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

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
February-2011 Statement of Assumptions and Limiting Conditions
Sheraton Hotel Redding At Sundial Bridge – Redding, California 120