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

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Sale#3 Sheraton Pleasanton Pleasanton, California 170 Rooms TRANSACTION DATA Date of Sale: January-10 Interest Conveyed: Fee Simple Buyer: Pl easa nton Lodging, LP Seller: Mesa Wes t Real Es tate Income Fund Sales Price: $12,300,000 Price per Room: $72,353 Occupancy (Jan 1, 2009 - Dec 31, 2009): 48.0% Average Rate (Jan 1, 2009 - Dec 31, 2009): $96 RevPAR (Jan 1, 2009 - Dec 31, 2009): $46 Rooms Revenue Multiplier: 4.3 Reported Capitalization Rate: Not Disclosed Confi rma ti on: Broker PROPERTY DATA Year Opened: 1985 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. February-2011 Sales Comparison Approach Sheraton Hotel Redding At Sundial Bridge – Redding, California 102
Sale#4 Holiday Inn Laguna Hills Laguna Hills, California 147 Rooms TRANSACTION DATA Date of Sale: July-09 Interest Conveyed: Fee Simple Buyer: Lee's La guna Hills Resort, LLC Seller: La guna Hills Hotel Development Venture, LP Sales Price: $12,000,000 Price per Room: $81,633 Occupancy (Jan 1, 2008 - Dec 31, 2008): 64.0% Average Rate (Jan 1, 2008 - Dec 31, 2008): $108 RevPAR (Jan 1, 2008 - Dec 31, 2008): $69 Rooms Revenue Multiplier: 3.2 Reported Capitalization Rate: Not Disclosed Confi rma ti on: Broker PROPERTY DATA Year Opened: 1977 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. February-2011 Sales Comparison Approach Sheraton Hotel Redding At Sundial Bridge – Redding, California 103
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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
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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 and 100: FIGURE 11-2 SUMMARY OF SELECTED COM
Page 101: Sale#2 Sheraton Delfina Santa Monic
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
Page 151 and 152: 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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