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

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FIGURE 6-6 HISTORICAL MARKET TRENDS Year the information in the table differs from the previously presented STR data and is consistent with the supply and demand analysis developed for this report. Est. 2008 254,007 — 375,220 — 67.7 % $102.63 — $69.48 — Est. 2009 238,542 (6.1) % 375,220 0.0 % 63.6 96.50 (6.0) % 61.35 (11.7) % Est. 2010 254,955 6.9 392,860 4.7 64.9 97.42 1.0 63.22 3.1 Avg. Annual Compounded Demand Analysis Using Market Segmentation Accommodated Demand and Marketwide Occupancy Accommodated Room Nights % Change Room Nights Available % Change Market Occupancy Market ADR % Change Market RevPAR % Change For the purpose of demand analysis, the overall market is divided into individual segments based on the nature of travel. Based on our fieldwork, area analysis, and knowledge of the local lodging market, we estimate the 2010 distribution of accommodated room night demand as follows. FIGURE 6-7 ACCOMMODATED ROOM NIGHT DEMAND Market Segment Marketwide Accommodated Demand Percentage of Total Commerci a l 104,538 41 % Meeting a nd Group 29,338 12 Leisure 121,080 47 Total 254,955 100 % The market’s demand mix is dominated by leisure demand, at 47% of the accommodated room nights. Commercial demand follows at roughly 41% of accommodated room nights. The remaining portion comprises meeting and group at 12%. Using the distribution of accommodated hotel demand as a starting point, we will analyze the characteristics of each market segment in an effort to determine future trends in room night demand. Demand in the subject’s market has been projected to grow by the following rates. February-2011 Supply and Demand Analysis Sheraton Hotel Redding At Sundial Bridge – Redding, California 54
FIGURE 6-8 AVERAGE ANNUAL COMPOUNDED MARKET SEGMENT GROWTH RATES Market Segment Annual Growth Rate 2011 2012 2013 2014 2015 2016 2017 Commerci a l 5.0 % 5.0 % 5.0 % 3.0 % 0.5 % 0.0 % 0.0 % Meeting and Group 3.0 4.0 4.0 3.0 0.5 0.0 0.0 Leisure 7.0 5.0 4.0 3.0 0.5 0.0 0.0 Base Demand Growth 5.7 % 4.9 % 4.4 % 3.0 % 0.5 % 0.0 % 0.0 % Based upon a review of the market dynamics in the subject property’s competitive environment, we have forecast growth rates for each market segment. Using the calculated potential demand for the market, we have determined market-wide accommodated demand based on the inherent limitations of demand fluctuations and other factors in the market area. The following table details our projection of lodging demand growth for the subject market, including the total number of occupied room nights and any residual unaccommodated demand in the market. February-2011 Supply and Demand Analysis Sheraton Hotel Redding At Sundial Bridge – Redding, California 55
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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 and 52: FIGURE 6-4 COMPETITORS - OPERATING
Page 53: FIGURE 6-5 NEW SUPPLY DEMAND Propos
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
Page 103 and 104: 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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