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Hotel & Leisure
Advisors provides a wide range of hospitality consulting services. To discover how we can help your business, read the descriptions of each type of service below. |
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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 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. 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. 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. 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. 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. 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. 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. Hotel & Leisure Advisors provides economic impact studies for all types of hotel and leisure real estate projects. Our studies identify significant economic events resulting from construction and operations of a proposed facility, review and analyze event patron surveys throughout the nation to estimate spending patterns, analyze relevant municipal revenues, and project the impact on the market for the development of proposed facilities. We estimate three types of economic impact, including: Direct-Effect Impact, Indirect or Induced Impacts, and Final Impacts on local economies. We utilize the RIMS II multipliers for output earnings and employment by industry for the county, which are generated by the U.S. Department of Commerce. We calculate the projected jobs and output for the proposed development for a ten-year period. We also calculate projected tax revenue from all sources for a ten-year period.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. Other Development ServicesHotel & 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 RFQ/RFP Preparation Hotel Brand Facilitator Hotel Brand Selection Assistance Hotel Brand Compliance Services Product Research Assistance 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. <top> |
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