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

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.
February-2011 Statement of Assumptions and Limiting Conditions
Sheraton Hotel Redding At Sundial Bridge – Redding, California 121