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

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Suzanne R. Mellen, CRE, MAI, FRICS, ISHC EMPLOYMENT 1985 to present 1981 to 198 1980 to 1981 1980 1976 to 1978 1976 HVS San Francisco, California Senior Managing Director – Consulting and Valuation Division Gaming Services Division (Hotel-Gaming Valuations, Market Studies, Feasibility Reports, and Investment Counseling) Hospitality Valuation Services Mineola, New York Director of Consulting and Valuation Services (Hotel-Motel Valuations, Market Studies, Feasibility Reports, and Investment Counseling) MORGAN GUARANTY TRUST COMPANY New York, New York Real Estate Appraiser and Consultant (Real Estate Investment Valuation and Analysis) LAVENTHOL & HORWATH New York, New York Senior Consultant (Management Advising Services - Market and Feasibility Studies) WESTERN INTERNATIONAL HOTELS The Plaza, New York City Management Trainee (Rooms Operations and Accounting) HARLEY, LITTLE ASSOCIATES Toronto, Canada Junior Consultant (Food Facilities Design, Market Studies) HVS, San Francisco & Las Vegas Qualifications of Suzanne R. Mellen, CRE, MAI, FRICS, ISHC 1
PROFESSIONAL AFFILIATIONS EDUCATION STATE CERTIFICATION ARTICLES AND PUBLICATIONS Appraisal Institute - Member (MAI) � Board of Directors – San Francisco Bay Area Chapter (1994, 1995) � Education Committee Chairperson – Northern California Chapter 11 � Workshop Committee Chairperson – Northern California Chapter 11 � Division of Courses - National Committee � Continuing Education Committee – New York Committee � Director, Real Estate Computer Show – New York Chapter American Society of Real Estate Counselors – Member (CRE) � Vice Chair – Northern California Chapter (1994, 1995) � Chair – Northern California Chapter (1996) National Association of Review Appraisers & Mortgage Underwriters (CRA) International Society of Hospitality Consultants - Member (ISHC) Fellow of the Royal Institution of Chartered Surveyors (FRICS) Cornell Hotel Society Cornell University – Center for Hospitality Research Board of Directors American Hotel and Motel Association California Hotel and Motel Association Urban Land Institute B.S., School of Hotel Administration, Cornell University Liberal Arts Undergraduate Study, Carnegie Mellon University Completion of MAI course work, Appraisal Institute New York University, School of Continuing Education - Real Estate Division Arizona, California, Colorado, Hawaii, Oregon, Pennsylvania, Texas, Utah, Washington, and Washington DC “Simultaneous Valuation: A New Technique,” The Appraisal Journal, April 1983 “How to Review a Hotel Appraisal,” Appraisal Review & Mortgage Underwriting Journal, November 1989 “Value and Proper Use of Feasibility Studies,” California Inntouch Magazine, December 1990 “Valuing Hotels Is A Challenge During Uncertain Times,” The Hotel Journal, June 2003 “How Much Should I Pay For the Land?,” The Hotel Valuation Journal, January 1996 “The Future of Full-Service Hotel Development,” The Hotel Valuation Journal, Winter 1995 “Strong Rates of Return Driving Hotel Development,” The HVS Journal – ALIS Edition, January 1998 “Hotel Cap Rates and Values – The 1998 Rollercoaster Ride and What Lies Ahead,” The HVS Journal – ALIS Edition, January 1999 “Hotel Land Values and the Ground Lease Approach,” The HVS Journal – ALIS Edition, January 2001 “Fed Policies Stabilize Hotel Cap Rates in Uncertain Times,” The HVS Journal – ALIS Edition, January 2003 “Low Interest Rates and High Demand for Hotel Assets Fuels Value Gains,” The HVS Journal, January 2004 “Allure of Hotel Investments Expected to Moderate Rise in Capitalization Rates as Rebound Takes Hold,” The HVS Journal – ALIS Edition, January 2005 “Low Cap Rates Drive Gain in Hotel Values: Will Today’s Underwriting Sustain Future Appreciation?,” The HVS Journal – ALIS Edition, January 2006 “Forecasting Market-Wide Gaming Revenue (Win) for the Macau Special Administrative Region,” with Shannon Okada. The HVS Journal–ALIS Edition, January 2006 HVS, San Francisco & Las Vegas Qualifications of Suzanne R. Mellen, CRE, MAI, FRICS, ISHC 2
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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
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FIGURE 11-2 SUMMARY OF SELECTED COM
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Sale#2 Sheraton Delfina Santa Monic
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Sale#4 Holiday Inn Laguna Hills Lag
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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 and 150: EXAMPLES OF PROPERTIES APPRAISED OR
Page 157: EXAMPLES OF PROPERTIES APPRAISED OR
Page 161 and 162: APPEARANCE AS AN EXPERT WITNESS, CO
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Sheraton Hotel Redding At Sundial Bridge - Redding Record ...

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