adjusted 

Penetration 

Factor 

Projected 

Capture 

Hotel A 100 19.0 % 127.6 % 24.3 % 25.0 % 131.4 % 13,688 

Hotel B 125 23.8 129.0 30.7 31.6 132.8 17,299 

Hotel C 200 38.1 68.1 25.9 26.7 70.1 14,600 

New Hotel 100 19.0 85.0 16.2 16.7 87.5 9,117 

Totals/Average 525 100.0 % 97.1 % 100.0 % 54,704 

In its second year of operation, the new hotel is projected to penetrate above its 

fair share of demand. A penetration rate of 130% has been chosen, as the new 

hotel is expected to perform at a level commensurate with Hotel A and Hotel B in 

this market segment. The same calculations are performed to adjust market share 

and penetration factors. Note that now the penetration factors of the existing 

hotels decline below their original penetration rates due to the new hotel’s abovemarket 

penetration. Also note that after the market share adjustment, the new 

hotel retains a penetration rate commensurate with Hotel A and Hotel B, though 

the penetration rates of all three hotels have declined by approximately nine 

percentage points because of the reapportionment of demand. 

Once the market shares of each hotel have been adjusted to reflect the entry of the 

new hotel into the market, the commercial room nights captured by each hotel 

may be projected by multiplying the hotel’s market share percentage by the total 

commercial room night demand. This calculation is shown below. 


Sheraton Hotel Redding At Sundial Bridge – Redding, California iii

COMMERCIAL SEGMENT PROJECTIONS (YEAR 2) 

Property 

Number 


Hist./Proj. 

Penetration 

Factor 

Hist./Proj. 

Market 

Share 

Adjusted 

Market 

Share 

Adjusted 

Penetration 

Factor 

Projected 

Capture 

Hotel A 100 19.0 % 131.4 % 25.0 % 23.1 % 121.5 % 12,662 

Hotel B 125 23.8 132.8 31.6 29.3 122.9 16,004 

Hotel C 200 38.1 70.1 26.7 24.7 64.8 13,507 

New Hotel 100 19.0 130.0 24.8 22.9 120.3 12,531 

Totals/Average 525 100.0 % 108.1 % 100.0 % 54,704 


Sheraton Hotel Redding At Sundial Bridge – Redding, California iv

Explanation of the Simultaneous Valuation Formula 

The algebraic equation known as the simultaneous valuation formula, which 

solves for the total property value using a ten-year mortgage and equity technique, 

was developed by Suzanne R. Mellen, CRE, MAI, FRICS, ISHC, Managing Director of 

the San Francisco office of HVS. A complete discussion of the technique is 

presented in her article entitled “Simultaneous Valuation: A New Technique.” 14 

The process of solving for the value of the mortgage and equity components begins 

by deducting the annual debt service from the projected income before debt 

service, leaving the net income to equity for each year. The net income as of the 

eleventh year is capitalized into a reversionary value using the terminal 

capitalization rate. The equity residual, which is the total reversionary value less 

the mortgage balance at that point in time and less any brokerage and legal costs 

associated with the sale, is discounted to the date of value at the equity yield rate. 

The net income to equity for each projection year is also discounted back to the 

date of value. The sum of these discounted values equals the value of the equity 

component. Because the equity component comprises a specific percentage of the 

total value, the value of the mortgage and the total property can be computed 

easily. This process can be expressed in two algebraic equations that set forth the 

mathematical relationships between the known and unknown variables using the 

following symbols. 

14 Suzanne R. Mellen. "Simultaneous Valuation: A New Technique," Appraisal Journal, 

April, 1983. 

February-2011 Explanation of the Simultaneous Valuation Formula 

Sheraton Hotel Redding At Sundial Bridge – Redding, California v

NI = Net income available for debt service 

V = Value 

M = Loan-to-value ratio 

f = Annual debt service constant 

n = Number of years in the projection period 

de = Annual cash available to equity 

dr = Residual equity value 

b = Brokerage and legal cost percentage 

P = Fraction of the loan paid off during the projection 

period 

fp = Annual constant required to amortize the entire loan 

during the projection period 

Rr = Overall terminal capitalization rate that is applied to 

net income to calculate the total property reversion 

(sales price at the end of the projection period) 

1/S n = Present worth of $1 factor (discount factor) at the 

equity yield rate 

Using these symbols, the following formulas can be used to express some of the 

components of this mortgage and equity valuation process. 

Debt Service – A property's debt service is calculated by first determining the 

mortgage amount that equals the total value (V) multiplied by the loan-to-value 

ratio (M). Debt service is derived by multiplying the mortgage amount by the 

annual debt service constant (f). The following formula represents debt service. 

f x M x V = Debt Service 

Net Income to Equity (Equity Dividend) – The net income to equity (de) is the 

property's net income before debt service (NI) less debt service. The following 

formula represents the net income to equity. 

NI - (f x M x V) = de 

Reversionary Value – The value of the hotel at the end of the tenth year is 

calculated by dividing the eleventh-year net income before debt service (NI 11) by 

the terminal capitalization rate (Rr). The following formula represents the 

property's tenth-year reversionary value. 


Sheraton Hotel Redding At Sundial Bridge – Redding, California vi

(NI 11/Rr) = Reversionary Value 

Brokerage and Legal Costs – When a hotel is sold, certain costs are associated 

with the transaction. Normally, the broker is paid a commission and the attorney 

collects legal fees. In the case of hotel transactions, brokerage and legal costs 

typically range from 1% to 4% of the sales price. Because these expenses reduce 

the proceeds to the seller, they are usually deducted from the reversionary value 

in the mortgage and equity valuation process. Brokerage and legal costs (b), 

expressed as a percentage of reversionary value (NI 11/Rr), are calculated by 

application of the following formula. 

b (NI 11/Rr) = Brokerage and Legal Costs 

Ending Mortgage Balance – The mortgage balance at the end of the tenth year 

must be deducted from the total reversionary value (debt and equity) in order to 

determine the equity residual. The formula used to determine the fraction of the 

loan remaining (expressed as a percentage of the original loan balance) at any 

point in time (P) takes the annual debt service constant of the loan over the entire 

amortization period (f) less the mortgage interest rate (i), and divides it by the 

annual constant required to amortize the entire loan during the ten-year 

projection period (fp) less the mortgage interest rate. The following formula 

represents the fraction of the loan paid off (P). 

(f - i)/(fp - i) = P 

If the fraction of the loan paid off (expressed as a percentage of the initial loan 

balance) is P, then the remaining loan percentage is expressed as 1 - P. The ending 

mortgage balance is the fraction of the remaining loan (1 - P) multiplied by the 

initial loan amount (M x V). The following formula represents the ending mortgage 

balance. 

(1 - P) x M x V 

Equity Residual Value – The value of the equity upon the sale at the end of the 

projection period (dr) is the reversionary value less the brokerage and legal costs 

and the ending mortgage balance. The following formula represents the equity 

residual value. 

(NI 11/Rr) - (b (NI 11/Rr) - ((1 - P) x M x V) = dr 

Annual Cash Flow to Equity – The annual cash flow to equity consists of the 

equity dividend for each projection year plus the equity residual at the end of the 

tenth year. The following formula represents the annual cash flow to equity. 


Sheraton Hotel Redding At Sundial Bridge – Redding, California vii

NI 1 - (f x M x V) = de 1 

NI 2 - (f x M x V) = de 2 

NI 10 - (f x M x V) = de 10 

(NI 11/Rr) - (b (NI 11/Rr) - ((1 - P) x M x V) = dr 

Value of the Equity – If the initial mortgage amount is calculated by multiplying 

the loan-to-value ratio (M) by the property value (V), then the equity value is one 

minus the loan-to-value ratio multiplied by the property value. The following 

formula represents the value of the equity. 

(1 - M) V 

Discounting the Cash Flow to Equity to the Present Value – The cash flow to 

equity in each projection year is discounted to the present value at the equity yield 

rate (1/S n). The sum of these cash flows is the value of the equity (1 - M) V. The 

following formula represents the calculation of equity as the sum of the discounted 

cash flows. 

(de 1 x 1/S 1) + (de 2 x 1/S 2) + . . . + (de 10 x 1/S 10) + (dr x 1/S 10) = (1 - M) V 

Combining the Equations: Annual Cash Flow to Equity and Discounting the 

Cash Flow to Equity to the Present Value – The last step is to arrive at one 

overall equation that shows that the annual cash flow to equity plus the yearly 

discounting to the present value equals the value of the equity. 

((NI 1 - (f x M x V)) 1/S 1) + ((NI 2 - (f x M x V)) 1/S 2) + . . . 

((NI 10 - (f x M x V)) 1/S 10) + 

(((NI 11/Rr) - (b (NI 11/Rr)) - ((1 - P) x M x V)) 1/S 10) = (1 -M) V 

Because the only unknown in this equation is the property's value (V), it can be 

solved readily. 

Ten-Year Projection of Income and Expense – Because the fixed and variable 

forecast of income and expense is carried out only to the stabilized year, it is 

necessary to continue the projection to the eleventh year. In most cases, net 

income before debt service beyond the stabilized year is projected at an assumed 

inflation rate. By increasing a property's revenue and expenses at the same rate of 

inflation, net income remains constant as a percentage of total revenue, and the 

dollar amount escalates at the annual inflation rate. The ten-year forecast of 


Sheraton Hotel Redding At Sundial Bridge – Redding, California viii

income and expense illustrates the subject property's net income, which is 

assumed to increase by 3.0% annually subsequent to the hotel's stabilized year of 

operation. 

The following values are assigned to the variable components for the purposes of 

this valuation. 

SUMMARY OF KNOWN VARIABLES 

Annual Net Income NI See Ten-Year Forecast 

Loan-To-Value Ratio M 65 % 

Interest Rate i 6.50 % 

Debt Service Constant f 0.081025 

Equity Yield Ye 17.0 % 

Transaction Costs b 3.0 % 

Annual Constant Required to 

Amortize the Loan in Ten Years fp 0.136258 

Terminal Capitalization Rate Rr 9.0 % 

The following table illustrates the present worth of a $1 factor at the 17.0% equity 

yield rate. 

PRESENT WORTH OF $1 FACTOR AT THE EQUITY YIELD RATE 

Year Present Worth of $1 

Ending Factor at 17.0% 

2012/13 0.854712 

2013/14 0.730533 

2014/15 0.624395 

2015/16 0.533678 

2016/17 0.456141 

2017/18 0.389869 

2018/19 0.333226 

2019/20 0.284812 

2020/21 0.243432 

2021/22 0.208065 


Sheraton Hotel Redding At Sundial Bridge – Redding, California ix

Using these known variables, the following intermediary calculations must be 

made before applying the simultaneous valuation formula. The fraction of the loan 

paid off during the projection period is calculated as follows. 

P = ( 0.08102 - 0.0650 ) / ( 0.13626 - 0.0650 ) = 0.224886 

The annual debt service is calculated as f x M x V. 

(f x M x V)= 0.08102 x 0.65 x V = ( 0.05267 )V 

Inserting the known variables into the hotel valuation formula produces the 

following. 

( 1,065,835 - 0.05267 V ) x 0.8547 + 

( 1,519,000 - 0.05267 V ) x 0.73051 + 

( 1,475,050 - 0.05267 V ) x 0.62437 + 

( 1,730,500 - 0.05267 V ) x 0.53365 + 

( 1,784,500 - 0.05267 V ) x 0.45611 + 

( 1,841,150 - 0.05267 V ) x 0.38984 + 

( 1,898,400 - 0.05267 V ) x 0.3332 + 

( 1,958,350 - 0.05267 V ) x 0.28478 + 

( 2,020,000 - 0.05267 V ) x 0.2434 + 

( 2,083,150 - 0.05267 V ) x 0.20804 + 

((( 2,121,662 / 0.090 ) - ( 0.030 x ( 2,121,662 / 0.090 )) - 

(( 1 - 0.224886 ) x 0.7 x V)) x 0.208037 )= ( 1 - 0.65 )V 

Like terms are combined as follows. 

$12,269,201 - 0.350165V = (1 - 0.65)V 

$12,269,201 = 0.70016V 

V = $12,269,201 / 0.70016 

V = $17,523,301 

Total Property Value as Indicated by 

the Income Capitalization 

Approach (Say) = $17,500,000 

It is important to note that this analysis does not reflect any capital deductions (if 

applicable). 


Sheraton Hotel Redding At Sundial Bridge – Redding, California x

Real Estate Technical Services 

LM-CA-PFLC 

9467 Milliken Ave. 

Rancho Cucamonga, CA 91730 

Ph: 909/481-3186 

Fax:909/481-3171 


January 10, 2011 

Suzanne R Mellen 

HVS International 

116 New Montgomery St 

Suite 620 

San Francisco, CA 94105 

RE: Appraisal 

Assignment 

Dear Suzanne R Mellen : 

Sheraton Redding At Sundial Bridge 

840 Sundial Bridge 

Redding, CA 96001 

RETECHS File No.: 10-008780-01 

This letter confirms we have engaged your services for an appraisal of the referenced property 

as indicated in the addendum to this letter. Your engagement is as an independent contractor 

and not as an employee or agent of U.S. Bank. The appraisal assignment is to be prepared in 

accordance with the requirements of FIRREA and the current edition of Uniform Standards of 

Professional Appraisal Practice (USPAP). 

By accepting this appraisal assignment, you and any staff member associated with this 

assignment certify that you have no direct or indirect interest, financial or otherwise, in the 

property or transaction, or relationship with the ownership or borrower. Moreover, you agree not 

to accept or pursue the appraisal, or related assignments, of the subject property for a minimum 

of one year from the delivery date of the final appraisal report without written consent from U.S. 

Bank RETECHS. 

A qualified, appropriately licensed/certified staff appraiser may perform the appraisal and a 

qualified appropriately registered appraisal assistant may assist in the preparation of the 

appraisal. Unless previously agreed to otherwise, you must review and sign the report. Also, 

this appraisal assignment may not be subcontracted to an outside individual or firm without my 

prior written consent. 

Timing and Fee of Appraisal Assignment: It is our understanding that the fee for this 

assignment includes all expenses and an allowance for any technical assistance you feel 

necessary or appropriate. Original, signed appraisals should be delivered as instructed in the 

addendum of this letter no later than the specified due date. If delays are anticipated or 

occur, you must immediately request an extension of the due date in writing from the 

undersigned in order to avoid late fees or penalties.

Page 2 


01/10/2011 

Re: RETECHS File No.: 10-008780-01 

If the appraisal is not received on or before this date, U.S. Bank reserves the right, at its sole 

discretion, to either cancel the assignment for cause without payment of the fee or deduct a late 

fee penalty. Additionally, U.S. Bank reserves the right to cancel this assignment without cause. 

Upon such cancellation, payment of the fee will be limited to actual time spent and any 

out-of-pocket expenses incurred up to the date of termination. 

We understand that you and all personnel associated with the assignment will be available to 

discuss concerns we might have regarding the analysis and the value conclusions. U.S. Bank 

reserves the right to withhold payment if, at our sole discretion, the appraiser fails to address our 

concerns with the appraisal within five working days of such notice. 

Property Contact / Information: Please arrange an inspection of the property and make your 

initial request for information with the property contact listed in the addendum to this letter. 

Your initial request for information should be made in writing within two business days 

of receipt of this letter and a copy of the request should be sent to the undersigned. Any 

questions regarding this assignment should be e-mailed to the undersigned at 

allen.bergstrom@usbank.com. 

At no time during this appraisal assignment (either prior to or following delivery of the report) are 

you to engage in discussions with individuals, other than U.S. Bank RETECHS staff regarding 

your value conclusion(s) or the direction of your value conclusion(s) without prior authorization 

from U.S. Bank RETECHS. 

Confidentiality: U.S. Bank is your client and unless authorized by the undersigned, you may 

not disclose confidential data, including the value conclusion, to anyone other than the 

undersigned, including the owner of the property, our borrower, or any other individual 

connected directly or indirectly to this transaction. 

To enable you to complete this assignment, the Bank will provide to you information, some of 

which the Bank regards as highly confidential. Your acceptance of the assignment includes 

your agreement to keep confidential any and all information provided to you by the Bank, 

regardless of whether any information provided is marked or otherwise designated as 

"Confidential Information." 

Specifically, any and all information about customers of the Bank, of any nature whatsoever, 

including but not limited to customer financial information, and the fact of the existence of a 

relationship, or potential relationship, between the Bank and customers, is confidential. Some 

of the information provided to you by the Bank may not be confidential if: 

• it was known to you before the Bank or the customer provided it to you; or 

• it was public knowledge before the Bank or the customer provided it to you; or 

• it becomes available from a third party, not subject to any restrictions, after the bank or 

customer provided it to you. 

You must protect the Confidential Information provided to you using at least a reasonable 

degree of care, to prevent the unauthorized disclosure of such Confidential Information. You 

can disclose the Confidential Information to your employees, but you must tell them that the

Page 3 


01/10/2011 


information is confidential and must be maintained that way. You may use the Bank's 

Confidential Information only: 

• for the purpose of completing your assignment, and 

• for the purpose of meeting your professional obligations. 

Your obligation to maintain the confidentiality of the Bank's Confidential Information continues 

even after the completion of your assignment, except that you have the right to use the 

Confidential Information to fulfill your professional obligations with respect to mandated file 

retention and disclosure for purposes of peer review. 

If you are, or may be, required by a court or a governmental agency to disclose any Confidential 

Information, you agree to notify the Bank before you make any disclosure. 

If a representative of the Bank inquires as to what provisions you have made to keep the Bank's 

information confidential, you agree to disclose in detail what steps you have taken and are 

taking to ensure confidentiality. 

If you have any questions about your obligations as set forth above, or about how to 

meet your obligations set forth above, please call the U.S. Bank Chief Appraiser 

immediately. The Chief Appraiser will assist you in meeting your obligations if at all 

possible. It is essential that the Bank's Confidential Information be maintained as 

confidential. 

Appraisal Requirements: The appraisal assignment is to be prepared in accordance with the 

requirements of FIRREA and the current edition of Uniform Standards of Professional Appraisal 

Practice (USPAP). Additional assignment conditions, if any, will be described in the addendum 

to this engagement letter. 

When applicable, discounted cash flow analysis should be performed using the most recent 

version of ARGUS and a copy of the ARGUS data file should be uploaded to RIMS. 

If your appraisal report contains wording or disclaimers which limit your professional liability to 

U.S. Bank, we reserve the right to reject your appraisal and will not be responsible for any 

expenses incurred in the completion of the assignment. 

A copy of the following items must be included in the addenda of each copy of the final 

appraisal report: 

1. Valid Certification/License 

2. Qualifications 

During the course of this assignment, if you determine or are requested by anyone other 

than RETECHS to make changes to the terms of this agreement or requested scope of 

work are necessary, please contact the undersigned in writing. Any changes to this 

engagement must be authorized by U.S. Bank RETECHS. 

Delivery Instructions: Please upload the final appraisal report including all addendum to 

RIMS. Additionally, deliver hard copies of the appraisal report as directed in the addendum to 

this engagement letter.

Page 4 


01/10/2011 


Invoice: Send your invoice to the undersigned including your contact information, invoice date 

and tax ID or social security number on the invoice. Either mail your invoice to the undersigned 

RETECHS JM or upload the invoice as a separate document in RIMS. Do not include the 

invoice as part of an appraisal report uploaded to RIMS. 

Sincerely, 

Allen Bergstrom MAI. 

Vice President 


This document was generated using RIMS and was authenticated using the RIMS User ID for Allen Bergstrom. The original copy of 

this document will be kept on file. U.S. Bancorp and RETECHS reserve the right to compare any returned documents with the 

original, with the understanding that any discrepancy between documents defaults to the original document unless we have agreed 

to the change in writing. 

Acceptance of the electronic award of this engagement in the RIMS system constitutes 

acceptance by you of this engagement under the terms of this engagement letter. 

If this Engagement Letter has been faxed to you, you must sign below and provide a 

signed copy in your appraisal: 

By: _________________________ Date: _________________________

ADDENDUM TO ENGAGEMENT LETTER RETECHS File # 10-008780-01: 

Borrower: SRS Ventures 

Property Contact / 

Affiliation: 

Property Contact 

Information: 

Michael Warren / Manager 

Phone: 530/242-3125 Fax: 

Other Phone: E-Mail: "Michael Warren" 

 

Property Data 

Subject Property Address: 840 Sundial Bridge 

Redding, CA 96001 

Property Type: Lodging/Hospitality - Convention Hotel 

Property Description: See Request for Proposal 

Legal Description: See Request for Proposal 

Appraisal Fee: $9,000 

Due Date: 2/15/2011 

Valuation Scenarios 

Requested: 

Appraisal Assignment 

Market Value, As-Is, Fee Simple 

Prospective Market Value, Upon Completion, Fee Simple 

Going Concern Market Value, Upon Stabilization, Fee Simple 

Intended Use Intended Use - Loan Underwriting 

The intended use of this appraisal is for loan underwriting and-or credit 

decisions. 

Intended User Intended User - US Bank 

The intended users of this report is U.S. Bank National Association, and 

its parent, affiliates, subsidiaries and assigns. 

Inspection Requirements Inspect - Full Subject 

An interior and exterior inspection of the subject property in sufficient 

detail to determine marketability 

Approaches to Value Approach - All Applicable 

All applicable approaches to value 

Comparable analysis In addition to closed sales/leases, analyze and discuss available listings, 

pending transactions and failed transactions. Discuss current market 

conditions with knowledgeable brokers. Also, if using a foreclosure sale 

as a comparable transaction, analyze the transaction and discuss 

whether or not it represents a distressed sale. 

Improvements located in a 

Floodplain 

If the subject is located within a FEMA flood hazard area (zone A or V) 

then provide the Community Name, Panel number and date of the flood

Addenda Requirements - 

certification/license and 

qualifications 

map reviewed. Provide the individual estimated replacement cost for 

each subject improvement excluding site improvements and personal 

property. If using an Income Approach, include the flood insurance 

premium as an expense. 

The following items must be included in the Report addenda: 1) 

Qualifications of signatory appraisers, 2) Copy of valid certification/license 

for all signatory appraisers. At a minimum, at least one of the signatory 

appraisers must have a valid certification/license in the state in which the 

property is located. If none of the signatory appraisers has a certification 

or license for the state, then include a copy of the application for a 

temporary permit application submitted to the state and provide a copy of 

the temporary permit when issued. 

Late fee If the appraisal is delivered after the specified delivery date without prior 

written authorization from RETECHS, a late fee of $100 per business day 

until the appraisal is received may be deducted at the sole discretion of 

RETECHS. We reserve the right to withhold payment and/or impose a 

late fee, if after being notified of issues raised in the review process, you 

fail to respond or resolve them within 5 business days. 

Confidentiality Statement This request for bid and the information described herein is considered 

confidential by U.S. Bank and should not be discussed with anyone 

outside of your firm and U.S. Bank. Upon engagement, the confidentiality 

provisions in the engagement letter apply. 

Certification signature Unless agreed to by the RETECHS Job Manager in writing, you must sign 

the appraisal certification. 

Appraisal Report Type: Summary 

Report Format: Narrative 

Additional Instructions: Please upload an electronic copy of the completed appraisal to the 

rimscentral.com web site in addition to distribution of hard copies. 

Report Addressee(s): Allen Bergstrom 

U.S. Bank 



Delivery Instructions: 1 Copy(ies) to: 

Allen Bergstrom 

U.S. Bank 

LM-CA-PFLC 



2 Copy(ies) to: 

Tracey Cooper 

US Bank 

SF-CA-REDD 

1700 Pine Street Ste. 350 

Redding, CA 96001

Jaime Law 

EMPLOYMENT 

2005 – present 

2003 – 2005 

2002 – 2003 

2001 – 2002 

2002 

EDUCATION 

PROFESSIONAL 

AFFILIATIONS 

ARTICLES AND 

PUBLICATIONS 

HVS 

San Francisco, California 

Assistant Vice President 

(Hotel-Motel Valuations, Market Studies, Feasibility Reports, Asset Management Yield, 

Financial Benchmarking, and Revenue Enhancement Support) 

FAIRMONT HOTELS & RESORTS 


Operations Analyst 

(Financial and Labor Cost Control, Accounting Operations) 

MARRIOTT INTERNATIONAL 


Revenue Management, Intern & Associate 

(Yield Management and Reservations) 

UNIVERSITY OF SAN FRANCISCO HOSPITALITY MANAGEMENT PROGRAM 


Student Event Manager, Webmaster, Technology Assistant 

RENAISSANCE HOTELS & RESORTS 


Intern, Housekeeping Department 

(Rooms Operations) 

B.S., Hospitality Industry Management Program, University of San Francisco 

Business Degree Coursework, Saint Louis University 

Madrid, Spain 

University of San Francisco Hospitality Management Association 

Overview of the San Francisco Lodging Market,” The HVS Journal, April 2008 

“San Francisco Market Update: Recovering from Recent Economic Recession,” The HVS Journal, 

January 2011 

HVS, San Francisco Qualifications of Jaime Law 

1

EXAMPLES OF 

CORPORATE 

AND INSTITUTIONAL 

CLIENTS SERVED 

Aareal Bank AF 

Bank of America, N.A. 

Bank of the West 

Barclays Capital 

Calyon Corporate and Investment Bank 

Capmark Finance 

Citigroup Global Markets, Inc. 

Column Financial, Inc. (subsidiary of 

CSFB) 

Deutsche Bank 

Friedman McCubbin Spalding Bitter 

Roosevelt Montgomery & Hastings 

Gemstone Hotels & Resorts 

General Electric Company 

Griffin Capital 

Groupo Consorcio 

Hodges Ward Elliott 

J.P. Morgan Mortgage Capital, Inc. 

J.P. Morgan Chase Bank, N.A. 

Kinetic Capital 

Morgan Stanley 

MetLife Real Estate Investments 

Morgan Stanley (Fixed Income) 

MT3 Partners 

Northridge Capital 

Preferred bank 

Prudential Mortgage Capital 

Realty Financial Services, Inc. 

City of San Jose, California 

Santa Barbara Bank & Trust 

Starwood Capital Group 

Taihook Associates 

Textron Financial Corporation 

Union Bank of California 

USL Property Management Inc. 

Venable LLP 

Wachovia Securities 

Wells Fargo RETECHS 

Westdeutsche Immobilien Bank 

WestLB AG 

Westmont Hospitality Group 

IXIS Real Estate Investors 


2

EXAMPLES OF 

PROPERTIES APPRAISED 

OR EVALUATED 

Arizona 

- JW Marriott Camelback Inn, Scottsdale 

- Westin La Paloma, Tucson 

California 

- Villa Portofino Hotel, Avalon 

- DoubleTree Hotel & Executive Meeting 

Center Berkeley Marina, Berkeley 

- Westin Hotel, Proposed, Berkeley 

- Radisson San Francisco Airport Sierra Point, 

Brisbane 

- Hotel, Proposed, Burlingame 

- Inn & Spa at Rispin Mansion, Proposed, 

Capitola 

- Hilton Orange County, Irvine 

- Beverly Heritage, Milpitas 

- Courtyard by Marriott, Novato 

- Ace Hotel, Proposed, Palm Springs 

- Cottage Inn, Pismo Beach 

- Hotel, Proposed, Pismo Beach 

- Spyglass Inn, Pismo Beach 

- Proposed and Existing Turntable Bay Marina, 

Redding 

- Setai San Diego Hotel, Proposed, San Diego 

- Campton Place Hotel, San Francisco 

- Clift Hotel, San Francisco 

- Fairmont Hotel, San Francisco 

- Four Seasons Hotel, San Francisco 

- Harbor Court Hotel, San Francisco 

- Hilton Financial District, San Francisco 

- Hotel Monaco, San Francisco 

- Renaissance Parc 55 Hotel, San Francisco 

- Renaissance Stanford Court Hotel & Parking 

Garage, San Francisco 

- Westin Saint Francis, San Francisco 

- Crowne Plaza, San Jose 

- Hotel Sierra San Jose, Proposed, San Jose 

- Sierra Suites Hotel, San Ramon 

- Ragged Point Inn, San Simeon 

- Huntley Hotel, Santa Monica 

- Loews Hotel, Santa Monica 

- Hilton Hotel Sonoma, Santa Rosa 

- Hyatt Vineyard Creek, Santa Rosa 

- Hilton Scotts Valley, Scotts Valley 

- Fairmont Sonoma Mission Inn, Sonoma 

Illinois 

- Argosy Alton, Alton 

Louisiana 

- Marriott New Orleans at the Convention 

Center, New Orleans 

Massachusetts 

- Four Seasons, Boston 

Michigan 

- Hilton Suites, Auburn Hills 

Missouri 

- Argosy Riverside Casino Hotel & Spa, 

Riverside 

Nevada 

- Extended-Stay Hotel, Proposed, Reno 

- Full Service Hotel, Proposed, Reno 

Ohio 

- Courtyard Cleveland, Westlake 

- TownePlace Suites Cleveland, Westlake 

Oregon 

- Shilo Inn, Grants Pass 

- DoubleTree Portland Lloyd Center, Portland 

- Shilo Inn, Salem 

Pennsylvania 

- Comfort Inn, Harrisburg 

- Holiday Inn, York 

Washington 

- Hotel 1000, Seattle 

- Hotel Andra, Seattle 

- Hotel Max, Seattle 

- Red Lion, Seattle 

- The Roosevelt Hotel, Seattle 

Costa Rica 

- Proposed Casino at Proposed Marina 

Papagayo Village, Guancaste 

Mexico 

- Proposed Capella Pedregal, Cabo San Lucas, BCS 

- Four Seasons Mexico Distrito Federal 


3


EMPLOYMENT 

1997 – present 

1989 – 1997 

1987 – 1989 

1984 – 1985 

1983 – 1984 

PROFESSIONAL 

AFFILIATIONS 

EDUCATION 

ARTICLES AND 

PUBLICATIONS 

HVS 



Consulting & Valuation Division 

Gaming Services Division 

(Hotel-Motel Valuations, Market Studies, Feasibility Reports, and Investment Counseling) 

BANK OF AMERICA 


Review Appraiser 

(Hotel-Motel, Casino, and Commercial Real Estate Valuations, Appraisal Management) 

VMS REALTY PARTNERS 

Chicago, Illinois 

Senior Acquisition Analyst 

(Hotel-Resort Market Studies, Due Diligence, Operation Studies, Investment Analysis) 

JUDSON HOTELS 

New York, New York 

Credit/Collection Manager/Paymaster 

(Credit Policies and Procedures, Payroll Administration) 

PIERRE HOTEL 


Guest History Supervisor 

(Marketing and MIS Administration) 

Certified General Real Estate Appraiser – 

State of California 

A.B., Barnard College, Columbia University 

M.P.S., School of Hotel Administration, Cornell University 

Professional Coursework - Appraisal Institute 

“HVS Hotel Development Cost Survey,” The HVS Journal, 1998-2011 

“To Lease or Not to Lease a Hotel Restaurant,” The HVS/BDO Hospitality Newsletter, 

January 2000 

“Is the Replacement Cost Still the Benchmark for the Purchase of Existing Hotels?,” The HVS 

Journal - ALIS Edition, January 1998 

HVS, San Francisco & Las Vegas Qualifications of Elaine Sahlins 

1

“The Rule of Thumb Method: Does it Still Hold Weight?,” The HVS Journal, June 1999 

“E-Rooms—A New Market Segment?,” The HVS Journal – ALIS Edition, January 2003 

“Expanding Your Casino with a Hotel: Moving from Playing to Staying,” The HVS Journal – 

ALIS Edition, January 2004 

“Equity Returns and Refinancing,” The HVS Journal – ALIS Edition, January 2005 

“Benchmarking Hotel Sale Prices to Replacement Costs: Another Reason Why Hotel 

Acquisitions (and Selective Development Opportunities) Continue to Be So Attractive,” 

The HVS Journal – ALIS Edition, January 2006, and Real Estate Finance, June 2006 

“Some Reflections on Condominium Hotel Development,” The HVS Journal, January 2007 

“The Financial Impact of Hotel Spas,” The HVS Journal – ALIS Edition, January 2007 

“A Ten-Year Investment Analysis of Hotels,” The HVS Journal – ALIS Edition, January 2008 

“Development Cost: One Step in Hotel Feasibility Analysis,” The HVS Journal – ALIS Edition, 

January 2009 

“Hotel Market Studies Examined,” The HVS Journal – ALIS Edition, January 2009, and The 

Real Estate Finance Journal, Spring 2009 


2

EXAMPLES OF 

CORPORATE 



Aareal Bank AG 

Acclarit Group, Inc. 

Ackman-Ziff Real Estate Group 

American Appraisal Associates 

Amrit Wellness Spa Resort 

Archon 

Aspen Companies 

Avalon Holdings 

Bank of America 

Bank of Scotland 


Barclays Capital 

Bear Stearns 

Berger Company 

beTEK Corporation 

Block Plant Eisner Fiorito & Belak-Berger 

Boon Fetter LLC 

Buckingham Companies 

Cabazon Band of Mission Indians 

CALYON 

Capital Source Finance 


Cascade Bancorp/Bank of the Cascades 

Centerline Capital Group/C-III 

Churchill Mortgage of Arizona 

CIBC 

CIT/Communication Media & Entertainment 

Citigroup 

City of Guadalupe 

City of Monterey 

City of Napa 

Cliff Castle Casino 

Column Financial 

Corus Bank 

Countrywide Financial Corporation 

County of San Bernardino Redevelopment 

Agency 

Credit Suisse 

Credit Suisse First Boston 

Crow Holdings 

Cupertino National Bank 

CWCapital 

Deloitte & Touche 

Deutsche Bank 

De Witte Mortgage Investors Fund 

Dillon Read Capital Management 

Dimension Development 

DivcoWest Properties 

DLA Piper 

Dougherty & Company 

Douglas Investments, LLC 

Dwight Nelson 

Eastdil Secured 

EDAW 

Equity Office Properties Trust 

Eurohypo AG 

Executive Hotels & Resorts 

F1rst Team Real Estate 

Fairmont Hotels & Resorts 

Far East National Bank 

Farella Braun and Martel 

First Bank & Trust 

First National Bank 

Fremont Group 

FSL Group, Inc. 


General Electric Company 

Glacier Bancorp 

GMAC-TCFC Finance Limited 

Goldman Sachs 

Grand Pacific Resorts 

Great Eagle/Pacific Eagle Holdings Co. 

Hall Equities Group 

Hampshire Real Estate Companies 

The Hardage Group 

Hard Rock Hotels 

Headlands Reserve LLC 

HOB Entertainment 

The Hongkong & Shanghai Hotels Ltd. 

Hospitality Development and Investments 

Hotel Group 

HSBC 

ING Clarion Partners 

Inn Ventures, Inc. 

Innkeepers USA Trust 

Integrated Capital 

International Game Technology 

Intrawest Corporation 

JAL Hotels 

JC Partners 

JMIR - Del Mar Hotel LLC 

Jones Lang LaSalle 

JP Morgan Chase & Company 

Keen Partners 

Kimpton Hotels & Restaurants Group 

KPMG 

Landmark Organization 

LaSalle Bank Corporation 

Lauricella Land Company 

LBimmoWert 

Lehman Brothers 

Lend Lease Mortgage Capital, LP 

Lend Lease Real Estate Investments 

Liberty Bank 

LNR Property Corporation 

Maritz, Wolf & Company 


3

EXAMPLES OF 

CORPORATE 



(CONTINUED) 

Marshall BankFirst Corporation 

Marshall Miller & Schroeder Investment 

Corporation 

McDermod - El Dorado Hills Project 

Mega International Commercial Bank Co. Ltd. 

Merrill Lynch 

MetLife 

Midland Loan Services 

Millennium Sports Club 

MM&S Investments Corporation 

Morgan Stanley 

Morrison & Foerster 

Mortenson Development 

NATIXIS Real Estate Capital 

Nevada Gold & Casinos 

NFLP 

NorthStar Realty Finance Corp. 

Oregon Convention & Visitors Bureau 

Orient Express Hotels 

Outrigger Hotels and Resorts 

Overseas Chinese Banking Corporation 

Pacific Capital Bancorp 

Peninsula Hotel Group 

Penn National Gaming 

Prudential Financial 

Prudential Mortgage Capital Company 

Pueblo of Sandia 

R.L. Pearson & Associates 

Raffles International Hotels & Resorts 

RBS Greenwich Capital Markets 

Realty Executives 

Redwood Capital Advisors LLC 

Resort Group 

Royale Resorts 

RSBA & Associates 

Sage Hospitality Resources 

San Bernardino Redevelopment Agency 

Sand Hill Property Company 

Santa Ana F/C Development Venture, LLC 

SCG Hotel DLP 

Scotiabank 

Shangri-La Hotels & Resorts 

Shell Vacations 

Sideman & Bancroft 

Sills Cummis & Gross 

Societe Generale Group 

South Johnson 

South Valley Developers 

Sterling Savings Bank 

STRS 

Summit Development Group 

Sun International 

Sunamerica Life Insurance Company 

Tammy Ellerbe 

Tanner Consulting Group 

Tarsadia Hotels 

Tempe/Mill LLC 

Thomson Reuters 

TIAA-CREF 

Trimont Real Estate Advisors 

Tuckers Hotel Investments, LLC 


UBS 

Union BanCal Corporation 

Union Capital Investments 

U.S. Bancorp 

Vintage Bank 

W.H. Holdings, LLC 

Wachovia Corporation 

Wells Fargo & Company 


WestLB AG 


Windsor Capital Group 

WR Henderson Construction 


4

EXAMPLES OF 


OR EVALUATED 

Alaska 

- Coast International Hotel, Anchorage 

- Cusack's Ramada Inn, Anchorage 

- Hawthorne Suites, Anchorage 

- Westmark Hotel, Anchorage 

- Best Western Bidarka inn, Homer 

Alabama 

- Fairfield Inn, Birmingham 

- Country Crossing, Cottonwood 

- Fairfield Inn, Montgomery 

- VictoryLand, Quincy's 777 Bingo Casino, & Oasis 

Hotel, Shorter 

Arizona 

- Best Western, Flagstaff 

- Hampton Inn & Suites, Prop., Oro Valley 

- E-Z Metro Center, Phoenix 

- Hyatt Regency Phoenix, Phoenix 

- Residence Inn by Marriott, Phoenix 

- Sleep Inn, Phoenix 

- Courtyard by Marriott, Scottsdale 

- Fairmont Scottsdale Princess Resort, Scottsdale 

- FireSky Resort, Scottsdale 

- Gainey Suites Hotel, Scottsdale 

- Mondrian Hotel, Scottsdale 

- Scottsdale Princess Resort, Scottsdale 

- Xona Resort Suites, Scottsdale 

- Country Inn & Suites, Tempe 

- Renaissance Hotel, Prop., Tempe 

- Canyon Ranch Health Resort, Tucson 

- Courtyard by Marriott, Tucson 

- Hilton Garden Inn, Prop., Tucson 

- Holiday Inn Express, Tucson 

- Loews Ventana Canyon Resort, Tucson 

- JW Marriott Starr Pass Resort & Spa, Tucson 

- Marriott Hotel & Starr Pass Golf Course, Prop., 

Tucson 

- Westin La Paloma, Tucson 

California 

- Renaissance ClubSport, Aliso Viejo 

- Holiday Inn Express, American Canyon 

- Hyatt Anaheim, Anaheim 

- Hyatt Orange County, Anaheim 

- Sheraton Park Hotel, Anaheim 


- DoubleTree Hotel & Executive Meeting Center 

Berkeley Marina, Berkeley 

- Shattuck Hotel, Prop., Berkeley 


- Beverly Pavilion Hotel, Beverly Hills 

- Crowne Plaza Hotel, Beverly Hills 

- Holiday Inn Select, Beverly Hills 

- Raffles L’Ermitage Hotel, Beverly Hills 

- Renaissance Hotel, Beverly Hills 

- Bodega Bay Lodge, Bodega Bay 

- Chase Suites Hotel, Brea 

- Embassy Suites, Brea 

- Radisson SFO Sierra Point, Brisbane 

- Fairfield Inn, Buena Park 

- Red Roof Inn, Buena Park 

- Hilton Burbank Airport, Burbank 

- Ramada Inn, Burbank 

- Best Western Fireside Inn, Cambria 

- Fog Catcher Inn, Cambria 

- Courtyard, Proposed, Campbell 

- Quail Lodge, Carmel 

- Palisades Spa & Resort, Calistoga 

- Silver Rose Inn, Spa, & Winery, Calistoga 

- Solage Resort and Spa, Prop., Calistoga 

- Campbell Inn, Campbell 

- Courtyard by Marriott, Campbell 

- Hilton Garden Inn, Campbell 

- Hilton Hotel, Proposed, Campbell 

- Larkspur Landing Hotel, Campbell 

- Pruneyard Inn, Campbell 

- Inn & Spa at Rispin Mansion, Prop., Capitola 

- Carlsbad Inn Hotel, Carlsbad 

- Courtyard by Marriott, Carlsbad 

- La Costa Resort & Spa, Carlsbad 

- LEGOLAND Hotel, Proposed, Carlsbad 

- Carmel Mission Inn, Carmel 

- Carmel Valley Ranch, Carmel 

- Highlands Inn, Carmel 

- Pine Inn Hotel & Retail, Carmel 

- Bernardus Lodge, Carmel Valley 

- Hilton Garden Inn, Carmel Valley 

- Quail Lodge Resort & Golf Club, Carmel Valley 

- Robles del Rio Lodge, Carmel Valley 

- Doubletree Hotel, Cathedral City 

- Wyndham Commerce Hotel, Commerce 

- Sheraton Hotel, Concord 

- The Trees Inn, Concord 

- Hotel Del Coronado, Coronado 

- Hilton Garden Inn, Prop., Corte Madera 

- Mandarin Oriental Hotel, Prop., Costa Mesa 

- Red Lion Hotel, Costa Mesa 

- Four Points Sheraton, Culver City 

- Boutique Hotel, Proposed, Cupertino 

- Courtyard by Marriott, Cupertino 

- Ritz-Carlton Laguna Niguel, Dana Point 

- St. Regis Monarch Beach Resort & Spa, Dania Beach 

- Column Financial Appraisal Review – Howard 

Johnson Hotel, Davis 

- Furnace Creek Ranch & Inn, Death Valley 

- Hilton Del Mar, Del Mar 

- Casino Hotel, Proposed, Diablo Grande 

- Singing Hills Ranch, El Cajon 

- Lodging Development, Prop., El Dorado Hills 

- Best Western, El Toro 

- Days Inn, Emeryville 

- Embassy Suites, Emeryville 

- Sheraton Four Points, Emeryville 

- Woodfin Suite Hotel, Emeryville 

- Comfort Inn Escondido, Escondido 


5

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Courtyard Fairfield Napa Valley, Fairfield 

- Hampton Inn and Suites, Folsom 

- Larkspur Landing Hotel, Folsom 

- Courtyard by Marriott, Foster City 

- Holiday Inn, Foster City 

- Marriott Hotel, Fremont 

- Blackstone Plaza Inn, Fresno 

- Chateau Inn, Fresno 

- Piccadilly Inn Airport, Fresno 

- Piccadilly Inn Shaw, Fresno 

- Piccadilly Inn University, Fresno 

- Bacara Resort and Spa, Goleta 

- Embassy Suites, Garden Grove 

- Marriott Suites Anaheim, Garden Grove 

- Residence Inn Garden Grove, Garden Grove 

- River Rock Casino, Geyserville 

- Hotel, Proposed, Gilroy 

- Motel 6, Proposed, Gilroy 

- El Capitan Canyon Campground, Prop., Goleta 

- Half Moon Bay Lodge, Half Moon Bay 

- Ritz-Carlton Hotel, Half Moon Bay 

- SpringHill Suites Manhattan Beach, Hawthorne 

- TownePlace Suites Manhattan Beach, Hawthorne 

- Best Western Dry Creek Inn, Healdsburg 

- Casa de Fruta, Hollister 

- Holiday Inn, Hollywood 

- Hyatt Hotel, Hollywood 

- Renaissance Hollywood Hotel, Hollywood 

- Hyatt Grand Champions Resort, Indian Wells 

- Miramonte Resort & Spa, Indian Wells 

- Days Inn-LAX, Inglewood 

- Lafayette Park Hotel, Lafayette 

- Surf & Sand Hotel, Laguna 

- Best Western Laguna Brisas Spa Hotel, Laguna Beach 

- Montage Resort and Spa, Laguna Beach 

- Vacation Village, Laguna Beach 

- St. Regis Monarch Beach Resort & Spa, Laguna 

Niguel 

- Embassy Suites, La Jolla 

- The Empress Hotel, La Jolla 

- Hilton Torrey Pines, La Jolla 

- Hyatt Hotel, La Jolla 

- Hyatt Regency at Aventine, La Jolla 

- Lodge at Torrey Pines, La Jolla 

- Scripps Inn, La Jolla 

- Sheraton La Jolla Hotel, La Jolla 

- Resort at Squaw Creek, Lake Tahoe 

- Holiday Inn Select, La Mirada 

- Marriott Rancho Las Palmas, Las Palmas 

- Courtyard by Marriott, Livermore 

- Hilton Garden Inn, Livermore 

- Springtown Motel, Livermore 

- Hampton Inn and Suites, Lodi 

- Lodi Inn, Lodi 

- Embassy Suites, Lompoc 

- West Coast Hotel & Marina, Long Beach 

- Courtyard by Marriott, Prop., Los Altos 

- Los Altos Residence Inn, Prop., Los Altos 

- Argyle Hotel, Los Angeles 

- Beverly Hills Residence Inn, Los Angeles 

- Crowne Plaza-LAX, Los Angeles 

- Embassy Suites, Los Angeles 

- Four Seasons Hotel, Los Angeles 

- Hilton-LAX, Los Angeles 

- Holiday Inn LAX, Los Angeles 

- Hotel Angeleno, Los Angeles 

- Le Meridien Hotel, Los Angeles 

- Le Montrose, Los Angeles 

- Mandarin Oriental Hotel, Prop., Los Angeles 

- Marriott LAX, Los Angeles 

- Radisson Westside Hotel, Los Angeles 

- Renaissance Beverly Hills, Los Angeles 

- SLS Hotel, Los Angeles 

- SLS Hotel, Proposed, Los Angeles 

- Westin Bonaventure Hotel, Los Angeles 

- Hotel Los Gatos, Los Gatos 

- Hotel Los Gatos, Proposed, Los Gatos 

- Toll House Hotel, Los Gatos 

- Fess Parker's Wine Country Inn, Los Olivos 

- The Belamar Hotel, Manhattan Beach 

- Holiday inn, Marina Del Rey 

- Marriott, Marina Del Rey 

- Marysville Hotel, Prop., Marysville 

- Stanford Park Hotel, Menlo Park 

- Beverly Heritage Hotel, Milpitas 

- Candlewood Hotel, Milpitas 

- Larkspur Landing Hotel, Milpitas 

- Shutters at the Beach, Santa Monica 

- Hilton Garden Inn Hotel, Milpitas 

- Larkspur/Hilton Garden, Milpitas 

- DoubleTree Hotel, Modesto 

- Four Points Sheraton, Monrovia 

- Miramar Resort, Montecito 

- Hotel Pacific, Monterey 

- Monterey Bay Inn, Monterey 

- Monterey Peninsula Hotel, Prop., Monterey 

- Monterey Plaza Hotel, Monterey 

- Spindrift Inn, Monterey 

- Victorian Inn, Monterey 

- Hilton Garden Inn, Napa 

- Napa Resort Partners, L.L.C., Napa 

- Lodging Market Study, Napa Valley 

- Comfort Inn, National City 

- W Suites Hotel, Proposed Newark 

- Courtyard by Marriott, Novato 

- Hilton Garden Inn, Prop., Novato 

- Courtyard Oakland Airport, Oakland 

- Homewood Suites, Oakland 

- Jack London Inn, Oakland 

- Shilo Inn, Oakhurst 

- Resort at Squaw Creek, Olympic Valley 

- Marriott Ontario Airport, Ontario 

- Residence Inn, Ontario 

- Best Western Lighthouse Hotel, Pacifica 

- Hotel, Proposed, Pacifica 

- Ace Hotel, Proposed Palm Springs 

- Wyndham Palm Springs, Palm Springs 

- Sheraton Hotel, Palo Alto 


6

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Stanford Park Hotel, Palo Alto 

- Stanford Terrace Inn, Palo Alto 

- Ritz-Carlton Huntington Hotel & Spa, Pasadena 

- Best Western Villa Del Lago, Patterson 

- Hacienda Hotel, Patterson 

- Hotel, Proposed, Patterson 

- Quality Inn, Petaluma 

- Hotel, Proposed, Pinole 


- Sandcastle Inn, Pismo Beach 

- Sea Crest Resort, Pismo Beach 

- Fairfield Inn, Placentia 

- Embassy Suites, Pleasant Hill 

- Summerfield Suites, Pleasant Hill 

- Candlewood Hotel, Pleasanton 

- Pleasanton Hilton Hotel, Pleasanton 

- Sierra Suites, Pleasanton 

- Summerfield Suites, Pleasanton 

- Shilo Inn, Pomona 

- Hampton Inn, Proposed, Porterville 

- Country Inn, Port Hueneme 

- Ragged Point Inn, Ragged Point 

- Holiday Inn, Rancho Bernardo 

- Rancho Bernardo Inn, Rancho Bernardo 

- Comfort Inn Rancho Cordova, Rancho Cordova 

- Hallmark Suites Hotel, Rancho Cordova 

- Agua Caliente Casino & Resort, Proposed, Rancho 

Mirage 

- Marriott Ranchos Las Palmas, Rancho Mirage 

- Westin Mission Hills, Rancho Mirage 

- Terranea Resort, Rancho Palos Verdes 

- Element Hotel, Proposed, Redding 

- Microtel Inn & Suites, Redding 

- Sheraton Hotel, Proposed, Redding 

- Sofitel San Francisco Bay, Redwood City 

- Mission Inn, Riverside 

- Rocklin Park Hotel, Rocklin 

- Hotel & Convention Center, Prop., Roseville 

- Larkspur Landing Hotel, Roseville 

- Rancho Caymus Inn, Rutherford 

- Courtyard Sacramento Midtown, Sacramento 

- Hyatt Regency Hotel, Sacramento 

- Candlewood Hotel, Sacramento 

- Candlewood Hotel, Prop., Sacramento 

- Citizen Hotel, Sacramento 

- Courtyard by Marriott, Sacramento 

- Courtyard by Marriott Cal Expo, Sacramento 

- Fairfield Inn & Suites, Sacramento 

- Hawthorn Suites, Sacramento 

- Hilton Garden Inn, Sacramento 

- Holiday Inn Sacramento Northeast, Sacramento 

- Homewood Suites, Sacramento 

- Larkspur Landing Hotel, Sacramento 

- Residence Inn Sacramento Airport Natomas, 

Sacramento 

- Three Franchised Marriott Hotels, Prop., Sacramento 

- TownePlace Suites by Marriott Cal Expo, Sacramento 

- Meadowood Resort, Saint Helena 

- Bay Club Hotel & Marina, San Diego 

- Carmel Highland Doubletree, San Diego 

- Comfort Suites, San Diego 

- Courtyard by Marriott, San Diego 

- Day’s Inn Hotel Circle, San Diego 

- Doubletree Del Mar, San Diego 

- Grand Del Mar & Signature Restaurant, San Diego 

- Grand Hyatt, San Diego 

- Harbour Lights, San Diego 

- Hilton Garden Inn Del Mar, San Diego 

- Hilton Garden Inn Shelter Island, Prop., San Diego 

- Hilton Gaslamp Lasalle, San Diego 

- Hilton Harbor Island, San Diego 

- Hilton Hotel, Proposed, San Diego 

- Holiday Inn Miramar, San Diego 

- Homewood Suites, Proposed, San Diego 

- Hotel Del Coronado, San Diego 

- Hyatt Regency Hotel at Aventine, San Diego 

- Marriott Hotel & Marina, San Diego 

- Pacific Terrace Inn, San Diego 

- Omni Hotel, San Diego 

- Radisson Suite Hotel, San Diego 

- Residence Inn San Diego Mission Valley, San Diego 

- W Hotel, San Diego 

- Woodfin Suites, San Diego 

- Argent Hotel, San Francisco 

- Argonaut Hotel, San Francisco 

- Bedford Hotel, San Francisco 

- Beresford Hotel, San Francisco 


- The Cartwright Hotel, San Francisco 

- The Clift Hotel, San Francisco 

- Comfort Inn by the Bay, San Francisco 

- Courtyard Hotel, San Francisco 



- Galleria Park Hotel, San Francisco 


- Haslett Warehouse, Proposed, San Francisco 


- Hilton Fisherman's Wharf, San Francisco 


- Hotel Palomar, San Francisco 

- Hotel, Proposed, San Francisco 

- Hyatt Regency, San Francisco 

- Hotel Rex, San Francisco 

- Hotel Vintage Court, San Francisco 

- Hyatt Fisherman’s Wharf, San Francisco 


- Juliana Hotel, San Francisco 

- Kensington Park Hotel, San Francisco 

- Langham Hotel, Proposed, San Francisco 

- Mission/Steuart Hotel, San Francisco 

- Miyako Hotel, San Francisco 

- Palomar Hotel, San Francisco 

- Pan Pacific Hotel, San Francisco 

- Park Hyatt, San Francisco 

- Powell West Hotel, San Francisco 

- Radisson Hotel at Fisherman’s Wharf, San Francisco 

- Ramada Inn Union Square, San Francisco 


7

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Renaissance Stanford Court Hotel & Parking Garage, 

San Francisco 

- Richelieu Hotel, San Francisco 

- San Francisco Wharf Retail, San Francisco 

- Savoy Hotel, San Francisco 

- Shannon Court Hotel, San Francisco 

- Sheraton Palace Hotel, San Francisco 

- Sir Francis Drake Hotel, San Francisco 

- St. Regis Hotel, San Francisco 

- Tuscan Inn, San Francisco 

- Villa Florence Hotel & Kuleto's Restaurant, San 

Francisco 

- W Hotel, San Francisco 

- Westin St. Francis Hotel, San Francisco 

- Whitehall Inn, San Francisco 

- Radisson Plaza Hotel Airport, San Francisco 

- Four Hundred-Room Hotel Site, San Jose 

- Fairmont Hotel, San Jose 

- Homewood Suites, San Jose 

- Hotel Valencia - Santana Row, San Jose 

- Moorpark Hotel, San Jose 

- Three Hundred-Room Hotel Site, San Jose 

- Embassy Suites, San Luis Obispo 

- Twin Oaks Golf Course, San Marcos 

- Extended Stay Hotel, Proposed, San Mateo 

- San Mateo Marriott, San Mateo 

- Four Points Sheraton, San Rafael 


- Sierra Suites Hotel, Proposed, San Ramon 

- Westin MainPlace Hotel, Prop., Santa Ana 

- El Encanto Hotel & Garden Villas, Santa Barbara 

- Fess Parker's El Marisol Resort, Prop., Santa Barbara 

- Miramar Hotel, Santa Barbara 

- Montecito Inn, Santa Barbara 

- Santa Barbara Club Resort, Santa Barbara 

- Fairfield Inn, Santa Clarita 

- Embassy Suites, Santa Clara 

- Holiday Inn Great America, Santa Clara 

- Hotel Sierra, Santa Clara 


- Hampton Inn, Santa Clarita 

- Residence Inn, Santa Clarita 

- Hilton Scotts Valley, Santa Cruz 

- Fairmont Miramar Hotel, Santa Monica 

- Loews Santa Monica Beach, Santa Monica 

- Sheraton Miramar Hotel, Santa Monica 

- Viceroy Hotel, Santa Monica 

- Hilton Sonoma County, Santa Rosa 

- Casa del Mar, Santa Monica 

- Courtyard Hotel, Santa Rosa 

- Days Inn Hotel Seaside, Seaside 


- MacArthur Place, Sonoma 

- Renaissance Lodge at Sonoma, Sonoma 

- Woodfin Suites Hotel, Sorrento Mesa 

- Holiday Inn, South San Francisco 

- Larkspur Landing Hotel, South San Francisco 

- Ramada Inn Airport North, South San Francisco 

- Travelodge San Francisco Airport North, South San 

Francisco 

- Radisson Hotel, Stockton 

- Larkspur Landing Hotel, Sunnyvale 

- Radisson Inn, Sunnyvale 

- Residence Inn, Torrance 

- Hilton Hotel Universal City, Universal City 

- Sheraton Universal, Universal City 

- Courtyard Vacaville, Vacaville 

- Holiday Inn Express & Suites, Vacaville 

- Hotel and Health Club, Prop., Vallejo 

- Quality Inn & Suites – Green Tree, Victorville 

- Holiday inn Visalia, Visalia 

- Radisson Hotel, Visalia 

- Embassy Suites Walnut Creek, Walnut Creek 

- Marriott Walnut Creek, Walnut Creek 

- Renaissance ClubSport, Walnut Creek 

- Chamberlain West Hollywood, West Hollywood 

- Hyatt West Hollywood, West Hollywood 

- Mondrian Hotel, West Hollywood 

- Ramada Inn, Retail, Apts., West Hollywood 

- Golden Pheasant, Willows 

- Microtel Inn & Suites, Willows 

- Vintage Estate, Yountville 

Colorado 

- Hyatt Regency BeaverCreek, Avon 

- Old Towne Guesthouse Inn, Colorado Springs 

- Colorado Grande Casino, Cripple Creek 

- Denver Embassy Suites, Denver 

- Silvertree Hotel, Snowmass 

- Wildwood Lodge, Snowmass 

- Days Inn at Vail, Vail 

Connecticut 

- Stamford Tara Hotel, Stamford 

District of Columbia 

- Comfort Inn 

- Four Seasons Hotel 

- Renaissance Mayflower Hotel 

- Sofitel Lafayette Square 

- Washington Court Hotel 

FLORIDA 

- Boca Raton Hotel and Resort, Boca Raton 

- Best Western Sea Wake Resort, Clearwater 

- Holiday Inn, Ft. Lauderdale 

- Pier 66 Hotel & Marina, Ft. Lauderdale 

- - Fairfield Inn, Gainesville 

DoubleTree Guest Suites Melbourne Beach 

Oceanfront, Indialantic 

- Cheeca Lodge & Spa, Islamorada 

- Proposed Resort, Key Biscayne 

- Hyatt Resort, Key West 

- Howard Johnson Inn, Kissimmee 

- Knights Inn-Kissimmee, Kissimmee 

- Ramada Inn-Jacksonville, Jacksonville 

- Hilton Rialto Place Hotel, Melbourne 


8

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Fairfield Inn, Miami 

- Flagler Dog Track & Prop. Magic City Casino, Miami 

- Sofitel Miami Airport, Miami 

- Best Western, Orlando 

- Days Inn, Orlando 

- Fairfield Inn, Orlando 

- Orlando Twin Towers, Orlando 

- Fairfield Inn, Orlando South 

- Comfort Inn, Pensacola 

- Wyndham Westshore Hotel, Tampa 

GEORGIA 

- Holiday Inn Albany, Albany 

- Fairfield Inn, Atlanta 

- Hilton Atlanta, Atlanta 

- Holiday Inn Atlanta Downtown, Atlanta 

- Residence Inn, Atlanta 

- Fairfield Inn, Atlanta-Gwinnett 

- Fairfield Inn, Atlanta-Northlake 

- Fairfield Inn, Atlanta-Northwest 

- Fairfield Inn, Atlanta-Peachtree 

- Fairfield Inn, Atlanta-Southlake 

- Homewood Suites, Augusta 

- Hilton Garden Inn, Lithonia 

- Fairfield Inn, Savannah 

- TownePlace Suites by Marriott, Savannah 

- Westin Savannah Harbor, Savannah 

HAWAII 

- Fairmont Orchid Hotel, Kamuela, Hawaii 

- Waikoloa Marriott, Waikoloa, Hawaii 

- Aloha Beach Resort, Kapa’a, Kauai 

- Courtyard by Marriott, Kapa’a, Kauai 

- ResortQuest Kauai Beach Resort at Makaiwa, Kapa’a, 

Kauai 

- Westin Kauai, Kalapaki Beach, Kauai 

- Four Seasons Resort Manele Bay and the Experience 

at Koele Golf Course, Lanai City, Lanai 

- Four Seasons Resort, the Lodge at Koele, Lanai City, 

Lanai 

- Condo Hotel, Proposed, Kaanapali, Maui 

- Wailea Marriott, Wailea, Maui 

- Kahala Mandarin Oriental Hotel, Honolulu, Oahu 

- Marriott Waikiki, Honolulu, Oahu 

- Ohana Waikiki Beachcomber Hotel, Honolulu, Oahu 

- Outrigger Reef Hotel, Honolulu, Oahu 

- Sheraton Princess Kaiulani, Honolulu, Hawaii 

- Sheraton Waikiki, Honolulu, Hawaii 

- Waikiki Beachcomber Hotel, Honolulu Hawaii 

- Sheraton Keauhou Bay Resort & Spa, Kailua-Kona, 

Hawaii 

IDAHO 

- Doubletree Boise Riverside, Boise 

- Shilo Inn – Boise Riverside, Boise 

- Resort Development, Coeur d'Alene 

- Super 8, Coeur d'Alene 

- Fairfield Inn & Suites, Prop., Idaho Falls 

- Super 8, Lewiston 

- Motels of America, Lewiston 

- Shilo Inn, Nampa 

- Cavanaughs Pocatello Hotel, Pocatello 

- Super 8, Ponderay 

- Best Western Cavanaugh, Post Falls 

- Jumeirah Resort, Proposed Teton Valley 

ILLINOIS 

- Jumers Chateau, Bloomington 

- Allegro Hotel, Chicago 

- Hyatt at University Village, Chicago 

- Peninsula Hotel, Chicago 

- Sofitel Water Tower Hotel, Chicago 

- Westin Hotel, Chicago 

- Westin Michigan Avenue, Chicago 

- Fairfield Inn, Chicago/Lansing 

- Marriott Suites, Deerfield 

- Jumers Continental Inn, Galesburg 

- Nordic Hills Resort & Conference Center, Itasca 

- Marriott Lincolnshire Resort, Lincolnshire 

- Fairfield Inn, Peoria 

- Jumers Castle, Peoria 

- Fairfield Inn, Rockford 

- Doubletree Hotel - North Shore, Skokie 

- Hampton Inn, Urbana 

- Jumers Castle Lodge, Urbana 

- Holiday Inn, Willowbrook 

- Wyndham Garden Hotel, Wood Dale 

INDIANA 

- Fairfield Inn, Bloomington 

- Marriott Evansville, Evansville 

- Fairfield Inn, Fort Wayne 

- French Lick Springs Resort, French Lick 

- Conrad Hotel & Condos, Indianapolis 

- Conrad Hotel & Condos, Prop., Indianapolis 

- Fairfield Inn, Indianapolis 

- Four Points Sheraton, Indianapolis 

- Hotel, Proposed, Indianapolis 

- Omni Severin Hotel, Indianapolis 

IOWA 

- Proposed Hotel at Prairie Meadows Racetrack and 

Casino, Altoona 

- Jumers Castle Lodge, Bettendorf 

- Fairfield Inn, Des Moines 

KANSAS 

- Fairfield Inn, Kansas City 

- Fairfield Inn, Kansas City West 

- Marriott Hotel, Overland Park 

- Wyndham Garden Hotel, Overland Park 

KENTUCKY 

- Cincinnati Marriott at RiverCenter, Covington 

LOUISIANA 

- Boomtown New Orleans, Harvey 

- Courtyard New Orleans Downtown, New Orleans 


9

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Days Inn, New Orleans 

- Fairmont Hotel, New Orleans 

- Hard Rock Hotel, Prop., New Orleans 

- JW Marriott New Orleans, New Orleans 

- Maison Blanche Mixed-Use Development, Prop., New 

Orleans 

- Marriott at the Convention Center, New Orleans 

- Marriott Hotel, New Orleans 

- Renaissance Pere Marquette, New Orleans 

MARYLAND 

- Fairfield Inn, Baltimore 

- Residence Inn, Columbia 

- Holiday Inn Cumberland Downtown, Cumberland 

MASSACHUSETTS 

- Fairmont Copley Plaza Hotel, Boston 

- Hotel Nine Zero, Boston 

- Canyon Ranch, Lenox 

- Sheraton Tara Lexington, Lexington 

- Sierra Suites Hotel, Prop., Waltham 

MICHIGAN 

- Hilton Hotel, Auburn Hills 

- Radisson Kingsley Hotel & Suites, Bloomfield Hills 

- Hampton Inn, East Lansing 

- Fairfield Inn, Kalamazoo 

- Embassy Suites, Livonia 

- Wyndham Garden Hotel, Novi 

- Crowne Plaza Hotel, Romulus 

- Homewood Suites, Troy 

- Marriott Hotel, Troy 

MINNESOTA 

- Sofitel Minneapolis Hotel, Bloomington 

- Hampton Inn, Eden Prairie 

- Marriott Hotel Minnesota SW, Minnetonka 

MISSISSIPPI 

- Boomtown Biloxi, Biloxi 

- Treasure Bay Hotel & Casino, Biloxi 

- University Inn, Oxford 

- Hotel, Proposed, Tunica 

- Riverboat Casino, Vicksburg 

MISSOURI 

- Fairmont Hotel, Kansas City 

- RiverFront Station, St. Charles 

- Adam’s Mark Hotel, St. Louis 

MONTANA 

- Sheraton Hotel, Billings 

- Best Western Colonial Hotel, Helena 

- Holiday Inn-Parkside, Missoula 

NEVADA 

- Ormsby House, Carson City 

- Crystal Park Casino Hotel, Crystal City 

- Gem Casino, Henderson 

- Joker's Wild Casino, Henderson 

- Loews Lake Las Vegas Resort, Henderson 

- Tom's Sunset Casino, Henderson 

- Harveys Casino Hotel, Lake Tahoe 

- Aladdin Hotel & Casino, Las Vegas 

- Alexis Park Resort, Las Vegas 

- Boardwalk Hotel & Casino, Las Vegas 

- Boulder Station, Las Vegas 

- Development Site at Harmon Avenue & Koval Lane, 

Las Vegas 

- El Morocco Motel, Las Vegas 

- Eureka Saloon Casino, Las Vegas 

- Flamingo Hilton, Las Vegas 

- Greek Isles Hotel and Casino, Las Vegas 

- Hacienda Casino Hotel, Las Vegas 

- Harrah’s Las Vegas, Las Vegas 

- JW Marriott Las Vegas Resort & Spa and Rampart 

Casino, Las Vegas 

- La Concha Motel, Las Vegas 

- Las Vegas Hilton, Las Vegas 

- MGM Grand, Las Vegas 

- Monte Carlo Casino Hotel, Las Vegas 

- New York New York Hotel & Casino, Las Vegas 

- Palace Station, Las Vegas 

- Paris Hotel & Casino, Las Vegas 

- Regent International Hotel & Casino, Las Vegas 

- Residence Inn Las Vegas, Las Vegas 

- Rio All-Suite Hotel & Casino, Las Vegas 

- Sahara Hotel & Casino, Las Vegas 

- Sahara Hotel & Casino and Two Vacant Land Parcels, 

Las Vegas 

- Santa Fe Casino Hotel, Las Vegas 

- Sunset Station, Proposed, Las Vegas 

- Texas Station, Las Vegas 

- Casino & RV Project, Proposed, Laughlin 

- Harrah’s Laughlin, Laughlin 

- Peppermill Resort Hotel, Mesquite 

- Whiskey Pete's, Primm 

- Boomtown Casino Hotel, Reno 

- Holiday Inn, Reno 

- Holiday Inn Express, Proposed, Reno 

- Hotel, Proposed, Sparks 

- Hobey's Casino, Sun Valley 

- Nevada Crossing Casino, Wendover 

NEW JERSEY 

- Resorts Atlantic City, Atlantic City 

- Casino Hotel w/Ancillary Facilities, Prop. (Phase - 

One), Atlantic City 

- Harrah’s Atlantic City, Atlantic City 

- Showboat Atlantic City, Atlantic City 

- Sierra Suites, Branchburg 

- Holiday Inn, Jamesburg 

- Hotel Sierra, Parsippany 

- Courtyard by Marriott Princeton, Princeton 

- Crowne Plaza, Secaucus 

NEW MEXICO 

- La Posada de Albuquerque, Albuquerque 


10

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Hyatt Regency, Albuquerque 

NEW YORK 

- Hotel Sierra, Fishkill 

- Omni Park Central Hotel, New York 

- Soho Hotel, Proposed, New York 

- Courtyard by Marriott, Saratoga Springs 

- Residence Inn Saratoga, Saratoga Springs 

- Renaissance Westchester, White Plains 

NORTH CAROLINA 

- Fairfield Inn, Charlotte 

- Holiday Inn Charlotte Airport, Charlotte 

- Holiday Inn Charlotte University Park, Charlotte 

- Fairfield Inn, Charlotte-North 

- Fairfield Inn, Durham 

- Wyndham Garden Hotel, Durham 

- Fairfield Inn, Fayettesville 

- Fairfield Inn, Greensboro 

- Hampton Inn, Greensboro 

- Best Western High Point, High Point 

- Radisson Hotel High Point, High Point 

- Fairfield Inn, Raleigh 

- Holiday Inn Crabtree, Raleigh 

- Fairfield Inn, Wilmington 

- Residence Inn, Winston-Salem 

OAKLAHOMA 

- Tulsa Ambassador Hotel, Tulsa 

OHIO 

- Embassy Suites, Cincinnati 

- Fairfield Inn, Cleveland 

- Two Hundred-Room Boutique Hotel, Cleveland 

- Fairfield Inn, Columbus 

- Holiday Inn-Airport, Columbus 

- Fairfield Inn, Dayton 

- Embassy Suites, Rockside 

- Fairfield Inn, Toledo 

OREGON 

- Shilo Inn, Beaverton 

- Shilo Inn Suites, Bend 

- Surfsand Resort, Cannon Beach 

- Monarch Hotel & Convention Center, Clackamas 

- Hilton Garden Inn, Proposed, Corvallis 

- Red Lion Inn, Gleneden 

- Salishan Resort, Gleneden 

- Candlewood Hotel, Hillsboro 

- Larkspur Landing Hotel, Hillsboro 

- Hilton Garden Inn, Lake Oswebo 

- Homewood Suites, Medford 

- Shilo Inn, Newport 

- Avalon Hotel, Portland 

- Avalon Restaurant & Hotel, Portland 

- Benson Hotel, Portland 

- Convention Headquarters Hotel, Prop., Portland 

- Doubletree Portland Lloyd Center, Portland 

- Embassy Suites Hotel, Portland 

- Hotel deLuxe, Portland 

- Hotel Fifty, Portland 

- Hotel Lucia, Portland 

- Hyatt Place, Proposed, Portland 

- Larkspur Collection Riverplace, Portland 

- Luxury Collection Hotel, Prop., Portland 

- Marriott Renaissance Hotel, Prop., Portland 

- Monaco Hotel, Portland 

- Residence Inn, Proposed, Portland 

- The Nines Hotel, Prop., Portland 

- Shilo Inn, Portland 

- Sunriver Resort, Portland 

- Westin Hotel, Portland 

- ExecuLodge, Salem 

- Best Western Ocean View Resort, Seaside 

- Nendels Motor Inn, Springfield 

- Sunriver Resort, Sunriver 

- Embassy Suites, Tigard 

- Shilo Inn Astoria/Warrenton, Warrenton 

PENNSYLVANIA 

- Courtyard Hotel, Bensalem 

- Harrah's Chester Casino & Racetrack, Chester 

- Hotel Sierra, Proposed, King of Prussia 

- Hampton Inn & Outback Steak House Restaurant, 

Monroeville 

- Comfort Inn Pottstown, Pottstown 

- Holiday Inn, Union Town 

- Holiday Inn York Manchester Mall, York 

SOUTH CAROLINA 

- Charleston Place, Charleston 

- Fairfield Inn, Florence 

- Fairfield Inn, Hilton Head 

- Westin Hotel, Hilton Head 

TENNESSEE 

- Hilton Suites Hotel, Brentwood 

- Fairfield Inn, Johnson City 

- Hotel Preston, Nashville 

TEXAS 

- Amarillo Super 8 Motel, Amarillo 

- Holiday Inn Express Arlington, Arlington 

- The Crescent Hotel, Dallas 

- Fairmont Hotel, Dallas 

- Melrose Hotel, Dallas 

- Embassy Suites, El Paso 

- Courtyard Houston I-10 West, Houston 

- Four Seasons Hotel, Houston 

- Omni Hotel, Proposed, Houston 

- Sheraton Grand Hotel, Irving 

- Renaissance Hotel, McAllen 

- DoubleTree Hotel, Richardson 

- Holiday Inn, Richardson 

- Comfort Suites San Antonio Airport North, San 

Antonio 

- DoubleTree San Antonio Airport, San Antonio 


11

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Holiday Inn Express San Antonio Airport North, San 

Antonio 

- Hyatt Regency Hill Country, San Antonio 

- Salado Creek/Arena District Master Plan, San 

Antonio 

UTAH 

- TownePlace Suites, Proposed. Orem 

- Cavanaugh's Olympus Hotel, Salt Lake City 

- Marriott Hotel, Salt Lake City 

- Red Lion Hotel Salt Lake Downtown, Salt Lake City 

- Shilo Inn, Salt Lake City 

- WestCoast Olympus Hotel, Salt Lake City 

- Zion Park Inn & Switchback Grill & Trading 

Company, Salt Lake City 

- Lodges at Stillwater, Wasatch County 

VIRGINIA 

- Holiday Inn, Arlington 

- Sheraton Inn Coliseum 

- Fairfield Inn, Hampton 

- Richmond Holiday Inn, Richmond 

- Marriott Tyson’s Corner, Tyson’s Corner 

- Fairfield Inn, Virginia Beach 

WASHINGTON 

- Best Western Bellevue Inn, Bellevue 

- Candlewood Hotel, Bellevue 

- Embassy Suites, Bellevue 

- Lincoln Square Hotel, Bellevue 

- Marriott Hotel, Proposed, Bellevue 

- Residence Inn, Bellevue 

- Ritz-Carlton, Proposed, Bellevue 

- Sierra Suites Hotel, Prop., Bellevue 

- Westin Hotel, Proposed, Bellevue 

- Pony Soldier Inn, Chehalis 

- Full Service Hotel, Proposed, Everett 

- Homecourt All Suite Hotel, Kent 

- Fairfield Inn & Suites, Proposed, Lacey 

- Embassy Suites, Lynwood 

- WestCoast Olympia Hotel, Olympia 

- Alexis Hotel, Seattle 

- Coast Gateway Hotel, Seattle 

- Four Seasons Olympic Hotel, Seattle 

- Holiday Inn SeaTac, Seattle 



- Hyatt Hotel at Olive8, Prop., Seattle 

- Monaco Hotel, Seattle 

- Olympic Hotel, Seattle 

- Red Lion Hotel on Fifth Avenue, Seattle 

- Renaissance Madison Hotel, Seattle 

- Roosevelt Hotel, Seattle 

- Sheraton Hotel, Seattle 

- University Plaza Motor, Seattle 

- WestCoast Grand Hotel on Fifth Avenue, Seattle 

- West Coast Paramount, Seattle 

- West Coast Vance Hotel, Seattle 

- WestCoast Grand Hotel, Spokane 

- Hotel Premier, Tacoma 

- Embassy Suites, Tukwila 

- Homewood Suites, Tukwila 

- Red Lion Hotel Yakima Center, Yakima 

WISCONSIN 

- Fairfield Inn, Auburn Hills 

- Fairfield Inn, Detroit 

- Fairfield Inn, Detroit West 

- Radisson Inn, Farmington Hills 

- Fairfield Inn, Madison 

- Holiday Inn-Airport, Milwaukee 

- Milwaukee Marriott Hotel, Milwaukee 

- Wyndham Milwaukee Airport and Convention 

Center, Milwaukee 

- Downtown Convention Hotel, Racine 

- Fairfield Inn, Warren 

WYOMING 

- Executive Inn, Evanston 

- Granary Restaurant & Spring Creek Ranch, Jackson 

- Super 8, Jackson 

- Four Seasons Resort Hotel, Condominiums, and 

Fractionals, Jackson Hole 

BARBADOS 

- Fairmont Royal Pavilion, St. James 

BERMUDA 

- Fairmont Hamilton Princess, Hamilton 

- Fairmont Southampton Princess, Southampton 

BRITISH VIRGIN ISLANDS 

- Little Dix Bay, Virgin Gorda 

CANADA 

- Tritel Hotel "Ramada" Montreal 

- L'Emerillon Hotel, Quebec City 

CHILE 

- Casino Hotel, Prop., San Francisco de Mostazel 

FRANCE 

- Dordogne Resort, Proposed, France 

MEXICO 

- Fairmont Acapulco Princess, Acapulco 

- Fairmont Pierre Marques, Acapulco 

- Hilton Cancun Beach & Golf Resort, Cancun 

- Four Seasons Mexico D.F., Colonia Juarez 

- Four Seasons Resort, Punta Mita 

MONACO 

- Monte Carlo Resort, Proposed, Monaco 

U.S. VIRGIN ISLANDS 

- Caneel Bay Resort, St. John 

- Frenchman's Reef Resort, St. Thomas 

- Grand Palazzo Hotel, St. Thomas 


12

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

VARIOUS 

- Fairmont Management Company 

- Hardage Hotels Franchise Agreements Valuation, 

Various Locations, California 


13


EMPLOYMENT 

1985 to present 

1981 to 198 

1980 to 1981 

1980 

1976 to 1978 

1976 

HVS 


Senior Managing Director – 

Consulting and Valuation Division 

Gaming Services Division 

(Hotel-Gaming Valuations, Market Studies, Feasibility Reports, and Investment Counseling) 

Hospitality Valuation Services 

Mineola, New York 

Director of Consulting and Valuation Services 

(Hotel-Motel Valuations, Market Studies, Feasibility Reports, and Investment Counseling) 

MORGAN GUARANTY TRUST COMPANY 


Real Estate Appraiser and Consultant 

(Real Estate Investment Valuation and Analysis) 

LAVENTHOL & HORWATH 


Senior Consultant 

(Management Advising Services - Market and Feasibility Studies) 

WESTERN INTERNATIONAL HOTELS 

The Plaza, New York City 

Management Trainee 

(Rooms Operations and Accounting) 

HARLEY, LITTLE ASSOCIATES 

Toronto, Canada 

Junior Consultant 

(Food Facilities Design, Market Studies) 

HVS, San Francisco & Las Vegas Qualifications of Suzanne R. Mellen, CRE, MAI, FRICS, ISHC 

1

PROFESSIONAL 

AFFILIATIONS 

EDUCATION 

STATE CERTIFICATION 

ARTICLES AND 

PUBLICATIONS 

Appraisal Institute - Member (MAI) 

� Board of Directors – San Francisco Bay Area Chapter (1994, 1995) 

� Education Committee Chairperson – Northern California Chapter 11 

� Workshop Committee Chairperson – Northern California Chapter 11 

� Division of Courses - National Committee 

� Continuing Education Committee – New York Committee 

� Director, Real Estate Computer Show – New York Chapter 

American Society of Real Estate Counselors – 

Member (CRE) 

� Vice Chair – Northern California Chapter (1994, 1995) 

� Chair – Northern California Chapter (1996) 

National Association of Review Appraisers & Mortgage Underwriters (CRA) 

International Society of Hospitality Consultants - Member (ISHC) 

Fellow of the Royal Institution of Chartered Surveyors (FRICS) 

Cornell Hotel Society 

Cornell University – Center for Hospitality Research Board of Directors 

American Hotel and Motel Association 

California Hotel and Motel Association 

Urban Land Institute 

B.S., School of Hotel Administration, Cornell University 

Liberal Arts Undergraduate Study, Carnegie Mellon University 

Completion of MAI course work, Appraisal Institute 

New York University, School of Continuing Education - Real Estate Division 

Arizona, California, Colorado, Hawaii, Oregon, Pennsylvania, Texas, Utah, Washington, and 

Washington DC 

“Simultaneous Valuation: A New Technique,” The Appraisal Journal, April 1983 

“How to Review a Hotel Appraisal,” Appraisal Review & Mortgage Underwriting Journal, November 

1989 

“Value and Proper Use of Feasibility Studies,” California Inntouch Magazine, December 1990 

“Valuing Hotels Is A Challenge During Uncertain Times,” The Hotel Journal, June 2003 

“How Much Should I Pay For the Land?,” The Hotel Valuation Journal, January 1996 

“The Future of Full-Service Hotel Development,” The Hotel Valuation Journal, Winter 1995 

“Strong Rates of Return Driving Hotel Development,” The HVS Journal – ALIS Edition, January 1998 

“Hotel Cap Rates and Values – The 1998 Rollercoaster Ride and What Lies Ahead,” The HVS Journal – 


“Hotel Land Values and the Ground Lease Approach,” The HVS Journal – ALIS Edition, January 2001 

“Fed Policies Stabilize Hotel Cap Rates in Uncertain Times,” The HVS Journal – ALIS Edition, January 

2003 

“Low Interest Rates and High Demand for Hotel Assets Fuels Value Gains,” The HVS Journal, January 

2004 

“Allure of Hotel Investments Expected to Moderate Rise in Capitalization Rates as Rebound Takes 

Hold,” The HVS Journal – ALIS Edition, January 2005 

“Low Cap Rates Drive Gain in Hotel Values: Will Today’s Underwriting Sustain Future Appreciation?,” 

The HVS Journal – ALIS Edition, January 2006 

“Forecasting Market-Wide Gaming Revenue (Win) for the Macau Special Administrative Region,” 

with Shannon Okada. The HVS Journal–ALIS Edition, January 2006 


2

ARTICLES AND 

PUBLICATIONS 

(CONTINUED) 

CONTRIBUTING EDITOR 

COMPUTER SOFTWARE 

APPEARANCE AS AN 

EXPERT WITNESS 

“Does Your Underwriting Adequately Compensate for the Timing of Future Cash Flow?,” The HVS 

Journal – ALIS Edition, January 2007 

“Hotel Capitalization Rates Bottom Out,” The HVS Journal – ALIS Edition, January 2007 

“Hotel Cap Rates and Values in a Changing Market Environment,” The HVS Journal – ALIS Edition, 

January 2008 

“Hotel Values in Transition—An Appraisal Technique for These Uncertain Times,” The HVS Journal – 


“Hotel Capitalization Rates on the Rise,” The HVS Journal – ALIS Edition, January 2009 

“The Impact of Seller Financing upon Hotel Values,” The HVS Journal – ALIS Edition, January 2010 

“Dramatic Decline in Hotel Capitalization Rates Reflects Shift in Market Sentiment,” The HVS Journal – 


“CapEx 2000 – A Study on Capital Expenditures in the Hotel Industry,” International Society of 

Hospitality Consultants (ISHC), October 2000 

“Hotel Land Values and the Ground Lease Approach,” Real Estate Finance Journal, Spring 2001 

“Low Cap Rates Drive Gain in Hotel Values: Will Today’s Underwriting Sustain Future Appreciation?” 

Real Estate Finance Journal, June 2006 

“Hotel Capitalization Rates on the Rise,” Real Estate Finance Journal, January 2009 

“Hotel Values in Transition—An Appraisal Technique for these Uncertain Times,” Real Estate Finance 

Journal, January 2009 

Hotel Investments Handbook, 1997 

Simultaneous Valuation Formula - Software for the capitalization of a variable income stream. “ 

American Arbitration Association, Los Angeles, CA 

American Arbitration Association, San Francisco, CA 

City Hall Property Tax Hearing, San Francisco, CA 

County Board of Equalization of Utah County, State of Utah 

Cuyahoga County Court of Common Pleas, Cleveland, Ohio 

District Court of Guam 

Federal Bureau of Investigation, New York, New York (deposition) 

Federal Tax Court, New York, New York 

Los Angeles Assessment Appeals Board 

JAMS Arbitration, Orange, California 

JAMS Arbitration, Orange County, California 

JAMS Arbitration, San Francisco, California 

Judicial District Court of Bexar County, Texas 285 th Judicial District 

San Francisco Assessment Appeals Board 

Superior Court of Guam (deposition and testimony) 

Superior Court of the State of Arizona, County of Maricopa 

Superior Court of the State of California, City and County of San Francisco (deposition) 

Superior Court of the State of California, County of Alameda (deposition and testimony) 

Superior Court of the State of California, County of Los Angeles (deposition and testimony) 

Superior Court of the State of California, County of Orange, Central Justice Center 

Superior Court of the State of California, County of San Diego, North County Branch 

Superior Court of the State of California, County of San Luis Obispo (testimony and deposition) 

Superior Court of the State of California, County of San Mateo 

Superior Court of the State of California, County of Santa Clara 

Superior Court of the State of California, County of Santa Cruz 

Tax Appeals Board - 

Los Angeles County, California 

Contra Costa County, California 


3

APPEARANCE AS AN 

EXPERT WITNESS, 

CONTINUED 

PARTIAL LIST OF 

SPEAKING AND LECTURE 

APPEARANCES 

Orange County, California 

San Francisco County, California 

San Mateo County, California 

Santa Barbara, California (deposition and testimony) 

Utah County, Utah 

Washington, D.C. 

Tax Appeal Court of the State of Hawaii 

U.S. Bankruptcy Court, Alaska Historic Court Anchorage 

U.S. Bankruptcy Court, District of Utah, Central Division 

U.S. Bankruptcy Court, Northern District of California, San Francisco 

U.S. Bankruptcy Court, Northern District of California, Santa Rosa Division 

U.S. Bankruptcy Court, Eastern District of California, Sacramento (deposition) 

U.S. Bankruptcy Court, Colorado (deposition) 

U.S. Bankruptcy Court for the Eastern District of Pennsylvania 

U.S. Bankruptcy Court, Eastern District of Texas, Sherman Division (deposition) 

U.S. Bankruptcy Court, Northern District of Texas, Dallas Division (deposition and testimony) 

U.S. Bankruptcy Court, Southern District of California (deposition and testimony) 

U.S. Bankruptcy Court, Southern District of Texas, Houston Division 

U.S. Bankruptcy Court, Utah, Salt Lake City 

U.S. Court of Appeals for the Eighth Circuit 

U.S. District Court, Central District of California (deposition) 

U.S. District Court, Eastern District of Arkansas, Little Rock 

U.S. District Court, Eastern District of California 

U.S. District Court Northern District of California, San Francisco (deposition) 

U.S. District Court, Southern District of California 

U.S. District Court, Southern District of New York 

U.S. District Court, Southern District of Texas, Houston Division 

U.S. District Court, Western District of Washington at Seattle 

U.S. District Court, Western District of New York (deposition) 

U.S. District Court, Southern District of New York 

U.S. District Court, Western District of Washington at Seattle 

U.S. 2 nd Circuit Court of Appeals (deposition and testimony) 

American Bar Association - Property Tax '92 – Income Approach 

American Institute of Real Estate Appraisers – Approved Instructor - Hotel/Motel Valuations 

Americas Lodging Industry Summit – 2002, 2003, 2004 

Allure of Hotel Investment Expected to Moderate Rise in Capitalization Rates as Rebound Takes 

Hold, 2005 

Low Cap Rates Drive Gains in Hotel Values: Will Today’s Underwriting Sustain Future 

Appreciation?, 2006 

Forecasting Market-wide Gaming Revenue (Win) for the Macau Special Administrative Region, with 

Shannon Okada, 2006 

Hotel Capitalization Rates Bottom Out, 2007 

Does Your Underwriting Adequately Compensate for the Timing of Future Cash Flow?, 2007 

Hotel Cap Rates and Values in a Changing Market Environment, 2008 

Hotel Capitalization Rates on the Rise, 2009 

Hotel Values in Transition—An Appraisal Technique for These Uncertain Times, 2009 

The Impact of Seller Financing Upon Hotel Values, 2010 

Dramatic Decline in Hotel Capitalization Rates Reflects Shift in Market Sentiment, 2011 

Appraisal Institute – National and International Hospitality Markets - 1998 

Appraisal Institute – National Summer Conference, 2002 - The Aftermath: Our World Post September 

11 – A Hospitality Perspective 

Appraisal Institute – Northern California Chapter, 2001 Annual Fall Conference – Valuing Intangible 

Assets for Property Tax Assessment Purposes 


4

PARTIAL LIST OF 

SPEAKING AND LECTURE 

APPEARANCES 

(CONTINUED) 

Appraisal Institute – San Francisco Bay Area Chapter – Motel Valuation Case Study 

California Assessors Assocation Annual Conference – October 26, 2009 – Hotel Valuation and Trends 

California Hotel and Motel Association, 1985 Annual Convention - Development Overview; 1995 

Annual Meeting – Capital Expenditure Requirements; 1997 – Roses or Weeds? What Does the 

Future Hold for California’s Lodging Industry? 

California Receivers Forum, 2002 – The Receiver as Innkeeper: A Primer on Valuation, Operation and 

Strategic Disposition of Hotels 

Citibank, N.A. - Hotel/Motel Valuations 

Commercial Real Estate Women (CREW-SF) & Real Estate Investment Advisory Council (REIAC) – 

The San Francisco Hotel Boom - 1998 (with Chip Conley, president of Joie de Vivre Hospitality) 

Cornell Center for Professional Development – Hotel Workouts; Computerized Approach to Hotel 

Valuations and Market Studies – 1990 

Cornell University - Real Estate Finance 

Cornell University, School of Hotel Administration: Dean’s Distinguished Lecture Series – The Road 

Taken: Career of an Entreprenurial Consultant – September 2010 

Counselors of Real Estate – Hotel Valuations: New Techniques for Today’s Uncertain Times - 2010 

Country Hospitality Conference – Hotel Development Challenges in the Nineties 

Econo-Travel Motor Hotel Corp., Annual Financial Seminar – Hotel Valuation 

Fishing for Solutions – 2002, 2003, 2004 - Servicing Hotel Defaults in Troubled Waters 

Hotel Asset Managers Association – 2003 - San Francisco Bay Area Market Overview 

Hotel Design 2002, 2004 – HD Town Hall Meeting - The State of Our Industry 

14 th Annual Hotel Industry Investment Conference – Numbers, Numbers & More Numbers….Where Are 

We and Where Are We Headed?? 

Institute of Property Taxation, 1984 Real Estate Symposium – Simultaneous Valuation 

Jeffer, Mangels, Butler & Marmaro – Meet the Money, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 

2005, 2006, 2007, 2008, 2009, 2010 

Jeffer, Mangels, Butler & Marmaro Forum – Answers to Three of the Most Provocative Questions in 

Hotel Valuation Today 

Law Seminars International – Seattle, WA, 2008 - Buying & Selling Hotels 

Lodging Conference, 1999, 2000 

Midwest Lodging Investors Summit, 2009 

National Association of Review Appraisers and Mortgage Underwriters – Reviewing a Hotel Appraisal 

Report, 1990 

National Conference of State Tax Judges – Valuation and the Hospitality Industry 

Northwest Center for Professional Development – 1986-87 Hotel Development Seminars 

NYU Hospitality Industry Investment Conference, 1991, 1992, 1993, 1994, 1995, 2003 

Orange County Appraisal Society Real Estate Conference 2009 – Hotel Valuation and Trends 

Southampton College – Feasibility Studies and Appraisals 

Special American Business Internship Training (SABIT) – 2006 Hotel Management Program 

Strategic Hotel Default Lender Summit, 2003 – Servicing Loan Defaults in Today’s Uncertain Times 

UCLA Hotel Industry Investment Conference, 1995 –2001 

ULI San Francisco, 2008 – SF Brownbag: Trends in Casino Hotel Properties 

University of Denver - Hotel/Motel Valuation 

USF 20th Annual Hospitality Industry Symposium, 2010 – Prognosis for the Hospitality Industry 

VALCON 2010, February 24-26, 2010, Real Estate: the Economics and Future of Malls, Hotels and 

Gaming (with Anne Lloyd-Jones) 


5

EXAMPLES OF 

CORPORATE 



909 North Michigan Avenue Corporation 

AA Capital Partners 

Aareal Bank AG 

ABF, Inc. 

Acclarit Group, Inc. 

Accor Economy Lodging 

Accord/BEV L.P. EPAM Corporation 

Accord/PAS Associates, LP 

Ackman Ziff 

Adams & Jones, Certified 

Aegon USA Realty Advisors, Inc. 

Aetna Life Insurance Co. 

Aetna Real Estate Investment 

Africa Israel Investments 

Ajalat, Polley, Ayoob & Matarese 

Akin Gump Strauss Hauer & Feld, LLP 

Alaska Resort Hotels Company, Inc. 

Alley Associates I, Inc. 

Allegiant Bank 

Alliance Ventures 

Allied Capital Advisors, Inc. 

Altheimer & Gray 

AMC of America 

American Hotels, Inc. 

American Racing & Entertainment 

American Realcorp 

America West Bank 

Amfac Parks & Resorts 

AMRESCO 

Amrit Wellness Spa Resort 

Amstar Group, Inc. 

Andrew Daveridge Corp. 

Archer Norris 

Archon Group 

ARCON, Inc. 

Aries Capital 

Arsenal Real Estate Funds 

Ashford Financial Corporation 

Aspen Companies 

Auberge Resorts 

Avalon Holdings 

Avista 

Baha Mar Development Company 

Bank of America 

Bank Boston 

Bankers Mortgage 

Bankers Trust Company 

Bank of Bermuda Limited 

The Bank of New York 

Bank of Nova Scotia 

Bank of San Francisco 


Bank One 

Banque Nationale de Paris 

Barclay's Bank 

Barclay’s Capital 

Barrow Street Capital 

Bavarian Inn Lodge 

B.B. Patel 

The Beacon Companies 

Bear Stearns & Co., Inc. 

Beau Rivage Casino & Resort 

Bendet, Fidell, Sakai & Lee 

Benton Investment 

Berger Company 

Bergeson Eliopoulos, LLP 

BF Hospitality 

Block, Plant, Eisner, Fiorito & Belak-Berger 

BMC Capital 

BNP Paribas 

BNY Asset Solutions, LLC 

Boies, Schiller & Flexner, LP 

Bongo II, Inc. 

Boulder Bay 

Boyd Gaming 

Boykin Management Co. 

Breeze Capital Management 

Briarcliff Development Company 

Bridge Capital, Inc. 

Broadreach Capital Partners 

Broad, Schultz, Larson & Wineberg 

Bryan Cave 

Buckingham Companies 

Bucks County Board of Assessment (PA) 

Builders Bank 

Burlingame Bank and Trust Comp. 

Buss-Shelger Associates 

Cabazon Band of Mission Indians 

Cable, Huston, Benedict, Haagensen & Lloyd, LLP 

Caesars World Gaming 

CA First Boston 

Cahill Davis & O'Neall 

Cahill Gordon & Reindel 

Cairn Mountain Associates 

Cala Properties 

California Bank & Trust 

California Federal Bank 

California Department of Transportation 

Callahan Property Company 

Calyon 

Campbell Creekside 

Canadian Imperial Bank of Commerce 

Cannery Casino Resorts 

Canyon Equity 

Capital Source 

Capitol Valley Bank 


C.A. Rickert & Associates 

Carlsbad Estate Holding, Inc. 

The Caryle Group 

Carpenters Pension Trust for Southern California 

Carr McClellan Ingersoll Thompson & Horn 

Carroll, Burdick, McDonough 

Casa de Fruta 

Cascade Bancorp/Bank of the Cascades 

CASC Corporation 

Case, Knowlson, Mobley, Burnett and Luber 

CB Richard Ellis 

CDC Mortgage Capital, Inc. 

Centerline Capital Group/C-III 


6

EXAMPLES OF 

CORPORATE 



(CONTINUED) 

Central Core Corp. 

Centro Empresarial Tauro de Tacate S de RL de CV 

Champion Development Group 

Charter One Bank, N.A. 

Chartwell Leisure 

Chase Manhattan Bank 

Chase Real Estate Finance Group 

Chemical Bank 

Churchill Mortgage Corporation 

CIBC World Markets 

CIGNA Capital Advisors, Inc. 

Citibank 

Citicorp Real Estate, Inc. 

Citigroup Global Markets Realty Co. 

Citigroup Private Bank 

City and County of San Francisco 

City of Albuquerque, New Mexico 

City of Berkeley, California 

City of Boulder, Colorado 

City of Florence, Oregon 

City of Guadalupe, California 

City of Huntington Beach 

City of Los Altos, California 

City of Marysville, California 

City of Monterey, California 

City of Napa Redevelopment Agency 

City of Oakland, California 

City of Phoenix, Arizona 

City of Rancho Palos Verdes 

City of San Diego, California 

City of San Jose, California 

City of Santa Ana, California 

City of West Allis, Wisconsin 

City of Watsonville, California 

Clarion Partners 

Cleary, Gottlieb, Steen & Hamilton 

Cliff Castle Casino 

CNL Hospitality Corporation 

Coast Commercial Bank 

Column Financial, Inc. 

Compass Bank 

Contra Costa County 

Coopers & Lybrand 

Comerica Bank – California 

Commercial Bank of San Francisco 

Commercial Bank of Korea, Ltd. 

Compass Bank 

Core Development 

Cornerstone Real Estate Advisors, Inc. 

Corus Bank 

Coudert Brothers 

County Bank 

Country Inn & Suites 

Countrywide Commercial Real Estate 

Coury Properties 

Credit Agricole Corporate & Investment Bank 

Credit Lyonnais 

Credit Lyonnais – First Lodging Group 

Credit Suisse 

Credit Suisse First Boston 

Crescent Hotels & Resorts 

Criimi Mae Services 

Crosson Dannis, Inc. 

Croudace & Dietrich 

CSUF Foundation 

Cupertino National Bank and Trust 

CW Capital, LLC 

Dai-Ichi Kangyo Bank, Ltd. 

Daimler Chrysler Capital Services 

Daiwa Bank 

Daniel Coker Horton & Bell, P.A. 

Danson Equities Corporation 

Dauphin County 

Days Inns 

DekaBank 

Deloitte & Touche 

Denver Hotel Associates, LP 

DePfa Bank AG 

Destination Properties 

Deutsche Bank 

Dev-Con International 

De Witte Mortgage Investors Fund 

Dimensions Development Company 

Disney Development Company 

DivcoWest Properties 

Diversified Financial Management Corp. 

DLA Piper 

Dollar Savings and Loan 

Dolphin Associates, Inc. 

Donaldson, Lufkin and Jenrette 

Doris N. Stern Trust 

Doubletree Inns 

Dresdner Bank AG 

Drury Inns 

Duckor & Spradling 

Dwight Nelson 

EastWest Bank 

EDA, U.S. Government 

EDAW, Inc. 

Elad Group 

Elkor Commercial Properties 

Equitable Life Assurance Society 

Equitable Real Estate Investment Management 

Ervin, Cohen and Jessup 

E. S. Merriman & Sons 

Estate of Allen E. Paulson 

Estate of James Campbell 

Eureka Bank 

Eurohypo AG 

Europe Arab Bank 

Eustis Commercial Mortgage Corporation 

Everingham Associates 

Excel Realty Holdings 

Exchange Bank 

Executive Hotels & Resorts 

Fair Enterprises 

Fairmont Hotels & Resorts 

Farallon Capital Management, LLC 

Far East National Bank 

Farella, Braun & Martel, LLP 

Farmers & Merchants Bank 

Farmers National Bank 


7

EXAMPLES OF 

CORPORATE 



(CONTINUED) 

FJM Investments 

Fidelity Federal Savings & Loan 

Fillmore Redevelopment Agency 

Finova 

First Bank & Trust 

First Boston 

First Credit Commercial Capital Corp. 

First Federal Savings and Loan 

First International Bank 

First Interstate Bank 

First National Bank 

First Pioneer Farm Credit 

First Security 

First Team Real Estate 

First Union Securities 

Forest City Development 

Formation Capital 

Fornine Investment Company 

Fox Hotel Investors 

Fox, Rothschild LLP 

Fred Reed & Associates 

Fremont Investment & Loan 

Friedman McCubbin Spalding Bilter Roosevelt 

Montgomery & Hastings 

Fuji Bank, Ltd. 

Fuji Corporate Advisory Co., Ltd. 

Fullerton Redevelopment Agency 

Gaims, Weil, West & Epstein, LLP 

GE Capital Franchise Finance Corp. 

GE Capital Real Estate 

GECC Commercial Real Estate 

Geller & Company 


General Electric Capital Company 

General Electric Franchise Finance Corp. 

George Smith Partners 

GMAC Commercial Mortgage Corp. 

Gibraltar Savings and Loan 

Gibson, Dunn & Crutcher, LLP 

Glacier Bancorp 

Goldfarb & Lipman 

Goldman Sachs 

Goodwin Procter 

Graham Taylor Hospitality Group 

Grand Pacific Resorts 

Grant Williams and Dangerfield 

Gray, Cary, Ames & Frye 

Gray, Cary, Ware & Freidenrich 

Great Eagle Holding Limited 

Greater Bay Bancorp 

Greenberg Traurig 

Greenwich Capital Markets, Inc. 

Greystone 

Griffin Capital 

Grubarges Inversion Hotelera 

Grupo Consorcio 

Gurewitz, David M. 

Gustin Property Group 

Gwire Law Offices 

Haberhill 

Haligman Lottner Rubin & Fishman 

Halekulani Corporation 

Hall Equities Group 

Hampshire Real Estate Companies 


Haynes & Boone, LLP 

The Hardage Group 

Hardage Suite Hotels 

Hardin Capital, LLC 


Hard Rock Orlando 

Hare, Brewer & Kelley, Inc. 

Haruyoshi Kanko K.K. 

HCV Pacific Partners, LLC 

HEI Hospitality, LLC 

Heller, Ehrman, White & McAuliffe 

Heller Real Estate Financial Services 

Hennigan Bennett & Dorman 

Hensel Phelps Construction Company 

The Heritage Organization LLC 

The Heymann Group, Inc. 

Hibernia Bank 

Higgs, Fletcher & Mack LLP 

Hilton Hotel Corporation 

HMG Lodging Management 

Hodges Ward Elliott 

Holiday Inns 

Holliday Fenoglio Fowler, LP 

Holualoa Companies 

Hong Kong & Shanghai Hotels, Ltd. 

Hongkong Bank Alliance 

Hospitality Development Solutions, Inc. 

Host Hotels & Resorts 

Host Marriott Corporation 

The Hotel Group, Inc. 

Hotel Hilo, LLC 

Hotel Investors Trust 

Houlihan Lokey Howard & Zukin 

Howard Johnson's 

HSBC Bank USA 

HSH Nordbank 

Hudson Hotels Corporation 

Huntington Bank 

Hutton Development 

Hyatt Development Corporation 

HYPO Securities 

Indymac Bank 

Ian Schrager Hotels 

Impac Hotel Group 

IMS 

ING Group 

Innkeepers USA Trust 

Inn Ventures, Inc. 

Integrated Capital 

InterBank Brener Hospitality 

InterContinental 

Inter-Mountain Management, Inc. 

International Bank of California 

International Bank of Singapore 

International Game Technology 

International Commercial Bank of China 


8

EXAMPLES OF 

CORPORATE 



(CONTINUED) 

International Hospitality Development Alliances 

(IHDA) 

Intracorp Developments, Ltd. 

Intrawest Corporation 

Intrawest Travel & Leisure Group 

Invesco 

ISIS Hotels 

iStar Financial 

ITM Commercial 

ITT Sheraton Corporation 

Jackson State Bank & Trust 

Jadi Singh 

James T. Kelly & Associates 

Japan Airlines 

Jason Daniel 

JC Partners 

JC Resorts 

Jeffer, Mangels, Butler, & Marmaro 

Jelinek & Associates 

J.E. Robert Company, Inc. 

JMIR –Del Mar Hotel, LLC 

John B. Coleman & Co. 

John Dioguardi, Esq. 

John Q. Hammons 

John Hancock Life Insurance 

Johnson Redevelopment Corporation 

Joie De Vivre Hotels 

Jones, Day, Reavis & Pogue 

Jones Lang LaSalle 

Jorgenson, Siegel, McClure & Flegel 

JP Morgan Chase and Co. 

JP Morgan Mortgage Capital Inc. 

JP Morgan Real Estate Structured Finance 

J. W. Colachis Company 

KHM Management 

KSC Management 

Kar Properties 

Katten Muchin Rosenman 

Katzoff & Riggs 

Keen Partners 

KeyBank National Association 

Key Bank of New York 

Key Corporation 

Keys Associates 

Keyser Martin Associates, Inc. 

Kimberley Clark 

Kimpton Hotel & Restaurant Group, Inc. 

Kimpton Real Estate/Kimpton Group Holding, LLC 

Kitchell Corporation 

Kor Hotel Group 

KPMG 

Kwong Hing Investment Center 

LACERA 

Ladco Company Ltd. 

Lake County Business Outreach and Response Team 

Landesbank Baden-Wurttemberg (LBBW) 

Lankford & Associates 

Larkspur Hospitality Company, LLC 

LaSalle Bank NA 

Latham & Watkins 

Laurence Peters & Co. 

Lauricella Land Company 

Laurus Corporation 

Lauth Development 

Law & Associates 

Law Offices of John Dioguardi, Esq. 

Legacy Real Estate Investment Trust 

Lehman Brothers, Inc. 

Leisure Sports, Inc. 

Lender’s Depot 

Lend Lease Mortgage Capital, Inc. 

Lend Lease Real Estate Investments 

Lennar Partners, Inc. 

Leonard, Street & Deinard 

Liberty Bank 

LJ Melody & Co. 

LNR Property Corporation 

Local Federal Bank, F.S.B. 

Local Oklahoma Bank, NA 

Lodgeworks Corporation 

Long Term Credit Bank of Japan, Ltd. 

Lovitt & Hannan, Inc. 

Lowe Enterprises Investment Management, Inc. 

LRP Landesbank Rheinland-Pfalz 

Luce, Forward, Hamilton & Scripps 

Lynch Gilardi & Grummer 

Mable Commercial Funding, Limited 

MacFarlane Partners 

The Maher Company 

Maingate Hotel Company 

Manchester Financial Group 

Mansur Real Estate Services, Inc. 

Maritz, Wolf & Company 

Marriott Hotels International 

The Marshall Group 

Marshall, Miller & Schroeder Investments Corp. 

Maximum Holdings, Inc. 

Mayer, Brown & Platt 

McCandless Management Corporation 

McCament & Rogers 

McCarthy Tetrault 

McDermott Will & Emery 

McKenna Long and Aldridge 

Mega International Commercial Bank Co. Ltd. 

Melhana Development Company 

Mellon Bank 

Mercury Savings and Loan 

Merrill Lynch Capital 

Merrill Lynch Global Media Group 

Merrill Lynch Global Principal Investments 

Metropolitan Life Insurance Company 

Midland Loan Services 

Midwest, Inc. 

Milbank Tweed Hadley & McCloy 

Milepost Industries 

Millennium Sportsclub 

Miramar Asset Management, Inc. 

Miramar Pacific Capital 

Mitsubishi Ltd. 

Mitsui Trust & Banking Co., Ltd. 

M&M Development Co. 

MM&M Investments Corporation 


9

EXAMPLES OF 

CORPORATE 



(CONTINUED) 

MM&S Investments Corporation 

Morrison & Foerster LLP 

The Money Store Commercial Mortgage, Inc. 

Monterey Bay Bank 

Monterey Plaza Hotel Limited Partnership 

Morgan Guaranty Trust 

Morgan Stanley & Co. 

Morgan Stanley Japan, Ltd. 

Morrison & Foerster 

Mortenson Development 

MT3 Partners 

Napa Partners 

Narven Enterprises 

National Cooperative Bank 

Nations Credit Commercial Corp. 

Nations Financial Capital Corp. 

Natixis Real Estate Capital 

Network Mortgage Services 

New York Life Investment Management, LLC 

Nexus Companies 

NFLP 

Niven & Smith 

Noble House Hotels, Resorts and Hideaways 

Nolan & Heller 

Nomura Asset Capital Corp. 

Nomura Credit & Capital, Inc. 

Nomura Securities International, Inc. 

Northern Nevada Bank (NNB) 

Northampton County Pennsylvania 

Northmarq Capital 

Northwinds N.V. 

NS Development Co. 

Ny-West Development 

OCBC Bank 

Ocean Links Corp. 

Octavian, Inc. 

The Olnick Organization, Inc. 

Olympic Investors 

Olympus Real Estate Partners 

O'Neill Hotels & Resorts 

Onex Corporation 

Operating Engineers’ Trust Fund 

OptAsia Capital Company 

Orient Express Hotels 

ORIX USA Corp. 

Orrick, Herrington & Sutcliffe 

Outlook Income Fund 

Outrigger Enterprises, Inc. 

Outrigger Hotels & Resorts 

Overseas Chinese Banking Corporation 

OZ Resorts and Entertainment 

The Pacific & Caribbean Hotel Group 

The Pacific Bank 

Pacific Hotel Group 

Pacific Life Insurance Company 

Pacific National Bank 

Pacific Southwest Realty Services 

Pacific Union Company 

Palm Springs New Millennium Development 

Page-One, LLC 

Page Street Properties, LLC 

Pannell Kerr Forster 

Parabas Bank 

Paragon Canada 

Park Cattle Company 

Park Place Entertainment 

Park Plaza International 

Patrick M. Nesbitt Associates, Inc. 

Patriot American Hospitality 

Paul, Hastings, Janofsky & Walker, LLP 

Pedregal de Cabo San Lucas 

Peninsula Bank of Commerce 

Phillips, Haskett & Ingwaldson 

Picadilly Inns 

Pickwick Partners 

Pillsbury, Madison & Sutro, LLP 

Piper Jaffray 

Placer County Assessor's Office 

Portland Development Commission 

Port of Oakland 

PPM Finance, Inc. 

Preferred Bank 

Premier West Bank 

Presidio Hotel Group 

Prime Finance 

Principal Real Estate Investors 

Property Capital Trust 

Property Management Group 

Provenance Hotels 

Prudential Financial 

Prudential Mortgage Capital Company 

Prudential Realty Group 

Pullman Bank 

Punjab National Bank 

Pyramid Companies 

Quadrangle Development Corporation 

Queen Emma Foundation 

Radisson Hospitality Worldwide 

Raffles International Hotels & Resorts 

Raleigh Enterprises 

Rancho La Puerta 

R.A. Rauch & Associates, Inc. 

RBS Greenwich Capital Markets 

R.C. Hedreen Co. 

Real Estate Finance Group 

Ramada Inns 

Ramsfield Hospitality Finance 

Real Estate Capital Markets 

Realty Executives 

Red Lion Hotels & Inns 

Redwood Capital Advisors LLC 

Resort Group 

Remington Hotel Company 

Richard E Jacobs Group 

Riggs & Company, Trust Division 

The RIM Corp. 

Riva D'Lago 

Riverboat Delta King, Inc. 

RiverPlace Associates 

R.L. Pearson & Associates, Inc. 

RockBridge Capital 

Rosenbach & Rosenbach 


10

EXAMPLES OF 

CORPORATE 



(CONTINUED) 

Rosling King 

Royale Resorts 

RSBA & Associates 

RSM Investments, Inc. 

RT Capital Corporation 

Ryder, Stilwell Properties, Inc. 

Sage Hospitality Resources, Inc. 

Saloman Brothers Realty Corp./Saloman Smith 

Barney 

San Bernardino Redevelopment Agency 

Sandhill Properties 

San Diego National Bank 

San Francisco International Airport 

San Leandro Development Services Dept. 

San Jose National Bank 

Santa Ana F/C Development Venture 

Santa Barbara Bank & Trust 

Santa Cruz County Bank 

Saratoga Gaming & Raceway 

Seafirst Bank 

Secured Capital Corporation 

Security Pacific National Bank 

Salomon Brothers 

Sand Hill Property Company 

Saratoga Gaming & Raceway 

Scotiabank 

Scotia Capital 

S.D. Malkin Properties, Inc. 

Selvig Development 

Seven Seas Associates, LLC 

The Schnitzer Group 

Schnitzer Northwest, LLC 

Secured Capital Corporation 

Shaner Hotels 

Shearman & Sterling 

Shell Vacations LLC 

Sheppard Mullin Richter & Hampton 

Shilla Hotels & Resorts 

Sidley Austin 

Sills Cummis & Gross 

Simeon Commercial Properties 

Simpson, Thatcher & Bartlett 

Situs Companies 

S.M. Smith Advisory Services, LLC 

Snyder & Associates 

Société Generale 

Solit Interest Group 

Sonnenblick-Goldman Co. 

Sonoma County Tourism Bureau 

Sonoma Valley Bank 

Southern California Savings 

South Johnson 

South Valley Bank & Trust 

South Valley Developers 

Sperry Van Ness 

Spieker Properties 

Ssang Yong Engineering and Construction Company, 

Limited 

Stanford Management Company 

Stanford University 

Starwood Capital/Starwood Asset Management 

Starwood Hotel Investors, Inc. 

Stein & Lubin, LLP 

Stephen W. Noey & Associates 

Sterling Savings Bank 

Stern & Goldberg 

Stockbridge Capital Group 

Stonebridge Companies 

Stonebridge Realty Advisors 

Stone-Levy, LLC 

Strategic Hotels & Resorts 

Strategic Hotel Capital, Inc. 

Strategic Property Advisers 

Strategic Realty Advisors, Inc. 

Streich Lang 

Suburban Capital Markets, Inc. 

Suislaw Valley Bank 

Sullivan & Worcester 

Sumitomo Bank 

Sumitomo Mitsui Banking Corporation 

Summit Development Group 

Sun & Sun Capital Holdings 

Sunriver Resort 

Sunstone Hotel Investors, Inc. 

Sunstone Hotel Management, LLC 

Sunterra Corporation 

Sussman Shank, LLP 

Swig Investment Company 

Taihook Associates 

Tanner Consulting Group 

Tarsadia Hotels 

TCF Bank 

TD Banknorth 

Templeton Group 

Texas Capital Bank 

TFG Properties, Inc. 

Thayer Lodging Group 

Thompson Law Office 

Three Sisters Resorts 

TIAA-CREF 

Tipton Management 

Tokai Bank 

Tom Grant, Jr. 

TotalBank 

Transamerica Realty Services, Inc. 

Transworld Management/Concord Intl. 

Transworld Management, Ltd. 

Travelers Insurance Company 

The Travelers Companies 

Treadway Hotels 

Trimont Real Estate Advisors 

Trinity Hotel Advisors, LLC 

Trinity Investment Trust 

TrizecHahn Development 

Tule River Tribal Council 

Tully & Wezelman, P.C. 


TYBA Group, Inc. 

UBS Warburg Real Estate Investments 

Umpqua Bank 

Unico Properties, Inc. 

Union BanCal Corporation 


11

EXAMPLES OF 

CORPORATE 



(CONTINUED) 

Union Bank of California 

United Pacific Bank 

United Security Bank 

University of Minnesota 

Urban Housing Group 

Urban Partners 

U.S. Bancorp 

U.S. Bancorp VMS Realty 

U.S. Bancorp Real Estate Technical Services 

U.S. Bank 

U.S. Department of Labor 

USL Property Management, Inc. 

U.S. Trust Company 

Valencia Company 

Vance Hotel Associates, LP 

Villa del Lago Associates 

Village of Sandia Pueblo 

Vintage Bank 

Wachovia Corporation 

Wailua Associates 

Waller, Kaufman & Sutter 

Washington Mutual Bank 

Wells Fargo Bank, N.A. 

Wells Fargo RETECHS 

Westbank Associates 

West Coast Bancorp 


Westdeutsche Landesbank 

Western International 

Western States Management 

West LB AG 

Westin Hotels & Resorts 


Wharf Enterprises, Inc. 

W.H. Holdings, LLC 

Wilderness Gate 

Williams Coulson LLP 

Wilmorite, Inc. 

Windsor Capital Group 

Wingate Realty Finance Corporation 

Winston & Strawn LLP 

Win Time Hotels 

WJ Commercial Enterprises 

Wolf, Rifkin & Shapiro 

Wong & Mak, LLP 

Woodfin Suite Hotel Co. 

Woodside Hotels & Resorts 

Wrather Corp. 

W.R.C. Properties, Inc. 

WR Henderson Construction 

Xanterra Parks and Resorts 

Yavapai-Apache Nation 

Yasuda Trust and Banking Co., Ltd. 

Zurich Structured Finance, Inc. 


12

EXAMPLES OF 


OR EVALUATED 

Alabama 

- Homestead Studio Suites Perimeter Park South, 

Birmingham 

- Fairfield Inn, Birmingham 

- Hilton Perimeter Park, Birmingham 

- Studio Plus Deluxe Studios Birmingham Inverness, 

Birmingham 

- Country Cossing, Cottonwood 

- Ramada Inn, Gadsden 

- Extended StayAmerica Huntsville US Space and 

Rocket Center, Huntsville 

- Extended StayAmerica Mobile Spring Hill, Mobile 

- Hotel, Proposed, Mobile 

- Homewood Suites, Mobile 

- Extended Stay America Eastern Boulevard, 

Montgomery 

- Fairfield Inn, Montgomery 

- Holiday Inn, Montgomery 

- Howard Johnson's, Montgomery 

- Residence Inn, Montgomery 

- Studio Plus Deluxe Studios - Carmichael Road, 

Montgomery 

- VictoryLand, Quincy's 777 Bingo Casino, and Oasis 

Hotel, Shorter 

Alaska 

- Best Western Barratt Inn, Anchorage 

- Clarion Suites Hotel, Anchorage 

- Extended Stay Deluxe Anchorage Downtown, 

Anchorage 

- Extended Stay Deluxe Anchorage Midtown, 

Anchorage 

- Hawthorne Suites, Anchorage 

- Holiday Inn, Anchorage 

- Homewood Suites, Anchorage 

- Hotel Captain Cook, Anchorage 

- Homewood Suites, Proposed, Anchorage 

- Northern Lights Hotel, Anchorage 

- Rose Garden Hotel, Anchorage 

- Sheraton Hotel Anchorage, Anchorage 

- Extended Stay Deluxe Fairbanks, Fairbanks 

- Alyeska Prince Hotel, Girdwood 

- Coast International Hotel, Girdwood 

- Extended Stay Deluxe Juneau, Juneau 

- Resort Hotel, Proposed, Wasilla 

Arizona 

- Lodging Facility, Proposed, Camp Verde 

- Renaissance ClubSport, Chandler 

- Sheraton San Marcos Hotel, Chandler 

- Best Western, Flagstaff 

- Embassy Suites Hotel, Flagstaff 

- Hotel & Conference Center, Prop., Flagstaff 

- Motel 6, Flagstaff 

- Rodeway Inn, Flagstaff 

- Woodlands Plaza Hotel, Flagstaff 

- Bright Angel Lodge, Grand Canyon 

- El Tovar Hotel, Grand Canyon 

- Kachina Lodge, Grand Canyon 

- Maswik Lodge, Grand Canyon 

- Moqui Lodge, Grand Canyon 

- Phantom Ranch, Grand Canyon 

- Thunderbird Lodge, Grand Canyon 

- Yavapai Lodge, Grand Canyon 

- Best Western Green Valley, Green Valley 

- Hampton Inn-Proposed, Holbrook 

- Rodeway Inn, Kingman 

- Nautical Inn, Lake Havasu 

- Extended StayAmerica, Mesa 

- Extended StayAmerica, Peoria 

- Homestead Studio Suites, Mesa 

- Extended StayAmerica, Peoria 

- Arizona Biltmore Country Club, Phoenix 

- Best Western Executive Park Hotel, Phoenix 

- Bobby McGee's Conglomeration, Phoenix 

- Caravan Inn, Phoenix 

- Courtyard by Marriott, Phoenix/Mesa 

- Courtyard by Marriott Metro Center, Phoenix 

- Crescent Hotel, Phoenix 

- Crossland Studios Phoenix West, Phoenix 

- Crowne Plaza, Phoenix 

- DoubleTree Inn, Phoenix 

- Embassy Suites-Camelback, Phoenix 

- Embassy Suites-Camelhead, Phoenix 

- Extended StayAmerica Phoenix Airport East Elwood 

Street, Phoenix 

- Extended StayAmerica Phoenix Airport East Oak - 

Street, Phoenix 

- Extended StayAmerica Chandler East - Chandler 

Blvd., Phoenix 

- Extended StayAmerica Phoenix/Chandler South 

50th St., Phoenix 

- Extended StayAmerica Phoenix/Deer Valley, 

Phoenix 

- Extended StayAmerica Phoenix Metro Center Black 

Canyon Highway, Phoenix 

- Extended StayAmerica Phoenix Metro Center West 

Dunlap Ave., Phoenix 

- Extended Stay Deluxe Phoenix/Biltmore, Phoenix 

- Extended Stay Deluxe Phoenix Midtown, Phoenix 

- Fountain Suites Hotel, Phoenix 

- Four Points Sheraton, Phoenix 

- Full-Service Hotel, Proposed, Phoenix 

- Granada Royale Camelhead, Phoenix 

- Holiday Inn, Phoenix 

- Holiday Inn Crowne Plaza, Phoenix 

- Homestead Studio Suites, Phoenix 

- Homewood Suites Phoenix, Phoenix 

- Hyatt Regency, Phoenix 

- JW Marriott Desert Ridge Resort, Phoenix 

- Knights Inn, Phoenix 

- Omni Adams Hotel, Phoenix 

- Phoenix Inn, Phoenix 

- Pointe Hilton Squaw Peak Resort, Phoenix 

- Pointe Hilton at Tepatio Cliffs, Phoenix 

- Quality Inn, Phoenix 

- Ramada Inn MetroCenter, Phoenix 

- Residence Inn by Marriott, Phoenix 

- Sheraton Crescent Hotel, Phoenix 

- Sleep Inn, Phoenix 


13

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Caleo Hotel, Scottsdale 

- Courtyard by Marriott, Scottsdale 

- Doubletree Inn, Scottsdale 

- Extended StayAmerica, Scottsdale 

- Extended Stay Deluxe, Scottsdale 

- Fairmont Scottsdale Princess, Scottsdale 


- FireSky Resort and Spa, Scottsdale 


- Holiday Inn Old Town, Scottsdale 

- Homestead Studio Suites, Scottsdale 

- Marriott Camelback Inn, Scottsdale 

- Mondrian Hotel, Scottsdale 

- Phoenician Resort, Scottsdale 

- Red Lion-La Posada, Scottsdale 

- Rodeway Inn, Scottsdale 

- Scottsdale Conference Resort, Scottsdale 

- Scottsdale Hilton Resort, Scottsdale 

- Fairmont Scottsdale Princess Resort & Excess Land, 

Scottsdale 

- Scottsdale Princess, Scottsdale 

- Scottsdale Waterfront Condominium Hotel, 

Proposed, Scottsdale 

- Summerfield Suites, Proposed, Scottsdale 

- Sunburst Resort Hotel & Conference Center, 

Scottsdale 

- Xona Resort Suites, Scottsdale 

- Hilton Garden Inn, Proposed, Sedona 

- L'Auberge de Sedona, Sedona 

- Los Abrigados, Sedona 

- Orchard's Inn & Grill, Sedona 

- Motel 6, Sierra Vista 

- Sonoita Village Resort & Spa, Proposed, Sonoita 

- Extended StayAmerica, Springdale 

- Country Inn & Suites Hotel, Tempe 

- Homestead Studio Suites Phoenix Airport, Tempe 

- Renaissance Hotel, Proposed, Tempe 

- Wyndham Buttes Resort, Tempe 

- Mixed-Use Development, Tuba City 

- Canyon Ranch Resort, Tucson 

- Clarion Tucson, Tucson 

- Country Inn & Suites, Tucson 

- Courtyard by Marriott, Tucson 

- Crossland Studios, Tucson 

- DoubleTree Inn, Tucson 

- Extended StayAmerica, Tucson 

- Hilton Garden Inn, Proposed, Tucson 

- Holiday Inn Express, Prop., Tucson 

- Holiday Inn Hotel, Tucson 

- Hotel Arizona, Tucson 

- Hotel, Proposed, Tucson 

- Holiday Inn Express, Tucson 

- JW Marriott Starpass Resort, Tucson 

- Loews Ventana Canyon Resort, Tucson 

- Lodge at Ventana Canyon, Tucson 

- Marriott Hotel & Starr Pass Golf Course, Prop., 

Tucson 

- Marriott Resort, Proposed, Tucson 

- Microtel Inn, Proposed, Tucson 

- Radisson Suite Hotel, Tucson 

- Ritz-Carlton, Proposed, Tucson 

- Rodeway Inn, Tucson 

- Tucson Convention Center, Tucson 

- Westin La Paloma Resort, Tucson 

- Starr Pass Resort, Prop., Tucson 

- Westward Look Resort, Tucson 

- Wig Wam Resort & Golf Club, Woodfield Park 

- Candlewood Suites, Proposed, Yuma 

- Shilo Inn, Yuma 

Arkansas 

- Hilton, Hot Springs 

- Extended StayAmerica Little Rock – West, Little Rock 

- Holiday Inn, Little Rock 

- Red Carpet Inn, Little Rock 

- StudioPlus Suites Little Rock West, Little Rock 

- Holiday Inn Northwest Arkansas, Springdale 

California 

- Radisson Hotel, Agoura Hills 

- Ramada Inn, Agoura Hills 

- Extended StayAmerica Oakland/Alameda, Alameda 

- Extended Stay Deluxe, Alameda 

- Renaissance ClubSport, Aliso Viejo 

- Renaissance ClubSport, Prop., Aliso Viejo 

- Holiday Inn Express, Prop., American Canyon 

- Anaheim Marriott, Anaheim 

- Best Western Anaheim Inn, Anaheim 

- Best Western Stovall's Inn, Anaheim 

- Best Western Pavilions Inn, Anaheim 

- Boulevard Inn, Anaheim 

- Carousel Inn and Suites, Anaheim 

- Comfort Inn, Anaheim 

- Courtyard by Marriott, Anaheim 

- Desert Palm Inn & Suites, Anaheim 

- Disneyland Hotel, Anaheim 

- DoubleTree Hotel, Anaheim 

- DoubleTree Guest Suites Hotel, Prop., Anaheim 

- Extended StayAmerica Anaheim Convention Center, 

Anaheim 

- Extended StayAmerica Anaheim Hills, Anaheim 

- Extended StayAmerica Orange County Anaheim 

Convention Center, Anaheim 

- Extended StayAmerica, Anaheim 

- Golden Forest Motel, Anaheim 

- Hilton Anaheim, Anaheim 

- Hilton Hotel & Towers, Anaheim 

- Holiday Inn, Anaheim 

- Howard Johnson Hotel, Anaheim 

- Hyatt Anaheim, Anaheim 

- Jolly Roger, Anaheim 

- Pan Pacific Hotel, Anaheim 

- Pitcairn Inn, Anaheim 

- La Quinta Inn & Suites, Proposed, Anaheim 

- Quality Hotel, Anaheim 

- Ramada Maingate Hotel, Anaheim 

- Raffles Inn & Suites, Anaheim 

- Red Lion Anaheim, Anaheim 


14

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Residence Inn, Anaheim 

- Sheraton Hotel, Anaheim 

- Sheraton Park Hotel, Anaheim 

- Station Inn, Anaheim 

- Travelodge Inn at the Park, Anaheim 

- WestCoast Anaheim Hotel, Anaheim 

- Residence Inn, Anaheim Hills 

- Extended StayAmerica, Arcadia 

- Fairfield Suites, Proposed, Arcadia 

- Hilton Garden Inn, Proposed, Arcadia 

- Santa Anita Park, Arcadia 

- Hampton Inn & Suites, Prop., Arroyo Grande 

- Auburn Inn, Auburn 

- Sleep Inn, Auburn 

- Ramada, Augora Hills 


- Allstar Inn, Bakersfield 

- Clarion Suites, Bakersfield 

- Courtyard by Marriott, Bakersfield 

- Doubletree Hotel, Bakersfield 

- Economy Inn, Bakersfield 

- Extended StayAmerica, Bakersfield 

- Extended Stay Deluxe - Chester Lane, Bakersfield 

- La Quinta, Bakersfield 

- Red Lion Hotel, Bakersfield 

- Residence Inn, Bakersfield 

- Sheraton Hotel, Bakersfield 

- SpringHill Suites, Bakersfield 

- Travelodge Hotel, Bakersfield 

- Hilton Hotel, Baldwin Park 

- Fairfield Inn, Baltimore 

- Allstar Inn, Barstow 

- Economy Inn, Barstow 

- Extended StayAmerica, Belmont 

- Holiday Inn Express, Belmont 

- Motel 6, Belmont 

- Summerfield Suites, Belmont 

- Summerfield Suites, Proposed, Belmont 

- Berkeley Marina Marriott, Berkeley 

- DoubleTree Hotel & Executive Meeting Center, 

Berkeley 

- Shattuck Hotel, Berkeley 

- University Inn, Berkeley 


- Beverly Hills Country Club, Beverly Hills 

- Beverly Hilton, Beverly Hills 

- Beverly Pavilion Hotel, Beverly Hills 

- Beverly Wilshire, Beverly Hills 

- Crowne Plaza Hotel, Beverly Hills 

- Four Seasons Hotel, Beverly Hills 

- Holiday Inn Select, Beverly Hills 

- L'Ermitage, Beverly Hills 

- Peninsula Beverly Hills, Beverly Hills 

- Raffles L’Ermitage, Beverly Hills 

- Regent Beverly Wilshire Hotel, Beverly Hills 

- Renaissance Hotel, Beverly Hills 

- Best Western, Big Bear Lake 

- Hotel, Proposed, Big Bear Lake 

- Motel 6, Big Bear Lake 

- Post Ranch Inn, Big Sur 

- Ventana Inn, Big Sur 

- Rodeway Inn, Blythe 

- Bodega Bay Lodge, Bodega Bay 

- Chase Suites Brea, Brea 

- Embassy Suites Hotel, Brea 

- Homestead Studio Suites, Brea 

- Woodfin Suites Hotel, Brea 

- Holiday Inn, Brentwood 

- Hilton Residential Suites, Brisbane 

- Radisson San Francisco Airport Sierra Point, 

Brisbane 

- Rancho Santa Barbara Marriott, Buellton 

- Fairfield Inn, Buena Park 

- Hampton Inn, Buena Park 

- Marriott Courtyard, Buena Park 

- Red Roof Inn, Buena Park 

- Burbank Airport Hilton, Burbank 

- Extended StayAmerica Los Angeles Burbank Airport, 

Burbank 

- Hilton Hotel, Burbank 

- Ramada Inn, Burbank 

- 350 Airport Boulevard, Burlingame 

- Holiday Inn Express SFO, Burlingame 

- Hyatt Regency SFO, Burlingame 

- Airport Marriott, Burlingame 

- Radisson Plaza-Proposed, Burlingame 

- Ramada Inn, Burlingame 

- Good Nite Inn, Buttonwillow 

- Country Inn, Calabassas 

- Good Nite Inn, Calabassas 

- Calistoga Spa Hot Springs, Calistoga 

- Calistoga Ranch Resort, Prop., Calistoga 

- Hotel & Ancillary Facilities, Prop., Calistoga 

- Palisades Resort & Spa, Prop., Calistoga 

- Silver Rose Inn, Spa, & Winery, Calistoga 

- Solage Resort & Spa, Proposed, Calistoga 

- Del Norte Inn, Camarillo 

- Good Nite Inn, Camarillo 

- Best Western Fireside Inn, Cambria 

- Cambria Pines Lodge, Cambria 

- Fog Catcher Inn, Cambria 

- Campbell Inn, Campbell 

- Courtyard Campbell, Campbell 

- Courtyard by Marriott, Prop., Campbell 

- Hilton Garden Inn, Campbell 

- Hilton Hotel, Proposed, Campbell 

- Larkspur Landing Hotel, Campbell 

- Pruneyard Inn, Campbell 

- Inn & Spa at Rispin Mansion, Prop., Capitola 

- Carlsbad Inn, Carlsbad 

- Courtyard by Marriott, Carlsbad 

- Extended StayAmerica, Carlsbad 

- Extended Stay America San Diego Carlsbad Village 

by the Sea, Carlsbad 

- Four Seasons Hotel, Carlsbad 

- Four Seasons Resort Aviara, Carlsbad 

- Hilton Garden Inn, Carlsbad 

- Inn of America, Carlsbad 

- La Costa Resort and Spa, Carlsbad 

- LEGOLAND, Carlsbad 

- LEGOLAND Resort, Proposed, Carlsbad 

- Olympic Resort, Carlsbad 


15

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Carmel Mission Inn, Carmel 

- Carmel Valley Ranch, Carmel 

- Highlands Inn, Carmel 

- Luxury Hotel, Proposed, Carmel 

- Quail Lodge Resort & Golf Club, Carmel 

- Wyndham Carmel Valley, Carmel 

- Bernardus Lodge, Carmel Valley 

- Hilton Garden Inn, Carmel Valley 

- Robles del Rio Lodge, Carmel Valley 

- Valley Lodge, Carmel Valley 

- Extended StayAmerica, Carson 

- DoubleTree Hotel, Cathedral City 

- Holiday Inn Express, Cathedral City 

- Hotel, Proposed, Cathedral City 

- Sheraton Cerritos Towne Center, Cerritos 

- Sheraton Hotel, Cerritos 

- Neighborhood Inn, Proposed, Chatsworth 

- Days Inn, Chico 

- Holiday Inn, Chico 

- Microtel Inn and Suites, Proposed, Chico 

- Red Lion Hotel, Chico 

- Extended StayAmerica, Chino 

- La Quinta Inn, Chula Vista 

- Otay Valley Travel Lodge, Chula Vista 

- The City of Clovis, Clovis 

- Harris Ranch, Coalinga 

- Howard Johnson's, Colton 

- Wyndham Hotel, Commerce 

- Concord Hilton, Concord 

- Sheraton Hotel, Concord 

- Trees Inn, Concord 

- Holiday Inn Express, Proposed, Corona 

- Motel 6, Corona 

- Hotel Del Coronado, Coronado 

- Loews Coronado Bay Resort, Coronado 

- Hilton Garden Inn, Prop., Corte Madera 

- Ha'Penny Inn, Costa Mesa 

- Hilton Hotel, Costa Mesa 

- La Quinta Inn, Costa Mesa 

- Mandarin Oriental, Prop., Costa Mesa 

- Marriott Suites, Costa Mesa 

- Red Lion Hotel, Costa Mesa 

- Residence Inn, Costa Mesa 

- Four Points Barcelo Hotel, Culver City 

- Hotel & Condo Hotel, Prop., Culver City 

- Pacifica Hotel & Conference Center, Culver City 

- Ramada Inn, Culver City 

- Washington National Station Hotel, Prop., Culver City 

- Boutique Hotel, Proposed, Cupertino 

- Courtyard by Marriott, Cupertino 

- Cypress Hotel, Cupertino 

- Hilton Garden Inn, Cupertino 

- Marriott Courtyard, Cupertino 

- Two Proposed Hotel Sites, Cupertino 

- Courtyard by Marriott, Cypress 

- Homestead Studio Suites, Cypress 

- Woodfin Suites Hotel, Cypress 

- Hotel, Proposed, Daly City 

- Marriott Laguna Cliffs Resort, Dana Point 

- Ritz-Carlton Laguna Niguel, Dana Point 

- St. Regis Monarch Beach Resort & Spa, Dana Point 

- Vacation Ownership Property, Dana Point 

- Proposed Spa, Danville 

- Column Financial Appraisal Review - Howard 

Johnson Hotel, Davis 

- Hyatt Place Hotel, Proposed, Davis 

- Furnace Creek Ranch & Inn, Death Valley 

- Furnace Creek Resort, Death Valley 

- Stove Pipe Wells Village, Death Valley 

- Shilo Inn, Delano 

- Hampton Inn, Del Mar 

- Hilton Hotel, Del Mar 

- Marriott Hotel, Del Mar 

- Marriott Resort & Spa, Desert Springs 

- Days Inn Diamond Bar, Diamond Bar 

- Holiday Inn Select, Diamond Bar 

- Embassy Suites Los Angeles Downey, Downey 

- Extended StayAmerica Dublin, Dublin 

- Scott’s Restaurant and Banquet/Conference Center, 

Prop., Dublin 

- Lodging Development, Prop., El Dorado Hills 

- Extended StayAmerica, Elk Grove 

- Homestead Studio Suites, El Segundo 

- Best Western, El Toro 

- Carlos Murphy's Restaurant, Emeryville 

- Days Inn, Emeryville 

- Extended StayAmerica Oakland/Emeryville, 

Emeryville 

- Hardage Suites Hotel Site, Emeryville 

- Lyon's Restaurant, Emeryville 

- Sheraton Four Points, Emeryville 

- Woodfin Suite Hotel, Prop., Emeryville 

- Woodfin Suite Hotel, Emeryville 

- Comfort Inn, Escondido 

- Hilton Garden Inn, Prop., Escondido 

- Red Lion Hotel, Eureka 

- Red Lion Inn, Eureka 

- Courtyard Fairfield/Napa Valley, Fairfield 

- Extended StayAmerica, Fairfield 

- Hotel, Proposed, Fillmore 

- Marriott Tenaya Lodge, Fish Camp 

- Hotel, Proposed, Folsom 

- Hampton Inn & Suites, Folsom 

- Larkspur Landing Hotel, Folsom 

- Golden Gate National Recreation Area, Fort Baker 

- All-Suites Hotel, Proposed, Foster City 

- Clubtel, Proposed, Foster City 

- Courtyard by Marriott, Foster City 

- Holiday Inn, Foster City 

- La Quinta Inn & Suites, Proposed, Fowler 

- Courtyard by Marriott, Fremont 

- EconoLodge, Fremont 

- Extended StayAmerica, Fremont 

- Extended StayAmerica, Fremont 

- Extended Stay Deluxe, Fremont 

- Hilton Hotel, Fremont 

- Homestead Studio Suites - Fremont Blvd. South, 

Fremont 

- La Quinta, Fremont 

- Marriott Hotel, Fremont 

- Motel 6, Fremont 

- Quality Inn, Fremont 


16

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Westin ClubSport, Proposed, Fremont 

- Allstar Inn, Fresno 

- Chateau Inn, Fresno 

- Crossland Studios, Fresno 

- Economy Inn, Fresno 

- Extended StayAmerica Fresno North, Fresno 

- Hacienda Resort and Conference Center, Fresno 

- Hampton Inn & Suites, Fresno 

- Holiday Inn, Fresno 

- Proposed Hotel, Fresno 

- Marriott Courtyard, Fresno 

- Picadilly Inn, Fresno 

- Travelers Inn, Fresno 

- Sierra Sport and Racquet Club, Fresno 

- Chase Suites Hotel, Fullerton 

- Griswold's Hotel, Fullerton 

- Marriott Hotel, Fullerton 

- Extended StayAmerica, Gardena 

- Embassy Suites Anaheim South, Garden Grove 

- Marriott Suites Anaheim, Garden Grove 

- Residence Inn Anaheim Resort Area, Garden Grove 

- River Rock Casino, Geyserville 

- Hotel, Proposed, Gilroy 

- Gaige House, Glen Ellen 

- Hilton Executive Meeting Center, Glendale 

- Hilton Hotel, Glendale 

- Homestead Studio Suites, Glendale 

- Red Lion Hotel, Glendale 

- 60-Unit Hotel, Prop., Morton’s Warm Springs, Glen 

Ellen 

- Bacara Resort, Goleta 

- El Capitan Canyon Campgrounds, Goleta 

- Hyatt Regency, Proposed, Goleta 

- Hotel & RV Park, Proposed, Guadalupe 

- Half Moon Bay Lodge, Half Moon Bay 

- Ocean Colony Resort, Half Moon Bay 

- Ritz-Carlton Hotel, Half Moon Bay 

- Ritz-Carlton Hotel, Prop., Half Moon Bay 

- Mainstay Suites, Hayward 

- Super 8, Hayward 

- Best Western Dry Creek Inn, Healdsburg 

- Dry Creek Inn, Healdsburg 

- Healdsburg Plaza Hotel, Prop., Healdsburg 

- Casa de Fruta, Hollister 

- Canyon Ranch Living, Proposed, Hollister 

- Hard Rock Hotel, Proposed, Hollywood 

- Holiday Inn Hollywood, Hollywood 

- Hollywood Clarion Roosevelt, Hollywood 

- Hollywood Palm Hotel, Hollywood 

- Hyatt Hotel, Hollywood 

- Renaissance Hollywood Hotel, Hollywood 

- Wyndham Hotel, Hollywood 

- Extended StayAmerica, Huntington Beach 

- Hilton Waterfront Beach Resort, Huntington Beach 

- Hyatt Grand Champions Resort, Indian Wells 

- Indian Wells Town Center Resort, Prop., Indian 

Wells 

- Miramonte Resort, Indian Wells 

- Remington Condo Hotel, Prop., Indian Wells 

- Arena/Convention Center Amenity, Prop., Indio 

- Resort Hotel, Proposed, Indio 

- RV Park, Proposed, Indio 

- Courtyard by Marriott, Irvine 

- Hilton Orange County Airport, Irvine 

- Homestead Studio Suites, Irvine 

- La Quinta Inn, Irvine 

- Marriott Irvine, Irvine 

- Registry Hotel, Irvine 

- Amador Inn, Jackson 

- Konocti Harbor Resort & Spa, Kelseyville 

- Kenwood Inn & Spa, Kenwood 

- Mortons Sonoma Springs Resort, Kenwood 

- Sonoma Country Inn, Prop., Kenwood 

- Hotel, Proposed, Kern County 

- Cal Neva Resort, Kings Beach 

- Lafayette Park Hotel, Lafayette 

- Best Western Laguna Brisas Spa Hotel, Laguna Beach 

- Montage Resort & Spa, Laguna Beach 

- Surf & Sand Hotel, Laguna Beach 

- Vacation Village Repositioning, Laguna Beach 

- Ritz-Carlton Hotel, Laguna Niguel 

- St. Regis Monarch Beach Resort & Spa, Laguna 

Niguel 

- Embassy Suites La Jolla, La Jolla 

- Empress Hotel, La Jolla 

- Hilton Torrey Pines, La Jolla 

- Hyatt Hotel, La Jolla 

- Hyatt Regency Hotel at Aventine, La Jolla 

- La Jolla Village Inn, La Jolla 

- Lodge at Torrey Pines, La Jolla 

- Mandarin Oriental Hotel, Proposed, La Jolla 

- Radisson Inn, La Jolla 

- Residence Inn, La Jolla 

- Scripps Inn, La Jolla 

- Sheraton Hotel, La Jolla 

- Extended StayAmerica, Lake Forest 

- Extended StayAmerica, La Mirada 

- Holiday Inn Select, La Mirada 

- Hilton Lodge, Lake Arrowhead 

- Lake Arrowhead Resort, Lake Arrowhead 

- Hotel, Proposed, Lake Country 

- Embassy Suites Hotel, Lake Tahoe 

- Lake Shore Inn, Proposed, Lake Tahoe 

- Resort at Squaw Creek, Lake Tahoe 

- La Quinta Hotel & Resort, La Quinta 

- Courtyard by Marriott, Larkspur 

- La Quinta Inn & Suites, La Palma 

- Marriott Rancho Las Palmas, Las Palmas 

- Embassy Suites Santa Rosa Plaza, La Quinta 

- 50-Unit Motel, Proposed, Little Lake 

- Heritage House Resort, Little River 

- Courtyard by Marriott, Livermore 

- Diva Hospitality, Livermore 

- Extended StayAmerica, Livermore 

- Hilton Garden Inn, Livermore 

- Hotel, Proposed, Livermore 

- Residence Inn, Livermore 

- Hampton Inn and Suites, Lodi 

- Lodi Motor Inn, Lodi 

- Embassy Suites, Lompoc 

- Extended StayAmerica, Long Beach 

- Breakers Hotel, Long Beach 


17

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Holiday Inn, Long Beach 

- Holiday Inn - Airport, Long Beach 

- Hyatt Regency, Long Beach 

- Marriott Hotel, Long Beach 

- Queen Mary & Related Real Estate, Long Beach 

- Residence Inn, Long Beach 

- West Coast Hotel & Marina, Long Beach 

- Courtyard by Marriott, Prop., Los Altos 

- Hotel, Proposed, Los Altos 

- Residence Inn, Prop., Los Altos 

- Airport Marriott, Los Angeles 

- Argyle Hotel, Los Angeles 

- Beverly Hills Residence Inn, Los Angeles 

- Biltmore Hotel, Los Angeles 

- Checkers Hotel, Los Angeles 

- Competitive Luxury Hotel Performance, Los Angeles 

- Courtyard by Marriott, Los Angeles 

- Courtyard by Marriott - LAX, Los Angeles 

- Crowne Plaza LAX, Los Angeles 

- Doubletree Hotel at LAX, Los Angeles 

- EconoLodge, Proposed, Los Angeles 

- Embassy Suites, Los Angeles 

- Extended StayAmerica LAX, Los Angeles 

- Four Seasons, Los Angeles 

- Hilton Hotel & Towers, Los Angeles 

- Hilton Hotel Universal City, Los Angeles 

- Hilton LAX, Los Angeles 

- Holiday Inn Brentwood/Bel Air, Los Angeles 

- Holiday Inn-LAX, Los Angeles 

- Holiday Inn Crowne Plaza-LAX, Los Angeles 

- Holiday Inn Express-Van Nuys, Los Angeles 

- Hotel & Condo Project - Koreatown, Prop., Los 

Angeles 

- Hotel Angeleno, Los Angeles 

- Hotel InterContinental, Los Angeles 

- Hotel Sofitel Ma Maison, Los Angeles 

- Hyatt Regency Hotel, Los Angeles 

- The James Hotel, Proposed, Los Angeles 

- JJ Grand Hotel, Los Angeles 

- JW Marriott, Proposed, Los Angeles 

- Le Meridien Hotel Beverly Hills, Los Angeles 

- Le Montrose, Los Angeles 

- Loews Santa Monica Beach, Los Angeles 

- Mandarin Oriental Hotel, Prop., Los Angeles 

- Marriott Downtown, Los Angeles 

- Marriott Hotel – LAX, Los Angeles 

- Mondrian Hotel, Los Angeles 

- New Seoul Hotel, Los Angeles 

- Playa Vista Development, Los Angeles 

- Quality Hotel Airport, Los Angeles 

- Radisson Hotel Los Angeles Westside, Los Angeles 

- Renaissance Beverly Hills, Los Angeles 

- Residence Inn Beverly Hills, Prop., Los Angeles 

- Residence Inn, Los Angeles 

- Ritz-Carlton Hotel, Prop., Los Angeles 

- SLS Hotel, Los Angeles 

- SLS Hotel, Proposed, Los Angeles 

- Sofitel Ma Maison, Los Angeles 

- Summerfield Suites, Los Angeles 

- W Hotel, Los Angeles 

- Westin Bonaventure, Los Angeles 

- Westmoreland Place, Los Angeles 

- Hotel & Restaurant, Proposed, Los Gatos 

- Hotel Los Gatos, Los Gatos 

- Los Gatos Hotel, Proposed, Los Gatos 

- Los Gatos Lodge, Los Gatos 

- Toll House Hotel, Los Gatos 

- Fess Parker’s Wine Country Inn, Los Olivos 

- Economy Inns of America Motel, Madera 

- Aman Resort Malibu Canyon, Prop., Malibu 

- Rancho Malibu Land Valuation, Malibu 

- Rancho Malibu, Proposed, Malibu 

- 80/50 Private Residence Club, Mammoth Lakes 

- Condominium Hotel, Prop., Mammoth Lakes 

- Luxury Resort Hotel, Prop., Mammoth Lakes 

- Barnabey's Hotel, Manhattan Beach 

- Hotel Belamar, Manhattan Beach 

- SpringHill Suites, Manhattan Beach 

- TownePlace Suites, Manhattan Beach 

- Hotel, Proposed, Manteca 

- Marina Dunes Resort, Marina 

- Courtyard by Marriott, Marina del Rey 

- Doubletree Hotel, Marina del Rey 

- Holiday Inn, Marina del Rey 

- Holiday Inn Express, Marina del Rey 

- Inn at Venice Beach, Marina del Rey 

- Marina del Rey Hotel & Bungalows, Marina del Rey 

- Marina del Rey Hotel & Marinas, Marina del Rey 

- Marina Suites Hotel, Marina del Rey 

- Marina Beach Hotel, Marina del Rey 

- Marriott Hotel, Marina del Rey 

- Suite Hotel, Proposed, Marina del Rey 

- Marysville Hotel, Proposed, Marysville 

- Hill House, Mendocino 

- Renaissance ClubSport, Prop., Menlo Park 

- Rosewood Sand Hill Hotel, Menlo Park 

- Stanford Park Hotel, Menlo Park 

- Comfort Inn, Millbrae 

- Beverly heritage Hotel, Milpitas 

- Candlewood Hotel, Milpitas 

- Courtyard by Marriott, Milpitas 

- Days Inn, Milpitas 

- Extended StayAmerica, Milpitas 

- Extended-Stay Hotel Site, Milpitas 

- Hilton Garden Inn, Milpitas 

- Holiday Inn, Milpitas 

- Homestead Studio Suites, Milpitas 

- Larkspur Landing Hotel, Milpitas 

- Renaissance Hotel, Proposed, Milpitas 

- Sheraton Beverly Heritage Hotel, Milpitas 

- TownePlace Suites, Milpitas 

- Holiday Inn, Miramar 

- Courtyard by Marriott, Mira Mesa 

- Courtyard by Marriott, Modesto 

- DoubleTree Hotel, Modesto 

- Hotel, Proposed, Modesto 

- Motel Orleans, Modesto 

- Red Lion Hotel, Modesto 

- Four Points Barcelo Hotel, Monrovia 

- Homestead Studio Suites, Monrovia 

- Renaissance ClubSport, Prop., Monrovia 

- Miramar Resort Hotel, Montecito 


18

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- City of Monterey, Monterey 

- DeAnza Ballroom, Monterey 

- Doubletree Fisherman's Wharf, Monterey 

- Doubletree Inn, Monterey 

- Hotel Pacific, Monterey 

- Hotel, Proposed, Monterey 

- Monterey Bay Inn, Monterey 

- Monterey Marriott Hotel, Monterey 

- Monterey Peninsula Hotel, Prop., Monterey 

- Monterey Plaza Hotel, Monterey 

- Sheraton Hotel, Monterey 

- Victorian Inn, Monterey 

- Spindrift Inn, Monterey 

- Lincoln Plaza Hotel, Monterey Park 

- Extended StayAmerica, Morgan Hill 

- Inn at Morro Bay, Morro Bay 

- Inn at Morgan Hill, Morgan Hill 

- Homestead Studio Suites, Mountain View 

- Hilton Garden Inn, Prop., Mountain View 

- Westin ClubSport, Prop., Mountain View 

- Aetna Springs Resort, Proposed, Napa 

- California Boulevard Hotel, Prop., Napa 

- City of Napa Market Study, Napa 

- Condo Hotel, Proposed, Napa 

- Hilton Garden Inn, Napa 

- Hilton Garden Inn, Proposed, Napa 

- Intrawest Resort, Proposed, Napa 

- Hotel, Proposed, Napa 

- Hotel, Prop./Timeshare, Napa Gateway, Napa 

- Kimpton Hotel, Proposed, Napa 

- Lodge on Napa River, Napa 

- Marriott Hotel, Napa 

- Napa Valley Marriott, Napa 

- Randean Way Hotel, Proposed, Napa 

- Residence Inn, Proposed, Napa 

- Sheraton Inn Napa Valley, Napa 

- Timeshare Development, Prop., Napa 

- Westin Verasa Napa, Napa 

- Aetna Parcel Development, Prop., Napa Valley 

- Auberge du Soleil, Napa Valley 

- Best Western Inn, Napa Valley 

- Clarion Inn, Napa Valley 

- Inn at Napa Valley, Napa Valley 

- Silverado, Napa Valley 

- Windmill Inn, Proposed, Napa Valley 

- Comfort Inn, National City 

- Courtyard by Marriott, Newark 

- Hilton Newark/Fremont, Newark 

- Park Inn, Newark 

- Residence Inn by Marriott, Newark 

- Woodfin Suites Hotel, Newark 

- W Suites Hotel, Proposed, Newark 

- Extended StayAmerica, Newport Beach 

- Hyatt Newporter, Newport Beach 

- Marriott Suites, Newport Beach 

- Newport Coast Development, Prop., Newport Beach 

- Newporter Resort Hotel, Newport Beach 

- Sheraton Hotel, Newport Beach 

- Sutton Place Hotel, Newport Beach 

- Extended StayAmerica, Northridge 

- Marriott Courtyard Novato, Novato 

- Hilton Garden Inn, Proposed, Novato 

- Shilo Inn, Oakhurst 

- Courtyard Oakland Airport, Oakland 

- Courtyard Oakland Downtown, Oakland 

- Economy Inn, Oakland 

- Hilton Oakland Airport, Oakland 

- Holiday Inn Oakland Airport, Oakland 

- Homewood Suites, Oakland 

- Oakland Convention Center, Oakland 

- Oakland Marriott City Center, Oakland 

- Parc Oakland Hotel, Oakland 

- Unused Land lease Parcel, Oakland 

- Waterfront Plaza Hotel, Oakland 

- Extended StayAmerica, Oceanside 

- Resort at Squaw Creek, Olympic Valley 

- Clarion Hotel, Ontario 

- Doubletree Hotel Ontario Airport, Ontario 

- Extended StayAmerica, Oceanside 

- Extended StayAmerica, Ontario 

- Hampton Inn & Suites, Ontario 

- Holiday Inn, Ontario 

- La Quinta Inn, Ontario 

- Marriott Ontario Airport, Ontario 

- Red Lion Hotel, Ontario 

- Residence Inn, Ontario 

- Sheraton Ontario Airport, Ontario 

- Extended StayAmerica Orange County - Katella 

Avenue, Orange 

- Extended StayAmerica Orange County, Orange 

- Residence Inn, Orange 

- Woodfin Suite Hotel, Orange 

- Hilton Garden Inn, Proposed, Oxnard 

- Holiday Inn, Oxnard 

- Best Western Lighthouse Hotel, Pacifica 

- Pacifica Quarry Site, Pacifica 

- Hotel, Proposed, Pacifica 

- Super 8 Motel, Palmdale 

- Embassy Suite, Palm Desert 

- Hawthorne Suites, Palm Desert 

- Ace Hotel, Proposed, Palm Springs 

- Agua Caliente Casino & Resort, Palm Springs 

- Canyon Resort Hotel, Palm Springs 

- Desert Princess, Palm Springs 

- Estrella Inn, Palm Springs 

- Extended StayAmerica Palm Springs Airport, Palm 

Springs 

- Hotel, Proposed, Palm Springs 

- Hyatt Palm Springs, Palm Springs 

- Hyatt Regency Suites Hotel, Palm Springs 

- Marriott Rancho Las Palma, Palm Springs 

- Palm Canyon, Palm Springs 

- Palm Springs Spa Hotel, Palm Springs 

- Spa Hotel & Mineral Springs, Palm Springs 

- Wyndham Hotel, Palm Springs 

- Cardinal Hotel, Palo Alto 

- Holiday Inn, Palo Alto 

- Hotel, Proposed, Palo Alto 

- Sheraton Hotel, Palo Alto 

- Stanford Park Hotel, Palo Alto 

- Stanford Terrace Inn, Palo Alto 

- Upscale Boutique Hotel, Prop., Palo Alto 


19

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Ambassador College Hotel, Prop., Pasadena 

- Courtyard by Marriott, Pasadena 

- Holiday Inn Express, Pasadena 

- Courtyard by Marriott, Pasadena 

- Langham Huntington Hotel & Spa, Pasadena 

- Ritz-Carlton Huntington Hotel, Pasadena 

- Hotel, Proposed, Paso Robles 

- Best Western Villa Del Lago, Patterson 

- Hacienda Hotel, Patterson 

- Hotel and Casino, Proposed, Patterson 

- Hotel and Restaurant, Proposed, Patterson 

- Hotel, Proposed, Patterson 

- Cascade Ranch Lodge, Pescadero 

- Elks Lodge, Petaluma 

- Quality Inn, Petaluma 

- Beverly Hills Residence Inn, Pico 

- Hotel, Proposed, Pinole 

- Beachwalk Hotel, Pismo Beach 

- Best Western Grande Arroyo, Pismo Beach 

- Cottage Inn, Pismo Beach 

- Hilton, Proposed, Pismo Beach 


- Sandcastle Inn, Pismo Beach 

- Seacrest Resort, Pismo Beach 

- Spyglass Inn, Pismo Beach 

- Fairfield Inn, Placentia 

- AmeriSuites & Homestead Village, Pleasant Hill 

- Black Angus Restaurant, Pleasant Hill 

- Embassy Suites, Pleasant Hill 

- Extended StayAmerica - Buskirk Avenue, Pleasant 

Hill 

- Pleasant Hill Inn, Pleasant Hill 

- Residence Inn, Pleasant Hill 

- Savoy Restaurant, Pleasant Hill 

- Summerfield Suites Hotel, Pleasant Hill 

- Summerfield Suites Hotel, Prop., Pleasant Hill 

- Woodfin Suite Hotel, Prop., Pleasant Hill 

- Candlewood Hotel, Pleasanton 

- Extended Stay Deluxe - Chabot Drive, Pleasanton 

- Hilton Hotel, Pleasanton 

- Holiday Inn, Pleasanton 

- Courtyard by Marriott, Pleasanton 

- Larkspur Landing Hotel, Pleasanton 

- Pleasanton Hilton Hotel, Pleasanton 

- Sierra Suites, Pleasanton 

- Summerfield Suites, Pleasanton 

- Wyndham Garden Hotel, Pleasanton 

- Wyndham Garden Inn, Pleasanton 

- Shilo Inn, Pomona 

- Shilo Inn Pomona Hilltop, Pomona 

- Aetna Springs Resort, Pope Valley 

- Hampton Inn, Proposed, Porterville 

- Country Inn, Port Hueneme 

- Portland Westin Hotel, Portland 

- Residence Inn, Poway 

- SpringHill Suites, Poway 

- Ragged Point Inn, Ragged Point 

- Holiday Inn, Rancho Bernardo 

- Rancho Bernardo Inn, Rancho Bernardo 

- Crossland Studios - Rancho Cordova Point East Dr., 

Rancho Cordova 

- Economy Inn, Rancho Cordova 

- Extended StayAmerica - White Rock Rd., Rancho 

Cordova 

- Hallmark Suites Hotel, Rancho Cordova 

- Marriott Courtyard, Rancho Cordova 

- Quality Suites, Rancho Cordova 

- Agua Caliente Casino & Resort, Prop., Rancho Mirage 

- Marriott Rancho Las Palmas, Rancho Mirage 

- Five-Star Resort & Golf Course, Proposed, Rancho 

Palos Verdes 

- Terranea Resort, Rancho Palos Verdes 

- 110-Room Full-Service Hotel, Prop., Redding 

- Bridge Bay Marina, Redding 

- Element Hotel, Proposed, Redding 

- Fairfield Inn & Suites, Proposed, Redding 

- Grand Manor Inn, Redding 

- La Quinta Inn, Redding 

- Microtel Inn & Suites, Redding 

- Motel Orleans East, Redding 

- Motel 6, Redding 

- Park Terrace, Redding 

- Red Lion Hotel, Redding 

- Red Lion Inn, Redding 

- Shasta Inn, Redding 

- Sheraton Hotel, Proposed, Redding 

- TownePlace Suites, Proposed, Redding 

- Turntable Bay Marina, Existing, Redding 

- Turntable Bay Marina, Proposed, Redding 

- Good Nite Inn, Redlands 

- Portofino Hotel & Yacht Club, Redondo Beach 

- Sheraton Redondo Beach, Redondo Beach 

- Hotel, Prop. (Blair Towers), Redwood City 

- Sofitel San Francisco Bay, Redwood City 

- Super 8, Redwood City 

- Extended StayAmerica - Hilltop Mall, Richmond 

- Carriage Inn, Ridgecrest 

- Holiday Inn Select, Riverside 

- Marriott Hotel, Riverside 

- Mission Inn, Riverside 

- Rocklin Park Hotel, Rocklin 

- DoubleTree Sonoma County, Rohnert Park 

- Good Nite Inn, Rohnert Park 

- Ramada Limited Hotel, Rohnert Park 

- Red Lion Hotel, Rohnert Park 

- Extended StayAmerica, Roseville 

- Hilton Gardens Hotel, Roseville 

- Hilton Garden Inn, Roseville 

- Hotel & Convention Center, Prop., Roseville 

- Larkspur Landing Hotel, Roseville 

- Pali Mountain Retreat and Conference Center, 

Running Springs 

- Rancho Caymus Inn, Rutherford 

- Allstar Inn, Sacramento 

- Arco Arena, Sacramento 

- Boutique Hotel Conversion, Sacramento 

- Candlewood Hotel, Proposed, Sacramento 

- Candlewood Hotel, Sacramento 

- Citizen Hotel, Sacramento 

- Clarion Hotel, Sacramento 

- Convention Hotel, Proposed, Sacramento 

- Courtyard by Marriott, Sacramento 


20

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Courtyard by Marriott Cal Expo, Sacramento 

- Docks Hotel, Proposed, Sacramento 

- Dodge City Motel, Sacramento 

- DoubleTree Hotel, Sacramento 

- Embassy Suites Riverfront Promenade, Sacramento 

- Extended StayAmerica Arden Way, Sacramento 

- Extended StayAmerica Northgate, Sacramento 

- Fairfield Inn & Suites, Sacramento 

- Hawthorn Suites, Sacramento 

- Hilton Arden West, Sacramento 

- Hilton Garden Inn, Sacramento 

- Hilton Hotel, Sacramento 

- Holiday Inn, Sacramento 

- Holiday Inn Sacramento Northeast, Sacramento 

- Homestead Studio Suites - South Natomas, 

Sacramento 

- Hyatt Regency, Sacramento 

- Hyatt Regency at Capitol Park, Sacramento 

- La Quinta Hotel Downtown, Sacramento 

- La Quinta Hotel North, Sacramento 

- Larkspur Landing Hotel, Sacramento 

- Limited-Service Hotel, Prop., Sacramento 

- Motel Orleans, Sacramento 

- Peregrine Real Estate Trust, Sacramento 

- Radisson Hotel, Sacramento 

- Red Lion Hotel–Sacramento, Sacramento 

- Red Lion–Sacramento Inn, Sacramento 

- Residence Inn by Marriott - Cal Expo, Sacramento 

- Residence Inn, Proposed, Sacramento 

- Residence Inn South Natomas, Sacramento 

- Riverboat Delta King, Sacramento 

- Sacramento Hilton, Sacramento 

- Sacramento Inn, Sacramento 

- Sierra Inn, Sacramento 

- Sixty-Unit Hotel, Proposed, Sacramento 

- SpringHill Suites, Proposed, Sacramento 

- Sterling Hotel, Sacramento 

- Three Franchised Marriott Hotels, Prop., Sacramento 

- TownePlace Suites by Marriott, Sacramento 

- Travelers Inn, Sacramento 

- Vizcaya Catering Hall, Prop., Sacramento 

- Woodlake Inn, Sacramento 

- La Quinta Inn, San Bernardino 

- San Sevain Redevelopment Project Area, San 

Bernardino 

- Courtyard by Marriott, San Bruno 

- Homestead Studio Suites, San Carlos 

- 500 West Broadway, San Diego 

- Bahia Resort Hotel, San Diego 

- Ballpark and Redevelopment Project, San Diego 

- Best Western Bayside Inn, San Diego 

- Best Western Blue Sea Lodge, San Diego 

- Best Western Hanalei, San Diego 

- Best Western Island Palms Resort, San Diego 

- Best Western Seven Seas Lodge, San Diego 

- Bridgeworks Mixed-Use Development, San Diego 

- Carmel Highland Doubletree, San Diego 

- Catamaran Resort Hotel, San Diego 

- Clarion Bay View Hotel, San Diego 

- Comfort Inn, San Diego 

- Comfort Inn-Gaslamp, San Diego 

- Comfort Inn Old Town, San Diego 

- Courtyard by Marriott, San Diego 

- Courtyard Mission Valley, San Diego 

- Courtyard by Marriott, Prop., San Diego 

- Days Inn Hotel Circle, San Diego 

- Del Mar Marriott, San Diego 

- Diegan Hotel, Proposed, San Diego 

- DoubleTree Club Hotel, San Diego 

- DoubleTree Del Mar, San Diego 

- DoubleTree Hotel at Horton Plaza, San Diego 

- Embassy Suites–La Jolla, San Diego 

- Executive Lodge, San Diego 

- Extended StayAmerica San Diego Hotel Circle, San 

Diego 

- Extended StayAmerica San Diego/Mission 

Valley/Stadium, San Diego 

- Golden Door Spa, San Diego 

- Grand Del Mar, Proposed, San Diego 

- Grand Del Mar National Golf Course, San Diego 

- Grand Hyatt, San Diego 

- Hampton Inn, San Diego 

- Hampton Inn Downtown, San Diego 

- Hanalei Hotel, San Diego 

- Hampton Inn S.D. Airport/SeaWorld, San Diego 

- Harbour Lights, San Diego 

- Hard Rock Hotel, Proposed, San Diego 

- Hilton Garden Del Mar, San Diego 

- Hilton Garden Inn, San Diego 

- Hilton Garden Inn, Proposed, San Diego 

- Hilton Garden Inn Shelter Island, Prop., San Diego 

- Hilton Gaslamp Lasalle, San Diego 

- Hilton Harbor Island, San Diego 

- Hilton, Proposed, San Diego 

- Holiday Inn, San Diego 

- Holiday Inn Express, San Diego 

- Holiday Inn Express Sea World, San Diego 

- Homestead Studio Suites, San Diego 

- Homestead Studio Suites, San Diego 

- Homewood Suites, Proposed, San Diego 

- Hotel Del Coronado, San Diego 

- Hotel San Diego, San Diego 

- Howard Johnson, San Diego 

- Hyatt Islandia, San Diego 

- Hyatt Regency La Jolla at Aventine, San Diego 

- InterContinental Hotel, San Diego 

- Island Palms Hotel, San Diego 

- Ivy Hotel, San Diego 

- Kings Inn, San Diego 

- La Jolla Village Inn, San Diego 

- La Quinta Inn, San Diego 

- Manchester Grand Hyatt, San Diego 

- Marriott Hotel and Marina, San Diego 

- Marriott Mission Valley, San Diego 

- Marriott Hotel & Marina, San Diego 

- Marriott Suites, San Diego 

- Meridien Hotel, San Diego 

- Mission Valley Inn, San Diego 

- Mission Valley Hilton, San Diego 

- Omni Hotel, San Diego 

- Pacific Terrace Inn, San Diego 

- Paradise Point Resort, San Diego 


21

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Pickwick Hotel, San Diego 

- Prava Hotel, San Diego 

- Quality Inn & Suites, San Diego 

- Radisson Hotel, San Diego 

- Ramada Limited Suites, San Diego 

- Rancho Bernardo Inn, San Diego 

- Rancho Bernardo Inn & Oaks Golf Course, San Diego 

- Red Lion Hotel, San Diego 

- Residence Inn, San Diego 

- Residence Inn Mission Valley, San Diego 

- Renaissance Hotel, Prop., San Diego 

- San Diego Hilton Conv. Center Hotel, Prop., San Diego 

- San Diego Marriott Hotel & Marina, San Diego 

- San Diego Yacht Club, San Diego 

- Select-Service Hotel, Prop., San Diego 

- Setai Hotel San Diego, Prop., San Diego 

- Shelter Pointe Hotel & Marina, San Diego 

- Sheraton Grand, San Diego 

- Sheraton Harbor Island East, San Diego 

- Sheraton Hotel & Marina, San Diego 

- Sheraton Suites, San Diego 

- Summer House Inn, San Diego 

- Super 8 Motel-Point Loma, San Diego 

- Symphony Towers, San Diego 

- Town and Country Hotel, San Diego 

- U.S. Grant Hotel, San Diego 

- Westin Horton Plaza, San Diego 

- W Hotel, San Diego 

- Woodfin Suites Hotel, San Diego 

- Wyndham Emerald Plaza Hotel, San Diego 

- Extended StayAmerica, San Dimas 

- ANA Hotel, San Francisco 

- Aquarium of the Bay, San Francisco 

- Argent Hotel, San Francisco 

- Argonaut Hotel, San Francisco 

- Bedford Hotel, San Francisco 

- Bellevue Hotel, San Francisco 

- Beresford Hotel, San Francisco 

- Best Western Canterbury Inn, San Francisco 

- Bix Restaurant, San Francisco 

- Broadway Hotel Site, Prop., San Francisco 


- Cartwright Hotel, San Francisco 

- Chancellor Hotel, San Francisco 

- The Clift Hotel, San Francisco 

- Comfort Inn by the Bay, San Francisco 

- Courtyard by Marriott, San Francisco 

- Donatello Hotel, San Francisco 

- DoubleTree Club Hotel, Prop., San Francisco 

- El Drisco Hotel, San Francisco 

- Embarcadero Inn, San Francisco 

- Excipio San Francisco, San Francisco 

- Executive Vintage Court, San Francisco 



- Galleria Park Hotel, San Francisco 

- Grand Hyatt, San Francisco 


- Hard Rock Hotel, Proposed, San Francisco 

- Haslett Warehouse Hotel, Prop., San Francisco 


- Hilton Fisherman’s Wharf, San Francisco 

- Hilton Garden Inn, Prop., San Francisco 

- Hilton Hotel SFO, San Francisco 

- Hilton San Francisco & Towers, San Francisco 

- Holiday Inn-Civic Center, San Francisco 

- Holiday Inn Express & Suites Fisherman's Wharf, San 

Francisco 

- Holiday Inn-Golden Gateway, San Francisco 

- Holiday Inn-SFO, San Francisco 

- Holiday Inn Select Financial District, San Francisco 

- Holiday Lodge, San Francisco 

- Hotel Bijoux, San Francisco 

- Hotel Cosmo, San Francisco 

- Hotel Diva, San Francisco 

- Hotel Griffon, San Francisco 

- Hotel Griffon & Red Herring Restaurant, San 

Francisco 

- Hotel Griffon & Roti Restaurant, San Francisco 

- Hotel Majestic, San Francisco 


- Hotel Nikko, San Francisco 

- Hotel Palomar, San Francisco 

- Hotel, Proposed, San Francisco 

- Hotel Rex, San Francisco 

- Hotel Triton, San Francisco 

- Hotel Union Square, San Francisco 

- Hotel Vintage Court, San Francisco 

- Howard Johnson's Pickwick Hotel, San Francisco 

- Hyatt at Fisherman's Wharf, San Francisco 


- Hyatt Regency Embarcadero, San Francisco 

- Inn at 2961 Pacific Avenue, Prop., San Francisco 

- Inn at Fisherman's Wharf, Prop., San Francisco 

- Inn at the Opera, San Francisco 

- InterContinental Hotel, San Francisco 

- Juliana Hotel, San Francisco 

- King George Hotel, San Francisco 

- King Street Hotel, Prop., San Francisco 

- Lambourne Hotel, San Francisco 

- Langham Hotel, Prop., San Francisco 

- Leased Land – 495 Geary Street, San Francisco 

- Le Meridien Hotel, San Francisco 

- The Majestic, San Francisco 

- Mandarin Hotel, San Francisco 

- Mark Twain Hotel, San Francisco 

- Marriott Fisherman's Wharf, San Francisco 

- Marriott Hotel, San Francisco 

- Masa’s Restaurant, San Francisco 

- Maxwell Hotel, San Francisco 

- Mission & Steuart Hotel, Prop., San Francisco 

- Mission Bay Community Center, San Francisco 

- Mission Bay Hotel, Proposed, San Francisco 

- Miyako Hotel, San Francisco 

- Nob Hill Lamborne Hotel & Prop. Timeshare, San 

Francisco 

- Olympic Hotel & Delicatessen, San Francisco 

- Orchard Hotel, San Francisco 

- Palace Hotel, San Francisco 

- Palomar Hotel, San Francisco 

- Pan Pacific Hotel, San Francisco 

- Parc Fifty-Five, San Francisco 


22

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Park Hyatt, San Francisco 

- Piers 30/32, San Francisco 

- Portman Hotel, San Francisco 

- Prescott Hotel, San Francisco 

- Presidio Travelodge, San Francisco 

- Queen Anne Hotel, San Francisco 

- Radisson Hotel at Fisherman’s Wharf 

- Ramada Inn Fisherman's Wharf, San Francisco 

- Ramada Hotel, San Francisco 

- Ramada Inn at Union Square, San Francisco 

- Ramada Plaza Hotel, San Francisco 

- Red Roof Inn & Studio 6, Prop., San Francisco 

- Regis Hotel, San Francisco 

- Renaissance ClubSport, Prop., San Francisco 

- Renaissance Parc 55, San Francisco 

- Renaissance Stanford Court Hotel & Parking Garage, 

San Francisco 

- Residence Inn, Proposed, San Francisco 

- Richelieu Hotel, San Francisco 

- Ritz-Carlton, Proposed, San Francisco 

- Rosewood Hotel, San Francisco 

- San Francisco Airport Hilton, San Francisco 

- Hilton Hotel, San Francisco 

- San Francisco Hotel, San Francisco 

- San Francisco Wharf Retail, San Francisco 

- Savoy Hotel, San Francisco 

- Serrano Hotel, San Francisco 

- Shangri-La Hotel, Prop., San Francisco 

- Shannon Court Hotel, San Francisco 

- Sheraton Fisherman's Wharf, San Francisco 

- Sheraton Palace, San Francisco 

- Sir Francis Drake Hotel, San Francisco 

- Stanford Court, San Francisco 

- St. Regis Hotel, Proposed, San Francisco 

- Super 8 Motel at Fisherman's Wharf 

- Transcontinental Majestic Hotel, San Francisco 

- Triton Hotel, San Francisco 

- Tuscan Inn, San Francisco 

- Villa Florence & Kuleto’s, San Francisco 

- Westin San Francisco Market Street, San Francisco 

- Westin St. Francis Hotel, San Francisco 

- Whitehall Inn, San Francisco 

- Courtyard by Marriott SFO, San Francisco 

- 300-Room Hotel Site, San Jose 

- 400-Room Hotel Site, San Jose Holiday Inn, San Jose 

- Crowne Plaza, San Jose 

- DoubleTree Hotel, San Jose 

- Extended StayAmerica, San Jose 

- Extended Stay Deluxe Downtown, San Jose 

- Extended Stay Deluxe San Jose South/Edenvale, San 

Jose 

- Fairmont Hotel, San Jose 

- Hayes Mansion Conference Center, San Jose 

- Holiday Inn, San Jose 

- Homestead Studio Suites, San Jose 

- Homewood Suites, San Jose 

- Hotel, Proposed, San Jose 

- Hotel Sierra, Proposed San Jose 

- Hotel Valencia, San Jose 

- Hyatt San Jose, San Jose 

- Hyatt St. Claire, San Jose 

- Inn at Moorpark Hotel, San Jose 

- Moorpark Hotel, San Jose 

- Ramada Renaissance Hotel, San Jose 

- Radisson Plaza Hotel Airport, San Jose 

- Red Lion-San Jose, San Jose 

- Renaissance ClubSport, Prop., San Jose 

- San Jose Fairmont Hotel, San Jose 

- San Jose Marriott, San Jose 

- Sierra Suites, Proposed, San Jose 

- TownePlace Suites by Marriott, San Jose 

- Islander Lodge Motel, San Leandro 

- Apple Farm Inn, San Luis Obispo 

- Embassy Suites Hotel, San Luis Obispo 

- Pacific Suites Hotel, San Luis Obispo 

- Quality Suites, San Luis Obispo 

- Twin Oaks Golf Course, San Marcos 

- Benjamin Franklin Hotel, San Mateo 

- Dunfey Hotel, San Mateo 

- Extended-Stay Hotel, Prop., San Mateo 

- Holiday Inn, San Mateo 

- Holiday Inn Express, San Mateo 

- Homestead Studio Suites, San Mateo 

- Hotel, Proposed, San Mateo 

- Marriott San Mateo (San Francisco Airport), San 

Mateo 

- Residence Inn by Marriott, San Mateo 

- Villa Hotel, San Mateo 

- Hilton Hotel, San Pedro 

- Embassy Suites, San Rafael 

- Extended Stay Deluxe, San Rafael 

- Extended Stay Hotel, San Rafael 

- Four Points Barcelo Hotel, San Rafael 

- Four Points by Sheraton San Rafael, San Rafael 

- Extended StayAmerica h, San Ramon 

- Homestead Studio Suites, San Ramon 

- Hotel, Proposed, San Ramon 

- Marriott Hotel, San Ramon 

- Residence Inn, San Ramon 

- Sierra Suites Hotel, Proposed, San Ramon 


- California Palms, Santa Ana 

- Compri Hotel, Santa Ana 

- Embassy Suites, Santa Ana 

- Executive Inn, Santa Ana 

- Executive Lodge, Santa Ana 

- Orange County Ramada Hotel, Santa Ana 

- Quality Suites, Santa Ana 

- Westin Hotel, Proposed, Santa Ana 

- Westin MainPlace Hotel, Prop., Santa Ana 

- Woolley's Petite Suites, Santa Ana 

- Bacara Resort & Spa, Santa Barbara 

- El Encanto Hotel & Garden Villas, Santa Barbara 

- Extended StayAmerica Calle Real, Santa Barbara 

- Fess Parker's Doubletree Resort, Santa Barbara 

- Fess Parker’s El Marisol Resort, Prop., Santa Barbara 

- Fess Parker's Red Lion Resort, Santa Barbara 

- Four Seasons Biltmore Resort, Santa Barbara 

- Miramar Hotel, Santa Barbara 

- Montecito Inn, Santa Barbara 

- Ramada Inn & IHOP Restaurant, Santa Barbara 

- Resort Hotel, Santa Barbara 


23

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Santa Barbara Inn, Santa Barbara 

- Santa Barbara Club Resort & Spa, Santa Barbara 

- San Ysidro Ranch, Santa Barbara 

- Budget Inn, Santa Clara 

- Embassy Suites, Santa Clara 

- Hilton Silicon Valley, Santa Clara 

- Holiday Inn Great America, Santa Clara 

- Hotel Sierra, Santa Clara 

- Howard Johnson's Hotel, Santa Clara 

- Marriott Hotel, Santa Clara 

- Quality Suites, Santa Clara 

- Sierra Suites, Santa Clara 

- Summerfield Suites, Santa Clara 

- Westin Santa Clara, Santa Clara 


- Hampton Inn, Santa Clarita 

- Hilton Garden Inn, Santa Clarita 

- Hilton Town Center, Santa Clarita 

- Residence Inn, Santa Clarita 

- Coast Santa Cruz Hotel, Santa Cruz 

- Hilton Scotts Valley, Santa Cruz 

- Inn at Pasatiempo, Santa Cruz 

- Dream Inn, Santa Cruz 

- Motel 6, Santa Maria 

- Santa Maria Airport Hilton, Santa Maria 

- Boutique Hotel, Proposed, Santa Monica 

- Casa Del Mar, Santa Monica 

- EconoLodge, Proposed, Santa Monica 

- Fairmont Miramar Hotel, Santa Monica 

- Holiday Inn, Santa Monica 

- Holiday Inn at the Pier, Santa Monica 

- Huntley Hotel, Santa Monica 

- Loews Santa Monica Beach Hotel, Santa Monica 

- Ocean Avenue Hotel, Santa Monica 

- Pacific Shore Hotel, Santa Monica 

- Park Hyatt Hotel, Santa Monica 

- Santa Monica Beach Hotel, Santa Monica 

- Sheraton Miramar Hotel, Santa Monica 

- Shutters at the Beach, Santa Monica 

- Viceroy Hotel, Santa Monica 

- Holiday Inn, Santa Nella 

- Courtyard by Marriott, Santa Rosa 

- Extended StayAmerica Santa Rosa North, Santa Rosa 

- Extended StayAmerica Santa Rosa South, Santa Rosa 

- Flamingo Hotel, Santa Rosa 

- Fountain Grove Inn, Santa Rosa 

- Hilton Sonoma County, Santa Rosa 

- Holiday Inn, Santa Rosa 

- Hyatt Vineyard Creek, Santa Rosa 

- Alta Mira Hotel, Sausalito 

- Casa Madrona Hotel, Sausalito 

- Horizons Restaurant, Sausalito 

- Days Inn Seaside, Seaside 

- Embassy Suites, Seaside 

- Fairmont Hotel, Proposed, Seaside 

- Four-Star Hotel, Proposed, Seaside 

- Holiday Inn Express, Seaside 

- Seaside 8, Seaside 

- Radisson Valley Center Hotel, Sherman Oaks 

- Extended StayAmerica, Simi Valley 

- Ramada Inn, Solana Beach 

- Danish Country Inn, Solvang 

- Best Western Sonoma Valley Inn, Sonoma 


- Hilton Hotel Sonoma, Sonoma 

- Lodge at Sonoma, Proposed, Sonoma 

- MacArthur Place, Sonoma 

- Red Lion Inn, Sonoma 

- Renaissance Lodge at Sonoma, Sonoma 

- Sonoma Valley Inn, Sonoma 

- Hardage Suites Hotel Site, Sorrento Mesa 

- Woodfin Suites Hotel, Sorrento Mesa 

- Embassy Suites Hotel, South Lake Tahoe 

- St. Christopher Motel, South Lake Tahoe 

- Timberwolf Lodge, South Lake Tahoe 

- Woodfin Suite Hotel, Prop., Sorrento Mesa 

- Crown Sterling Suites, South San Francisco 

- Goodnite Inn, South San Francisco 

- Grosvenor Hotel, South San Francisco 

- Hilton Garden Inn, South San Francisco 

- Holiday Inn, South San Francisco 

- La Quinta Inn, South San Francisco 

- Larkspur Landing Hotel, South San Francisco 

- Marriott Hotel, Prop., South San Francisco 

- Ramada Inn, South San Francisco 

- Renaissance ClubSport, Prop., South San Jose 

- 390-Room Hotel, Prop., South San Francisco 

- Travelodge Hotel SFO North, South San Francisco 

- Hotel, Proposed, Squaw Valley 

- Extended StayAmerica Los Angeles – Valencia 

Stevenson Ranch 

- Harvest Inn, St. Helena 

- Meadowood Resort, St. Helena 

- Extended StayAmerica - March Lane, Stockton 

- La Quinta Inn, Stockton 

- Motel Orleans, Stockton 

- Radisson Hotel, Stockton 

- Sheraton Hotel, Prop., Stockton 

- Stockton Hilton, Stockton 

- Holiday Inn Express, Prop., Sun City 

- Holiday Inn, Sunnyvale 

- Neighborhood Suites Hotel, Sunnyvale 

- The Grand Hotel, Proposed, Sunnyvale 

- Homestead Studio Suites, Sunnyvale 

- Larkspur Landing Hotel, Sunnyvale 

- Radisson Inn, Sunnyvale 

- Residence Inn Silicon Valley II, Sunnyvale 

- Select-Service Hotel, Proposed, Sunnyvale 

- Sunnyvale Hilton, Sunnyvale 

- Super 8, Sunnyvale 

- Good Nite Inn, Sylmar 

- Embassy Suites, Temecula 

- Extended StayAmerica Temecula Wine Country 

Temecula 

- Ramada Inn, Temecula 

- Temecula Creek Inn & Golf, Temecula 

- Temecula Inn, Temecula 

- Extended StayAmerica, Torrance 

- Extended StayAmerica Torrance Harbor Gateway, 

Torrance 

- Hilton Hotel, Torrance 

- Holiday Inn - Torrance, Torrance 


24

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Homestead Studio Suites, Torrance 

- Residence Inn, Torrance 

- Extended StayAmerica, Tracy 

- Ritz-Carlton Highlands Lake Tahoe, Truckee 

- Extended StayAmerica - Dyer Street, Union City 

- Hilton Hotel, Universal City 

- MCA Hotel, Proposed, Universal City 

- Sheraton Universal, Universal City 

- Hotel, Proposed, Upland 

- Courtyard by Marriott, Vacaville 

- Extended StayAmerica, Vacaville 

- Holiday Inn Express & Suites, Vacaville 

- Extended-Stay Hotel, Proposed, Valencia 

- Hilton Garden Inn Valencia Six Flags, Valencia 

- Holiday Inn, Vallejo 

- Hotel ClubSport, Prop., Vallejo 

- Lodging Facility, Prop., Valley Springs 

- Holiday Inn, Van Nuys 

- Hotel Van Nuys, Van Nuys 

- La Quinta Inn, Ventura 

- Habortown Marina Resort, Ventura 

- Ocean Resorts/Harbortown Hotel, Ventura 

- Sheraton Hotel, Ventura 

- Quality Inn & Suites - Green Tree, Victorville 

- City of Visalia, Visalia 

- Holiday Inn, Visalia 

- Radisson Hotel, Visalia 

- La Quinta Inn, Vista 

- 110-Room Boutique Hotel, Prop., Walnut Creek 

- Embassy Suites Walnut Creek, Walnut Creek 

- Holiday Inn, Walnut Creek 

- Marriott Hotel, Walnut Creek 

- Parkside Hotel, Walnut Creek 

- Renaissance ClubSport, Walnut Creek 

- Renaissance ClubSport, Prop., Walnut Creek 

- Marriott Hotel, Walnut Creek 

- Westin ClubSport, Prop., Walnut Creek 

- City of Watsonville, Watsonville 

- Argyle Hotel, West Hollywood 

- Chamberlain Hotel, West Hollywood 

- Hyatt West Hollywood, West Hollywood 

- Le Bel Age, West Hollywood 

- Le Dufy, West Hollywood 

- Le Montrose, West Hollywood 

- Mondrian Hotel, West Hollywood 

- Ramada Hotel, West Hollywood 

- Summerfield Suites, West Hollywood 

- Sunset Towers Hotel, West Hollywood 

- Wyndham Bel Age, West Hollywood 

- Extended StayAmerica, West Sacramento 

- Golden Pheasant, Willows 

- Microtel Inn & Suites, Willows 

- Whittier Hilton, Whittier 

- Hotel, Proposed, Whittier 

- Hotel, Proposed, Woodland 

- Woodland Hotel & Conference Center, Prop., 

Woodland 

- Extended StayAmerica, Woodland Hills 

- Marriott Warner Center, Woodland Hills 

- Skylonda Retreat, Woodside 

- Extended StayAmerica, Yorba Linda 

- Marriott Tenaya Lodge, Prop., Yosemite 

- Luxury Hotel, Proposed, Yountville 

- Napa Valley Lodge, Yountville 

- Vintage Estate, Yountville 

- Bonanza & Convention Center, Yuba City 

- Motel Orleans, Yuba City 

Colorado 

- Hotel Jerome, Aspen 

- St. Regis Hotel, Aspen 

- Crossland Studios Denver Airport – Aurora, Aurora 

- Extended Stay Deluxe, Aurora 

- Hampton Inn, Aurora 

- Holiday Inn Southeast, Aurora 

- Homestead Studio Suites, Aurora 

- Red Lion Denver Southeast, Aurora 

- Isle of Capri Casino Hotel, Black Hawk 

- Downtown Boulder Hotel, Boulder 

- Embassy Suites, Boulder 

- Hilton Harvest House, Boulder 

- Holiday Inn, Boulder 

- Hotel Boulderado, Boulder 

- St. Julien Hotel and Spa, Boulder 

- Casino Hotel, Proposed, Central City 

- Imperial Casino, Cripple Creek 

- Best Western Le Baron Hotel, Colorado Springs 

- Colorado Grande Casino, Colorado Springs 

- Crossland Studios Colorado Springs – Airport, 

Colorado Springs 

- Double Eagle Casino Hotel, Prop., Colorado Springs 

- DoubleTree Hotel, Colorado Springs 

- Embassy Suites, Colorado Springs 

- Extended StayAmerica Colorado Springs West, 

Colorado Springs 

- Hilton, Colorado Springs 

- Double Eagle Casino Hotel, Prop., Cripple Creek 

- Brown Palace, Denver 

- Days Inn-Arapahoe, Denver 

- Days Inn-Colfax, Denver 

- Embassy Suites, Denver 

- Executive Tower Hotel, Denver 

- Homestead Studio Suites Denver Tech Center North, 

Denver 

- Hotel Monaco, Denver 

- Hotel Teatro, Denver 

- JW Marriott, Denver 

- Le Baron Hotel, Denver 

- Radisson, Denver 

- Denver Hilton, Englewood 

- Extended Stay Deluxe Denver Tech Center South, 

Englewood 

- Homestead Studio Suites Denver Tech Center South 

Inverness, Englewood 

- Sheraton Denver Tech Center Hotel, Englewood 

- Holiday Inn, Fort Collins 

- Crossland Studios Denver Cherry Creek, Glendale 

- Homestead Studio Suites Denver - Cherry Creek, 

Glenwood 

- Extended StayAmerica Denver Tech Center North, 

Greenwood. 

- Hotel Palomar, Proposed, Greenwood 


25

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Homestead Studio Suites Denver - Tech Center South 

- Greenwood Village, Greenwood Village 

- Summerfield Suites, Prop., Greenwood Village 

- Residence Inn, Highlands Ranch 

- Extended StayAmerica Denver Lakewood West, 

Lakewood 

- Extended StayAmerica Denver Lakewood South, 

Lakewood 

- Hampton Inn, Proposed, Lakewood 

- Extended StayAmerica Denver - Park Meadows, Lone 

Tree 

- Marriott Hotel, Pueblo 

- Silvertree Hotel, Snowmass 

- Wildwood Lodge, Snowmass 

- Crossland Studios Denver Thornton, Thornton 

- Westin Hotel, Vail 

- Extended StayAmerica Denver Westminster, 

Westminster 

Connecticut 

- Holiday Inn, Darien 

- Days Inn, Proposed, Enfield 

- Extended Stay Deluxe, Farmington 

- Hartford Hilton, Hartford 

- Motel 6, Hartford 

- Extended StayAmerica, Manchester 

- Extended StayAmerica, Meridien 

- Residence Inn, Meriden 

- Homestead Studio Suites Norwalk Stamford, 

Norwalk 

- Dolce Norwalk Conference Center, Norwalk 

- Homestead Studio -Fairfield County, Shelton 

- Executive Hotel, Stamford 

- Harley Hotel, Stamford 

- Holiday Inn-Crowne Plaza, Stamford 

- Inn at National Hall, Westport 

- Fairfield Inn, Windsor Locks 

Delaware 

- Homestead Studio Suites Christiana, Newark 

District of Columbia 

- ANA Hotel 

- Courtyard by Marriott 

- DoubleTree Hotel Conversion 

- Embassy Suites Hotel 

- Fairmont Hotel 

- Four Seasons Hotel 

- Harambee House 

- Hotel Monaco 

- Hyatt Regency 

- Hyatt Regency Washington on Capitol Hill 

- J.W. Marriott Hotel 

- Marriott Metro Center 

- Monarch Hotel 

- Renaissance Mayflower 

- Residence Inn 

- Ritz-Carlton 

- Ritz-Carlton-Georgetown 

- River Inn 

- Sheraton Washington Hotel 

- Sofitel Lafayette Square 

- St. James 

- Washington Court Hotel 

- Washington Terrace Hotel 

- Westin Embassy Row 

Florida 

- Holiday Inn, Altamonte Springs 

- Homestead Studio Suites, Altamonte Springs 

- Boca Raton Marriott at Boca Center, Boca Raton 

- Embassy Suites, Boca Raton 

- Homestead Studio Suites Boca Raton Commerce, 

Boca Raton 

- Marriott Hotel at Crocker Center, Boca Raton 

- Petite Suites, Boca Raton 

- Homestead Studio Suites, Branchburg 

- Best Western Sea Wake Resort, Clearwater 

- Extended StayAmerica St. Petersburg – Clearwater, 

Clearwater 

- Homestead Studio Suites, Clearwater 

- Holiday Inn, Clearwater 

- Holiday Inn Gulfview, Clearwater 

- Sheraton Sand Key Resort, Clearwater 

- Holiday Inn Surfside, Clearwater Beach 

- Hyatt Hotel, Coral Gables 

- Hotel, Proposed, Dania Beach 

- Homestead Studio Suites, Davie 

- Daytona Beach Radisson, Daytona Beach 

- Extended Stay Deluxe - International Speedway, 

Daytona Beach 

- Extended StayAmerica, Deerfield Beach 

- Extended StayAmerica Destin - US98 - Emerald Coast 

Parkway, Destin Beach 

- Marriott Doral Golf Resort And Spa, Doral 

- Crossland Studios Fort Lauderdale - Commercial 

Boulevard, Ft. Lauderdale 

- Doubletree Oceanfront, Ft. Lauderdale 

- Extended StayAmerica Fort Lauderdale - Cypress 

Creek - Andrews Avenue, Ft. Lauderdale 

- Extended StayAmerica Fort Lauderdale - Convention 

Center- Marina, Ft. Lauderdale 

- Extended Stay Deluxe Fort Lauderdale - Cypress 

Creek- NW 6th Way, Ft. Lauderdale 

- Extended StayAmerica Fort Lauderdale – Plantation, 

Ft. Lauderdale 

- Galleria Doubletree Guest Suites, Ft. Lauderdale 

- Holiday Inn-Airport, Ft. Lauderdale 

- Holiday Inn-Beach, Ft. Lauderdale 

- Holiday Inn-North, Ft. Lauderdale 

- Sheraton Suites Cypress Creek, Ft. Lauderdale 

- Best Western Ft. Meyers lsland Gateway, Ft. Meyers 

- Pink Shell Beach Resort, Ft. Meyers Beach 

- Extended StayAmerica Gainesville - I-75, Gainesville 

- Fairfield Inn, Gainesville 

- DoubleTree Guest Suites Melbourne Beach - 

Oceanfront, Indialantic 

- Cheeca Lodge & Spa, Islamorada 

- Days Inn Jacksonville South, Jacksonville 

- Extended StayAmerica Jacksonville - Butler 

Boulevard, Jacksonville 


26

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Extended StayAmerica Jacksonville Riverwalk, 

Jacksonville 

- Extended Stay Deluxe - Deerwood Park, Jacksonville 

- Homestead Studio Suites - Baymeadows, Jacksonville 

- Homestead Studio Suites - Salisbury Road, 

Jacksonville 

-Homestead Studio Suites Jacksonville – Southside, 

Jacksonville 

- Sea Turtle Inn, Jacksonville 

- Wyndham Casa Marina Resort, Key West 

- EconoLodge Hawaiian Resort, Kissimmee 

- Holiday Inn – Maingate, Kissimmee 

- Best Western, Lake Buena Vista 

- Ramada Resort – Maingate, Kissimmee 

- Embassy Suites, Lake Buena Vista 

- Embassy Suites Orlando, Lake Buena Vista 

- Grosvenor Hotel, Lake Buena Vista 

- Woodfin Suite Hotel, Prop., Lake Buena Vista 

- Extended StayAmerica Lake Mary – Heathrow, Lake 

Mary 

- Homestead Studio Suites Orlando Lake Mary, Lake 

Mary 

- Holiday Inn-Madeira, Madeira Beach 

- Radisson Hotel, Marco Island 

- Extended Stay Deluxe Melbourne – Airport, 

Melbourne 

- Hilton Melbourne Beach Oceanfront, Melbourne 

- Hilton Hotel, Melbourne 

- Hilton Rialto Place Hotel, Melbourne 

- Quality Suites Melbourne 

- Melbourne Suites Beach Resort, Melbourne 

- Extended StayAmerica Miami - Airport at Doral, 

Miami 

- Extended StayAmerica Miami - Brickell - Port of 

Miami, Miami 

- Extended StayAmerica Miami Coral Gables, Miami 

- Fairfield Inn, Miami 

- Flagler Dog Track & Magic City Casino, Miami 

- Hilton Miami Downtown, Miami 

- Holiday Inn-Calder, Miami 

- Homestead Studio Suites Miami - Airport - Blue 

Lagoon, Miami 

- Homestead Studio Suites Miami - Airport - Miami 

Springs, Miami 

- Fairfield Inn International, Miami 

- Fairfield Inn South, Miami 

- Hilton Hotel, Miami 

- InterContinental Hotel, Miami 

- Ritz-Carlton South Beach, Miami 

- Sofitel Miami Airport, Miami 

- Buena Vista Resort Hotel, Prop., Orlando 

- Courtyard Marriott Village, Orlando 

- Crossland Studios Orlando - University of Central 

Florida, Orlando 

- Extended StayAmerica Orlando - Convention Center 

- Westwood Boulevard, Orlando 

- Extended StayAmerica - Maitland - Pembrook Drive, 

Orlando 

- Extended StayAmerica - Universal Studios, Orlando 

- Extended Stay Deluxe Orlando - Convention Center - 

Pointe Orlando, Orlando 

- Extended Stay Deluxe Orlando Convention Center 

Westwood Boulevard, Orlando 

- Extended Stay Deluxe Orlando John Young Parkway, 

Orlando 

- Extended Stay Deluxe Orlando - Lake Buena Vista, 

Orlando 

- Extended Stay Deluxe Orlando - Maitland - 

Pembrook Drive, Orlando 

- Extended Stay Deluxe Orlando Maitland Summit, 

Orlando 

- Fairfield Inn, Orlando 

- Hampton Inn, Orlando 

- Hawthorn Suites Orlando Airport, Orlando 

- Holiday Inn Express, Orlando 

- Homestead Studio Suites Orlando - John Young 

Parkway, Orlando 

- Hyatt Regency Grand Cypress, Orlando 

- Fairfield Inn Marriott Village, Orlando 

- Holiday Inn-International Drive, Orlando 

- Holiday Inn-Lee Road, Orlando 

- Peabody Hotel, Orlando 

- Sheraton Jetport Inn, Orlando 

- Sheraton Lakeside, Orlando 

- SpringHill Suites Marriott Village, Orlando 

- Holiday Inn, Palm Beach Gardens 

- DoubleTree Hotel, Palm Gardens 

- Extended StayAmerica Pensacola University Mall, 

Pensacola 

- Plantation Sheraton Suites, Plantation 

- Extended Stay Deluxe Ft. Lauderdale - Cypress Creek 

Park North, Pompano Beach 

- Amrit Resort and Residences, Riviera Beach 

- Renaissance Resort World Golf Village, St. Augustine 

- Holiday Inn-Lido Beach, Sarasota 

- SpringHill Suites, Saratoga Springs 

- Doubletree Tallahassee, Tallahassee 

- StudioPlus Suites Tallahassee – Killearn, Tallahassee 

- Homestead Studio Suites, Tamarac 

- Chase Suite Hotel, Tampa 

- Crowne Plaza Hotel Tampa East, Tampa 

- Embassy Suites, Tampa 

- Extended StayAmerica Tampa - Airport - Westshore 

Boulevard, Tampa 

- Extended Stay Deluxe Tampa Airport, Tampa 

- Hilton Tampa Airport Westshore, Tampa 

- Holiday Inn-Airport, Tampa 

- Homestead Studio Suites, Tampa 

- Ramada Inn, Tampa 

- Renaissance Tampa Hotel International Plaza, 

Tampa 

- Wyndham Westshore Hotel, Tampa 

- Holiday Inn & Suites, Tarpon Springs 

- Extended StayAmerica Tampa - Temple Terrace, 

Temple Terrace 

- Extended Stay Deluxe West Palm Beach Northpoint 

Corporate Park, West Palm Beach 

Georgia 

- Holiday Inn Express Albany, Albany 

- Extended StayAmerica Atlanta - Alpharetta - Rock 

Mill Road, Alpharetta 


27

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Extended StayAmerica Atlanta – Clairmont, 

Alpharetta 

- StudioPlus Suites Atlanta - Alpharetta – Northpoint, 

Alpharetta 

- Extended Stay Deluxe Atlanta - Alpharetta – 

Northpoint, Atlanta 

- Extended Stay Deluxe Atlanta – Lenox, Atlanta 

- Extended Stay Deluxe Atlanta - Marietta - Powers 

Ferry Road, Atlanta 

- Homestead Studio Suites Atlanta Perimeter, Atlanta 

- Extended Stay Deluxe Atlanta - Marietta - Windy Hill 

- Interstate North Parkway, Alpharetta 

- Extended StayAmerica Atlanta – Perimeter, 

Alpharetta 

- Extended Stay Deluxe Atlanta – Perimeter, Atlanta 

- Extended Stay Deluxe Atlanta – Vinings, Alpharetta 

- Homewood Suites, Alpharetta 

- Sierra Suites Hotel, Proposed, Alpharetta 

- Crowne Plaza Atlanta-Ravinia, Atlanta 

- Fairfield Inn, Atlanta 


- Fairfield Inn, Atlanta-Gwinnett 

- Fairfield Inn, Atlanta-Northlake 

- Fairfield Inn, Atlanta-Northwest 

- Fairfield Inn, Atlanta-Peachtree 

- Fairfield Inn, Atlanta-Southlake 


- Hilton Garden Inn Winward, Atlanta 

- Holiday Inn Atlanta Downtown, Atlanta 

- Hyatt-Airport, Proposed, Atlanta 

- Motel 6, Atlanta 

- Neighborhood Inn, Atlanta 

Residence Inn, Atlanta 

- Residence Inn Atlanta Buckhead at Lenox Park, 

Atlanta 

- Residence Inn Atlanta Midtown, Atlanta 

- Residence Inn, Perimeter West Atlanta, Atlanta 

- Sheraton Suites Galleria, Atlanta 

- Stouffer's Hotel-Proposed, Atlanta 

- Westin Peachtree Plaza, Atlanta 

- W Hotel Buckhead, Atlanta 

- Homewood Suites, Augusta 

- Fairfield Inn, College Park 

- Holiday Inn-Crowne Plaza, College Park 

- Extended StayAmerica Columbus – Airport, 

Columbus 

- Extended StayAmerica Columbus - Bradley Park, 

Columbus 

- Extended StayAmerica Atlanta Gwinnett Place, 

Duluth 

- Fairfield Inn-Gwinnett, Duluth 

- Wellesley Inn & Suites Atlanta/Gwinnett, Duluth 

- Howard Johnson's, Forsyth 

- Extended StayAmerica, Kennesaw 

- Fairfield Inn, Kennesaw 

- SpringHill Suites, Kennesaw 

- StudioPlus Suites, Kennesaw 

- Development, Proposed, Lake Lanier 

- Extended StayAmerica, Lawrenceville 

- Hampton Inn, Lawrenceville 

- Hilton Garden Inn, Lithonia 

- Extended Stay Deluxe Macon – North, Macon 

- Extended StayAmerica Atlanta - Marietta - Windy 

Hill, Marietta 

- Extended StayAmerica Hometown Inn Atlanta - 

Marietta - Canton Road, Marietta 

- Fairfield Inn, Marietta 

- Homestead Studio Suites Atlanta Marietta Powers 

Ferry Road, Marietta 

- Hyatt Hotel, Marietta 

- Hyatt Regency Suites, Marietta 

- Extended StayAmerica, Morrow 

Fairfield Inn, Morrow 

Extended StayAmerica Atlanta - Jimmy Carter, 

Norcross 

- Extended StayAmerica Atlanta – Norcross, Norcross 

- Fairfield Inn, Norcross 

- Homestead Studio Suites, Norcross 

- Motel 6, Norcross 

- StudioPlus Suites Atlanta - Peachtree Corners, 

Norcross 

- Extended StayAmerica Hometown Inn Atlanta – 

Riverdale, Riverdale 

- Brookwood Inn, Roswell 

- Extended StayAmerica– Midtown, Savannah 

- Fairfield Inn, Savannah 

- TownePlace Suites by Marriott, Savannah 

- Westin Savannah Harbor, Savannah 

- Homestead Studio Suites Atlanta Cumberland Mall, 

Smyrna 

- Hampton Inn Southlake, Southlake 

- Melhana – The Grand Plantation, Thomasville 

Hawaii 

- Development, Hokukano Ranch, Prop., Mauna Loa, 

Hawaii 

- Fairmont Orchid, Kamuela, Hawaii 

- Hotel, Condo Hotel, Fractional & Timeshare 

Development, Prop., Hawaii 

- King Kamehameha’s Kona Beach Hotel, Kailua-Kona, 

Hawaii 

- Sheraton Keauhou Bay Resort, Kailua-Kona, Hawaii 

- Sheraton Princess, Kailua, Hawaii 

- Mandarin Oriental Hotel, Prop., Ko Olina, Hawaii 

- Ritz-Carlton Mauna-Lani, South Kohala, Hawaii 

- Marriott Waikoloa Beach Resort, Waikoloa, Hawaii 

- Aloha Beach Resort Kauai, Kapa’a, Kauai 

- ResortQuest Kauai Beach at Makaiwa, Kapa’a, Kauai 

- Hyatt Timeshare Resort, Prop., Kapa’a, Kauai 

- Marriott Kauai Resort, Lihue, Kauai 

- Coco Palms Resort, Wailua, Kauai 

- Courtyard by Marriott, Prop., Kauai 

- Courtyard Kauai @ Waipouli Beach, Kauai 

- Kauai Coconut Beach Hotel, Kapa’a, Kauai 

- ResortQuest Kauai Beach at Makaiwa, Kapa’a, Kauai 

- Kiahuna Plantation, Poipu Beach, Kauai 

- Makai Golf Course, Princeville, Kauai 

- Princeville Resort Hotel, Princeville, Kauai 

- Timeshare Resort, Prop., Kapa’a, Kauai 

- Westin Kauai at Kauai Lagoons Resort, Kauai 

- Challenge at Manele Golf Course, Lanai 

- Experience at Koele Golf Course, Lanai 


28

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Four Seasons Resort Lanai at Manele Bay, Lanai 

- Four Seasons Resort Lanai, The Lodge at Koele, Lanai 

- Royal Palm Resort, Haikiu, Maui 

- Hilo Hawaiian Hotel, Hilo, Maui 

- Condo-Hotel, Prop., Kaanapali, Maui 

- Kapalua Bay Hotel, Kapalua, Maui 

- Maui Coast Hotel, Kihei, Maui 

- Maui Oceanfront Inn, Kihei, Maui 

- Ritz-Carlton Kapalua, Kapalua, Maui 

- Embassy Suites, Lahaina, Maui 

- Sheraton Maui, Lahaina, Maui 

- Coco Palmas Resort, Wailea, Maui 

- Fairmont Kea Lani Resort, Wailea, Maui 

- Four Seasons Maui at Wailea, Maui 

- Grand Wailea Resort and Spa, Wailea, Maui 

- Kea Lani Resort, Wailea, Maui 

- Wailea Marriott, Wailea, Maui 

- W Resort, Prop., Wailea, Maui 

- DoubleTree Alana Waikiki Hotel, Honolulu, Hawaii 

- Hotel, Proposed, Honolulu, Oahu 

- Hyatt Regency Waikiki, Honolulu, Oahu 

- Ilikai Hotel, Honolulu, Oahu 

- Ohana Waikiki Beachcomber, Honolulu, Oahu 


- Pacific Beach Hotel, Honolulu, Oahu 

- Turtle Bay Resort, Kahuku, Oahu 

- JW Marriott Ihilani Hotel, Kapolei, Oahu 

- Ko Olina Ritz-Carlton Hotel, Prop., Kapolei, Oahu 

- Elks/Outrigger Canoe Club Ground Lease Rent 

Renegotiation, Honolulu, Oahu 

- Hawaii Gateway Hotel, Honolulu, Oahu 

- Hilton Hawaii Village, Honolulu, Oahu 

- Kahala Mandarin Oriental Hotel, Honolulu, Oahu 

- Marriott Waikiki, Honolulu, Oahu 

- Miramar Hotel, Honolulu, Oahu 

- Ocean Resort Hotel, Honolulu, Oahu 

- Ohana Waikiki Beachcomber Hotel, Honolulu, Oahu 

- Outrigger East Hotel, Honolulu, Oahu 


- Outrigger Waikiki Hotel, Honolulu, Oahu 

- Outrigger West Hotel, Honolulu, Oahu 

- Park Shore Hotel, Honolulu, Oahu 

- Royal Hawaiian Hotel, Honolulu, Oahu 

- Sand Villa Hotel, Honolulu, Oahu 

- Sheraton Moana Surfrider, Honolulu, Oahu 

- Sheraton Princess Kaiulani, Honolulu, Oahu 

- Sheraton Waikiki, Honolulu, Oahu 

- Waikiki Beachcomber Hotel, Honolulu, Oahu 

- Waikiki Gateway Hotel, Honolulu, Oahu 

- Waikiki Sand Villa Hotel, Honolulu, Oahu 

IDAHO 

- DoubleTree Boise Riverside, Boise 

- Extended StayAmerica Boise/Airport, Boise 

- Hilton Garden Inn, Proposed, Boise 

- Holiday Inn, Boise 

- Holiday Inn Airport, Boise 

- Red Lion ParkCenter Suites, Boise 

- Shilo Inn-Boise Riverside, Boise 

- Extended StayAmerica,, Burr Ridge 

- Motel 6, Coeur d'Alene 

- Resort Development, Coeur d'Alene 

- Shilo Inn, Coeur d’Alene 

- Fairfield Inn & Suites, Prop., Idaho Falls 

- Shilo Inn Suites Hotel, Idaho Falls 

- Shilo Inn, Nampa 

- Shilo Inn Suites, Nampa 

- Cavanaugh’s Pocatello Hotel, Pocatello 

- Cotton Tree Inn, Pocatello 

- Red Lion Pocatello, Pocatello 

- Best Western Cavanaugh, Post Falls 

- Red Lion Templin’s Hotel, Post Falls 

- Lodging Facility, Proposed, Sun Valley 

- Red Lion Canyon Springs Hotel, Twin Falls 

ILLINOIS 

- Hollywood Casino, Aurora 

- Extended StayAmerica Chicago Midway, Bedford 

- Indian Lakes Resort, Bloomingdale 

- Extended StayAmerica Bloomington Normal, 

Bloomington 

- Jumer's Chateau, Bloomington 

- Super 8 Motel, Bloomington 

- Extended StayAmerica Chicago - Buffalo Grove – 

Deerfield, Buffalo Grove 

- Extended StayAmerica, Burr Ridge 

- Extended StayAmerica, Champaign 

- Super 8 Motel, Champaign 

- Amalfi Hotel, Chicago 

- City Suites Hotel, Chicago 

- Fairmont Hotel, Chicago 

- Hilton Chicago and Towers, Chicago 

- Hotel Allegro, Chicago 

- Hotel Monaco, Chicago 

- House of Blues, Chicago 

- Hyatt at University Village, Chicago 

- Hyatt Regency McCormick Place Extension, Chicago 

- InterContinental Hotel, Chicago 

- James Hotel, Chicago 

- Majestic Hotel, Chicago 

- Mayfair Regent, Chicago 

- Peninsula Hotel, Chicago 

- Radisson Hotel, Proposed, Chicago 

- Radisson O’Hare, Chicago 

- Sofitel Chicago Water Tower Hotel, Chicago 

- Westin Hotel, Chicago 

- Westin Michigan Avenue, Chicago 

- Willows Hotel, Chicago 

- Woodfin Suite Hotel, Proposed, Chicago 

- Fairfield Inn, Chicago-Lansing 

- Super 8 Motel, Crystal Lake 

- Extended StayAmerica Chicago/Darien, Darien 

- Marriott Suites, Deerfield 

- Super 8 Motel, Decatur 

- Doubletree Club Des Plaines 

- Extended StayAmerica Chicago - O'Hare Des Plaines, 

Des Plaines 

- Extended Stay Deluxe Chicago O'Hare, Des Plaines 

- Hotel, Proposed, Des Plaines 

- Sheraton Suites O’Hare, Des Plaines 

- Extended StayAmerica, Downers Grove 

- Radisson Suites, Downers Grove 


29

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Hampton Inn, Elk Grove 

- Extended StayAmerica, Elmhurst 

- Holiday Inn, Elmhurst 

- Orrington Hotel, Evanston 

- Drury Inn, Fairview Heights 

- Eagle Ridge Inn & Resort, Galena 

- Jumer's Continental Inn, Galesburg 

- Doubletree Glenview, Glenview 

- Extended StayAmerica, Gurnee 

- Extended StayAmerica, Hanover Park 

- Extended StayAmerica Chicago Hillside, Hillside 

- Fairfield Inn, Hinsdale 

- Westin Hotel & ClubSport, Proposed, Hoffman 

Estates 

- Wyndham Indianapolis, Indianapolis 

- Extended StayAmerica Chicago – Itasca, Itasca 

- Nordic Hills Resort & Conference Center, Itasca 

- Wyndham Northwest Chicago, Itasca 

- Empress Hotel & Casino, Joliet 

- Holiday Inn, Joliet 

- Extended StayAmerica, Lansing 

- Fairfield Inn, Lansing 

- Marriott Lincolnshire Resort, Lincolnshire 

- Extended StayAmerica Chicago/Lisle, Lisle 

- Wyndham Hotel Isle, Lisle 

- Extended Stay Deluxe - Oak Brook, Lombard 

- Homestead Studio Suites - Oak Brook, Lombard 

- Extended StayAmerica, Naperville 

- Homestead Studio Suites, Naperville 

- Fairfield Inn, Normal 

- Oak Brook Hills Resort, Oak Brook 

- Extended StayAmerica , O’Fallon 

- Casino Hotel, Proposed, Paxton 

- Extended StayAmerica Peoria North, Peoria 

- Fairfield Inn, Peoria 

- Jumer's Castle, Peoria 

- Super 8 Motel, Peru 

- Extended StayAmerica Rockford – East, Rockford 

- Fairfield Inn, Rockford 

- StudioPlus Suites Rockford – East, Rockford 

- Extended StayAmerica, Rolling Meadows 

- Extended StayAmerica, Romeoville 

- Extended StayAmerica - Convention Center, 

Schaumburg 

- Extended StayAmerica Chicago Woodfield Mall, 

Schaumburg 

- Homestead Studio Suites - Convention Center, 

Schaumburg 

- Marriott Hotel, Schaumburg 

- Woodfin Suite Hotel, Prop., Schaumberg 

- Wyndham Garden Hotel, Schaumburg 

- DoubleTree Hotel -North Shore, Skokie 

- Extended StayAmerica Chicago Skokie, Skokie 

- Hampton Inn, Urbana 

- Jumer's Castle, Urbana 

- Extended StayAmerica - Lake Forest, Vernon Hills 

- Homestead Studio Suites – Lincolnshire, Vernon Hills 

- Crossland Studios, Waukegan 

- Super 8 Motel, Waukegan 

- Homestead Studio Suites - Oak Brook, Westmont 


- Wyndham Garden Hotel, Wood Dale 

INDIANA 

- Fairfield Inn, Bloomington 

- Super 8 Motel, Columbus 

- Marriott Airport Hotel, Evansville 

- StudioPlus Suites Evansville – East, Evansville 

- Extended StayAmerica Fort Wayne – South, Fort 

Wayne 

- Fairfield Inn, Fort Wayne 

- Marriott Hotel, Fort Wayne 

- StudioPlus Suites Fort Wayne – North, Fort Wayne 

- French Lick Springs Resort, French Lick 

- Sheraton Hotel, Gary 

- Empress Casino, Hammond 

- Caesars Riverboat Casino Complex, Proposed, 

Harrison County 

- Conrad Hotel & Condos, Proposed, Indianapolis 

- Convention Center Headquarters Hotel, Proposed, 

Indianapolis 

- Extended StayAmerica Indianapolis – Airport, 

Indianapolis 

- Extended Stay Deluxe Indianapolis Airport West 

Southern Avenue, Indianapolis 

- Extended StayAmerica Indianapolis Castleton, 

Indianapolis 

- Extended StayAmerica Indianapolis North, 

Indianapolis 

- Extended StayAmerica Indianapolis - Northwest - 

College Park, Indianapolis 

- Fairfield Inn, Indianapolis 

- Four Points Sheraton, Indianapolis 

- Homestead Studio Suites Indianapolis - Northwest 

- Hotel, Proposed, Indianapolis 

- Motel 6, Indianapolis 

- University Place Hotel, Indianapolis 

- Westin Hotel, Indianapolis 

- Woodfin Suite Hotel, Prop., Indianapolis 

- Wyndham Garden Hotel, Indianapolis 

- Hilton Inn, Jeffersonville 

- Extended StayAmerica Merrillville – U.S. Route 30, 

Merriville 

- Extended StayAmerica South Bend Mishawaka, 

Mishawaka 

- StudioPlus Suites South Bend – Mishawaka, 

Mishawaka 

- Brown County Inn, Nashville 

- Belterra Casino Hotel, Vevrey 


IOWA 

- Prop. Hotel at Prairie Meadows Racetrack and 

Casino, Altoona 

- Jumers Castle Lodge, Bettendorf 

- Holiday Inn, Cedar Falls 

- Collins Plaza, Cedar Rapids 

- Fairfield Inn, Cedar Rapids 

- Fairfield Inn, Clive 

- Coralville Marriott Hotel, Coralville 

- Bluffs Run Casino and Dog Track, Council Bluffs 

- Harvey’s Casino Hotel, Council Bluffs 


30

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Fairfield Inn, Des Moines 

- Sheraton West Des Moines, Des Moines 

- Extended StayAmerica, Urbandale 

- StudioPlus Suites, West Des Moines 

KANSAS 

- The Emerald City Resort Hotel, Kansas City 

- Fairfield Inn, Merriam 

- Extended StayAmerica Kansas City - Lenexa - 87th 

Street, Lenexa 

- Extended StayAmerica, Overland Park 

- Extended StayAmerica Kansas City – South, Kansas 

City 

- Homestead Studio Suites Kansas City - Shawnee 

Mission, Merriam 

- Fairfield Inn, Overland Park 

- Homestead Studio Suites, Overland Park 

- Marriott Overland Park, Overland Park 

- Wyndham Garden Hotel, Overland Park 

- StudioPlus Suites Wichita – East, Wichita 

KENTUCKY 

- Courtyard Cincinnati Covington, Covington 

- Extended StayAmerica Cincinnati – Covington, 

Covington 

- Marriott Hotel, Covington 

- Extended StayAmerica Cincinnati – Florence, 

Florence 

- StudioPlus Suites Cincinnati – Florence, Florence 

- The Campbell House Crown Plaza, Lexington 

- Extended StayAmerica Lexington - Nicholasville 

Road 

- Extended StayAmerica Lexington Patchen Village, 

Lexington 

- Extended StayAmerica Lexington Tates Creek, 

Lexington 

- Sheraton Suites Lexington, Lexington 

- Extended StayAmerica Louisville – Dutchman, 

Louisville 

- Extended StayAmerica– Hurstbourne, Louisville 

- Extended StayAmerica - St. Matthews, Louisville 

- Holiday Inn-Central, Louisville 

- Holiday Inn-Northeast, Louisville 

- Homestead Studio Suites - Alliant Drive, Louisville 

- Marriott Louisville East, Louisville 

- Ramada Inn East, Louisville 

- Courtyard Cleveland Airport North, North Olmstead 

LOUISIANA 

- Howard Johnson's, Alexandria 

- Casino Rouge, Baton Rouge 

- Chase Suite Hotel, Baton Rouge 

- Crossland Studios Baton Rouge - Sherwood Forest, 

Baton Rouge 

- Embassy Suites, Baton Rouge 

- Extended StayAmerica Baton Rouge – Citiplace, 

Baton Rouge 

- Hilton Hotel, Baton Rouge 

- Hotel Development, Prop., Baton Rouge 

- Crossland Studios Shreveport - Bossier City, Bossier 

City 

- Horseshoe Casino, Bossier City 

- Riverboat Casino, Bossier City 

- Extended StayAmerica New Orleans Kenner, Kenner 

- Extended StayAmerica Lafayette Airport, Lafayette 

- Sheraton at New Orleans Airport, Kenner 

- Extended StayAmerica New Orleans Metairie, 

Metairie 

- Courtyard by Marriott, Metairie 

- Residence Inn, Metairie 

- Astor Crowne Plaza Hotel, New Orleans 

- Chateau Sonesta, New Orleans 

- Courtyard New Orleans Convention Center, New 

Orleans 

- Courtyard New Orleans Downtown, New Orleans 

- DoubleTree Hotel, New Orleans 

- Element & Aloft Hotels, Prop., New Orleans 

- Fairmont Hotel, New Orleans 

- Fairmont Hotel, Proposed, New Orleans 

- Hard Rock Hotel & Nightclub, Prop., New Orleans 

- Harrah's Jazz Casino, New Orleans 

- Homewood Suites, New Orleans 

- Hotel Monaco, New Orleans 

- Hyatt Regency, New Orleans 

- The Iberville Hotel, New Orleans 

- JW Marriott, New Orleans 

- Lakeside DoubleTree, New Orleans 

- The Maison Dupuy, New Orleans 

- Maison Blanche Boutique Hotel, Prop., New Orleans 

- Maison Blanche Mixed-Use Development, New 

Orleans 

- Maison Blanche Mixed-Use Development, Proposed, 

New Orleans 

- Maison Blanche Ritz-Carlton, Proposed, New Orleans 

- Marriott at the Convention Center, New Orleans 

- Ramada Inn St. Charles, New Orleans 

- Renaissance Hotel, Prop., New Orleans 

- Renaissance Pere Marquette, New Orleans 

- SpringHill Suites, New Orleans 

- Windsor Court, New Orleans 

- Hollywood Casino, Shreveport 

- Crossland Studios Lake Charles – Sulphur, Sulphur 

MAINE 

- Land Parcel, Bloomington 

- Inn by the Sea, Cape Elizabeth 

- Extended StayAmerica Portland – Scarborough, 

Scarborough 

MARYLAND 

- Holiday Inn, Aberdeen 

- Extended StayAmerica Annapolis Naval Academy. 

Anapolis 

- Marriott Waterfront Hotel, Annapolis 

- Maryland Inn, Annapolis 

- Chase Suites Hotel, Huntville 

- Marriott's Hunt Valley Inn, Baltimore 

- Marriott BWI Airport, Baltimore 

- SpringHill Suites, Baltimore 

- Extended StayAmerica Baltimore Bel Air, Bel Air 

- Hotel Development, Proposed, Bethesda 

- Residence Inn, Bethesda 


31

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Best Western Motor Lodge, Chicopee 

- Abbey, College Park 

- Extended StayAmerica Columbia - Columbia 100 

Parkway. Columbia 

- Residence Inn, Columbia 

- StudioPlus Suites Columbia - Gateway Drive, 

Columbia 

- Holiday Inn Cumberland Downtown, Cumberland 

- Extended StayAmerica - Westview Drive, Frederick 

- Holiday Inn Express Hotel, Frederick 

- Holiday Inn Hotel, Frederick 

- Extended StayAmerica, Gaithersburg 

- Extended Stay Deluxe, Gaithersurg 

- Extended StayAmerica, Germantown 

- Homestead Studio Suites, Germantown 

- Extended StayAmerica, Glen Burnie 

- Chase Suite Hotel, Hunt Valley 

- Marriott’s Hunt Valley Inn, Hunt Valley 

- Extended StayAmerica Baltimore Laurel, Jessup 

- Extended StayAmerica, Landover 

- Holiday Inn, Laurel 

- Extended StayAmerica Lexington Park Pax River, 

Lexington Park 

- Extended StayAmerica - BWI Airport, Linthicum 

- Homestead Studio Suites, Linthicum Heights 

- Days Inn, Rockville 

- DoubleTree Hotel, Rockville 

- Homestead Studio Suites Washington DC 

Gaithersburg Rockville, Rockville 

- Holiday Inn Crowne Plaza, Rockville 

- Ramada Inn, Rockville 

- Extended StayAmerica, Timonium 

MASSACHUSETTS 

- Fairmont Hotel, Boston 

- Fairmont Copley Plaza, Boston 

- Four Seasons Hotel, Boston 

- Marriott Copley Place, Boston 

- Meridien Hotel, Boston 

- Nine Zero Hotel, Boston 

- Residence Inn, Boston 

- Ritz-Carlton-Millennium Palace, Boston 

- Tremont Boston Hotel, Boston 

- Westin Copley Place, Boston 

- Extended StayAmerica, Braintree 

- Brookline Marriott, Brookline 

- Homestead Studio Suites, Burlington 

- Extended StayAmerica , Danvers 

- Sheraton Hotel, Framingham 

- Canyon Ranch Resort, Lenox 

- Homestead Studio Suites, Marlborough 

- Radisson Hotel, Miford 

- Extended StayAmerica, Norton 

- Homestead Studio Suites, Peabody 

- Radisson Hotel, Rockland 

- Federal House Inn, South Lee 

- Holiday Inn, Springfield 

- Sheraton, Sturbridge 

- Extended StayAmerica, Tewksbury 

- Sheraton Colonial Boston North Hotel & Conference 

Center & Golf Club, Wakefield 

- Extended Stay Deluxe, Waltham 

- Homestead Studio Suites, Waltham 

- Sierra Suites Hotel, Proposed, Waltham 

- Summerfield Suites Hotel, Prop., Waltham 

- Extended StayAmerica, Westborough 

- Extended Stay Deluxe, Westborough 

- Extended Stay Deluxe Boston - Computer Drive, 

Westborough 

- Sierra Suites Hotel, Proposed, Woburn 

MICHIGAN 

- Extended StayAmerica, Ann Arbor 

- Extended Stay Deluxe, Ann Arbor 

- Fairfield Inn, Ann Arbor 

- Extended StayAmerica, Auburn Hills 

- Extended Stay Deluxe Featherstone Road, Auburn 

Hills 


- Hilton Hotel, Auburn Hills 

- Homestead Studio Suites, Auburn Hills 

- Super 8 Motel, Battle Creek 

- Howard Johnson's, Belleville 

- Kingsley Hotel & Suites, Bloomfield Hills 

- Extended StayAmerica, Canton 

- Fairfield Inn, Canton 

- Extended StayAmerica Detroit, Dearborn 

- Greek Town Casino, Detroit 

- Holiday Inn, Detroit 

- Golden Harp-Proposed, Detroit 

- Hampton Inn, East Lansing 

- Extended StayAmerica, Farmington Hills 

- Radisson Hotel, Farmington Hills 

- Hyatt Hotel, Flint 

- Fairfield Inn, Kalamazoo 

- Super 8 Motel, Kalamazoo 

- Extended StayAmerica, Kentwood 

- Crossland Studios, Livonia 

- Embassy Suites, Proposed, Livonia 

- Embassy Suites, Livonia 

- Wyndham Garden Hotel, Livonia 

- Extended StayAmerica, Madison Heights 

- Fairfield Inn, Madison Heights 

- Super 8 Motel, Mount Pleasant 

- Super 8 Motel, Muskegon 

- Extended StayAmerica, Novi 

- Extended Stay Deluxe, Novi 

- Hilton Garden Inn, Novi 

- Wyndham Garden Inn, Novi 

- Inn at the Bridge, Port Huron 

- Crowne Plaza Detroit Metro Airport, Romulus 

- Extended StayAmerica Detroit Metropolitan Airport, 

Romulus 

- Fairfield Inn, Romulus 

- Extended StayAmerica, Roseville 

- Super 8 Motel, Saginaw 

- DoubleTree Guest Suites, Southfield 

- Embassy Suites Southfield, Southfield 

- Extended StayAmerica, Southfield 

- Homestead Studio Suites, Southfield 

- Woodfin Suites Hotel, Prop., Southfield 

- Comfort Suites, Sterling Heights 


32

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Extended StayAmerica, Sterling Heights 

- Holiday Inn, Troy 

- Homewood Suites, Troy 

- Marriott Hotel, Troy 

- Sheraton Colonial Hotel and Golf Club, Wakefield 

- Extended Stay Deluxe Detroit – Warren, Warren 


- Holiday Inn, Warren 

- Motel 6, Warren 

- Super 8 Motel, Wyoming 

MINNESOTA 

- Extended StayAmerica Minneapolis – Bloomington, 

Bloomington 

- Holiday Inn, Duluth 

- Extended StayAmerica Minneapolis - Airport – 

Eagan, Eagan 

- Homestead Studio Suites Minneapolis - Airport – 

Eagan, Eagan 

- Extended StayAmerica, Eden Prairie 

- Hampton Inn, Eden Prairie 

- Homestead Studio Suites, Eden Prairie 

- Extended StayAmerica, Maple Grove 

- DoubleTree Hotel, Minneapolis 

- Motel 6, Minneapolis 

- Radisson Metrodome Hotel, Minneapolis 

- Sofitel Hotel, Minneapolis 

- Marriott Minnesota SW, Minnetonka 

- Motel, Proposed, Montevideo 

- Extended StayAmerica Rochester North, Rochester 

- Extended StayAmerica Rochester South, Rochester 

- Motel 6, Rochester 

- Kahler Grand Hotel, Rochester 

- Radisson Plaza Hotel, Rochester 

- Holiday Inn Minneapolis West, St. Louis Park 

- Sheraton Inn, St. Paul 

- Extended StayAmerica, Woodbury 

MISSISSIPPI 

- Beau Rivage Casino & Resort, Biloxi 

- Grand Casino, Biloxi 

- Gulf Beach Resort Hotel, Biloxi 

- Treasure Bay Hotel & Casino, Biloxi 

- Crystal Inn, Gulfport 

- Grand Casino, Gulfport 

- Motel 6, Hattiesburg 

- Extended StayAmerica Jackson – North, Jackson 

- Extended Stay Deluxe Jackson East Beasley Road, 

Jackson 

- Howard Johnson's, Jackson 

- Quality Inn, Oxford 

- StudioPlus Suites Jackson – Ridgeland, Ridgeland 

- Horseshoe Casino Center, Robinsonville 

- Hollywood Casino, Robinsonville 

- Sam's Town Hotel & Gambling Hall, Robinsonville 

- Ameristar Vicksburg, Vicksburg 

- Isle of Capri Casino & Hotel, Vicksburg 

MISSOURI 

- Homestead Studio Suites St. Louis – Airport, 

Bridgeton 

- Embassy Suites Hotel, Prop., Clayton 

- Extended StayAmerica Columbia Stadium Boulevard, 

Columbia 

- StudioPlus Suites St. Louis, Earth City 

- Extended StayAmerica St. Louis – Airport, 

Hazelwood 

- Fairfield Inn, Hazelwood 

- StudioPlus Suites St. Louis – Airport, Hazelwood 

- StudioPlus Suites St. Louis – Westport, Hazelwood 

- Crossland Studios Kansas City – Independence, 

Independence 

- Holiday Inn, Joplin 

- Conference Center Hotel, Prop., Kansas City 

- Crossland Studios Kansas City - Northeast - Worlds 

of Fun, Kansas City 

- Crowne Plaza Hotel Kansas City Downtown, Kansas 

City 

- DoubleTree Hotel, Kansas City 

- Extended StayAmerica Kansas City – Airport, Kansas 

City 

- Extended StayAmerica Kansas City – South, Kansas 

City 

- Fairfield Inn, Kansas City 

- Fairfield Inn - Kansas City West, Kansas City 

- Fairmont Hotel, Kansas City 

- Holiday Inn, Kansas City 

Homestead Studio Suites Kansas City Airport, Kansas 

City 

- Homestead Studio Suites - Country Club Plaza, 

Kansas City 

- Radisson Hotel, Kansas City 

- Residence Inn, Kansas City 

- Sam's Town Hotel & Gambling Hall, Kansas City 

- Station Kansas City, Kansas City 

- Riva Del Lago Resort, Prop., Lake of the Ozarks 

- Extended StayAmerica Saint Louis Westport, 

Maryland Heights 

- Casino Hotel, Proposed, Perryville 

- Hollywood Casino – Tunica, Robinsonville 

- Extended StayAmerica Springfield – South, 

Springfield 

- Holiday Inn, Springfield 

- Station St. Charles, St. Charles 

- Adam’s Mark Hotel, St. Louis 

- Casino Hotel, Proposed, St. Louis 

- Clarion Hotel, St. Louis 

- Executive Inn, St. Louis 

- Holiday Inn Sports Complex, St. Louis 

- Homestead Studio Suites Saint Louis Westport, St. 

Louis 

- Renaissance Grand Hotel, St. Louis 

- Renaissance Suites Hotel, St. Louis 

- Sheraton Airport, St. Louis 

- Sheraton Westport, St. Louis 

- StudioPlus Suites St. Louis – Westport, St. Louis 

- Three Proposed Hotels, St. Louis 

- West County Hilton Hotel, Prop., St. Louis County 

- Extended StayAmerica St. Louis - St. Peters, St. 

Peters 

- Hotel, Proposed, Unity Village 


33

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

MONTANA 

- Extended StayAmerica West End, Billings 

- Sheraton Billings, Billings 

- Holiday Inn, Bozeman 

- Extended StayAmerica Great Falls Missouri River, 

Great Falls 

- Best Western Colonial Hotel, Helena 

- Red Lion Colonial Hotel, Helena 

- Red Lion Hotel & Kalispell Mall, Kalispell 

- Red Lion Inn, Kalispell 

- Holiday Inn, Missoula 

- Red Lion Hotel, Missoula 

- Red Lion Inn, West Kalispell 

- St. Mary Lodge & Resort, St. Mary 

NEBRASKA 

- DoubleTree Omaha Downtown, Omaha 

- Marriott Hotel, Omaha 

- Red Lion Inn, Omaha 

- StudioPlus Suites Omaha – West, Omaha 

NEVADA 

- Ormsby House Hotel and Casino, Carson City 

- Holiday Inn Express and Suites, Elko 

- Shilo Inn Suites, Elko 

- Eldorado Casino, Henderson 

- Joker's Wild Casino, Henderson 

- Loews Lake Las Vegas Resort, Henderson 

- Proposed Hotel – Templeton, Henderson 

- Cactus Pete’s, Jackpot 

- Horseshu Resort & Casino, Jackpot 

- Hyatt Regency Lake Las Vegas Resort, Lake Las 

Vegas 

- Luxury Boutique Hotel, Prop., Lake Las Vegas 

- Airport Inn, Las Vegas 

- Aladdin Hotel & Casino, Las Vegas 

- Alexis Park Resort and Americana Apartments, Las 

Vegas 

- Alexis Park Resort Hotel, Las Vegas 

- California Hotel & Casino, Las Vegas 

- Casino Hotel, Proposed, Las Vegas 

- Embassy Suites Airport, Las Vegas 

- Extended StayAmerica - Boulder Highway, Las Vegas 

- Extended StayAmerica – Valley View, Las Vegas 

- Extended Stay Deluxe – East Flamingo, Las Vegas 

- Flamingo Hotel & Casino, Las Vegas 

- Fremont Hotel & Casino, Las Vegas 

- Greek Isles Hotel & Casino, Las Vegas 

- Hampton Inn Tropicana, Las Vegas 

- Hard Rock Hotel and Casino Excess Land, Las Vegas 

- Harrah’s Las Vegas, Las Vegas 

- Harrah’s Paris Casino, Las Vegas 

- Hawthorne Suites, Las Vegas 

- Hilton Garden Inn, Proposed, Las Vegas 

- Hilton Hotel, Las Vegas 

- Holiday Inn-Emerald Springs, Las Vegas 

- Holiday Inn Express Las Vegas The Lakes West, Las 

Vegas 

- Holiday Inn Express North, Las Vegas 

- Holiday Inn Express West, Las Vegas 

- Holiday Inn Express, Prop., Las Vegas 

- Homestead Studio Suites – Midtown, Las Vegas 

- Homewood Suites, Proposed, Las Vegas 

- Hotel & Casino El Rancho, Las Vegas 

- Howard Johnson Hotel & Casino, Las Vegas 

- Imperia Beach Casino Hotel, Prop., Las Vegas 

- Jockey Club, Las Vegas 

- JW Marriott Resort and Rampart Casino, Las Vegas 

- Loews Lake Las Vegas Resort, Las Vegas 

- Mirala Resort, Proposed, Las Vegas 

- New Frontier Hotel & Casino Site, Las Vegas 

- Paradise Resort Hotel, Las Vegas 

- Paris Las Vegas, Las Vegas 

- Parcel 16216301007, Las Vegas 

- Planet Hollywood Casino & Resort, Las Vegas 

- Plaza Casino Hotel, Retail & Condominium, Prop., Las 

Vegas 

- Proposed Development Site, Las Vegas 

- Regent Int’l. Hotel & Casino, Las Vegas 

- Residence Inn, Las Vegas 

- Rio All-Suite Hotel & Casino, Las Vegas 

- Sahara Casino & Two Vacant Land Parcels, Las Vegas 

- Sam's Town Hotel & Gambling Hall, Las Vegas 

- Sands Exposition Center, Las Vegas 

- Shangri-La Hotel, Proposed, Las Vegas 

- Stardust Resort and Casino, Las Vegas 

- Sunrise Hotel & Casino, Las Vegas 

- Venetian Hotel and Casino and LIDO Land Parcel, Las 

Vegas 

- Casino and RV Project, Prop., Laughlin 

- Casino Hotel & Timeshare, Prop., Laughlin 

- Harrah’s Laughlin Casino, Laughlin 

- River Palms Hotel & Casino, Laughlin 

- Mount Potosi Canyon Retreat, Mountain Springs 

- Holiday Inn Express North Las Vegas, North Las 

Vegas 

- Boomtown Casino Hotel, Reno 

- Extended StayAmerica Reno South Meadows, Reno 

- Holiday Inn Express, Proposed, Reno 

- La Quinta Inn, Reno 

- Extended-Stay Hotel, Proposed, Reno 

- Proposed Full-Service Hotel, Reno 

- Fairfield Inn, Proposed, Sparks 

- Hotel, Proposed, Sparks 

- Bill’s Casino, Stateline 

- Harrah’s Lake Tahoe, Stateline 

- Harvey’s Lake Tahoe, Stateline 

- Luxury Condo Hotel & Residences, Prop., Stateline 

- Mixed-Use Resort, Proposed, Stateline 

- State Line and Silver Smith Casino Hotels, Wendover 

NEW HAMPSHIRE 

- Extended StayAmerica Boston Nashua, Nashua 

NEW JERSEY 

- Borgata Casino Hotel, Prop., Atlantic City 

- Casino Hotel w/Ancillary Facilities, Proposed (Phase 

One), Atlantic City 

- Deauville Hotel, Atlantic City 

- Harrah’s Atlantic City, Atlantic City 

- Harrah's Marina Hotel Casino, Atlantic City 

- Resorts Atlantic City 


34

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Sands Hotel & Casino, Atlantic City 

- Showboat Atlantic City, Atlantic City 

- Tropicana Hotel & Casino, Atlantic City 

- Trump Marina Hotel Casino, Atlantic City 

- Trump Pier at Taj Majal, Atlantic City 

- Courtyard Basking Ridge, Basking Ridge 

- North Maple Inn, Basking Ridge 

- Sierra Suites Hotel, Proposed, Branchburg 

- Marriott, Bridgewater 

- Extended StayAmerica Mt. Olive Budd Lake, Budd 

Lake 

- Cherry Hill Inn, Cherry Hill 

- Extended StayAmerica, Cherry Hill 

- Homestead Studio Suites Meadowland East 

Rutherford, East Rutherford 

- Courtyard Edison, Edison 

- Extended StayAmerica Edison - Raritan Center, 

Edison 

- Extended StayAmerica Elizabeth Newark Airport, 

Elizabeth 

- Ramada Inn, Proposed, Elizabeth 

- Extended StayAmerica, Franklin 

- Ramada Inn, Proposed, Franklin Township 

- Summerfield Suites Morristown, Prop., Hanover 

- Summerfield Suites Parsippany, Prop., Hanover 

- Holiday Inn, Jamesburg 

- Hyatt Regency Hotel, Jersey City 

- Meadowlands-Lyndhurst Court, Lyndhurst 

- Crossland Studios Philadelphia Maple Shade, Maple 

Shade 

- Headquarters Plaza Hotel, Morristown 

- Howard Johnson's Mount Holly 

- Extended StayAmerica, Mt. Laurel 

- Extended Stay Deluxe, Mt. Laurel 

- Mt. Laurel Hilton, Mt. Laurel 

- Radisson Hotel Mt. Laurel, Mt. Laurel 

- Wyndham Mt. Laurel, Mt. Laurel 

- Hilton Gateway Plaza, Newark 

- Holiday Inn, Newark 

- Hilton Parsippany, Parsippany 

- Hotel Sierra, Parsippany 

- Sierra Suites, Proposed, Parsippany 

- Extended Stay Deluxe Piscataway Rutgers 

University, Piscataway 

- Extended StayAmerica Princeton West Windsor, 

Princeton 

- Marriott Courtyard Princeton, Princeton 

- Extended StayAmerica Ramsey Upper Saddle River, 

Ramsey 

- Extended StayAmerica Red Bank Middletown, Red 

Bank 

- Extended StayAmerica Meadowlands Rutherford, 

Rutherford 

- Howard Johnson's, Saddle Brook 

- Crowne Plaza, Secaucus 

- Extended StayAmerica Secaucus Meadowlands, 

Secaucus 

- Homestead Studio Suites Secaucus Meadowlands, 

Secaucus 

- Hilton Short Hills Hotel and Spa, Short Hills 

- DoubleTree Hotel, Somerset 

- Marriott Hotel, Somerset 

- Extended StayAmerica, South Brunswick 

- Radisson Hotel, South Brunswick 

- Homestead Studio Suites Woodbridge Newark, 

Woodbridge 

- Motel, Wrightstown 

Five Churches Chicken Restaurants, Various Locations 

- 

NEW MEXICO 

- Convention Center Hotel, Proposed, Albuquerque 

- Crossland Studios Albuquerque Northeast, 

Albuquerque 

- DoubleTree Hotel, Albuquerque 

- Extended StayAmerica Albuquerque Airport, 

Albuquerque 

- Hampton Inn, Albuquerque 

- Hotel Project, Proposed, Albuquerque 

- Hyatt Regency, Albuquerque 

- La Posada de Albuquerque, Albuquerque 

- Ramada Hotel Classic, Albuquerque 

- Radisson Inn, Albuquerque 

- Mixed-Use Development, Proposed, Bernalillo 

- Las Cruces Hilton, Las Cruces 

Hilton Garden Inn, Rio Rancho 

- Extended StayAmerica, Rio Rancho 

- Extended Stay Deluxe Albuquerque Rio Rancho 

Boulevard 

- Inn of the Mountain Gods Resort & Casino, Proposed, 

Ruidoso 

- Auberge Rancho Encantado Resort, Prop., Santa Fe 

- Casitas, Proposed, Santa Fe 

- Hilton Hotel, Santa Fe 

- Homewood Suites, Santa Fe 

- Inn at Loretto, Santa Fe 

- Inn of the Anasazi, Santa Fe 

- La Posada de Santa Fe Resort, Santa Fe 

- Sheraton de Santa Fe, Santa Fe 

- Taos Development, Proposed, Taos 

- Rancho Ramada Inn de Taos, Taos 

NEW YORK 

- Extended StayAmerica Albany Capital, Albany 

- Hilton Hotel, Albany 

- Extended StayAmerica Buffalo Amherst, Amherst 

- Extended StayAmerica Long Island Bethpage, 

Bethpage 

- Airport Hotel, Proposed, Buffalo 

- Buffalo Hotel, Buffalo 

- Marriott Hotel, Buffalo 

- Extended StayAmerica Syracuse Dewitt, East 

Syracuse 

- Nevele Hotel, Ellenville 

- Extended StayAmerica White Plains Elmsford, 

Elmsford 

- Howard Johnson's, Elmsford 

- Extended StayAmerica Fishkill/Poughkeepsie, 

Fishkill 

- Homestead Studio Suites Fishkill/Poughkeepsie, 

Fishkill 

- Hotel Sierra, Fishkill 

- Sierra Suites, Proposed, Fishkill 


35

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Hamilton Park Conference Center, Florham Park 

- Ramada Inn, Hauppauge 

- Wyndham Wind Watch Hotel, Hauppauge 

- Mohawk Bingo Palace, Hogansburg 

- Radisson Hotel, Holtsville 

- Hilton Hotel, Lake Placid 

- Extended StayAmerica, Melville 

- Monticello Gaming and Raceway, Monticello 

- Hotel, Proposed, New Rochelle 

- Ramada Plaza, New Rochelle 

- Sheraton Inn, New Rochelle 

- Aman Hotel, - 443 Greenwich, Proposed, New York 

- Barbizon Plaza Hotel, New York 

- Berkshire Place, New York 

- Century Paramount Hotel, New York 

- Essex House, New York 

- Executive Hotel, New York 

- Halloran House, New York 

- Hampton House, New York 

- Hilton Times Square, New York 

- Holland Hotel, New York 

- Howard Hotel, New York 

- Marriott Eastside, New York 

- Mayfair Regent, New York 

- Nova-Park Gotham, New York 

- Parker Meridien Hotel, New York 

- Peninsula Hotel, New York 

- Ritz-Carlton, New York 

- Soho Hotel, Proposed, New York 

- Tudor Hotel, New York 

- Woodfin Suites Hotel, Prop., New York 

- York Club, New York 

- Tioga Downs Racetrack, Nichols 

- Sheraton Inn, Ossining 

- Homestead Studio Suites Hanover Parsippany, 

Parsippany 

- Extended StayAmerica Rochester Henrietta, 

Rochester 

- Extended StayAmerica Rochester Greece, Rochester 

- Hotel, Proposed, Saratoga 

- Courtyard by Marriott, Saratoga Springs 

- Residence Inn, Saratoga Springs 

- Saratoga Gaming and Raceway, Saratoga Springs 

- Howard Johnson's, Smithtown 

- Hampton Inn, Syracuse 

- Tarrytown House Hotel & Conference Center, 

Tarrytown 

- Boutique Resort Hotel & Spa, Prop., Tuxedo 

- Sheraton Nassau Hotel, Uniondale 

- Turning Stone Casino, Verona 

- Turning Stone Casino and Hotel, Verona 

Renaissance Westchester, West Harrisson 

Roger Smith Hotel, White Plains 

- Extended StayAmerica New York City LaGuardia 

Airport, Whitestone 

- Fairfield Inn, Williamsville 

NORTH CAROLINA 

- Extended StayAmerica Asheville - Tunnel Road, 

Asheville 

- Renaissance Hotel, Asheville 

- Best Western, Cary 

- Extended StayAmerica Raleigh/Cary/Regency 

Parkway, Cary 

- StudioPlus Suites Raleigh - Harrison Avenue, Cary 


- Four Seasons Resort, Charleston 

- Extended StayAmerica Charlotte Pineville, Charlotte 

- Extended StayAmerica Tyvola Road, Charlotte 

- Extended StayAmerica - University Place, Charlotte 

- Extended Stay Deluxe Charlotte Pineville, Charlotte 


- Fairfield Inn, Charlotte-North, Charlotte 

- Holiday Inn Charlotte Airport, Charlotte 

- Holiday Inn Charlotte University Park, Charlotte 

- Homestead Studio Suites– Coliseum, Charlotte 

- StudioPlus Suites - Tyvola Road, Charlotte 

- StudioPlus Suites - University Place, Charlotte 

- Wyndham Garden Hotel, Charlotte 

- Wyndham Garden Hotel – Charlotte Airport, 

Charlotte 

- Holiday Inn, Crabtree 

- Crossland Studios Durham Research Triangle Park, 

Durham 

- Extended StayAmerica Durham/University, Durham 

- Extended Stay Deluxe Durham - Research Triangle 

Park - Miami Boulevard – North, Durham 

- Extended Stay Deluxe Durham - Research Triangle 

Park - Miami Boulevard – South, Durham 

- Fairfield Inn, Durham 

- Homestead Studio Suites Durham University, 

Durham 

- Marriott Research Triangle Park, Durham 

- Motel 6, Durham 

- StudioPlus Suites Durham/Research Triangle Park, 

Durham 

- Wyndham Garden Hotel, Durham 

- Extended StayAmerica Fayetteville/Owen Drive, 

Fayetteville 

- Extended Stay Deluxe Fayetteville Cross Creek Mall, 

Fayetteville 

- Fairfield Inn, Fayetteville 

- Embassy Suites, Greensboro 

- Extended Stay Deluxe Greensboro Airport, 

Greensboro 

- Extended StayAmerica Greensboro - Wendover 

Avenue, Greensboro 

- Fairfield Inn, Greensboro 

- Hampton Inn, Greensboro 

- Hilton Inn, Greensboro 

- StudioPlus Suites Greensboro - Wendover Avenue, 

Greensboro 

- Best Western High Point, High Point 

- High Point Radisson, High Point 

- Extended StayAmerica Jacksonville Camp Lejeune, 

Jacksonville 

- Comfort Suites Hotel, Lexington 

- Extended StayAmerica Raleigh - RDU Airport, 

Morrisville 

- Extended StayAmerica North Raleigh, Raleigh 

- Fairfield Inn, Raleigh 

- Hilton Inn, Raleigh 


36

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Holiday Inn Crabtree, Raleigh 

- Homestead Studio Suites Raleigh Northeast, Raleigh 

- Homestead Studio Suites - North Raleigh, Raleigh 

- StudioPlus Suites - North Raleigh, Raleigh 

- Motel 6, Rocky Mount 

- Cleghorn Plantation, Rutherfordton 

- Extended StayAmerica Wilmington/New Centre 

Drive, Wilmington 

- Extended StayAmerica Winston-Salem - Hanes Mall 

Boulevard, Winston-Salem 

- Fairfield Inn, Wilmington 

- Crossland Studios, Winston-Salem 

- Hilton Inn, Winston-Salem 

- Holiday Inn Select, Winston-Salem 

- Residence Inn, Winston-Salem 

OHIO 

- Holiday Inn Cascade, Akron 

- Homestead Studio Suites Cleveland Beachwood, 

Beachwood 

- Embassy Suites, Blue Ash 

- Extended StayAmerica Cincinnati Blue Ash North, 

Blue Ash 

- Extended StayAmerica Cincinnati Blue Ash South, 

Blue Ash 

- Homestead Studio Suites Cincinnati Blue Ash, Blue 

Ash 

- Extended StayAmerica Cleveland Brooklyn, Brooklyn 

- Fairfield Inn, Brook Park 

- Embassy Suites Hotel – Cincinnati Northeast, 

Cincinnati 

- Embassy Suites Hotel, Cincinnati 

- Embassy Suites Hotel, Prop,, Cincinnati 

- Howard Johnson's, Cincinnati 

- Marriott Inn, Cincinnati 

- Radisson Inn, Cincinnati 

- Residence Inn, Cincinnati 

- TownePlace Suites Cincinnati/Blue Ash, Cincinnati 

- SpringHill Suites Cincinnati Northeast, Cincinnati 

- TownePlace Suites Cincinnati Northeast, Cincinnati 

- Vernon Manor, Cincinnati 

- Cleveland Airport Marriott, Cleveland 

- Cleveland Marriott East, Cleveland 

- Fairfield Inn, Cleveland 

- Holiday Inn Lakeside, Cleveland 

- Hotel, Proposed, Cleveland 

- Sheraton Hopkins, Cleveland 

- 200-Room Boutique Hotel, Cleveland 

- Columbus North Marriott, Columbus 

- Crowne Plaza Downtown, Columbus 

- Crowne Plaza Hotel Columbus North, Columbus 

- DoubleTree Hotel, Columbus 

- Extended StayAmerica Columbus Easton, Columbus 

- Extended StayAmerica Columbus North, Columbus 

- Extended StayAmerica Columbus Worthington, 

Columbus 

- Extended Stay Deluxe Columbus Polaris, Columbus 

- Fairfield Inn, Columbus 

- Holiday Inn, Columbus 

- Holiday Inn - Airport, Columbus 

- Residence Inn Columbus Worthington, Columbus 

- TownePlace Suites Columbus/Gahanna, Columbus 

- TownePlace Suites Columbus/Worthington, 

Columbus 

- Woodfin Hotel, Columbus 

- Extended StayAmerica Akron Copley, Copley 

- Daytonian Hilton, Dayton 

- Extended StayAmerica Dayton North, Dayton 

- Extended StayAmerica Dayton South, Dayton 

- Fairfield Inn, Dayton 

- Motel 6, Dayton 

- Extended StayAmerica, Dublin 

- Extended StayAmerica Columbus Sawmill Road, 

Dublin 

- Extended Stay Deluxe Columbus Tuttle, Dublin 

- Woodfin Suite Hotel, Prop., Dublin 

- StudioPlus Suites Dayton – Fairborn, Fairborn 

- Extended StayAmerica Cincinnati Fairfield, Fairfield 

- SpringHill Suites Columbus Airport Gahanna, 

Gahanna 

- TownePlace Suites, Findlay 

- Extended StayAmerica Toledo Holland, Holland 

- Fairfield Inn, Holland 

- Courtyard Independence, Independence 

- Hilton Cleveland South, Independence 

- IMG Resort Academies, Lakeview Bluffs 

- Courtyard Toledo/Maumee, Maumee 

- StudioPlus Suites Toledo Maumee, Maumee 

- Courtyard Cleveland Airport South, Middleburg 

Heights 

- StudioPlus Suites, Middleburg Heights 

- TownePlace Suites Cleveland Airport, Middleburg 

Heights 

- Homestead Studio Suites Cleveland Airport North 

Olmsted, North Olmstead 

- StudioPlus Suites Cleveland Airport North Olmsted, 

North Olmstead 

- Extended StayAmercia Cleveland Beachwood, 

Orange 

- Embassy Suites, Rockside 

- Courtyard, Rossford 

- Extended StayAmerica, Sharonville 

- Extended StayAmerica Cincinnati Springdale North, 

Springdale 

- Extended StayAmerica Cincinnati Springdale South, 

Springdale 

- Fairfield Inn, Toledo 

- Holiday Inn, Toledo 

- Courtyard Cleveland, Westlake 

- Extended Stay Deluxe, Westlake 

- TownePlace Suites, Westlake 

- Fairfield Inn, Willoughby 

OKLAHOMA 

- Fountainhead Resort, Mclntosh County 

- Colcord Hotel, Oklahoma City 

- Extended StayAmerica Oklahoma City Airport, 

Oaklahoma City 

- Extended StayAmerica Oklahoma City North West 

Expressway, Oaklahoma City 

- Extended Stay Deluxe Oklahoma City Northwest, 

Oklahoma City 


37

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Portofino Hotel, Prop., Oklahoma City, Oklahoma 

- Arrowhead Resort, Pittsburgh County 

- Extended StayAmerica Tulsa Central, Tulsa 

- The Hotel Ambassador, Tulsa 

- StudioPlus Suites Tulsa Central, Tulsa 

- Tulsa Ambassador Hotel, Tulsa 

OREGON 

- Phoenix Inn, Albany 

- Red Lion Inn, Astoria 

- Inn at Face Rock, Bandon 

- Extended StayAmerica, Beaverton 

- Fairfield Inn, Beaverton 

- Homestead Studio Suites, Beaverton 

- Phoenix Inn, Beaverton 

- Shilo Inn, Beaverton 

- Condominium Hotel, Proposed, Bend 

- Hotel, Proposed, Bend 

- Phoenix Inn, Bend 

- Red Lion Inn - North, Bend 

- Remington Hotel, Proposed, Bend 

- Shilo Inn Suites, Bend 

- Surfsand Resort, Cannon Beach 

- Red Lion Inn - Coos Bay, Coos Bay 

- Hilton Garden Inn, Proposed, Corvallis 

- Crater Lake National Park Concession, Crater Lake 

- EconoLodge, Eugene 

- Execulodge, Eugene 

- Phoenix Inn, Eugene 

- Red Lion Inn, Eugene 

- Shilo Inn Springfield, Eugene 

- Valley River Inn, Eugene 

- Big Creek Resort, Florence 

- Hotel Site, Proposed, Florence 

- Salishan Resort, Gleneden Beach 

- Shilo Inn, Grants Pass 

- Candlewood Hotel, Hillsboro 

- Courtyard Hotel, Proposed, Hillsboro 

- Extended Stay Deluxe Portland Hillsboro NW Cornell 

Road, Hillsboro 

- Larkspur Landing Hotel, Hillsboro 

- Residence Inn, Proposed, Hillsboro 

- Springhill Suites Hotel, Hillsboro 

- Red Lion Inn, Klamath Falls 

- Shilo Inn Suites Klamath Falls, Klamath Falls 

- Fairfield Inn, Lake Oswego 

- Hilton Garden Inn, Lake Oswego 

- Phoenix Inn, Lake Oswego 

- Residence Inn, Lake Oswego 

- Shilo Inn Oceanfront Resort, Lincoln City 

- Airport Hotel, Prop., Medford 

- Convention Center & Full-Service Hotel, Proposed, 

Medford 

- Courtyard by Marriott, Prop., Medford 

- Homewood Suites, Medford 

- Red Lion Inn, Medford 

- Shilo Inn, Newport 

- Red Lion Hotel, Pendleton 

- Avalon Hotel & Spa, Portland 

- Avalon Restaurant & Hotel, Spa, Prop., Portland 

- Benson Hotel, Portland 

- Columbia River Red Lion, Portland 

- Convention Headquarters Hotel, Prop., Portland 

- Courtyard Hotel, Proposed, Portland 

- DoubleTree Portland/Lloyd Center, Portland 

- Embassy Suites Hotel, Portland 

- Extended StayAmerica Portland/Gresham, Portland 

- Fifth Avenue Suites Hotel, Portland 

- Governor Hotel, Portland 

- Holiday Inn, Portland 

- Hotel Deluxe, Portland 

- Hotel Fifty, Portland 

- Hotel Lucia, Portland 

- Hotel, Proposed, Portland 

- Inn at Northrup Station, Portland 

-InterContinental Hotel, Prop., Portland 

- Luxury Collection Hotel, Prop., Portland 

- Marriott Hotel, Portland 

- Marriott Portland City Center, Portland 

- Marriott Renaissance Hotel, Prop., Portland 

- Monaco Hotel, Portland 

- Nines Hotel, Proposed, Portland 

- Red Lion Portland Convention Center, Portland 

- Red Lion Hotel-Portland Downtown, Portland 

- Red Lion Inn-Lloyd Center, Portland 

- Renaissance Hotel, Portland 

- Residence Inn-Lloyd Center, Portland 

- Residence Inn, Proposed, Portland 

- RiverPlace Hotel &Condominiums, Portland 

- Sheraton Suites, Proposed, Portland 

- Shilo Inn Portland Airport Suites, Portland 

- Shilo Inn Portland/Beaverton, Portland 

- Sunriver Resort, Portland 

- Vintage Plaza Hotel, Portland 

- Wells Building, Portland 

- West Coast Benson Hotel, Portland 

- Westin Hotel, Portland 

- Westin Hotel, Proposed, Portland 

- Capitol Inn, Salem 

- Crossland Studios Salem North, Salem 

- Execulodge, Salem 

- Phoenix Inn – North, Salem 

- Phoenix Inn – South, Salem 

- Shilo Inn, Salem 

- Best Western Ocean View Resort, Seaside 

- Red Lion Inn, Seaside 

- Shilo Inn Seaside Oceanfront Resort, Seaside 

- Crossland Studios Eugene/Springfield, Springfield 

- Embassy Suites, Proposed, Springfield 

- Red Lion Inn, Springfield 

- Skamanla Lodge, Stevenson 

- Sunriver Resort, Sunriver 

- Shilo Inn Suites, The Dalles 

- Embassy Suites Hotel, Tigard 

- Homestead Studio Suites Portland/Tigard, Tigard 

- Phoenix Inn, Tigard 

- Red Lion Inn, Tigard 

- Shilo Inn Washington Square, Tigard 

- Shilo Inn Suites, Tillamook 

- Shilo Inn Suites Astoria/Warrenton, Warrenton 

- Best Western Hotel, Wilsonville 

- Holiday Inn, Wilsonville 


38

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Phoenix Inn, Wilsonville 

PENNSYLVANIA 

- Holiday Inn, Beaver Falls 

- Courtyard Bensalem, Bensalem 

- Extended StayAmerica Philadelphia Bensalem, 

Bensalem 

- Parx Casino, Bensalem 

- Extended StayAmerica Allentown Bethlehem, 

Bethlehem 

- Sands Casino Resort, Bethlehem 

- Sheraton, Bucks County 

- Extended StayAmerica Pittsburgh Carnegie, Carnegie 

- Harrah's Chester Casino & Racetrack, Chester 

- Holiday Inn, Clarion 

- Embassy Suites - Pittsburgh, Coraopolis 

- Days Inn, Danville 

- Ramada Inn, Erie 

- Extended StayAmerica, Exton 

- Hollywood Casino & Penn National Race Course, 

Grantville 

- Penn National Race Course, Grantville 

- Four Points Greenburg, Greenville 

- Comfort Inn Harrisburg, Harrisburg 

- Fairfield Inn, Harrisburg 

- Marriott Hotel, Harrisburg 

- Extended StayAmerica Philadelphia Horsham, 

Horsham 

- Homestead Studio Suites Philadelphia Horsham 

Willow Grove, Horsham 

- Holiday Inn Indiana, Indiana 

- Homestead Studio Suites Philadelphia King of 

Prussia, King of Prussia 

- Hotel Sierra, King of Prussia 

- Valley Forge Hilton, King of Prussia 

- Marriott, Proposed, Lancaster 

- Extended StayAmerica, Malvern 

- Homestead Studio Suites, Malvern 

- Extended StayAmerica, Monroeville 

- Hampton Inn & Outback Steakhouse Restaurant, 

Monroeville 

- Monticello Gaming and Raceway, Monticello 

- Courtyard Philadelphia Downtown, Philadelphia 

- Extended Stay Deluxe Philadelphia Airport, 

Philadelphia 

- Marriott Hotel, Philadelphia 

- Rittenhouse Towers, Philadelphia 

- Sheraton Society Hill, Philadelphia 

- Embassy Suites, Philadelphia 

- Extended StayAmerica Philadelphia Airport, 

Philadelphia 

- Wyndham Franklin Plaza, Philadelphia 

- Extended Stay Deluxe Pittsburgh Airport, Pittsburgh 

- Fairfield Inn, Pittsburgh 

- Motel 6, Pittsburgh 

- Wyndham Garden Hotel, Pittsburg 

- Pocono Downs Race Course, Plains Township 

- DoubleTree Guest Suites, Plymouth Meeting 

- Extended StayAmerica Philadelphia Plymouth 

Meeting, Plymouth Meeting 

- SpringHill Suites, Plymouth Meeting 

- Comfort Inn, Pottstown 

- Hilton at Lackawanna Station, Scranton 

- Holiday Inn, Union Town 

- Hotel Conference Center, Washington 

- Casino Component of Hotel Conference Center 

Feasibility Study, Washington County 

- Extended StayAmerica, West Mifflin 

- Holiday Inn York Manchester Mall, York 

RHODE ISLAND 

- Extended StayAmerica Providence East Providence, 

East Providence 

- Providence Biltmore Hotel, Providence 

- Extended StayAmerica Providence Airport Warwick, 

Warwick 

- Homestead Studio Suites Providence Airport 

Warwick 

- Extended StayAmerica Providence Airport West 

Warwick 

SOUTH CAROLINA 

- Charleston Place, Charleston 

- Holiday Inn, Charleston 

- Holiday Inn - Airport, Charleston 

- Holiday Inn, Charleston-Riverview 

- Travelodge, Charleston 

- Embassy Suites, Columbia 

- Extended StayAmerica Columbia Fort Jackson, Fort 

Jackson 

- Extended StayAmerica Columbia West, Columbia 

- Motel 6, Columbia 

- StudioPlus Suites Columbia West, Columbia 

- Extended StayAmerica Greenville Airport, Greenville 

- Fairfield Inn, Greenville 

- Hampton Inn, Greenville 

- Ramada Inn, Greenville 

- StudioPlus Suites Greenville Haywood Mall, 

Greenville 

- Fairfield Inn, Florence 

- Fairfield Inn, Hilton Head 

- Hilton Head Inn, Hilton Head 

- Holiday Inn Express, Hilton Head 

- Hyatt Regency, Hilton Head 

- Westin Hilton Head Resort, Hilton Head 

- Extended Stay Deluxe Columbia Harbison, Irmo 

- Save Inn, Lake Hartwell 

- Extended StayAmerica Charleston Mount Pleasant, 

Mount Pleasant 

- Extended StayAmerica Charleston - Airport - North 

Charleston, North Charleston 

- Homestead Studio Suites Charleston - Airport - 

North Charleston, North Charleston 

- StudioPlus Suites, North Charleston 

- Brookwood Inn, Spartanburg 

- Extended StayAmerica - Asheville Highway, 

Spartanburg 

SOUTH DAKOTA 

- Four Points Hotel, Proposed, Sioux Falls 


39

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

TENNESSEE 

- Extended StayAmerica, Brentwood 

- Hilton Suites Hotel, Brentwood 

- StudioPlus Suites Nashville Brentwood, Brentwood 

- Extended StayAmerica Chattanooga Airport, 

Chattanooga 

- Motel 6, Chattanooga 

- Homestead Studio Suites Nashville Franklin Cool 

Springs, Franklin 

- Holiday Inn, Jackson 

- Fairfield Inn, Johnson City 

- Extended StayAmerica Knoxville Cedar Bluff, 

Knoxville 

- Extended StayAmerica Knoxville - West Hills, 

Knoxville 

- Extended StayAmerica Memphis Apple Tree, 

Memphis 

- Extended StayAmerica Memphis Mount Moriah, 

Memphis 

- Extended StayAmerica Memphis Poplar Avenue, 

Memphis 

- Extended Stay America Memphis Sycamore View, 

Memphis 

- Extended Stay Deluxe Memphis Wolfchase Galleria, 

Memphis 

- Holiday Inn, Memphis 

- Homestead Studio Suites Memphis Airport, Memphis 

- Homestead Studio Suites Memphis Poplar Avenue, 

Memphis 

- Howard Johnson - Airport, Memphis 

- Motel 6, Memphis 

- StudioPlus Suites Memphis Cordova, Memphis 

- Villager Lodge, Memphis 

- Westin Hotel, Memphis 

- Crossland Studios Nashville Airport Briley Parkway, 

Nashville 

- Days Inn, Nashville 

- Extended StayAmerica Nashvillle Airport, Nashville 

- Extended StayAmerica– Vanderbilt, Nashville 

- Hampton Inn, Nashville 

- Hilton Nashville Downtown, Nashville 

- Holiday Inn Express, Nashville 

- Homestead Studio Suites Nashville Airport, Nashville 

- Hotel Preston, Nashville 

- StudioPlus Suites Nashville Airport, Nashville 

- Comfort Inn, Oak Ridge 

- Hampton Inn, Pigeon Forge 

TEXAS 

- Courtyard by Marriott, Addison 

- Hotel, Proposed, Addison 

- Hyatt Summerfield Suites Addison, Addison 

- Marriott Courtyard, Proposed, Addison 

- Summerfield Suites Hotel, Prop., Addison 

- Woodfin Suite Hotel, Proposed, Addison 

- Days Inn, Amarillo 

- Extended StayAmerica Amarillo West, Amarillo 

- Hampton Inn, Amarillo 

- Motel 6, Amarillo 

- Super 8 Motel, Amarillo 

- Homestead Studio Suites Dallas Arlington, Arlington 

- Holiday Inn Express Arlington, Arlington 

- Sierra Suites Conversion, Prop., Arlington 

- StudioPlus Suites Dallas Arlington, Arlington 

- Crossland Economy Studios Austin West, Austin 

- Extended StayAmerica Austin Arboretum, Austin 

- Extended StayAmerica Austin Downtown 6th Street, 

Austin 

- Extended StayAmerica Austin Northwest Lakeline 

Mall, Austin 

- Extended StayAmerica Austin Southwest, Austin 

- Extended Stay Deluxe Austin Metro, Austin 

- Extended Stay Deluxe Austin North Central, Austin 

- Fairfield inn & Suites, Proposed, Austin 

- Holiday Inn, Austin 

- Holiday Inn - Airport, Austin 

- Homestead Studio Suites Austin Arboretum South, 

Austin 

- Homestead Studio Suites Austin Downtown Town 

Lake, Austin 

- Hotel Site, Austin 

- Lakeway Inn, Austin 

- Sheraton Hotel, Austin 

- Woodfin Suites Hotel, Proposed, Austin 

- Holiday Inn, Beaumont 

- Extended Stay Deluxe Dallas Bedford, Bedford 

- Days Inn, Corpus Christi 

- Extended Stay Deluxe Corpus Christi Staples, Corpus 

Christy 

- Doubletree Inn, Dallas 

- Extended StayAmerica - Greenville Avenue, Dallas 

- Extended StayAmerica Dallas North Park Central, 

Dallas 

- Extended Stay Deluxe Dallas Market Center, Dallas 

- Fairmont Hotel, Dallas 

- Holiday Inn Select Northpark, Dallas 

- Homestead Studio Suites Dallas North Addison 

Tollway, Dallas 

- Homestead Studio Suites Dallas North Park Central, 

Dallas 

- Homestead Studio Suites Dallas – Plano, Dallas 

- Hyatt Regency, Dallas 

- Marriott Park Central, Dallas 

- Marriott Quorum, Dallas 

- Marriott Suites, Dallas 

- Melrose Hotel, Dallas 

- Motel 6, Dallas 

- Northpark Holiday Inn, Dallas 

- Park Plaza, Dallas 

- Ramada Inn Convention Center, Dallas 

- Residence Inn, Dallas 

- Residence Inn, Proposed, Dallas 

- Ritz-Carlton Hotel, Dallas 

- Sheraton Grand Hotel, Dallas 

- Summit Hotel, Dallas 

- Wyndham Garden Las Colinas, Dallas 

- Howard Johnson's, East Dallas 

- Allstar Inn, El Paso 

- Chase Suites Hotel, El Paso 

- Embassy Suites, El Paso 

- Extended StayAmerica El Paso Airport, El Paso 

- StudioPlus Suites El Paso West, El Paso 


40

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Travelers Inn, El Paso 

- StudioPlus Suites, Farmers Branch 

- Westin Hotel, Proposed, Frisco 

- Metro Center Hotel, Fort Worth 

- Crossland Studios Fort Worth Fossil Creek, Fort 

Worth 

- Extended StayAmerica Fort Worth City View, Fort 

Worth 

- Extended Stay Deluxe Fort Worth Fossil Creek, Fort 

Worth 

- Homestead Studio Suites Fort Worth Medical Center, 

Fort Worth 

- Renaissance Worthington, Fort Worth 

- Springhill Suites, Proposed, Fort Worth 

- Courtyard Hotel, Houston 

- Crossland Economy Studios Houston Northwest, 

Houston 

- Crossland Economy Studios Houston West Oaks, 

Houston 

- DoubleTree Guest Suites Galleria, Houston 

- Embassy Suites, Houston 

- Extended StayAmerica Houston Galleria, Houston 

- Extended StayAmerica Houston Greenway Plaza, 

Houston 

- Extended StayAmerica Houston Katy Freeway, 

Houston 

- Extended Stay America Houston NASA, Houston 

- Extended StayAmerica Houston Willowbrook, 

Houston 

- Extended StayAmerica Houston Westchase, Houston 

- Extended Stay Deluxe Houston Medical Center 

Braeswood Boulevard, Houston 

- Extended Stay Deluxe Houston Medical Center 

Reliant Park La Concha Lane, Houston 

- Extended Stay Deluxe Houston Northwest, Houston 

- Four Seasons Hotel, Houston 

- Holiday Inn-Hobby, Houston 

- Homestead Studio Suties Houston Galleria, Houston 

- Homestead Suites Houston Medical Center, Houston 

- Homestead Village Willowbrook, Houston 

- Houston House, Houston 

- Houstonian Hotel, Houston 

- Marriott Hotel, Houston 

- Motel 6, Houston 

- Omni Hotel, Proposed, Houston 

- Radisson Towne & Country, Houston 

- Residence Inn, Houston 

- Stouffer Renaissance, Houston 

- StudioPlus Deluxe Studios Houston Greenspoint, 

Houston 

- Studio Plus Houston/Westchase, Houston 

- Crossland Economy Studios Dallas Irving, Irving 

- Extended Stay Deluxe Dallas Las Colinas Green Park 

Drive, Irving 

- Hampton Inn, Proposed, Irving 

- Homestead Studio Suites DFW Airport North, Irving 

- Homestead Studio Suites Las Colinas, Irving 

- Hotel Site, Proposed, Irving 

- Hyatt Regency DFW, Irving 

- Sheraton Grand Hotel Dallas/Fort Worth Airport, 

Irving 

- Summerfield Suites, Irving 

- Extended Stay America Laredo Del Mar, Laredo 

- Extended Stay Deluxe Dallas Las Colinas Meadow 

Creek Drive, Las Colinas 

- Extended StayAmerica Dallas Lewisville, Lewisville 

- Extended StayAmerica Lubbock Southwest, Lubbock 

- Holiday Inn, Lubbock 

- Renaissance Hotel, McAllen 

- Crossland Economy Studios, Mesquite 

- Courtyard by Marriott North Dallas Plano, Plano 

- Extended Stay Deluxe Dallas Plano Plano Parkway, 

Plano 

- Extended Stay Deluxe Plano, Plano 

- Homestead Studio Suites Dallas Plano, Plano 

- Marriott Dallas Plano at Legacy Town Center, Plano 

- Residence Inn Dallas Plano, Plano 

- TownePlace Suites, Plano 

- DoubleTree Richardson Hotel, Richardson 

- Holiday Inn Richardson Hotel, Richardson 

- Holiday Inn Select, Richardson 

- Homestead Studio Suites Dallas Richardson, 

Richardson 

- Radisson Hotel Dallas North, Richardson 

- Extended StayAmerica Austin Round Rock North, 

Round Rock 

- Extended StayAmerica Austin Round Rock South, 

Round Rock 

- Courtyard by Marriott, Round Rock 

- Microtel Inn & Suites, Prop., Round Rock 

- Comfort Suites San Antonio Airport North, San 

Antonio 

- Crockett Hotel, San Antonio 

- DoubleTree Hotel, San Antonio 

- DoubleTree San Antonio Airport, San Antonio 

- Embassy Suites, Proposed, San Antonio 

- Extended Stay Deluxe San Antonio Colonnade, San 

Antonio 

- Fairmont Hotel, San Antonio 

- Four Points Riverwalk, San Antonio 

- Hampton Inn, San Antonio 

- Hilton Garden Inn, Proposed, San Antonio 

- Holiday Inn Express San Antonio Airport North, San 

Antonio 

- Homestead Studio Suites San Antonio Airport, San 

Antonio 

- Hyatt Regency Hill Country, San Antonio 

- Salado Creek/Arena District Master Plan, San 

Antonio 

- Amerihost Inn, San Marcos 

- Extended StayAmerica Houston Woodlands, Spring 

- Extended StayAmerica Houston Stafford, Stafford 

- Extended StayAmerica, Waco 

- Extended Stay Deluxe Houston NASA Bay Area 

Boulevard, Wester 

UTAH 

- Amangiri Resort & Spa, Proposed, Big Water 

- Page Three Land, Proposed, Big Water 

- Utah Trails Resort, Kanab 

- Amangiri Resort and Spa and Pangolin Land, Canyon 

Point 


41

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Amangiri Resort, Proposed, Canyon Point 

- Canyon Land Resort, Proposed, Kane County 

- Courtyard by Marriott, Layton 

- Extended StayAmerica Salt Lake City Union Park, 

Midvale 

- Zermatt Resort & Spa, Midway 

- Crystal Inn Mid Valley, Murray 

- Marriott Hotel, Ogden 

- TownePlace Suites, Proposed, Orem 

- The Lodges at Stillwater, Park City 

- Marriott Park City, Park City 

- Marriott Provo, Provo 

- Residence Inn, Provo 

- Seven Peaks Resort Hotel, Provo 

- Cavanaugh's Olympus Hotel, Salt Lake City 

- Chase Suite Salt Lake City Downtown, Salt Lake City 

- Courtyard Salt Lake City Airport, Salt Lake City 

- Crystal Inn West Valley, Salt Lake City 

- Homestead Studio Suites Salt Lake City Mid Valley, 

Salt Lake City 

- Homestead Studio Suites Salt Lake City Sugar House, 

Salt Lake City 

- Hotel Monaco, Salt Lake City 

- Marriott Hotel, Salt Lake City 

- Red Lion Hotel, Salt Lake City 

- Sheraton Hotel, Salt Lake City 

- Shilo Inn, Salt Lake City 

- WestCoast Hotel, Salt Lake City 

- Woodfin Suites Hotel, Salt Lake City 

- Zion Park Inn & Switchback Grill & Trading 

Company, Salt Lake City 

- Extended StayAmerica Salt Lake City Sandy, Salt 

Lake City 

- Extended StayAmerica Salt Lake City West Valley 

Center, West Valley 

VERMONT 

- Sheraton Burlington, Burlington 

- Wyndham Burlington, Burlington 

VIRGINIA 

- Extended StayAmerica Washington DC Alexandria, 

Alexandria 

- Hawthorn Suites, Alexandria 

- Homestead Studio Suites Alexandria, Alexandria 

- Howard Johnson's, Alexandria 

- Waterview Condominium Hotel, Arlington 

- AmeriSuites, Arlington Heights 

- Embassy Suites Crystal City, Arlington 

- Hyatt Arlington, Arlington 

- Extended StayAmerica Washington DC Centreville, 

Centreville 

- Extended StayAmerica Washington DC Chantilly 

- Extended Stay Deluxe Chantilly, Chantilly 

- Homestead Studio Suites, Chantilly 

- Extended StayAmerica Chesapeake Churchland 

Boulevard, Chesapeake 

- Extended StayAmerica Chesapeake Greenbrier, 

Chesapeake 

- Extended StayAmerica Chesapeake Greenbrier 

Circle, Chesapeake 

- Holiday Inn Crowne Plaza, Crystal City 

- Extended StayAmerica Fairfax, Fairfax 

- Extended Stay Deluxe Fairfax, Fairfax 

- Hilton Garden Inn, Fairfax 

- Homestead Studio Suites, Fairfax 

- Motel 6, Fredericksburg 

- StudioPlus Suites Richmond Innsbrook, Glen Allen 

- Homestead Studio Suites, Glen Allen 

- SpringHill Suites, Glen Allen 

- Extended StayAmerica Hampton Coliseum, Hampton 

- Fairfield Inn, Hampton 

- Extended StayAmerica Washington DC Herndon, 

Herndon 

- Extended StayAmerica Lynchburg University 

Boulevard, Lynchburg 

- Hilton Tyson’s Corner, McLean 

- Extended Stay America Newport News Oyster Point, 

Newport News 

- StudioPlus Newport News I 64 Jefferson Avenue, 

Newport News 

- Omni International Hotel, Norfolk 

- Homestead Studio Suites, Reston 

- Embassy Suites, Richmond 

- Extended StayAmerica Richmond I64 West Broad 

Street, Richmond 

- Extended Stay Deluxe Richmond I 64 West Broad 

Street Hotel, Richmond 

- Extended-Stay Hotel, Proposed, Richmond 

- Holiday Inn West End, Richmond 

- Homestead Studio Suites Richmond Midlothian, 

Richmond 

- Extended StayAmerica Roanoke Airport, Roanoke 

- Comfort Inn, Springfield 

- Extended StayAmerica, Springfield 

- Hampton Inn, Springfield 

- Extended StayAmerica Washington DC Sterling, 

Sterling 

- Homestead Studio Suites, Sterling 

- Sierra Suites, Proposed, Sterling 

- Marriott Hotel, Tyson’s Corner 

- Homestead Studio Suites Washington DC Tysons 

Corner, Vienna 

- Extended StayAmerica Virginia Beach Independence 

Boulevard, Virginia Beach 

- Fairfield Inn, Virginia Beach 

WASHINGTON 

- Red Lion Inn, Aberdeen 

- Best Western Bellevue Inn, Bellevue 

- Candlewood Hotel, Bellevue 

- Candlewood Suites, Bellevue 

- DoubleTree Bellevue Center, Bellevue 

- Embassy Suites, Bellevue 

- Extended StayAmerica, Bellevue 

- Full-Service Hotel, Proposed, Bellevue 

- Hampton Inn, Bellevue 

- Homestead Studio Suites , Bellevue 

- Homestead Studio Suites Seattle/Redmond, Bellevue 

- La Quinta Inn, Bellevue 

- Larkspur Landing Hotel, Bellevue 

- Lincoln Square Hotel, Bellevue 


42

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Marriott Hotel, Bellevue 

- Palladium Center Project, Bellevue 

- Red Lion Hotel Bellevue, Bellevue 

- Red Lion Inn Bellevue Center, Bellevue 

- Residence Inn, Bellevue 

- Ritz-Carlton Hotel, Proposed, Bellevue 

- Westin Hotel, Proposed, Bellevue 

- Semiahmoo Hotel Company, Blaine 

- Semi-ah-moo Resort, Blaine 

- Sierra Suites Hotel, Proposed, Bellevue 

- Extended StayAmerica, Bothell 

- Extended Stay Deluxe, Bothell 

- Extended StayAmerica, Everett 

- Extended Stay Deluxe, Everett 

- Full Service Hotel, Proposed, Everett 

- Extended StayAmerica, Federal Way 

- Extended StayAmerica, Fife 

- Motel 6, Issaquah 

- Red Lion Inn, Kelso 

- Red Lion Hotel Columbia Center, Kennewick 

- Crossland Studios, Kent 

- Extended StayAmerica, Kent 

- Fairfield Inn, Proposed, Lacey 

- Propsed Hotel, Lakewood 

- Embassy Suites, Lynnwood 

- Extended StayAmerica, Lynnwood 

- Residence Inn, Lynnwood 

- Extended StayAmerica, Mukilteo 

- Phoenix Inn, Olympia 

- Red Lion Hotel, Olympia 

- WestCoast Olympia Hotel, Olympia 

- Crossland Studios , Puyallup 

- DoubleTree Hotel, Pasco 

- Red Lion Hotel, Pasco 

- Red Lion Inn, Pasco 

- Red Lion Hotel, Port Angeles 

- Marriott Hotel, Proposed, Redmond 

- Residence Inn, Redmond 

- Hilton Gardens Hotel, Redmond 

- Extended Stay Deluxe, Renton 

- Hilton Garden Inn, Renton 

- Larkspur Landing Hotel, Renton 

- Best Western Tower Inn, Richland 

- Red Lion Hotel Hanford House, Richland 

- Red Lion Inn, Richland 

- Shilo Inn, Richland 

- Hampton Inn, Sea-Tac 

- Holiday Inn Sea-Tac, Sea-Tac 

- La Quinta Inn, Sea-Tac 

- Red Lion Hotel, Sea-Tac 

- Coast Gateway Hotel, Sea-Tac 

- Alexis Hotel, Seattle 

- Courtyard Hotel, Seattle 

- Doubletree Inn, Seattle 

- Elliott Hotel, Seattle 

- Embassy Suites Seattle/Tacoma, Seattle 

- Extended StayAmerica Seattle Northgate, Seattle 

- Extended-Stay Hotel, Proposed, Seattle 

- Fairmont Olympic Hotel, Seattle 

- Four Seasons Olympic Hotel, Seattle 

- Four-Star Hotel, Proposed, Seattle 

- Grand Hyatt Seattle, Seattle 

- Hampton Inn, Seattle 

- Holiday Inn Crowne Plaza, Seattle 

- Holiday Inn Sea-Tac, Seattle 

- Homewood Suites, Seattle 


- Hotel Andra, Seattle 

- Hotel First Street, Proposed, Seattle 


- Hotel Monaco, Seattle 

- Hotel Vintage Plaza, Seattle 

- Hyatt Hotel at Olive8, Proposed, Seattle 

- Madison Hotel, Seattle 

- Marriott Seattle Waterfront, Seattle 

- Paramount Hotel, Seattle 

- Red Lion Hotel, Seattle 

- Renaissance Hotel, Seattle 

- Roosevelt Hotel, Seattle 

- Seattle Hotel, Proposed, Seattle 

- Sheraton Hotel, Seattle 

- W Hotel, Seattle 

- WestCoast Grand Hotel on Fifth Avenue, Seattle 

- WestCoast Paramount, Seattle 

- WestCoast Vance Hotel, Seattle 

- Springhill Suites, Seattle 

- Vance Hotel, Seattle 

- W Hotel, Seattle 

- The Bay Silverdale Hotel, Silverdale 

- Salish Lodge, Snoqualmie 

- Red Lion Hotel at the Park, Spokane 

- Red Lion Inn, Spokane 

- Courtyard by Marriott, Spokane 

- Crossland Studios Spokane Valley, Spokane 

- Residence Inn, Proposed, Spokane 

- WestCoast Grand Hotel, Spokane 

- WestCoast Ridpath Hotel, Spokane 

- Shilo Inn, Spokane 

- Red Lion Inn, Spokane Valley 

- Skamania Lodge, Stevenson 

- Crossland Studios Tacoma/Hosmer, Tacoma 

- Extended StayAmerica Tacoma South, Tacoma 

- Hotel Monaco, Tacoma 

- Hotel Premier, Tacoma 

- La Quinta Inn, Tacoma 

- Park Shore Inn, Tacoma 

- Red Lion Inn, Tacoma 

- Sheraton Hotel, Tacoma 

- Shilo Inn Suites, Tacoma 

- Doubletree Suites, Tukwila 

- Embassy Suites, Tukwila 

- Extended StayAmerica, Tukwila 

- Residence Inn, Tukwila 

- Hampton Inn, Tukwila 

- Homestead Studio Suites Seattle Southcenter/ 

Tukwila, Tukwila 

- Homewood Suites, Tukwila 

- Extended StayAmerica Olympia/Tumwater, 

Turnwater 

- Extended StayAmerica Portland/Vancouver, 

Vancouver 

- Phoenix Inn, Vancouver 


43

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Red Lion Inn at the Quay, Vancouver 

- Residence Inn, Vancouver 

- Red Lion Inn, Wenatchee 

- WestCoast Wenatchee Center Hotel, Wenatchee 

- Red Lion Hotel Yakima Center, Yakima 

- Red Lion Inn, Yakima 

WEST VIRGINIA 

- Holiday Inn Charleston House, Charleston 

- Charles Town Entertainment Complex, Charles Town 

- Charles Town Races, Charles Town 

- Holiday Inn, Huntington 

- Howard Johnson's, Wheeling 

WISCONSIN 

- Extended StayAmerica Appleton Fox Cities, Appleton 

- Radisson Hotel, Appleton 

- Radisson Paper Valley Hotel, Appleton 


- DoubleTree Hotel, Brookfield 

- Fairfield Inn, Brookfield 

- Homestead Studio Suites Milwaukee Brookfield, - 

Brookfield 

- Milwaukee Marriott Hotel, Brookfield 

- Wyndham Garden Hotel, Brookfield 

- Fairfield Inn, Detroit 

- Fairfield Inn, Detroit-West 

- Radisson Inn, Farmington Hills 

- Various Locations, Frankenmuth 

- Super 8 Motel, Jamesville 

- Super 8 Motel, Kenosha 

- Extended StayAmerica Madison West, Madison 

- Extended Stay Deluxe Madison West, Madison 

- Fairfield Inn, Madison 

- Fairfield Inn, Milwaukee 

- Holiday Inn-Airport, Milwaukee 

- Holiday Inn-West, Milwaukee 

- Hyatt Regency, Milwaukee 

- Renaissance ClubSport, Prop., Milwaukee 

- Wyndham Milwaukee, Milwaukee 

- Wyndham Garden Inn, Milwaukee/Brookfield 

- Holiday Inn, Neenah 

- Downtown Convention Hotel, Racine 


- Extended StayAmerica Milwaukee Waukesha, 

Waukesha 

- Extended StayAmerica Milwaukee Wauwatosa, 

Wauwatosa 

- Hotel, Proposed, West Allis 

WYOMING 

- Days Inn, Casper 

- Shilo Inn, Casper 

- Flying L Skytel, Cody 

- Shilo Inn, Evansville 

- Amangani Resort, Jackson Hole 

- Four Seasons Resort Hotel, Condominiums, and 

Fractionals, Jackson Hole 

- Granary Restaurant & Spring Creek Ranch, Jackson 

Hole 

AUSTRALIA 

- Swissôtel Sydney on Market Street, Sydney 

THE BAHAMAS 

- Baja Mar Resort, Nassau 

- Resort, Marina, and Villas, Prop., Eleuthra 

BARBADOS 

- Fairmont Royal Pavilion 

BERMUDA 

- Fairmont Hamilton Princess, Hamilton, 

- Fairmont Southampton Princess, Southampton 

- Reefs Resort & Fractionals, Southampton 

CAMBODIA 

- Raffles Hotel Le Royal Phnom Penh, Phnom Penh 

- Raffles Grand Hotel d'Angkor Siem Reap, Siem Reap 

CANADA 

- Westin Calgary, Calgary, Alberta 

- 119-Unit Hotel, Canmore, Alberta 

- Enoch Cree Entertainment Complex, Prop., 

Edmonton, Alberta 

- Westin Edmonton, Edmonton, Alberta 

- Fairmont Jasper Park Lodge, Jasper, Alberta 

- Fairmont Chateau Lake Louise, Lake Louise, Alberta 

- Delta Vancouver Airport Hotel & Marina, Richmond, 

BC 

- Fairmont Vancouver Airport, Vancouver, BC 

- Hotel Georgia, Vancouver, BC 

- Pacific Palisades Hotel, Vancouver, BC 

- Westin Bayshore Resort & Marina, Vancouver, BC 

- Fairmont Chateau Whistler, Whistler, BC 

- Mountainside Lodge, Whistler, BC 

- Holiday Inn Airport West, Winnipeg, Manitoba 

- Extended Stay Deluxe St. John's Downtown, 

Newfoundland 

- Courtyard by Marriott, Markham, Ontario 

- Residence Inn by Marriott, Markham, Ontario 

- Fairfield Inn by Marriott, Markham, Ontario 

- Courtyard by Marriott, Mississauga, Ontario 

- Residence Inn by Marriott, Mississauga, Ontario 

- Extended Stay Deluxe Ottawa Downtown, Ottawa, 

Ontario 

- Westin Ottawa, Ottawa, Ontario 

- Sutton Place Hotel & Apartments, Toronto, Ontario 

- Toronto Prince Hotel, Toronto, Ontario 

- Westin Harbour Castle, Toronto, Ontario 

- Courtyard by Marriott Toronto Vaughan, Vaughan, 

Ontario 

- Extended Stay Deluxe Toronto Vaughan, Vaughan, 

Ontario 

- EconoLodge, Hull, Quebec 

- Fairmont Chateau Montebello, Montebello, Quebec 

- Fairmont Kenauk, Montebello, Quebec 

- Hyatt Regency Montreal, Montreal, Quebec 

- Le Chateau Frontenac, Quebec City, Quebec 

CAYMAN ISLANDS 

- Courtyard Hotel Grand Cayman, Grand Cayman 


44

EXAMPLES OF 


OR EVALUATED 

(CONTINUED) 

- Westin Casuarina Resort & Spa Grand Cayman, 

Grand Cayman 

CHILE 

- Casino Hotel, Prop., San Francisco de Mostazel 

COSTA RICA 

- Rip Jack Inn Hotel, Playa Grande, Guanacaste 

FIJI 

- Jean-Michele Cousteau Resort, Savusavu 

- Taunovo Bay Resort Hotel, Proposed, Taunovo Bay 

FRANCE 

- Le Melezin Hotel, Courcheval 1850 

- Marriott Champs Elysee, Paris 

GERMANY 

- Swissôtel, Berlin 

- Swissôtel, Dusseldorf 

- Fairmont Hotel Vier Jahreszeiten, Hamburg 

GUAM 

- Royal Palm Resort, Tumon 

- Hyatt Regency Hotel, Tumon Bay 

- Palace Hotel Guam, Tamuning 

- Hotel, Proposed, Tamuning 

JAPAN 

- Swissôtel Nankai Osaka, Osaka 

MACAU, S.A.R., CHINA 

- Altira Macau 

- City of Dreams Hotel & Casino 

- City of Dreams Hotel & Casino, Proposed 

- Crown Macau Hotel & Casino 

- Grand Waldo Casino-Hotel 

- Sands Casino Macao 

- Sands China Limited Parcels 5 & 6 

- Studio City Macao 

- Venetian Resort Macao, Proposed 

MEXICO 

- Fairmont Acapulco Princess, Acapulco 

- Fairmont Pierre Marques, Acapulco 

- Capella Pedregal Resort, Prop., Cabo San Lucas 

- Chileno Bay Development, Cabo San Lucas 

- Hotel & Timeshare Development, Prop., Cabo San 

Lucas 

- Esperanza Hotel, Prop., Cabo San Lucas 

- Esperanza Resort & Fractionals, Cabo San Lucas 

- Cancun Casa Magna Marriott Resort, Cancun 

- Four Seasons Mexico D.F., Colonia Juarez 

- Resort Hotel w/ Residential Component, Diamante 

del Mar 

- Omni Hotel, Ixtapa 

- Capella Pedregal Resort, Prop., Cabo San Lucas 

- Luxury Hotel Submarket, Los Cabos 

- Las Hados Resort, Manzanillo, Colima 

- Four Seasons Hotel, Mexico City 

- Sheraton Centro Historico Hotel & Convention 

Center, Mexico City 

- La Jolla de Mismaloya, Puerto Vallarta 

- Puerto Vallarta Casa Magna Marriott Resort, Puerto 

Vallarta 

- Four Seasons Resort, Punta Mita, Nayarit 

- Hilton Cancun Beach & Golf Resort, Cancun, 

Quintana Roo 

- Trump Ocean Resort, Prop. Rosarita Beach 

- Rancho La Puerta, Tecate 

NETHERLANDS 

- Swissôtel Amsterdam, Amsterdam 

NETHERLANDS ANTILLES 

- Renaissance Curacao Resort & Casino, Wilemstad, 

Curacao 

PANAMA 

- Proposed Convention-Oriented Hotel and Casino, 

Panama City 

PUERTO RICO 

- Carib Inn, San Juan 

RUSSIA 

- Casino Component - Proposed Resort, Moscow 

SINGAPORE 

- Marina Bay Sands Development, Marina Bay 

- Raffles Hotel Singapore 

- Raffles The Plaza Singapore 

- Swissôtel Merchant Court Singapore 

- Swissôtel The Stamford Singapore 

SWITZERLAND 

- Swissôtel Le Plaza Basel, Le Basel 

- Raffles Le Montreaux Palace, Montreal 

- Swissôtel Zurich, Zurich 

WEST INDIES 

- Grand Princess Entertainment Center, Jolly Harbour, 

Antigua 

- Four Seasons Resort, Nevis 

VARIOUS 

- Fairmont Management Company 

- Noble House Hotels & Resorts 

- Starwood Analysis 

- Hardage Hotels – Franchise Valuation, Various 

Locations, CA 


45

Sheraton Hotel Redding At Sundial Bridge - Redding Record ...

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