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

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Penetration Explanation BASE-YEAR OCCUPANCY AND PENETRATION LEVELS Property Let us illustrate the penetration adjustment with an example. A market has three existing hotels with the following operating statistics: Number of Rooms Fair Share Commercial Based upon each hotel’s room count, market segmentation, and annual occupancy, the annual number of room nights accommodated in the market from each market segment can be quantified, as set forth below. MARKET-WIDE ROOM NIGHT DEMAND Meeting and Group Leisure Occupancy Hotel A 100 23.5 % 60 % 20 % 20 % 75.0 % 100.8 % Hotel B 125 29.4 70 10 20 65.0 87.4 Hotel C 200 47.1 30 60 10 80.0 107.5 Totals/Average 425 100.0 % 47 % 38 % 15 % 74.4 % 100.0 % Market Segment Annual Room Night Demand Percentage of Total Commerci a l 54,704 47.4 % Meeti ng a nd Group 43,481 37.7 Leisure 17,246 14.9 Total 115,431 100.0 % Penetration The following discussion will be based upon an analysis of the commercial market segment. The same methodology is applied for each market segment to derive an estimate of a hotel’s overall occupancy. The table below sets forth the commercial demand accommodated by each hotel. Each hotel’s commercial penetration factor is computed by: February-2011 Penetration Explanation Sheraton Hotel Redding At Sundial Bridge – Redding, California i
calculating the hotel’s market share % of commercial demand (commercial room nights accommodated by subject hotel divided by total commercial room nights accommodated by all hotels) and dividing the hotel’s commercial market share % by the hotel’s fair share %. The following table sets forth each hotel’s fair share, commercial market share, and commercial penetration factor. COMMERCIAL SEGMENT PENETRATION FACTORS Property Number of Rooms Fair Share If a new 100-room hotel enters the market, the fair share of each hotel changes due to the new denominator, which has increased by the 100 rooms that have been added to the market. COMMERCIAL SEGMENT FAIR SHARE Commercial Capture Hotel A 100 23.5 % 16,425 30.0 % 127.6 % Hotel B 125 29.4 20,759 37.9 129.0 Hotel C 200 47.1 17,520 32.0 68.1 Totals/Average 425 100.0 % 54,704 100.0 % 100.0 % Property Number of Rooms Commercial Market Share Fair Share Hotel A 100 19.0 % Hotel B 125 23.8 Hotel C 200 38.1 New Hotel 100 19.0 Total 525 100.0 % Commercial Penetration The new hotel’s penetration factor is projected for its first year of operation. It is estimated that the hotel will capture (penetrate) only 85% of its fair share as it establishes itself in the market. The new hotel’s market share and room night capture can be calculated based upon the hotel’s estimated penetration factor. When the market share of the existing hotels and that of the new hotel are added up, they no longer equal 100% because of the new hotel’s entry into the market. The market share of each hotel must be adjusted to reflect the change in the denominator that comprises the sum of each hotel’s market share. February-2011 Penetration Explanation Sheraton Hotel Redding At Sundial Bridge – Redding, California ii
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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
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7. Projection of Occupancy and Aver
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occupancy rate has been positioned
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Competitive Position calculated by
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FIGURE 7-6 MARKET AND SUBJECT PROPE
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8. Highest and Best Use As if Vacan
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9. Approaches to Value Income Capit
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10. Income Capitalization Approach
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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 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
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: of Professional Ethics and the Stan
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 149 and 150: EXAMPLES OF PROPERTIES APPRAISED OR
Page 159 and 160: PROFESSIONAL AFFILIATIONS EDUCATION
Page 161 and 162: APPEARANCE AS AN EXPERT WITNESS, CO
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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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