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David J.
Sangree, MAI, CPA, ISHC President Professional Affiliations International Association of Amusement Parks and Attractions (IAAPA) Education Bachelor of Science, Hotel Administration, Cornell University, 1984 Experience
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. 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) Marion County Indiana Superior Court (2008) New York Supreme Court, Niagara County (2008) State of Virginia Circuit Court (2005 and 2008) Board of Revision Tax Appeal (2006) Board of Revision Tax Appeals (2005) United States Bankruptcy Court (2004) State of Florida Circuit Court (2004) Board of Revision Tax Appeal (2003) College Park Holdings, LLC versus RaceTrac Petroleum, Inc. (2002) Board of Revision Tax Appeal (2003) Nationwide Insurance versus Motor Inn, Inc. (2003) Historical Clients (Partial Listing) American Youth Hostels
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