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

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FIGURE 3-1 SUBJECT PARCEL'S CHARACTERISTICS Size Configuration Parcel Number(s) Utilities Easements and Encroachments Soil and Subsoil Conditions Nuisances and Hazards Zoning Flood Zone Seismicity 4.67 acres Prima ry vehicular a ccess to the propos ed s ubject property wi ll be provided by Auditorium Drive. The topography of the parcel is generally flat, and the site’s shape is irregular. 102-040-005-000 The subject site will reportedly be served by all necessary utilities. We assume that these will be acquired from the most cos t-effecti ve providers within the loca l ma rket. We are not aware of any easements attached to the property that would significantly affect the utility of the site or marketability of this project. Geological and soil reports were not provided to us or made available for our review during the preparation of this report. We are not qualified to evaluate soil conditions other than by a vi s ual i ns pecti on of the s urfa ce; no extra ordinary condi ti ons were apparent. We were not informed of any site-specific nuisances or hazards, and there were no visible signs of toxic ground contaminants at the time of our ins pecti on. Becaus e we are not experts in this field, we do not warrant the absence of hazardous waste and urge the reader to obtain an i ndependent analys is of thes e factors . PF a nd SP Public Fa cility and Specifi c Plan This Public Facility zoning designation allows for public and quasipublic facilities that are appropriate for educational facilities, cul tura l and i ns ti tutiona l us es , hea lth services , speciali zed housing and care facilities, parks and recreation, general government operations, airports, utility and public service needs, and other similar and related supporting uses. The site is also designated Specific Plan and in the case of the subject site, the plan contains different allowable uses, which include hotel, resta urant, a nd s ervie area s . X 500 - Pa nel #0603602585E Da ted June 16, 2006 An area inundated by 500-year floodi ng; an area inundated by 100year fl ooding wi th a vera ge depths of l es s than 1 foot or wi th drainage areas less than 1 square mile; or an area protected by levees from 100-year flooding. The city of Redding is not identified as containing any principal active zoned faults for study under the Alquist-Priolo Special Studies Zone Act of 1972. Nevertheless, Redding is proximate to identified active zoned faults. Soil and seismic conditions are cons istent in a ll of the s urrounding rea l es ta te a nd wil l not affect the s ubject property’s marketabili ty or utili ty. Geological and s oi l reports were not provided to us or ma de availa bl e for our review during the preparation of this report. We are not qualified to evaluate soil conditions other than by a visual inspection of the surface; no extraordinary conditions were apparent. February-2011 Description of the Site and Neighborhood Sheraton Hotel Redding At Sundial Bridge – Redding, California 20
SUBJECT SITE RENDERING AND SHARED PARKING AMENITY Site Utility Access and Visibility Upon completion of construction, the subject site will not contain any significant portion of undeveloped land that could be sold, entitled, and developed for alternate use. The site is expected to be fully developed with site or building improvements, which will contribute to the overall profitability of the hotel. The subject site is readily accessible to a variety of local, county, state, and interstate highways. The site offers frontage toward the Highway 44 off-ramp road. The city recently completed the Dana-to-Downtown redevelopment project in October 2010, which enhanced the off-ramp roads for both westbound and eastbound traffic from Highway 44 and included approximately one mile of 12foot-wide bikeway with the trail path at Highway 44 across the Sacramento River February-2011 Description of the Site and Neighborhood Sheraton Hotel Redding At Sundial Bridge – Redding, California 21
Page 1 and 2: February-2011 SUMMARY APPRAISAL REP
Page 3 and 4: stabilization. Based on our analysi
Page 5 and 6: Table of Contents SECTION TITLE PAG
Page 7 and 8: SUMMARY OF VALUE PARAMETERS Number
Page 9 and 10: 2. Nature of the Assignment Subject
Page 11 and 12: Objective of the Appraisal an annua
Page 13 and 14: Exposure Period The hotel is expect
Page 15 and 16: Competency Scope of Work While mark
Page 17 and 18: 3. Description of the Site and Neig
Page 19: Physical Characteristics HOTEL SITE
Page 23 and 24: Turtle Bay Exploration Park The sub
Page 25 and 26: 4. Description of the Proposed Proj
Page 27 and 28: Summary of the Facilities RENDERING
Page 29 and 30: Public Areas all signage will adequ
Page 31 and 32: Guestrooms Back-of-the-House ADA an
Page 33 and 34: 5. Market Area Analysis Market Area
Page 35 and 36: FIGURE 5-1 ECONOMIC AND DEMOGRAPHIC
Page 37 and 38: FIGURE 5-2 HISTORICAL AND PROJECTED
Page 39 and 40: Unemployment Statistics increased u
Page 41 and 42: Airport Traffic Airport passenger c
Page 43 and 44: Tourist Attractions Additionally, t
Page 45 and 46: Conclusion frontage is back to norm
Page 47 and 48: FIGURE 6-1 HISTORICAL SUPPLY AND DE
Page 49 and 50: FIGURE 6-2 MONTHLY OCCUPANCY TRENDS
Page 51 and 52: FIGURE 6-4 COMPETITORS - OPERATING
Page 53 and 54: FIGURE 6-5 NEW SUPPLY DEMAND Propos
Page 55 and 56: FIGURE 6-8 AVERAGE ANNUAL COMPOUNDE
Page 57 and 58: 7. Projection of Occupancy and Aver
Page 59 and 60: occupancy rate has been positioned
Page 61 and 62: Competitive Position calculated by
Page 63 and 64: FIGURE 7-6 MARKET AND SUBJECT PROPE
Page 65 and 66: 8. Highest and Best Use As if Vacan
Page 67 and 68: 9. Approaches to Value Income Capit
Page 69 and 70: 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
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yet, in fact, exist as of the date
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9. The Americans with Disabilities
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proposed project and/or the market
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of Professional Ethics and the Stan
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calculating the hotel’s market sh
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COMMERCIAL SEGMENT PROJECTIONS (YEA
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NI = Net income available for debt
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NI 1 - (f x M x V) = de 1 NI 2 - (f
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Using these known variables, the fo
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Page 2 Suzanne R Mellen 01/10/2011
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Page 4 Suzanne R Mellen 01/10/2011
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Addenda Requirements - certificatio
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EXAMPLES OF CORPORATE AND INSTITUTI
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Elaine Sahlins EMPLOYMENT 1997 - pr
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EXAMPLES OF PROPERTIES APPRAISED OR
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PROFESSIONAL AFFILIATIONS EDUCATION
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APPEARANCE AS AN EXPERT WITNESS, CO
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Sheraton Hotel Redding At Sundial Bridge - Redding Record ...

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