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

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MAP OF COMPETITION Supply Changes The following map illustrates the locations of the proposed subject property and its future competitors. It is important to consider any new hotels that may have an impact on the proposed subject property’s operating performance. Based upon our research and inspection (as applicable), new supply considered in our analysis is presented in the following table. February-2011 Supply and Demand Analysis Sheraton Hotel Redding At Sundial Bridge – Redding, California 52
FIGURE 6-5 NEW SUPPLY DEMAND Proposed Property Number of Rooms Total Competitive Level Estimated Opening Date Sheraton Redding At Sundial Bridge 130 100 % June 1, 2012 Propos ed Comfort Sui tes 64 0 January 1, 2014 Propos ed TownePla ce Suites #1 76 0 January 0, 1900 Propos ed TownePla ce Suites #2 102 0 January 0, 1900 Totals/Averages 372 The Fairfield Inn opened in May 2010 on a site off Caterpillar Road. On a site adjacent to the Fairfield Inn, also off Caterpillar Road, a 64-room Comfort Suites is under review for approval by the Planning Commission. There are two proposed TownePlace Suites properties in Redding. The first one is on the same block as the aforementioned proposed Comfort Suites. The permit has not been issued for this hotel. The second TownePlace Suites is proposed on a site off the intersection of Executive Way and Larkspur Road. The building permit for this hotel has been issued, but the developer is still seeking financing. The permit will expire on June 23, 2011, if work has not commenced by that date. Also, a site off New Market Street was approved for the development of a 110-room hotel with a spa and a restaurant as part of a larger mixed-use development. The planning department was recently contacted about extending the approval for the hotel (reportedly, the property has reverted to the lender). These proposed projects have not been considered competitive with the subject property due to the early stage or uncertainty of the project. While we have taken reasonable steps to investigate proposed hotel projects and their status, due to the nature of real estate development, it is impossible to determine with certainty every hotel that will be opened in the future, or what their marketing strategies and effect in the market will be. Depending on the outcome of current and future projects, the future operating potential of the proposed subject property may be positively or negatively affected. Future improvement in market conditions will raise the risk of increased competition. Our forthcoming forecast of stabilized occupancy and average rate is intended to reflect such risk. The following table presents the most recent trends for the subject hotel market as tracked by HVS. These data pertain to the competitors discussed previously in this section; performance results are estimated, rounded for the competition, and in some cases weighted if there are secondary competitors present. In this respect, February-2011 Supply and Demand Analysis Sheraton Hotel Redding At Sundial Bridge – Redding, California 53
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 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: FIGURE 6-4 COMPETITORS - OPERATING
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
Page 85 and 86: Terminal Capitalization Rate 20% fo
Page 87 and 88: Mathematical Proof of Value The val
Page 89 and 90: Our debt coverage ratio falls withi
Page 91 and 92: Derived Capitalization Rates FIGURE
Page 93 and 94: Discounted Cash Flow Analysis - “
Page 95 and 96: Discounted Cash Flow Analysis - “
Page 97 and 98: 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
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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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