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

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Page 3 Suzanne R Mellen 01/10/2011 Re: RETECHS File No.: 10-008780-01 information is confidential and must be maintained that way. You may use the Bank's Confidential Information only: • for the purpose of completing your assignment, and • for the purpose of meeting your professional obligations. Your obligation to maintain the confidentiality of the Bank's Confidential Information continues even after the completion of your assignment, except that you have the right to use the Confidential Information to fulfill your professional obligations with respect to mandated file retention and disclosure for purposes of peer review. If you are, or may be, required by a court or a governmental agency to disclose any Confidential Information, you agree to notify the Bank before you make any disclosure. If a representative of the Bank inquires as to what provisions you have made to keep the Bank's information confidential, you agree to disclose in detail what steps you have taken and are taking to ensure confidentiality. If you have any questions about your obligations as set forth above, or about how to meet your obligations set forth above, please call the U.S. Bank Chief Appraiser immediately. The Chief Appraiser will assist you in meeting your obligations if at all possible. It is essential that the Bank's Confidential Information be maintained as confidential. Appraisal Requirements: 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). Additional assignment conditions, if any, will be described in the addendum to this engagement letter. When applicable, discounted cash flow analysis should be performed using the most recent version of ARGUS and a copy of the ARGUS data file should be uploaded to RIMS. If your appraisal report contains wording or disclaimers which limit your professional liability to U.S. Bank, we reserve the right to reject your appraisal and will not be responsible for any expenses incurred in the completion of the assignment. A copy of the following items must be included in the addenda of each copy of the final appraisal report: 1. Valid Certification/License 2. Qualifications During the course of this assignment, if you determine or are requested by anyone other than RETECHS to make changes to the terms of this agreement or requested scope of work are necessary, please contact the undersigned in writing. Any changes to this engagement must be authorized by U.S. Bank RETECHS. Delivery Instructions: Please upload the final appraisal report including all addendum to RIMS. Additionally, deliver hard copies of the appraisal report as directed in the addendum to this engagement letter.
Page 4 Suzanne R Mellen 01/10/2011 Re: RETECHS File No.: 10-008780-01 Invoice: Send your invoice to the undersigned including your contact information, invoice date and tax ID or social security number on the invoice. Either mail your invoice to the undersigned RETECHS JM or upload the invoice as a separate document in RIMS. Do not include the invoice as part of an appraisal report uploaded to RIMS. Sincerely, Allen Bergstrom MAI. Vice President allen.bergstrom@usbank.com This document was generated using RIMS and was authenticated using the RIMS User ID for Allen Bergstrom. The original copy of this document will be kept on file. U.S. Bancorp and RETECHS reserve the right to compare any returned documents with the original, with the understanding that any discrepancy between documents defaults to the original document unless we have agreed to the change in writing. Acceptance of the electronic award of this engagement in the RIMS system constitutes acceptance by you of this engagement under the terms of this engagement letter. If this Engagement Letter has been faxed to you, you must sign below and provide a signed copy in your appraisal: By: _________________________ Date: _________________________
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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
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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 and 134: Using these known variables, the fo
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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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