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David J. Sangree, MAI, CPA, ISHC

General

President
Hotel & Leisure Advisors, LLC
14805 Detroit Avenue, Suite 420
Cleveland, Ohio 44107-3921
Phone: 216-228-7000 ext. 20
Fax: 216-228-7320
E-mail: dsangree@hladvisors.com
www.hladvisors.com


Professional Affiliations

International Association of Amusement Parks and Attractions (IAAPA)
World Waterpark Association (WWA)
WWA’s Waterpark Resort Task Force
Appraisal Institute, MAI (Former President, Northern Ohio Chapter)
The Appraisal Journal Review Panel
American Institute of Certified Public Accountants (AICPA)
Cornell Hotel Society (Past Treasurer - Chicago, IL chapter)
International Society of Hospitality Consultants (ISHC)
Ohio Travel Association
Ohio Hotel and Lodging Association
Meeting Planners International
National Association of Condo Hotel Owners
National Golf Foundation
National Ski Areas Association
American Resort Development Association
International Association for the Leisure Entertainment Industry


Education

Bachelor of Science, Hotel Administration, Cornell University, 1984
Various International Society of Hospitality Consultants, Appraisal Institute, & CPA continuing education courses


Experience

  • President, Hotel & Leisure Advisors, Cleveland, Ohio, October 2005 -
  • Director of Hospitality Consulting and Principal in Cleveland office, US Realty Consultants, Inc., Cleveland and Columbus, Ohio, 1992-2005
  • Financial & Training Consultant with Malawi National Credit Union League (US Peace Corps), Malawi, Africa, 1989-1991.
  • Senior Consultant in the Hospitality Group of Pannell Kerr Forster, Chicago, Illinois, 1987-1989.
  • Management positions with four Westin Hotels and Resorts in Cincinnati, Chicago, New York, and Fort Lauderdale - 1983-1987.

    Mr. Sangree’s expertise is in the appraisal and analysis of hotels, resorts, indoor waterpark resorts, waterparks, amusement parks, conference centers, ski resorts, and golf courses. He has performed studies on more than 1,000 existing and proposed hotels in more than 45 states in all price ranges including  economy, full-service, extended-stay, and luxury hotels and resorts including indoor waterpark resorts.

    He has extensive experience in performing market and feasibility studies, impact analysis, appraisals, financial analysis and performance projections, site selection, and financial reviews for hospitality properties. He has been an active appraiser/consultant since 1987 and also has 10 years of work experience in the hotel/restaurant industry including management positions with four Westin Hotels properties. He also performs feasibility studies, appraisals, and economic impact analysis for proposed and existing ski areas, waterparks, amusement parks, conference and convention centers, arenas and entertainment centers.  He is active in the analysis and valuation of land and other income-producing property types including casinos, golf courses, office, retail centers, housing developments, and multi-property portfolios.

    Mr. Sangree is a nationally recognized expert on indoor waterpark resorts and has visited most of the open waterpark properties in the United States and Canada.  He has performed more than 200 studies of hotels and resorts with indoor waterparks since 1999, and he maintains a database of statistical information concerning indoor waterpark resorts.  Mr. Sangree was named in 2007 one of Aquatics International Magazine’s “Power 25.” Aquatics International publishes an annual list of professionals it deems the most powerful people in the aquatics industry. Mr. Sangree was profiled as one of the first consultants serving the waterpark resort industry and for his expertise and experience in shaping some of the latest industry trends. Mr. Sangree has appeared on Good Morning America and CNBC on special reports concerning resorts and waterparks.


State Certification

Certified as a General Real Estate Appraiser in the states of Ohio, Michigan, Illinois, New York, Pennsylvania, and Georgia. Temporary certification available in all other states.
Certified as a Public Accountant in the state of Ohio.


Published Articles

“Financing Your Indoor Waterpark,” World Waterpark Association’s 2008 Development and Expansion Guide

“Indoor Waterparks Surfing a Wave in North America in ‘08” Hotel Online, July 2008 and Water Leisure and Lodging, July, 2008

"Economic Impact Studies Help Land Financing" Hotel Motel Management, May 2008

“Unique Ways for Resorts to Radically Increase Revenue” Developments Magazine an ARDA Publication, April, 2008

“Indoor Waterparks Supply and Demand Growth in ‘07,” Lodging Hospitality, September 2007

“Appraisal & Market Analysis of Indoor Waterpark Resorts,” Waterpark Development and Expansion Guide ’07

“Financing Your Indoor Waterpark Resort,” Waterpark Development and Expansion Guide ’07 and Hotel Online, August 2007

“Indoor Waterparks Make a Bigger Splash in North America,” Water Leisure & Lodging 2007 and Hotel Online, July 2007

“Waterpark Resorts Top 10 by Revenue,” Waterpark Resorts Today Annual IT Book, 2007-2008

“Number of Indoor Waterpark Destination Resorts Grow in 2007,” Hotel Online, February 2007

“Riding the Wave, Indoor Waterpark Resort Numbers Increase in ‘06” Water Leisure and Lodging and Hotel Online, September 2006

“Appraisal & Market Analysis of Indoor Waterpark Resorts,” Waterpark Development and Expansion Guide ’06 and Hotel Online, September 2006

“Financing Your Indoor Waterpark Resort,” Waterpark Development and Expansion Guide ’06 and Hotel Online, September 2006

“Adding a Waterpark to a Hotel: Is it a Good Idea?” Hotel & Motel Management, June 2006

“Midwest Whets Appetite for Indoor Waterparks,” Heartland Real Estate Business, May 2006

“Ohio’s Lodging Market: Historical Analysis & 2006 Forecast,” Hotel Online, March 2006

“Indoor Waterparks and Hotels, a Case Study,” Hotel Investment Issues and Perspectives Fourth Edition, January 2006 & Hotel Online, February, 2006

“Indoor Waterpark Destination Resorts, a Growing Trend,” Aquatics Magazine, October 2005

“Splashtacular Growth,” Water Leisure and Lodging, September 2005

“Hotel Capitalization Rates Drop Further,” Hotel Online, May 2005

“Indoor Waterpark Resorts Continue Growth in ’05,” Midwest Real Estate News, May 2005

“Hotel Condominium Sales Grow at Indoor Waterpark Resorts,” Hotel Motel Management, April 2005

“Cleveland’s Lodging Market: a Slow Climb Back,” Hotel Online, February 2005

“Indoor Waterpark Resorts Continue Impressive Growth in ’05,” Hotel Online, January 2005

“Splashtacular Growth of Indoor Waterpark Resorts,” World Waterpark Magazine, October 2004

“Financing Challenges for Indoor Waterpark Resorts,” World Waterpark Development and Expansion Guide 2004-2005

“Indoor Waterparks Appeal to Hotels, Large Destination Resorts,” Hotel Motel Management, July 2004

“Indoor Waterpark Resorts Expand Nationwide,” Hotel Online, April 2004

“Hotel Capitalization Rates Drop,” Hotel Online, March 2004

“Cleveland Market at Bottom with Improvement Predicted,” Hotel Online, January 2004

“Appraisal and Financing of Indoor Waterpark Resorts,” Hotel Online, October 2003 & World Waterpark Development and Expansion Guide, 2004

“Indoor Waterpark Resorts: Independent Versus Franchised,” USRC Hospitality Perspectives, Spring 2003

“Indoor Waterpark Resorts Enjoy Competitive Advantages over Traditional Hotels,” Lodging Hospitality, May 2003

“War in Iraq Expected to Have Limited Effect on Hotel Values,” Hotel Motel Management, May 2003

“Cleveland Hospitality Market Faces Increased Vacancies,” Heartland Business, March 2003

“Hotel Capitalization Rates Drop,” Hotel Online, February 2003 and USRC Hospitality Perspectives, Spring 2003

“Analyzing the Impact of a New Hotel on Existing Properties,” AAHOA Lodging Business, October 2002

“Indoor Waterpark Resorts Make a Splash in Midwest,” Hotel Motel Management, August 2002

“Full-service Hotel Capitalization Rates Jump,” Hotel Interactive, April 2002 and USRC Hospitality Perspectives, Winter/Spring 2002

“Midwest Cities Drop in Occupancy,” USRC Hospitality Perspectives, Winter/Spring 2002

“Recession Aids Capitalization Rate Increase for Full-service Hotels,” Hotel Motel Management, February 2002

“Investors Demand Higher Capitalization Rates from Hoteliers,” Hotel Motel Management, February 2001

“Investment Parameters Rising in the Limited and Full-service Sectors,” Lodging Real Estate, May 2000

“Hotel Capitalization Rates Start to Rise,” USRC Hospitality Perspectives, Fall/Winter 1999/2000

“Northern Operators Test Waters for Indoor Recreation Areas,” Hotel Motel Management, February 2000

“Midwest Cities Continue New Hotel Expansion,” USRC Hospitality Perspectives, Fall/Winter 1999/2000

“Hotel Capitalization Rates Continue to Rise,” UNLV Hospitality Financial Management Review, Winter 2000

“Hotel Investments on Rise,” USRC Hospitality Perspectives, Fall/Winter 1998/1999

“Hotel Investments Nearing Replacement Cost,” USRC Hospitality Perspectives, Summer/Fall 1997

“Hotel Investments Shows Strong Improvement,” USRC Hospitality Perspectives, Summer 1996

“Trends in Hotel Management Contracts,” Cornell Hotel and Restaurant Quarterly, October 1996

“Management Fees Survey,” USRC Hospitality Perspectives, Fall/Winter 1995/1996

“Dramatic Expansion Continues for Chicago Hotel Market,” Chicago Commerce Magazine, 1988

Quoted extensively in CNN.com, Columbus Business First, Columbus Monthly, Hotel Business, Chicago Sun Times, Columbus Dispatch, Cleveland Crain's, Cleveland Plain Dealer, Cincinnati Business Courier, Fort Myers News-Press, Hotel Interactive, Cornell Hotel and Restaurant Quarterly, Meeting News, Aquatics International, Midwest Real Estate News, New York Times, CNBC, Albany Times Union, RCI Ventures, Time Magazine, USA Today, and other publications. He has appeared on CNBC and ABC on segments concerning resorts and waterparks.


Recent Major Speaking Engagements

“Indoor Waterpark Resorts” July 2008 at the Midwest Lodging Investors Summit in Chicago, IL

“Seminar on Hospitality Industry: Focus on Cleveland including the Proposed Convention Center and the Indoor Waterpark Resort Market Nationwide” February 2008 at the Northern Ohio Chapter of the Appraisal Institute quarterly meeting in Cleveland, OH

“Challenges of Obtaining Financing for Indoor Waterpark Resorts,” November 2007 at the World Resort Leadership and Development Conference in Orlando, FL

“How to Analyze the Market and Determine Economic Feasibility,” October 2007 at the World Waterpark Association Conference in Palm Springs, CA

“Industry Outlook and Trends,” October 2007 at the World Waterpark Association Conference in Palm Springs, CA

Port Clinton Ohio City Council Meeting, Provided description of resort feasibility study and economic impact study performed for the city to council and attendees in September and October, 2007

“Water Park Wars” An in depth news segment on Good Morning America on June 23, 2007 featured Mr. Sangree as an interviewee

"Financing 101: Preparing Financial Projections and Obtaining Financing for Indoor Waterpark Resorts," November 2006 at the Waterpark Resorts Leadership and Development Conference (WRLD) in Las Vegas, NV

“How to Analyze the Market and Determine Economic Feasibility,” October 2006 at the World Waterpark Association Conference in Orlando, FL

“Feasibility Analysis for Indoor Waterpark Resorts,” October 2006 at Cornell University’s School of Hotel Administration Development Class

“Indoor Waterparks and Hotels,” January 2006 at ALIS (America's Lodging Investment Summit) conference in Los Angeles

“Indoor Waterpark Resorts - Feasibility and Statistics,” November 2005 at International Association of Amusement Parks and Attractions (IAAPA) conference in Atlanta

“Indoor Waterpark Destination Resorts” and “Market Feasibility Study Methodology,” October 2005 at the World Waterpark Association conference in Las Vegas

“Financing Challenges for Hotel Indoor Waterparks Resorts,” October 2004 at the World Waterpark Association conference in Fort Lauderdale, Florida

“Buy, Sale, or Refinance: Which One of These Is in Your Future,” June 2004 at the Best Western regional conference, Detroit, Michigan

“Trends in Hotel Values,” March 2004 at the Hotel Investment Conference, Atlanta, Georgia

“Appraising and Financing Hotel Indoor Waterpark Resorts,” October 2003 at the World Waterpark Association conference in Palm Springs, California

“Underwriting and Market Analysis,” September 2003 at the International Society of Hospitality Consultants conference in Chicago, Illinois

“Buying and Selling Hotels Panel,” March 2003 at the Hotel Investment Conference, Atlanta, Georgia

“Analysis of Indoor Waterparks Impact on Resort Performance,” September, 2002 at the International Society of Hospitality Consultant's conference in Montréal, Canada

“Changes in Hotel Capitalization Rates,” January 2002 at the Hotel Brokers International Annual Conference, Orlando, Florida


Recent Litigation Assignments Involving Expert Testimony

Board of Revisions Tax Appeal (2008)
Re: Residence Inn, Cleveland, Ohio

Marion County Indiana Superior Court (2008)
Re: Indiana Stadium and Convention Building Authority vs. Michael A. Maio

New York Supreme Court, Niagara County (2008)
Re: Splash Outdoor Waterpark

State of Virginia Circuit Court (2005 and 2008)
Re: Keswick Club, Charlottesville, Virginia

Board of Revision Tax Appeal (2006)
Re: Five Seasons Country Club, Cincinnati, Ohio

Board of Revision Tax Appeals (2005)
Re: Various Residence Inns, Hilton Garden Inn, Embassy Suites, Cuyahoga County, Ohio

United States Bankruptcy Court (2004)
Re: Days Inn, Monroeville, Pennsylvania

State of Florida Circuit Court (2004)
Re: Howard Johnson Plaza, Orlando, Florida

Board of Revision Tax Appeal (2003)
Re: Preston Hotel, Sharonville, Ohio

College Park Holdings, LLC versus RaceTrac Petroleum, Inc. (2002)
Re: Radisson Hotel-Old National Highway, College Park, Georgia

Board of Revision Tax Appeal (2003)
Re: Radisson Gateway Hotel, Cleveland, Ohio

Nationwide Insurance versus Motor Inn, Inc. (2003)
Re: Drawbridge Inn, Fort Mitchell, Kentucky


Historical Clients (Partial Listing)

American Youth Hostels
Baker & Hostetler
Bancorp South
Bank of America
Bank of Nova Scotia
Best Western International
BMV Hospitality
Brilyn Inc.
Buffalo Lodging Associates
Capmark Financial
Capstone Realty Advisors
Cedar Fair
Choice Hotels International
Citizens Financial Bank
CIBC
Citicorp Real Estate, Inc.
CNL Income Corporation
Columbia Sussex
Columbus Convention & Visitors Bureau
Comfort Inn
Commercial Mortgage Corporation
Concord Columbus Limited Partnership
Concord Hospitality Enterprises Co.
Continental Companies
Corporex
Days Inns Worldwide Inc.
DBG Enterprises, Inc.
Deutsche Bank
Dillon International
Dinsmore & Shohl LLP
Emerald Hospitality
Fifth Third Bank
First Bank of Arizona
First Hospitality Company LLC
Floridian Motel
Focus Hotels
Fort Findlay Brewing Company
Franklin County Convention Facilities
GE Capital Real Estate
Glen Properties
Greenwich Capital
Great Wolf Resorts
Grobmyer Associates
H & W Management Inc.
Harrison Inn
Holiday Inn Express
Homestead Village
Hotel Development Services LLC
Hostmark Hospitality Group
HP Development LLC
Huntington National Bank
Huron Partners
Impac Hotel Group
Indiana Motel Developers, Inc.
Indianapolis Bond Bank
Intercontinental Hotels & Resorts
istar Financial
I-X Center Corporation
Kalahari Resorts
JP Morgan Chase
Landcor Hospitality
Lawrenceburg Redevelopment Commission
Lehman Brothers
Lend Lease

Life Start Wellness Network
M & T Bank
Lowe Gray Steele & Darko, LLP.
Madden Group, Inc.
Marion Cando
Marriott Corporation
Marshall BankFirst
Mcardle Enterprises
Meander Hospitality Group
Meridian Pacific, Ltd.
Metropolitan Life
Michigan State University
Middletown Convention & Visitors Bureau
Mortgage Company of Indiana
MTB Corporation
National City Bank
Nationwide Insurance
Nationwide Realty
New Castle Hotel Group
Nomura Capital
Ocwen Financial Corp.
Ohio Equities, Inc.
Orient Express Hotels
Ohio State University
Overseas Chinese Bank
P & G Hospitality Group
P & S LLC
Peak Resorts Inc.
Peoples Bank of Western Pennsylvania
Petro Environmental Tech. Inc.
Pharmacia & Upjohn
Piqua Improvement Corporation
Prudential Mortgage Capital
Ramada Franchise Systems, Inc.
Roscoe Village Foundation
Rockbridge Capital, Inc.
S & T Bank
Schacet Companies
Schuler, Plank, Morgan and Braham
Scott Enterprises
Sheraton Suites
Shree Radha Krishna
Sheboygan Development Council
Six Flags
Solid Waste Authority
Stonehenge Holdings, Inc.
Suburban Press, Inc.
Sunstone Hotels
Sunshine Home Development
The Catlett Corporation
The Trust for Public Land
Timothy Harvey Properties
Towne Development Group, Ltd.
Vanguard Financial Company
Vedant Inc.
Virchow Krause
Washington Mutual
Wells Fargo Bank
Wheeling National Bank
Wilderness Resorts Wilson Hotel Management Company Inc
Win Sum Ski Corporation
Wyndham Hotels & Resort



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