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

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EXAMPLES OF PROPERTIES APPRAISED OR EVALUATED (CONTINUED) - Courtyard Fairfield Napa Valley, Fairfield - Hampton Inn and Suites, Folsom - Larkspur Landing Hotel, Folsom - Courtyard by Marriott, Foster City - Holiday Inn, Foster City - Marriott Hotel, Fremont - Blackstone Plaza Inn, Fresno - Chateau Inn, Fresno - Piccadilly Inn Airport, Fresno - Piccadilly Inn Shaw, Fresno - Piccadilly Inn University, Fresno - Bacara Resort and Spa, Goleta - Embassy Suites, Garden Grove - Marriott Suites Anaheim, Garden Grove - Residence Inn Garden Grove, Garden Grove - River Rock Casino, Geyserville - Hotel, Proposed, Gilroy - Motel 6, Proposed, Gilroy - El Capitan Canyon Campground, Prop., Goleta - Half Moon Bay Lodge, Half Moon Bay - Ritz-Carlton Hotel, Half Moon Bay - SpringHill Suites Manhattan Beach, Hawthorne - TownePlace Suites Manhattan Beach, Hawthorne - Best Western Dry Creek Inn, Healdsburg - Casa de Fruta, Hollister - Holiday Inn, Hollywood - Hyatt Hotel, Hollywood - Renaissance Hollywood Hotel, Hollywood - Hyatt Grand Champions Resort, Indian Wells - Miramonte Resort & Spa, Indian Wells - Days Inn-LAX, Inglewood - Lafayette Park Hotel, Lafayette - Surf & Sand Hotel, Laguna - Best Western Laguna Brisas Spa Hotel, Laguna Beach - Montage Resort and Spa, Laguna Beach - Vacation Village, Laguna Beach - St. Regis Monarch Beach Resort & Spa, Laguna Niguel - Embassy Suites, La Jolla - The Empress Hotel, La Jolla - Hilton Torrey Pines, La Jolla - Hyatt Hotel, La Jolla - Hyatt Regency at Aventine, La Jolla - Lodge at Torrey Pines, La Jolla - Scripps Inn, La Jolla - Sheraton La Jolla Hotel, La Jolla - Resort at Squaw Creek, Lake Tahoe - Holiday Inn Select, La Mirada - Marriott Rancho Las Palmas, Las Palmas - Courtyard by Marriott, Livermore - Hilton Garden Inn, Livermore - Springtown Motel, Livermore - Hampton Inn and Suites, Lodi - Lodi Inn, Lodi - Embassy Suites, Lompoc - West Coast Hotel & Marina, Long Beach - Courtyard by Marriott, Prop., Los Altos - Los Altos Residence Inn, Prop., Los Altos - Argyle Hotel, Los Angeles - Beverly Hills Residence Inn, Los Angeles - Crowne Plaza-LAX, Los Angeles - Embassy Suites, Los Angeles - Four Seasons Hotel, Los Angeles - Hilton-LAX, Los Angeles - Holiday Inn LAX, Los Angeles - Hotel Angeleno, Los Angeles - Le Meridien Hotel, Los Angeles - Le Montrose, Los Angeles - Mandarin Oriental Hotel, Prop., Los Angeles - Marriott LAX, Los Angeles - Radisson Westside Hotel, Los Angeles - Renaissance Beverly Hills, Los Angeles - SLS Hotel, Los Angeles - SLS Hotel, Proposed, Los Angeles - Westin Bonaventure Hotel, Los Angeles - Hotel Los Gatos, Los Gatos - Hotel Los Gatos, Proposed, Los Gatos - Toll House Hotel, Los Gatos - Fess Parker's Wine Country Inn, Los Olivos - The Belamar Hotel, Manhattan Beach - Holiday inn, Marina Del Rey - Marriott, Marina Del Rey - Marysville Hotel, Prop., Marysville - Stanford Park Hotel, Menlo Park - Beverly Heritage Hotel, Milpitas - Candlewood Hotel, Milpitas - Larkspur Landing Hotel, Milpitas - Shutters at the Beach, Santa Monica - Hilton Garden Inn Hotel, Milpitas - Larkspur/Hilton Garden, Milpitas - DoubleTree Hotel, Modesto - Four Points Sheraton, Monrovia - Miramar Resort, Montecito - Hotel Pacific, Monterey - Monterey Bay Inn, Monterey - Monterey Peninsula Hotel, Prop., Monterey - Monterey Plaza Hotel, Monterey - Spindrift Inn, Monterey - Victorian Inn, Monterey - Hilton Garden Inn, Napa - Napa Resort Partners, L.L.C., Napa - Lodging Market Study, Napa Valley - Comfort Inn, National City - W Suites Hotel, Proposed Newark - Courtyard by Marriott, Novato - Hilton Garden Inn, Prop., Novato - Courtyard Oakland Airport, Oakland - Homewood Suites, Oakland - Jack London Inn, Oakland - Shilo Inn, Oakhurst - Resort at Squaw Creek, Olympic Valley - Marriott Ontario Airport, Ontario - Residence Inn, Ontario - Best Western Lighthouse Hotel, Pacifica - Hotel, Proposed, Pacifica - Ace Hotel, Proposed Palm Springs - Wyndham Palm Springs, Palm Springs - Sheraton Hotel, Palo Alto HVS, San Francisco & Las Vegas Qualifications of Elaine Sahlins 6
EXAMPLES OF PROPERTIES APPRAISED OR EVALUATED (CONTINUED) - Stanford Park Hotel, Palo Alto - Stanford Terrace Inn, Palo Alto - Ritz-Carlton Huntington Hotel & Spa, Pasadena - Best Western Villa Del Lago, Patterson - Hacienda Hotel, Patterson - Hotel, Proposed, Patterson - Quality Inn, Petaluma - Hotel, Proposed, Pinole - Hotel, Proposed, Pismo Beach - Sandcastle Inn, Pismo Beach - Sea Crest Resort, Pismo Beach - Fairfield Inn, Placentia - Embassy Suites, Pleasant Hill - Summerfield Suites, Pleasant Hill - Candlewood Hotel, Pleasanton - Pleasanton Hilton Hotel, Pleasanton - Sierra Suites, Pleasanton - Summerfield Suites, Pleasanton - Shilo Inn, Pomona - Hampton Inn, Proposed, Porterville - Country Inn, Port Hueneme - Ragged Point Inn, Ragged Point - Holiday Inn, Rancho Bernardo - Rancho Bernardo Inn, Rancho Bernardo - Comfort Inn Rancho Cordova, Rancho Cordova - Hallmark Suites Hotel, Rancho Cordova - Agua Caliente Casino & Resort, Proposed, Rancho Mirage - Marriott Ranchos Las Palmas, Rancho Mirage - Westin Mission Hills, Rancho Mirage - Terranea Resort, Rancho Palos Verdes - Element Hotel, Proposed, Redding - Microtel Inn & Suites, Redding - Sheraton Hotel, Proposed, Redding - Sofitel San Francisco Bay, Redwood City - Mission Inn, Riverside - Rocklin Park Hotel, Rocklin - Hotel & Convention Center, Prop., Roseville - Larkspur Landing Hotel, Roseville - Rancho Caymus Inn, Rutherford - Courtyard Sacramento Midtown, Sacramento - Hyatt Regency Hotel, Sacramento - Candlewood Hotel, Sacramento - Candlewood Hotel, Prop., Sacramento - Citizen Hotel, Sacramento - Courtyard by Marriott, Sacramento - Courtyard by Marriott Cal Expo, Sacramento - Fairfield Inn & Suites, Sacramento - Hawthorn Suites, Sacramento - Hilton Garden Inn, Sacramento - Holiday Inn Sacramento Northeast, Sacramento - Homewood Suites, Sacramento - Larkspur Landing Hotel, Sacramento - Residence Inn Sacramento Airport Natomas, Sacramento - Three Franchised Marriott Hotels, Prop., Sacramento - TownePlace Suites by Marriott Cal Expo, Sacramento - Meadowood Resort, Saint Helena - Bay Club Hotel & Marina, San Diego - Carmel Highland Doubletree, San Diego - Comfort Suites, San Diego - Courtyard by Marriott, San Diego - Day’s Inn Hotel Circle, San Diego - Doubletree Del Mar, San Diego - Grand Del Mar & Signature Restaurant, San Diego - Grand Hyatt, San Diego - Harbour Lights, San Diego - Hilton Garden Inn Del Mar, San Diego - Hilton Garden Inn Shelter Island, Prop., San Diego - Hilton Gaslamp Lasalle, San Diego - Hilton Harbor Island, San Diego - Hilton Hotel, Proposed, San Diego - Holiday Inn Miramar, San Diego - Homewood Suites, Proposed, San Diego - Hotel Del Coronado, San Diego - Hyatt Regency Hotel at Aventine, San Diego - Marriott Hotel & Marina, San Diego - Pacific Terrace Inn, San Diego - Omni Hotel, San Diego - Radisson Suite Hotel, San Diego - Residence Inn San Diego Mission Valley, San Diego - W Hotel, San Diego - Woodfin Suites, San Diego - Argent Hotel, San Francisco - Argonaut Hotel, San Francisco - Bedford Hotel, San Francisco - Beresford Hotel, San Francisco - Campton Place Hotel, San Francisco - The Cartwright Hotel, San Francisco - The Clift Hotel, San Francisco - Comfort Inn by the Bay, San Francisco - Courtyard Hotel, San Francisco - Fairmont Hotel, San Francisco - Four Seasons Hotel, San Francisco - Galleria Park Hotel, San Francisco - Harbor Court Hotel, San Francisco - Haslett Warehouse, Proposed, San Francisco - Hilton Financial District, San Francisco - Hilton Fisherman's Wharf, San Francisco - Hotel Monaco, San Francisco - Hotel Palomar, San Francisco - Hotel, Proposed, San Francisco - Hyatt Regency, San Francisco - Hotel Rex, San Francisco - Hotel Vintage Court, San Francisco - Hyatt Fisherman’s Wharf, San Francisco - Hyatt Regency, San Francisco - Juliana Hotel, San Francisco - Kensington Park Hotel, San Francisco - Langham Hotel, Proposed, San Francisco - Mission/Steuart Hotel, San Francisco - Miyako Hotel, San Francisco - Palomar Hotel, San Francisco - Pan Pacific Hotel, San Francisco - Park Hyatt, San Francisco - Powell West Hotel, San Francisco - Radisson Hotel at Fisherman’s Wharf, San Francisco - Ramada Inn Union Square, San Francisco HVS, San Francisco & Las Vegas Qualifications of Elaine Sahlins 7
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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
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Discounted Cash Flow Analysis - “
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Discounted Cash Flow Analysis - “
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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 and 144: EXAMPLES OF CORPORATE AND INSTITUTI
Page 145 and 146: Elaine Sahlins EMPLOYMENT 1997 - pr
Page 149: EXAMPLES OF PROPERTIES APPRAISED OR
Page 153 and 154: EXAMPLES OF PROPERTIES APPRAISED OR
Page 159 and 160: PROFESSIONAL AFFILIATIONS EDUCATION
Page 161 and 162: APPEARANCE AS AN EXPERT WITNESS, CO
Page 201 and 202:
EXAMPLES OF PROPERTIES APPRAISED OR
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