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

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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. February-2011 Sales Comparison Approach Sheraton Hotel Redding At Sundial Bridge – Redding, California 100
Sale#2 Sheraton Delfina Santa Monica Santa Monica, California 310 Rooms TRANSACTION DATA Date of Sale: November-10 Interest Conveyed: Fee Simple 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 Rooms Revenue Multiplier: 6.3 Reported Capitalization Rate: Not Disclosed Confirma ti on: Buyer PROPERTY DATA Year Opened: 1983 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. February-2011 Sales Comparison Approach Sheraton Hotel Redding At Sundial Bridge – Redding, California 101
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February-2011 SUMMARY APPRAISAL REP
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stabilization. Based on our analysi
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Table of Contents SECTION TITLE PAG
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SUMMARY OF VALUE PARAMETERS Number
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2. Nature of the Assignment Subject
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Objective of the Appraisal an annua
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Exposure Period The hotel is expect
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Competency Scope of Work While mark
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3. Description of the Site and Neig
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Physical Characteristics HOTEL SITE
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SUBJECT SITE RENDERING AND SHARED P
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Turtle Bay Exploration Park The sub
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4. Description of the Proposed Proj
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Summary of the Facilities RENDERING
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Public Areas all signage will adequ
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Guestrooms Back-of-the-House ADA an
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5. Market Area Analysis Market Area
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FIGURE 5-1 ECONOMIC AND DEMOGRAPHIC
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FIGURE 5-2 HISTORICAL AND PROJECTED
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Unemployment Statistics increased u
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Airport Traffic Airport passenger c
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Tourist Attractions Additionally, t
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Conclusion frontage is back to norm
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FIGURE 6-1 HISTORICAL SUPPLY AND DE
Page 49 and 50: FIGURE 6-2 MONTHLY OCCUPANCY TRENDS
Page 51 and 52: FIGURE 6-4 COMPETITORS - OPERATING
Page 53 and 54: FIGURE 6-5 NEW SUPPLY DEMAND Propos
Page 55 and 56: FIGURE 6-8 AVERAGE ANNUAL COMPOUNDE
Page 57 and 58: 7. Projection of Occupancy and Aver
Page 59 and 60: occupancy rate has been positioned
Page 61 and 62: Competitive Position calculated by
Page 63 and 64: FIGURE 7-6 MARKET AND SUBJECT PROPE
Page 65 and 66: 8. Highest and Best Use As if Vacan
Page 67 and 68: 9. Approaches to Value Income Capit
Page 69 and 70: 10. Income Capitalization Approach
Page 71 and 72: FIGURE 10-1 COMPARABLE OPERATING ST
Page 73 and 74: FIGURE 10-3 COMPARABLE OPERATING ST
Page 75 and 76: FIGURE 10-4 DETAILED FORECAST OF IN
Page 77 and 78: Forecast of Income and Expense The
Page 79 and 80: available room. We expect the propo
Page 81 and 82: INCOME CAPITALIZATION Mortgage Comp
Page 83 and 84: Equity Component & Equity Yield Rat
Page 85 and 86: Terminal Capitalization Rate 20% fo
Page 87 and 88: Mathematical Proof of Value The val
Page 89 and 90: Our debt coverage ratio falls withi
Page 91 and 92: Derived Capitalization Rates FIGURE
Page 93 and 94: Discounted Cash Flow Analysis - “
Page 95 and 96: Discounted Cash Flow Analysis - “
Page 97 and 98: 11. Sales Comparison Approach Compa
Page 99: FIGURE 11-2 SUMMARY OF SELECTED COM
Page 103 and 104: Sale#4 Holiday Inn Laguna Hills Lag
Page 105 and 106: Conclusion the subject’s leasehol
Page 107 and 108: FIGURE 12-1 SUBJECT PROPERTY CONSTR
Page 109 and 110: FIGURE 12-2 SUMMARY OF HOTEL GROUND
Page 111 and 112: FIGURE 12-4 DISCOUNTED CASH FLOW AN
Page 113 and 114: Pre-Opening and Working Capital Cos
Page 115 and 116: 13. Reconciliation of Value Indicat
Page 117 and 118: yet, in fact, exist as of the date
Page 119 and 120: 9. The Americans with Disabilities
Page 121 and 122: proposed project and/or the market
Page 123 and 124: of Professional Ethics and the Stan
Page 125 and 126: calculating the hotel’s market sh
Page 127 and 128: COMMERCIAL SEGMENT PROJECTIONS (YEA
Page 129 and 130: NI = Net income available for debt
Page 131 and 132: NI 1 - (f x M x V) = de 1 NI 2 - (f
Page 133 and 134: Using these known variables, the fo
Page 135 and 136: Page 2 Suzanne R Mellen 01/10/2011
Page 137 and 138: Page 4 Suzanne R Mellen 01/10/2011
Page 139: Addenda Requirements - certificatio
Page 143 and 144: EXAMPLES OF CORPORATE AND INSTITUTI
Page 145 and 146: Elaine Sahlins EMPLOYMENT 1997 - pr
Page 147 and 148: EXAMPLES OF CORPORATE AND INSTITUTI
Page 149 and 150: EXAMPLES OF PROPERTIES APPRAISED OR
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EXAMPLES OF PROPERTIES APPRAISED OR
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PROFESSIONAL AFFILIATIONS EDUCATION
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APPEARANCE AS AN EXPERT WITNESS, CO
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EXAMPLES OF CORPORATE AND INSTITUTI
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Sheraton Hotel Redding At Sundial Bridge - Redding Record ...

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