• MAI Appraisals & Appraisal Reviews
• Tax Appeal Appraisals
• Market & Financial Feasibility Studies
• Project Development Analyses
• Impact Analysis
• Site Analysis & Review
• Litigation Support & Expert Witness
• Economic Impact Studies
• Industry Research
• Operational Analysis & Reviews
• Other Development Services
• Seminars & Presentations

Services

MAI Appraisals & Appraisal Reviews

An appraisal is a professional opinion of the value of a property. It is often used in the process of obtaining financing and to establish a market value for a sale. Regular appraisals may be required to assess the quality of a lender’s portfolio.  Appraisals are often ordered by lenders, buyers, sellers, owners wishing to refinance, and investors.

MAI exceeds the minimum state certification and licensing required of all appraisers. When you hire an MAI, you are getting the services of someone with specialized training and experience in the appraisal industry who adheres to specific standards and ethics and must fulfill continuing education requirements.

For more information about MAI Appraisals, click on these links to the Appraisal Institute: 

Some Commonly Asked Questions About Real Estate Appraisers and Appraisals
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David J. Sangree, MAI, CPA, ISHC is certified by the Appraisal Institute and licensed to conduct appraisals in Ohio and many other states.  He and his staff perform the highest quality real estate appraisal assignments focusing on hospitality industry-related real estate.  The firm also performs appraisal reviews of other hospitality-related appraisals. 

Hotel & Leisure Advisors utilizes a sophisticated hospitality valuation model which provides a detailed analysis of a market and determines the valuation for a property.  Our analysis considers the income capitalization approach, sales approach, and cost approach with the primary focus for a hospitality project on the income capitalization approach.

Veiw the Table of Contents for a typical MAI Appraisal.
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Tax Appeal Appraisals

A tax appeal appraisal is a specialized form of an MAI appraisal which is typically done in relationship to a tax assessment appeal by either the government or the property owner when wanting to determine the market value for assessment purposes. 

Hotel & Leisure Advisors is available to prepare a market value appraisal to determine the real estate component of the going concern hospitality property.  Our analysis performs a detailed review of the market and determines the going concern valuation.  We then distribute that value between the real estate, personal property, and any business value component that may exist. David J. Sangree, MAI, CPA, ISHC, has testified in numerous tax appeal cases in various states for both the property owner and the government entities concerning appraisals performed.

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Market & Financial Feasibility Studies

A market or financial feasibility study is performed for proposed projects or for existing properties being considered for significant changes.  The study is an analysis of market conditions, economic and demographic factors, and how they could affect the proposed project.   The study estimates the operating performance of the proposed project and may suggest variations in size or scope that would improve performance.

Lenders may require a feasibility study as part of a financing application. Developers, investors, owners, and managers may use a feasibility study in their planning process.

Hotel & Leisure Advisors performs market and financial feasibility studies for all types of hotel and leisure real estate. The consultants perform extensive supply and demand interviews in researching performance levels of hotels and leisure properties within a market and regional markets. We utilize a sophisticated hospitality valuation model which provides a detailed analysis of a market by evaluating competitive factors, several databases of financial information, and comparisons with other similar properties and industry standards such as the Host Report, PKF Trends Report, IAAPA, and World Waterpark Association.

View the Table of Contents for a typical Feasibility Study.
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Project Development Analysis

A project development analysis (PDA) is a professional consulting service that provides necessary and specific information for developers and owners to make informed decisions prior to the commitment phase of a new construction or renovation project. H&LA offers two kinds of project development analysis services.

For a new construction PDA, H&LA performs detailed project program preparation, zoning and jurisdictional due diligence research, conceptual site analysis and development studies. An analysis of probable cost to build is developed to be used as a ballpark budget guideline. The written analysis combined with supplemental graphic site plan sketches and conceptual imagery assists developers/owners in communicating their project vision.

A renovation PDA analyzes an existing facility and develops a recommended scope of work to meet the facility’s renovation goals. The existing property is physically compared to competitive properties and recommendations are generated. For brand compliance goals, standards are reviewed and assessed against existing conditions. As part of the process, corporate brand decision makers are engaged in the identification of the renovation scope of work. An analysis of probable cost is developed to be used as a ballpark budget guideline for the renovation.

The project development analysis is a written, detailed complement to the feasibility and market studies which H&LA already performs. The information gleaned is used to communicate the vision of the project to lenders, equity investors and design professionals prior to their engagement. The information also details the specific jurisdictional protocols necessary for development and identifies potential issues that will need to be addressed.

Hotel & Leisure Advisors performs project development analysis reports for all types of hotels and leisure real estate. As Director of Development Services for Hotel and Leisure Advisors, Eric B. Hansen, AIA, ISHC, is a licensed architect and hospitality consultant. He and his staff leverage both their knowledge of the development process and their financial acumen to assess and communicate the developer’s vision for the project.

For an expanded description of project development analysis services click here.

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Impact Analysis

An impact analysis for a proposed project details the effects of that project in a market where an existing franchise exists.  An owner of an existing franchise or the franchising company may order an impact analysis when a new franchise is being considered in an area where similar ones are in operation.

David J. Sangree, MAI, CPA, ISHC is on the recommended list of many hotel companies to prepare impact analyses for their franchises.  An impact analysis prepared by H&LA provides a detailed look at the actual performance of the subject hotel and considers demand sources for the proposed hotel.  After performing various interviews in the market we prepare a detailed analysis to consider the potential impact on the existing property. We utilize a detailed computer-based model to determine the existing demand at the objecting property and consider specific demand segments which may switch to a new property if it were constructed.  We analyze potential additional demand which could come to the objecting property from having another brand affiliation in a general market.  We estimate the amount of occupancy, average daily rate, and room revenue impact which may occur from the addition of a new property to an existing market.  We estimate both base and incremental impact.

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Site Analysis & Review

Hotel & Leisure Advisors provides site analysis to research potential locations for lodging and leisure facilities and preparing a detailed analysis on the location and reviewing performance of comparable properties.  Studies include analyzing traffic counts, access, visibility, proximity and travel time, nearby visitor attractions, nearby corporate and group demand generators, and access to convention and event facilities. We analyze primary leisure, group, and commercial attractions and organizations within the market to identify distances from the site to potential demand generators.

Litigation Support & Expert Witness

Hotel & Leisure Advisors is available to provide expert witness for attorneys in various litigation cases involving the hospitality industry or valuations. David J. Sangree, MAI, CPA, ISHC, has testified in a number of courtrooms in various states concerning hotel- and hospitality-related projects.  As an expert witness, he provides a high level of qualifications and strong research capabilities.

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Economic Impact Studies

An economic impact study analyzes the financial impact a particular project will have throughout the many levels of the economy, both locally and countywide.  This impact will have both temporary and permanent effects on the economy.  Temporary impacts will include jobs and revenues created during the construction of the facility as well as related costs.  Permanent economic impacts will be generated by permanent jobs created, ongoing revenues realized by service providers and other sources.

Industry Research

Hotel & Leisure Advisors is available to prepare industry research concerning the hospitality industry on a wide range of topics.  The consultants have written numerous publications about various topics in the hospitality industry including indoor waterpark resorts, hotel capitalization rates, hotel impact studies, management fees in hotels, overviews on various markets within the United States, and other topics.  We are available to prepare specific research concerning a requested topic.

Operational Analysis & Reviews

The consultants of Hotel & Leisure Advisors have a combined fifty-plus years of experience in managing, reviewing, and operating hotels.  We are available to prepare an operational analysis and review of an existing hotel to analyze areas where the hotel is performing well and those in which improvements need to be made.  Our report considers subjective areas through our inspection as well as a financial review comparing the financial performance of the subject property with industry standards and our database of financial statements of hotels.
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Other Development Services

Hotel & Leisure Advisors performs other development related services on an as-needed basis. The following services are intended to assist the developer, corporate brand franchisor or owner with their development needs.

Site Verification
This service is primarily for developers who have yet to purchase land for a proposed development, and who are in need of guidance in site selection. H&LA analyzes on a square foot and per acre basis, the viability of positioning the proposed facility within the given parameters of the proposed site. The deliverable is a written narrative and a site sketch, with a general building ‘footprint’ identified, at a proper scale. It is important to understand that this is not a building design exercise; the goal is to see if the project ‘fits’ within the target acreage. This task delivers a single viability conclusion. Zoning due diligence research is not included in this service.

RFQ/RFP Preparation
This service provides the developer with the appropriate documents through which the design team is solicited and qualified for the project. Project goals are assessed and communicated in the RFQ/RFP package. Each request is tailored specifically for the individual project and clientele. The basic information and direction for the project needs to be established prior to the RFQ/RFP preparation.

Hotel Brand Facilitator
This service is for developers who need assistance with their current design approval process with the major brand chains. This service leverages existing brand knowledge and corporate processes to attain desired results. This service would be of interest to those developers using architects who are not familiar with the major brand chains and their protocols.

Hotel Brand Selection Assistance
This service provides a comparative brand analysis for a specific site. The information is used to choose one brand over another at a specific location. The deliverable is a written report that identifies brand characteristics and evaluates appropriateness. Recognizing the general franchise affiliation section already provided in H&LA’s feasibility studies, this service takes those recommendations to the next level, through contacting and interviewing the potential franchisor(s).

Hotel Brand Compliance Services
This service is provided to the brand chains that require assistance in reviewing and analyzing proposed projects. The goal is to ensure compliance with brand standards. The review can be done during the design of the project, or it can be done in the field during the construction of the project. This service protects the brand currency in the market.

Product Research Assistance
This service would specifically serve a request to analyze new products or construction techniques coming into the market and to make recommendations regarding their effectiveness, ease of integration, and cost implications. Interviews would be held with consumers, contractors, code officials, maintenance personnel, and others. The analysis is provided in a written report.

Seminars & Presentations

David J. Sangree, MAI, CPA, ISHC, has provided seminars at a range of hotel-, waterpark-, and amusement-related national conferences.  The consultants of H&LA are available to perform seminars and presentations for various organizations concerning hospitality industry-related topics or about a specific topic for a company or organization.