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

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MAP OF MARKET AREA Economic and Demographic Review A primary source of economic and demographic statistics used in this analysis is the Complete Economic and Demographic Data Source published by Woods & Poole Economics, Inc., a well-regarded forecasting service based in Washington, D.C. Using a database containing more than 900 variables for each county in the nation, Woods & Poole employs a sophisticated regional model to forecast economic and demographic trends. Historical statistics are based on census data and information published by the Bureau of Economic Analysis. Projections are formulated by Woods & Poole, and all dollar amounts have been adjusted for inflation, thus reflecting real change. These data are summarized in the following table. February-2011 Market Area Analysis Sheraton Hotel Redding At Sundial Bridge – Redding, California 34
FIGURE 5-1 ECONOMIC AND DEMOGRAPHIC DATA SUMMARY Average Annual Compounded Change 1990 2000 2010 2015 1990-00 2000-10 2010-15 Resident Population (Thousands) Shasta County 148.6 163.8 185.4 198.4 1.0 % 1.2 % 1.4 % Redding, CA MSA 148.6 163.8 185.4 198.4 1.0 1.2 1.4 State of California 29,959.5 33,998.8 37,535.5 39,524.3 1.3 1.0 1.0 United States 249,622.8 282,171.9 310,063.4 325,421.9 1.2 0.9 1.0 Per-Capita Personal Income* Shasta County $23,152 $26,504 $29,133 $30,771 1.4 1.0 1.1 Redding, CA MSA 23,152 26,504 29,133 30,771 1.4 1.0 1.1 State of California 29,136 35,192 37,809 40,186 1.9 0.7 1.2 United States 26,226 32,352 35,582 37,963 2.1 1.0 1.3 W&P Wealth Index Shasta County 87.7 82.3 81.3 80.6 (0.6) (0.1) (0.2) Redding, CA MSA 87.7 82.3 81.3 80.6 (0.6) (0.1) (0.2) State of California 110.4 108.5 107.4 107.0 (0.2) (0.1) (0.1) United States 100.0 100.0 100.0 100.0 0.0 0.0 0.0 Total Retail Sales (Millions)* Shasta County $1,581 $2,052 $2,379 $2,673 2.6 1.5 2.4 Redding, CA MSA 1,581 2,052 2,379 2,673 2.6 1.5 2.4 State of California 305,378 402,311 439,247 485,242 2.8 0.9 2.0 United States 2,545,947 3,516,734 3,716,099 4,093,326 3.3 0.6 2.0 * Inflation Adjusted Source: Woods & Poole Economics, Inc.
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 and 20: Physical Characteristics HOTEL SITE
Page 21 and 22: SUBJECT SITE RENDERING AND SHARED P
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: 5. Market Area Analysis Market Area
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
Page 71 and 72: FIGURE 10-1 COMPARABLE OPERATING ST
Page 73 and 74: FIGURE 10-3 COMPARABLE OPERATING ST
Page 75 and 76: FIGURE 10-4 DETAILED FORECAST OF IN
Page 77 and 78: Forecast of Income and Expense The
Page 79 and 80: available room. We expect the propo
Page 81 and 82: INCOME CAPITALIZATION Mortgage Comp
Page 83 and 84: 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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