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

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Real Estate Technical Services LM-CA-PFLC 9467 Milliken Ave. Rancho Cucamonga, CA 91730 Ph: 909/481-3186 Fax:909/481-3171 allen.bergstrom@usbank.com January 10, 2011 Suzanne R Mellen HVS International 116 New Montgomery St Suite 620 San Francisco, CA 94105 RE: Appraisal Assignment Dear Suzanne R Mellen : Sheraton Redding At Sundial Bridge 840 Sundial Bridge Redding, CA 96001 RETECHS File No.: 10-008780-01 This letter confirms we have engaged your services for an appraisal of the referenced property as indicated in the addendum to this letter. Your engagement is as an independent contractor and not as an employee or agent of U.S. Bank. The appraisal assignment is to be prepared in accordance with the requirements of FIRREA and the current edition of Uniform Standards of Professional Appraisal Practice (USPAP). By accepting this appraisal assignment, you and any staff member associated with this assignment certify that you have no direct or indirect interest, financial or otherwise, in the property or transaction, or relationship with the ownership or borrower. Moreover, you agree not to accept or pursue the appraisal, or related assignments, of the subject property for a minimum of one year from the delivery date of the final appraisal report without written consent from U.S. Bank RETECHS. A qualified, appropriately licensed/certified staff appraiser may perform the appraisal and a qualified appropriately registered appraisal assistant may assist in the preparation of the appraisal. Unless previously agreed to otherwise, you must review and sign the report. Also, this appraisal assignment may not be subcontracted to an outside individual or firm without my prior written consent. Timing and Fee of Appraisal Assignment: It is our understanding that the fee for this assignment includes all expenses and an allowance for any technical assistance you feel necessary or appropriate. Original, signed appraisals should be delivered as instructed in the addendum of this letter no later than the specified due date. If delays are anticipated or occur, you must immediately request an extension of the due date in writing from the undersigned in order to avoid late fees or penalties.
Page 2 Suzanne R Mellen 01/10/2011 Re: RETECHS File No.: 10-008780-01 If the appraisal is not received on or before this date, U.S. Bank reserves the right, at its sole discretion, to either cancel the assignment for cause without payment of the fee or deduct a late fee penalty. Additionally, U.S. Bank reserves the right to cancel this assignment without cause. Upon such cancellation, payment of the fee will be limited to actual time spent and any out-of-pocket expenses incurred up to the date of termination. We understand that you and all personnel associated with the assignment will be available to discuss concerns we might have regarding the analysis and the value conclusions. U.S. Bank reserves the right to withhold payment if, at our sole discretion, the appraiser fails to address our concerns with the appraisal within five working days of such notice. Property Contact / Information: Please arrange an inspection of the property and make your initial request for information with the property contact listed in the addendum to this letter. Your initial request for information should be made in writing within two business days of receipt of this letter and a copy of the request should be sent to the undersigned. Any questions regarding this assignment should be e-mailed to the undersigned at allen.bergstrom@usbank.com. At no time during this appraisal assignment (either prior to or following delivery of the report) are you to engage in discussions with individuals, other than U.S. Bank RETECHS staff regarding your value conclusion(s) or the direction of your value conclusion(s) without prior authorization from U.S. Bank RETECHS. Confidentiality: U.S. Bank is your client and unless authorized by the undersigned, you may not disclose confidential data, including the value conclusion, to anyone other than the undersigned, including the owner of the property, our borrower, or any other individual connected directly or indirectly to this transaction. To enable you to complete this assignment, the Bank will provide to you information, some of which the Bank regards as highly confidential. Your acceptance of the assignment includes your agreement to keep confidential any and all information provided to you by the Bank, regardless of whether any information provided is marked or otherwise designated as "Confidential Information." Specifically, any and all information about customers of the Bank, of any nature whatsoever, including but not limited to customer financial information, and the fact of the existence of a relationship, or potential relationship, between the Bank and customers, is confidential. Some of the information provided to you by the Bank may not be confidential if: • it was known to you before the Bank or the customer provided it to you; or • it was public knowledge before the Bank or the customer provided it to you; or • it becomes available from a third party, not subject to any restrictions, after the bank or customer provided it to you. You must protect the Confidential Information provided to you using at least a reasonable degree of care, to prevent the unauthorized disclosure of such Confidential Information. You can disclose the Confidential Information to your employees, but you must tell them that the
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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
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FIGURE 10-3 COMPARABLE OPERATING ST
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FIGURE 10-4 DETAILED FORECAST OF IN
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Forecast of Income and Expense The
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available room. We expect the propo
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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 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: Using these known variables, the fo
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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