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

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EXAMPLES OF PROPERTIES APPRAISED OR EVALUATED Arizona - JW Marriott Camelback Inn, Scottsdale - Westin La Paloma, Tucson California - Villa Portofino Hotel, Avalon - DoubleTree Hotel & Executive Meeting Center Berkeley Marina, Berkeley - Westin Hotel, Proposed, Berkeley - Radisson San Francisco Airport Sierra Point, Brisbane - Hotel, Proposed, Burlingame - Inn & Spa at Rispin Mansion, Proposed, Capitola - Hilton Orange County, Irvine - Beverly Heritage, Milpitas - Courtyard by Marriott, Novato - Ace Hotel, Proposed, Palm Springs - Cottage Inn, Pismo Beach - Hotel, Proposed, Pismo Beach - Spyglass Inn, Pismo Beach - Proposed and Existing Turntable Bay Marina, Redding - Setai San Diego Hotel, Proposed, San Diego - Campton Place Hotel, San Francisco - Clift Hotel, San Francisco - Fairmont Hotel, San Francisco - Four Seasons Hotel, San Francisco - Harbor Court Hotel, San Francisco - Hilton Financial District, San Francisco - Hotel Monaco, San Francisco - Renaissance Parc 55 Hotel, San Francisco - Renaissance Stanford Court Hotel & Parking Garage, San Francisco - Westin Saint Francis, San Francisco - Crowne Plaza, San Jose - Hotel Sierra San Jose, Proposed, San Jose - Sierra Suites Hotel, San Ramon - Ragged Point Inn, San Simeon - Huntley Hotel, Santa Monica - Loews Hotel, Santa Monica - Hilton Hotel Sonoma, Santa Rosa - Hyatt Vineyard Creek, Santa Rosa - Hilton Scotts Valley, Scotts Valley - Fairmont Sonoma Mission Inn, Sonoma Illinois - Argosy Alton, Alton Louisiana - Marriott New Orleans at the Convention Center, New Orleans Massachusetts - Four Seasons, Boston Michigan - Hilton Suites, Auburn Hills Missouri - Argosy Riverside Casino Hotel & Spa, Riverside Nevada - Extended-Stay Hotel, Proposed, Reno - Full Service Hotel, Proposed, Reno Ohio - Courtyard Cleveland, Westlake - TownePlace Suites Cleveland, Westlake Oregon - Shilo Inn, Grants Pass - DoubleTree Portland Lloyd Center, Portland - Shilo Inn, Salem Pennsylvania - Comfort Inn, Harrisburg - Holiday Inn, York Washington - Hotel 1000, Seattle - Hotel Andra, Seattle - Hotel Max, Seattle - Red Lion, Seattle - The Roosevelt Hotel, Seattle Costa Rica - Proposed Casino at Proposed Marina Papagayo Village, Guancaste Mexico - Proposed Capella Pedregal, Cabo San Lucas, BCS - Four Seasons Mexico Distrito Federal HVS, San Francisco Qualifications of Jaime Law 3
Elaine Sahlins EMPLOYMENT 1997 – present 1989 – 1997 1987 – 1989 1984 – 1985 1983 – 1984 PROFESSIONAL AFFILIATIONS EDUCATION ARTICLES AND PUBLICATIONS HVS San Francisco, California Senior Vice President Consulting & Valuation Division Gaming Services Division (Hotel-Motel Valuations, Market Studies, Feasibility Reports, and Investment Counseling) BANK OF AMERICA San Francisco, California Review Appraiser (Hotel-Motel, Casino, and Commercial Real Estate Valuations, Appraisal Management) VMS REALTY PARTNERS Chicago, Illinois Senior Acquisition Analyst (Hotel-Resort Market Studies, Due Diligence, Operation Studies, Investment Analysis) JUDSON HOTELS New York, New York Credit/Collection Manager/Paymaster (Credit Policies and Procedures, Payroll Administration) PIERRE HOTEL New York, New York Guest History Supervisor (Marketing and MIS Administration) Certified General Real Estate Appraiser – State of California A.B., Barnard College, Columbia University M.P.S., School of Hotel Administration, Cornell University Professional Coursework - Appraisal Institute “HVS Hotel Development Cost Survey,” The HVS Journal, 1998-2011 “To Lease or Not to Lease a Hotel Restaurant,” The HVS/BDO Hospitality Newsletter, January 2000 “Is the Replacement Cost Still the Benchmark for the Purchase of Existing Hotels?,” The HVS Journal - ALIS Edition, January 1998 HVS, San Francisco & Las Vegas Qualifications of Elaine Sahlins 1
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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
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Terminal Capitalization Rate 20% fo
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Mathematical Proof of Value The val
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Our debt coverage ratio falls withi
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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
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: EXAMPLES OF CORPORATE AND INSTITUTI
Page 147 and 148: EXAMPLES OF CORPORATE AND INSTITUTI
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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