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

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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. February-2011 Cost Approach Sheraton Hotel Redding At Sundial Bridge – Redding, California 108
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% February-2011 Cost Approach Sheraton Hotel Redding At Sundial Bridge – Redding, California 109
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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
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FIGURE 6-4 COMPETITORS - OPERATING
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FIGURE 6-5 NEW SUPPLY DEMAND Propos
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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 - “
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Page 97 and 98: 11. Sales Comparison Approach Compa
Page 99 and 100: FIGURE 11-2 SUMMARY OF SELECTED COM
Page 101 and 102: Sale#2 Sheraton Delfina Santa Monic
Page 103 and 104: Sale#4 Holiday Inn Laguna Hills Lag
Page 105 and 106: Conclusion the subject’s leasehol
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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
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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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EXAMPLES OF PROPERTIES APPRAISED OR
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Sheraton Hotel Redding At Sundial Bridge - Redding Record ...

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