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

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EXAMPLES OF CORPORATE AND INSTITUTIONAL CLIENTS SERVED (CONTINUED) Rosling King Royale Resorts RSBA & Associates RSM Investments, Inc. RT Capital Corporation Ryder, Stilwell Properties, Inc. Sage Hospitality Resources, Inc. Saloman Brothers Realty Corp./Saloman Smith Barney San Bernardino Redevelopment Agency Sandhill Properties San Diego National Bank San Francisco International Airport San Leandro Development Services Dept. San Jose National Bank Santa Ana F/C Development Venture Santa Barbara Bank & Trust Santa Cruz County Bank Saratoga Gaming & Raceway Seafirst Bank Secured Capital Corporation Security Pacific National Bank Salomon Brothers Sand Hill Property Company Saratoga Gaming & Raceway Scotiabank Scotia Capital S.D. Malkin Properties, Inc. Selvig Development Seven Seas Associates, LLC The Schnitzer Group Schnitzer Northwest, LLC Secured Capital Corporation Shaner Hotels Shearman & Sterling Shell Vacations LLC Sheppard Mullin Richter & Hampton Shilla Hotels & Resorts Sidley Austin Sills Cummis & Gross Simeon Commercial Properties Simpson, Thatcher & Bartlett Situs Companies S.M. Smith Advisory Services, LLC Snyder & Associates Société Generale Solit Interest Group Sonnenblick-Goldman Co. Sonoma County Tourism Bureau Sonoma Valley Bank Southern California Savings South Johnson South Valley Bank & Trust South Valley Developers Sperry Van Ness Spieker Properties Ssang Yong Engineering and Construction Company, Limited Stanford Management Company Stanford University Starwood Capital/Starwood Asset Management Starwood Hotel Investors, Inc. Stein & Lubin, LLP Stephen W. Noey & Associates Sterling Savings Bank Stern & Goldberg Stockbridge Capital Group Stonebridge Companies Stonebridge Realty Advisors Stone-Levy, LLC Strategic Hotels & Resorts Strategic Hotel Capital, Inc. Strategic Property Advisers Strategic Realty Advisors, Inc. Streich Lang Suburban Capital Markets, Inc. Suislaw Valley Bank Sullivan & Worcester Sumitomo Bank Sumitomo Mitsui Banking Corporation Summit Development Group Sun & Sun Capital Holdings Sunriver Resort Sunstone Hotel Investors, Inc. Sunstone Hotel Management, LLC Sunterra Corporation Sussman Shank, LLP Swig Investment Company Taihook Associates Tanner Consulting Group Tarsadia Hotels TCF Bank TD Banknorth Templeton Group Texas Capital Bank TFG Properties, Inc. Thayer Lodging Group Thompson Law Office Three Sisters Resorts TIAA-CREF Tipton Management Tokai Bank Tom Grant, Jr. TotalBank Transamerica Realty Services, Inc. Transworld Management/Concord Intl. Transworld Management, Ltd. Travelers Insurance Company The Travelers Companies Treadway Hotels Trimont Real Estate Advisors Trinity Hotel Advisors, LLC Trinity Investment Trust TrizecHahn Development Tule River Tribal Council Tully & Wezelman, P.C. Turtle Bay Exploration Park TYBA Group, Inc. UBS Warburg Real Estate Investments Umpqua Bank Unico Properties, Inc. Union BanCal Corporation HVS, San Francisco & Las Vegas Qualifications of Suzanne R. Mellen, CRE, MAI, FRICS, ISHC 11
EXAMPLES OF CORPORATE AND INSTITUTIONAL CLIENTS SERVED (CONTINUED) Union Bank of California United Pacific Bank United Security Bank University of Minnesota Urban Housing Group Urban Partners U.S. Bancorp U.S. Bancorp VMS Realty U.S. Bancorp Real Estate Technical Services U.S. Bank U.S. Department of Labor USL Property Management, Inc. U.S. Trust Company Valencia Company Vance Hotel Associates, LP Villa del Lago Associates Village of Sandia Pueblo Vintage Bank Wachovia Corporation Wailua Associates Waller, Kaufman & Sutter Washington Mutual Bank Wells Fargo Bank, N.A. Wells Fargo RETECHS Westbank Associates West Coast Bancorp Westdeutsche Immobilien Bank Westdeutsche Landesbank Western International Western States Management West LB AG Westin Hotels & Resorts Westmont Hospitality Group Wharf Enterprises, Inc. W.H. Holdings, LLC Wilderness Gate Williams Coulson LLP Wilmorite, Inc. Windsor Capital Group Wingate Realty Finance Corporation Winston & Strawn LLP Win Time Hotels WJ Commercial Enterprises Wolf, Rifkin & Shapiro Wong & Mak, LLP Woodfin Suite Hotel Co. Woodside Hotels & Resorts Wrather Corp. W.R.C. Properties, Inc. WR Henderson Construction Xanterra Parks and Resorts Yavapai-Apache Nation Yasuda Trust and Banking Co., Ltd. Zurich Structured Finance, Inc. HVS, San Francisco & Las Vegas Qualifications of Suzanne R. Mellen, CRE, MAI, FRICS, ISHC 12
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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
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FIGURE 12-1 SUBJECT PROPERTY CONSTR
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FIGURE 12-2 SUMMARY OF HOTEL GROUND
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FIGURE 12-4 DISCOUNTED CASH FLOW AN
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Pre-Opening and Working Capital Cos
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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 159 and 160: PROFESSIONAL AFFILIATIONS EDUCATION
Page 161 and 162: APPEARANCE AS AN EXPERT WITNESS, CO
Page 167: EXAMPLES OF CORPORATE AND INSTITUTI
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