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

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Comparable Operating Statements equation. The algebraic equation that solves for the total property value using a ten-year mortgage-equity technique was developed by Suzanne R. Mellen, CRE, MAI, FRICS, ISHC, Managing Director of the San Francisco office of HVS. A complete discussion of the technique is presented in her article entitled “Simultaneous Valuation: A New Technique.” 13 In order to project future income and expense for the proposed subject property, we have included a sample of individual comparable operating statements from our database of hotel statistics. All financial data are presented according to the three most common measures of industry performance: ratio to sales (RTS), amounts per available room (PAR), and amounts per occupied room night (POR). These historical income and expense statements will be used as benchmarks in our forthcoming forecast of income and expense. 13 Suzanne Mellen, "Simultaneous Valuation: A New Technique," Appraisal Journal. April (1983). February-2011 Income Capitalization Approach Sheraton Hotel Redding At Sundial Bridge – Redding, California 70
FIGURE 10-1 COMPARABLE OPERATING STATEMENTS: RATIO TO SALES Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Subject Stabilized $ Year: 2008 2007 2007 2005/06 2005/06 2009 Number of Rooms: 180 to 230 140 to 190 310 to 390 200 to 260 230 to 290 130 Days Open: 366 365 365 365 365 365 Occupancy: 75% 78% 86% 72% 76% 75% Average Rate: $134 $101 $177 $122 $119 $128 RevPAR: $100 $79 $152 $88 $90 $96 REVENUE Rooms 58.2 % 81.9 % 76.0 % 77.0 % 74.8 % 72.1 % Food 35.1 14.1 16.1 16.6 18.6 21.8 Beverage 3.9 2.0 2.3 3.8 2.3 3.7 Other Operated Departments 0.8 0.3 0.3 0.6 0.4 0.2 Other Income 2.0 1.8 5.3 2.0 3.9 2.2 Total DEPARTMENTAL EXPENSES* 100.0 100.0 100.0 100.0 100.0 100.0 Rooms 18.9 30.2 20.3 22.6 24.5 21.0 Food & Beverage 53.3 88.0 70.3 75.0 68.4 73.0 Other Operated Departments 69.2 153.3 295.1 90.7 186.0 1.5 Other Expenses 32.0 63.7 32.7 50.8 40.2 48.0 Total 33.0 40.5 31.1 34.2 35.0 35.1 DEPARTMENTAL INCOME OPERATING EXPENSES 67.0 59.5 68.9 65.8 65.0 64.9 Administrative & General 7.3 8.4 6.8 10.6 9.1 8.0 Marketing 7.4 5.9 3.9 8.9 10.1 3.6 Franchise Fee 6.1 6.9 7.0 4.5 3.6 5.8 Property Operations & Maintenance 3.3 4.4 3.5 4.6 4.6 3.9 Utilities 4.0 4.9 2.0 4.6 5.0 3.8 Total 28.2 30.5 23.3 33.2 32.4 25.0 HOUSE PROFIT 38.8 29.0 45.6 32.6 32.6 39.9 * Departmenta l expens e rati os are expres s ed as a percentage of departmental revenues February-2011 Income Capitalization Approach Sheraton Hotel Redding At Sundial Bridge – Redding, California 71
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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
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 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: 10. Income Capitalization Approach
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
Page 105 and 106: Conclusion the subject’s leasehol
Page 107 and 108: FIGURE 12-1 SUBJECT PROPERTY CONSTR
Page 109 and 110: FIGURE 12-2 SUMMARY OF HOTEL GROUND
Page 111 and 112: FIGURE 12-4 DISCOUNTED CASH FLOW AN
Page 113 and 114: Pre-Opening and Working Capital Cos
Page 115 and 116: 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
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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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