SEC_H-FINANCIAL PROFORMA

Transcription

FINANCIAL PROFORMA
Projections of the annual operating results for the proposed Cobblestone Hotel were
prepared for five years, 2017 through 2021 and presented in U.S. Dollars. The projections
are based on the results of operations in comparable facilities and our calculations regarding
the environment in which the proposed hotel would operate. The bases found on the
following pages were prepared in constant dollars, June 2014, with slight inflation increases
noted in the Proforma Schedules.
The PKF Hospitality Research Trends in the Hotel Industry-USA Edition-2013
Report for Limited Service Hotels, is positioned as a benchmark for the Proforma of the
proposed hotel.
The hotel is scheduled to open during 2016, thus the first full year will be 2017. The
Proforma for 2017 was calculated by line-item classifications of all types of Revenues,
Payroll and Other Expenses in each Department. These Schedules have been prepared
according to the guidelines set forth in the “Uniform System of Accounts for the Lodging
Industry, Eleventh Revision Edition.” Subsequent years of the Proforma were adjusted to
inflation and normal usage factors of a mid-priced transient hotel.
The accompanying projections are based on estimates and assumptions developed in
connection with the Feasibility Study. However, some assumptions inevitably will not
materialize, and unanticipated events and circumstances may occur, therefore, actual results
achieved during the projection period will vary from the projections and the variations may
be material.
Frostburg, Maryland • Hotel Feasibility Study
Page H-1
Cobblestone Hotel
Frostburg, Maryland
Proforma Year One
44 Rooms
Available Suite Nights
Occupancy
Occupied Suite Nights
Average Daily Rate
RevPar
Revenues
Rooms
Retail Center
Other Hotel
Total Revenue
Departmental Profit
Rooms
Retail Center
Other Hotel
Total Departmental (House) Profit
Deductions From Income
Administrative & General
Telecommunications
Sales & Marketing
Complimentary Guest Services
Marketing Contribution = Room Revenue
Franchise Fee = Room Revenue
Repairs & Maintenance
Utilities
Total Deductions From Income
Gross Operating Profit
Management Fee
Earnings before Interest, Taxes, Depreciation & Amortization
Non Operating Expenses
Real Estate Taxes – Allowance
Subtotal Non Operating Expenses
Insurance - Allowance
Earnings before Interest, Taxes, Depreciation & Amortization
Replacement Reserves
EBITDA Less Replacement Reserves
Debt Service
Cash Flow
FullYear
16,060
54%
8,672
103.00
55.62
Schedule 1 of 9
Ratio %
Full Year
Dollars
Per
Available
Room
893,260
26,020
34,690
953,970
93.6%
2.7%
3.6%
100.0%
55.62
1.62
2.16
59.40
711,770
8,680
17,350
737,800
79.7%
33.4%
50.0%
77.3%
44.32
0.33
1.8
45.94
81,840
17,340
37,500
20,380
1,200
42,000
8,540
43,590
252,390
485,410
8.6%
1.8%
3.9%
2.1%
0.1%
4.4%
0.9%
4.6%
26.4%
50.9%
5.10
1.08
2.33
1.27
0.07
2.62
0.53
2.71
15.71
30.02
47,700
437,710
5.0%
45.9%
2.97
27.25
30,000
45,000
15,000
392,710
4,770
387,940
3.1%
4.7%
1.6%
41.2%
0.5%
40.7%
0.0%
0.0%
1.87
2.80
0.93
24.45
0.30
23.95
0.00
0.00
Source: Interim Hospitality Consultants
Page H-2
Cobblestone Hotel
Frostburg, Maryland
Proforma Year One
Rooms Department
Schedule 2 of 9
Rooms Revenue
Payroll
F
P
Per Unit of
Front Office
Front Office Manager
Front Desk Clerks/Reserv.
1
1
Annual Salary
Hourly Rate
$10.00
$0
$31,200
1
1
Daily x 8 hr x
$12.00
$37,440
Night Auditor Staff
Subtotal Front Office Wages
Housekeeping
Executive Housekeeper
Inspectress Staff
Houseman Staff/Van Driver
Laundry Staff
Housekeepers (Not Linked to Wages)
Factor
893,260
$
Salary
Daily x 8 hr x
Daily x 8 hr x
Daily x 8 hr x
Occupied Suites/year
Suites Cleaned/Maid/day
Housekeeping Days/year
Housekeeping Hours/year
Wage/Hour
Housekeeper’s Wages
0
Subtotal Housekeeping Wages
Total Rooms Department Wage
Taxes and Benefits
Total Room Department Payroll
As Percentage of Room Revenue
Other Expenses
Cable Television
Carpet Cleaning
China/Glass/Silver
Cleaning Supplies
Drapery
Priority Club Program
Guest Supplies
Laundry Supplies
Linen
Miscellaneous
Printing
Travel Agent Commission
Uniforms
Total Other Expenses
Rooms Department Profit
Per Occupied Room
$8.00
$0
$0
$8,320
$0
8,672
16.0
542
4,336
$8.00
$34,690
3
43,010
111,650
16,750
128,400
14.4%
15%
Month
Suite/6 mo.
Month
Occupied Suite
Month
Room Revenue
Occupied Suite
Occupied Suite
Occupied Suite
Month
Occupied Suite
Occupied Suite
Month
68,640
700.00
10.00
100.00
0.50
30.00
0.05%
0.35
0.55
2.50
300.00
0.35
0.05
75.00
8,400
880
1,200
4,340
360
450
3,040
4,770
21,680
3,600
3,040
430
900
53,090
5.9%
711,770
79.7%
82.07
Page H-3
Cobblestone Hotel
Frostburg, Maryland
Proforma Year One
Minor Departments
Departments
FT
PT
Rate
Revenue per
Occupied Suite
Telecommunications
0.00
-2.00
Expense
Profit
-2.00
Retail Center*
Revenue
3.00
Expense
-2.00
Wages
Taxes and Benefits
15%
1.00
Profit
Other*
Revenue
4.00
Expense
-2.00
Profit
2.00
*Revenue of Valet Cleaning, Meeting Room, FAX, ATM, Vending, etc.
Employees
FT PT
Rooms
Front Office
Housekeeping
Subtotal Rooms Department
Retail Department
Food & Beverage Department
Administrative and General
Administrative Wages
Security Payroll
Subtotal A&G Department
Food and Beverage Comp Services
Sales & Marketing
Repair & Maintenance
Grand Total Hotel Payroll
Note: Totals may not foot due to rounding.
Wages
Schedule 3 of 9
Ratio
Totals
(17,340)
(17,340)
100%
26,020
(17,340)
8,680
100%
-66.6%
0.0%
0.0%
33.4%
34,690
(17,340
17,350
100%
-50%
50.0%
Taxes and
Benefits-15%
Schedule 4 of 9
Total
Payroll
Ratio
2
0
2
0
2
3
5
0
68,640
43,010
111,650
10,296
6,452
16,750
78,940
49,460
128,400
8.3%
5.2%
13.5%
0.0%
0.0%
1
0
1
0
0
0
0
0
0
5
40,000
6,000
46,000
40,000
6,000
46,000
4.8%
0.0%
4.8%
0.0%
0.0%
0.0%
18.3%
0
0
3
$151,650
$22,750 $174,400
Page H-4
Cobblestone Hotel
Frostburg, Maryland
Proforma Year One
Administrative and General
Schedule 5 of 9
Per Unit of
Payroll
Manager
Secretary/Accounting Staff
Subtotal Admin. Payroll
F
1
1
P
Annual Salary
Salary
Taxes & Benefits
Subtotal Office Payroll
Security Staff
Subtotal Security Payroll
Rate
40,000.00
$40,000
15%
6,000
40,000.00
0.00
46,000.00
0
Daily x 8 hr x
Taxes & Benefits
15%
2
0.00
46,000
Total Admin. & Gen. Payroll
Other Expenses
Accounting Fees
Audit Fees
Bank Charges
Computer Expense
Credit Card Commission
Legal Fees
Licenses
Office Expenses
Printing
Radios, 2-Way
Telephone Expenses
Trade Association Dues
Travel Expenses
Uniforms
Total Administrative and General
As Percentage of Total Revenue
Per Occupied Room
Month
Unbudgeted
Month
Month
of Room Revenue
Unbudgeted
Annual
Month
Occupied Suite
Occupied Suite
Month
Occupied Suite
Annual
Month
Month
200.00
2,400
30.00
200.00
2.0%
360
2,400
17,870
100.00
0.25
0.25
50.00
0.40
100.00
1,000
1,200
2,170
2,170
600
3,470
1,000
1,200
0
35,840
81,840
8.6%
9.44
Page H-5
Cobblestone Hotel
Frostburg, Maryland
Proforma Year One
Food & Beverage Complimentary Services
F
P
Per Unit of
Rate
Taxes & Benefits
15%
Hrs/Day
Schedule 6 of 9
Days/Wk
Breakfast
6 am - 10 am, M-F
7 am - 11 am, S, S
Hostess
Social Hour
5 pm - 7 pm, M-Th
Total Wages
Total Payroll
Other Expenses
Food - Breakfast
Food - Social Hour
Liquor/Beer/Wine
Paper Products
Newspapers
Seasonal Items
Total Complimentary Service
Per Occupied Room
0
Per
Occupied Suite
Occupied Suite
Occupied Suite
Occupied Suite
Occupied Suite
Month
2.00
17,340
510
0.15
0.10
30.00
1,300
870
360
20,380
20,380
$
2.35
Page H-6
Cobblestone Hotel
Frostburg, Maryland
Proforma Year One
Sales and Marketing
Schedule 7 of 9
Per Unit of
Payroll
Director of Sales
Sales Manager
Secretary Staff
F
P
0
0
Total Payroll
0
Advertising
Billboards
Print--Magazine
Print--Newspaper
Radio/Television
Airport
Internet
Production
Yellow Pages
Total Advertising
Public Relations
Contributions
Travel
Trade Shows
Guest Relations
Total Public Relations
Promotions
Brochures
Direct Mail
Merchandise
Total Promotions
Total Sales and Marketing
As a percentage of Total Revenue
Per Occupied Room
Factor
Salary
Salary
Salary
Total Wages
Tax and Benefits
15%
0
Month
Month
Month
Month
Month
Month
Annual
Month
2,000
500
24,000
6,000
400
4,800
34,800
Month
Month
One (1) per year
Month
100
1,200
100
1,200
2,400
Pre-Opening Expense
Month
Month
25
300
300
37,500
3.9%
4.32
Cobblestone Hotels National Fees
Marketing Fee
$100/Month
Franchise Fee
$3,500/Month
of Room Revenue Year 1
$1,200
$1,200
$1,200
$1,200
$1,200
$42,000
$42,000
$42,000
$42,000
$42,000
Page H-7
Cobblestone Hotel
Frostburg, Maryland
Proforma Year One
Utilities
Schedule 8 of 9
Per Unit of
Electric
Gas
Water/Sewer
Refuse
Total Utilities
As a percentage of Total Revenue
Per Occupied Room
Factor
Occupied Suite
Occupied Suite
Occupied Suite
Month
1.75
1.50
1.50
200.00
15,177
13,009
13,009
2,400
43,590
4.6%
5.03
Repairs and Maintenance
Schedule 9 of 9
Payroll
Engineer
Worker-Staff
Subtotal Wages
F
P
Rate
Salary
Daily X 8 hr X
Taxes & Benefits
Total Repair & Maint Payroll
0 0
Other Expenses
Electrical
Plumbing
HVAC
Building
Suites - Bedrooms
Suites – Micro-Fridge
Grounds
Parking Deck
Pest Control
Light Bulbs
Television/VCP
Uniforms
Pool/Spa
Hotel Vehicles
Miscellaneous
Total Repair & Maintenance Expenses
As a percentage to Total Revenues
Per Occupied Room
0
0
0
0
15%
Month
Month
Month
Month
Month
Month
Month
Annual
Month
Month
Month
Month
Month
Month
Month
30
30
30
30
30
30
100
40
25
30
20
75
0
100
360
360
360
360
360
360
1200
1700
480
300
360
240
900
0
1200
8,540
0.9%
0.98
Page H-8
Five-Year Proforma
Cobblestone Hotel • Frostburg, Maryland
Total Number of Rooms: 44
2017
Occupancy
Annual Increase in ADR
Average Daily Rate
RevPar
Revenue
Rooms
Retail Center
Other
Total Revenues
Departmental Profit
Rooms
Telecommunications
Retail Center
Other
Total Departmental (House) Profit
Deductions from Income
Administrative & General
Sales & Marketing
Complimentary Guests Services
Marketing Fee Rm Rev x 0.00%
Franchise Fee
Rm Rev x 0.00%
Utilities
Repairs & Maintenance
Total Deductions from Income
Fixed Costs
Real Estate Taxes - Allowance
Management Fee
Insurance - Allowance
Replacement Reserves
Total Fixed Costs
Net Operating Income before Debt
Service
Debt Service
Cash Flow
2018
2019
2020
2021
54%
55%
56%
57%
3%
3%
3%
3%
103.00
55.62
$
$
893,260
26,020
34,690
953,970
93.6%
2.7%
3.6%
100.0%
936,300
26,500
35,330
998,130
93.8%
2.7%
3.5%
100.0%
980,300
26,980
35,970
1,043,250
94.0%
2.6%
3.4%
100.0%
1,028,080
26,980
36,720
1,091,780
94.2%
2.5%
3.4%
100.0%
1,071,200
27,940
37,260
1,136,400
94.3%
2.5%
3.3%
100.0%
711,770
(17,340)
$
8,680
17,350
$ 720,460
79.7%
0.0%
33.4%
50.0%
75.5%
749,040
(17,670)
8,840
17,670
757,880
80.0%
0.0%
33.4%
50.0%
75.9%
794,040
(18,200)
9,000
17,990
802,830
81.0%
0.0%
33.4%
50.0%
77.0%
843,030
(18,750)
9,190
18,360
851,830
82.0%
0.0%
34.1%
50.0%
78.0%
878,380
(19,310)
9,320
18,630
887,020
82.0%
0.0%
33.4%
50.0%
78.1%
$
81,840
37,500
20,380
1,200
42,000
43,590
8,540
235,050
485,410
8.6%
3.9%
2.1%
0.1%
4.4%
4.6%
0.9%
24.6%
50.9%
83,360
38,190
20,760
1,200
42,000
44,400
8,700
238,610
519,270
8.4%
3.8%
2.1%
0.1%
4.2%
4.4%
0.9%
23.9%
52.0%
84,870
38,890
21,130
1,200
42,000
45,200
8,860
242,150
560,680
8.1%
3.7%
2.0%
0.1%
4.0%
4.3%
0.8%
23.2%
53.7%
86,620
39,690
21,570
1,200
42,000
46,140
9,040
246,260
605,570
7.9%
3.6%
2.0%
0.1%
3.8%
4.2%
0.8%
22.6%
55.5%
87,900
40,280
21,890
1,200
42,000
46,820
9,170
249,260
637,760
7.7%
3.5%
1.9%
0.1%
3.7%
4.1%
0.8%
21.9%
56.1%
30,000
47,699
15,000
4,770
97,470
387,940
3.1%
5.0%
1.6%
0.5%
10.2%
40.7%
31,000
49,910
16,000
4,990
101,900
417,370
3.1%
5.0%
1.6%
0.5%
10.2%
41.8%
32,000
52,160
17,000
15,650
116,810
443,870
3.1%
5.0%
1.6%
1.5%
11.2%
42.5%
33,000
54,590
18,000
16,380
121,970
483,600
3.0%
5.0%
1.6%
1.5%
11.2%
44.3%
34,000
56,820
19,000
22,730
132,550
505,210
3.0%
5.0%
1.7%
2.0%
11.7%
44.5%
$
$
$
$
$
109
61.04
112
63.84
3%
$
$
106
58.30
58%
155
66.70
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Source: Interim Hospitality Consultants, 850/893-6010 – June 15, 2014
Page H-9
MID-PRICED, LIMITED-SERVICE HOTELS
Performance in 2013
Each year PKF Consulting of San Francisco, California, the Research Department
of Parnell Kerr Foster, the International Hospitality Industry Accounting firm, publishes
Trends in the Hotel Industry, USA Edition – 2013. The data reported are the benchmark
against which hotel companies and individual proprietors measure their operating picture
against the overall results in their segment of the industry. Hotel tables from the report
are presented:
1.
2.
3.
4.
Ratios to Total Revenues
Ratios to Departmental Revenues
Summary – Dollars per Available Room
Dollars per Available Room
The information is provided as a background to illustrate the segment as it relates
to a 44-room Cobblestone Hotel in Frostburg, Maryland.
Also included in this section:
TRENDS in the Hotel Industry USA Edition 2013
Hospitality Investment Survey
2014 U.S. Hotel Industry Outlook
Financial Assistance for the Hotel Industry
Tax Incentives for the Hotel Industry
Potential Funding Sources
Interim Hospitality Consultants
Letter of Agreement
Page H-10
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8.25
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15.74
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17.93
11.02
11.63
12.19
12.86
13.93
14.76
15.48
16.29
17.54
17.54
15.42
15.67
17.04
18.47
19.09
19.75
20.33
19.13
19.61
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87.79
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HOSPITALITY
CONSULTING
USA LLC
INVESTMENT SURVEY
MAY 2014
A PERIODIC PROFESSIONAL PUBLICATION
HOSPITALITY
RESEARCH LLC
VOLUME 25
Price: $325 Single Issue
At Peak Performance
By Bill Morton and Scott Smih, MAI
U.S. hotel by 10.1 percent in 2013, just below the
2012 year-over-year increase of 10.2 percent according to PKF-HR’s 2014 Trends in the Hotel Industry®.
This pattern is expected to continue through 2014,
allowing the NOI for the average US hotel to finally
exceed 2007 NOI levels in terms of nominal dollars.
ospitality investment indices continue to
operate at peak (optimal) performance levels.
Profits are up, debt is more readily available
at attractive terms, capitalization rates are stable and
values are expected to continue to increase in the
near term. With new hotel supply forecast to be
below long-term averages, the outlook for exceptional returns on hotel investment appears to be positive.
As shown in Chart 1, full-service and resort properties continue to grow profits at rates greater than the
The looming concern of many of the respondents to all property averages. Also, the continued improvethis year’s Hospitality Investment Survey is…How
Chart 1 - NOI Per Available Room
long can the industry maintain this peak perfor2013 and 2012 Year-Over-Year Growth
mance? The combination of healthy demand from all
10.1%
segments, increasing ADRs, and favorable financing
All Hotels
10.2%
terms caused the supply pipeline to expand over the
11.9%
past year. However, many projects are just now in
Resort
17.4%
the early stages of development and won’t open until
8.2%
Convention
late 2016 or 2017. According to the PKF Hospitality
5.7%
Research (PKF-HR) Hotel Horizons® national fore7.9%
Suites w/out F&B
8.1%
cast presented in the March 2014 report, supply
growth is expected to be below the long-run average
6.8%
Suite w/ F&B
7.7%
of 1.9 percent through 2016 before increasing to 2.1
6.8%
percent in 2017. PKF-HR expects this modest growth
Limited Service
10.6%
to keep occupancy strong, and allow operators to
11.5%
increase room rates resulting in robust RevPAR
Full Service
9.8%
growth through 2016 until tapering down to 2.5
5%
10%
15%
20%
percent in 2017.
2013 Change in NOI
Property level net operating income (NOI), a primary
driver of a hotel’s value, increased for the typical
2012 Change in NOI
Note - NOI before deductions for capital reserve, rent, interest, income taxes, depreciation, and
amortization
Source: PKF Hospitality Research, LLC, the research affiliate of PKF Consulting USA, LLC
1
Survey Results
ment in the group and convention demand segments
allowed convention hotels to experience the largest
spike in NOI compared to last year.
Administered in March/April 2014, the annual PKF
Hospitality Investment Survey indicates that a vast
majority of investors and lenders remain bullish on the
near-term outlook of hotel investing. As revealed in
Table 1, the overall capitalization rate (OAR) for all
hotels decreased to 8.27 percent, an 11 basis point
decline compared to the 2013 results and the lowest
OAR recorded since the inception of this survey.
Respondents indicated that cap rates have remained
stable due to the positive NOI forecast for the next
couple years, as well as the favorable financing terms
that buyers are securing.
Many survey respondents indicate that recent NOI
growth, along with the forecast for 2014 and 2015,
prevented many desirable assets from being marketed
for sale as owners are content holding on to earn high
yield. In the low interest rate environment of recent
years the search for current yield at manageable risk
levels is a dominant investment theme. As a result,
there are a limited number of hotels available for
purchase. This has created a competitive environment
for buyers, effectively driving-up pricing and sometimes resulting in bidding wars. Some investors are
now targeting other asset classes (i.e. select service,
extended stay) or are focusing on secondary and
tertiary markets. All signs indicate that this trend will
continue throughout 2014 and into 2015.
Discount rates, or un-leveraged IRR’s, were relatively
unchanged compared to last year (11.09 percent
versus 11.05 percent in 2013). This equates to a 282
bps spread above the average OAR. In our opinion,
this spread displays the comfort level that many
market participants have with the current investment
environment.
Potential setbacks in NOI growth going forward could
include the impact of health care costs, increasing
property taxes as assessed values rise, higher labor
costs, and potential increases in interest rates. Even
with these concerns, most survey respondents are
optimistic that the hospitality asset class will continue
to outperform most other forms of real estate in the
coming years.
As can be seen in Table 1, debt service coverage
ratios were consistent with 2013 results, and continue
to remain near 2007/2008 levels. The table also shows
a slight uptick in interest rates, which grew to 5.59
percent, a nominal increase compared to last year’s
average of 5.54 percent. It is important to note that
Table 1 - Investment Trends in the Lodging Industry
INVESTMENT CRITERIA
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2000
Overall Capitalization Rate
8.27%
8.38%
8.73%
8.88%
10.33%
10.65%
9.43%
9.13%
8.89%
9.71%
10.69%
11.24%
10.94%
11.26%
Discount Rate
11.09%
11.05%
11.42%
11.75%
15.35%
15.17%
13.13%
12.96%
13.30%
13.71%
14.17%
15.96%
16.15%
14.54%
Holding Period (Years)
6.75
6.30
6.33
6.24
6.75
8.24
7.73
8.24
6.31
6.93
5.67
7.74
9.27
8.60
Debt Coverage Ratio
1.41
1.40
1.35
1.45
1.50
1.45
1.45
1.39
1.41
1.40
1.47
1.47
1.52
1.41
Interest Rate
5.59%
5.54%
6.58%
6.69%
7.71%
7.53%
7.08%
6.95%
7.06%
7.21%
7.08%
7.72%
8.25%
9.21%
Loan-to-Value Ratio
67.44%
64.63%
63.49%
64.30%
56.50%
59.00%
67.23%
69.80%
68.51%
70.57%
68.96%
65.25%
62.17%
66.41%
2
-on-cash return helps explain the increase in equity
yield reported here. Lastly, the average holding period
indicated by the survey respondents increased to 7.12
years for full service hotels and 6.18 years for limitedservice hotels, resulting in an all property average
holding period of 6.75 years. This is greater than the
6.3 year average indicated last year, likely the result
of the bright near-term outlook of the industry, and
many investors preferring to hold well-performing
assets a little longer.
this is an average among our 300 plus respondents,
who range from regional lenders and investors to large
REITS. The results indicate that experienced sponsors
involved in upper-upscale and resort properties were
able to secure rates in the mid-to-low four percent
range. Many respondents continue to pursue CMBS
financing. Loan-to-value (LTV) ratios increased 281
basis points compared to last year, and are approaching 2007 levels. This demonstrates the increasing
confidence of lenders providing debt for hotel acquisitions and refinancing. According to the Real Capital
Analytics First Quarter 2014 in Review, in 2013
CMBS lenders continued to provide the most capital
for hotel properties as they accounted for 42 percent
of deal activity. International banks (20 percent),
financial institutions (12 percent) and national banks
(10 percent) also continue to be active in the hotel
market.
Current mortgage terms for the full-service and limited-service lodging segments are summarized in
Table 2
Hotel Investment Criteria, 2014
Investment Criteria
Average
Low
High
2013
Average
Capitalization Rates* Trailing 12 Months NOI
Full-Service
Limited-Service
All Properties
As presented in Table 2, capitalization rates being
applied to trailing 12 month and next 12 month NOI
continue to decrease, positively impacting hotel
valuations. Terminal capitalization rates increased
slightly to 8.71 percent, a 14 basis point increase
compared to the 2013 survey. Also shown in Table 2,
discount rates experienced minimal change and
remained near 11 percent. Equity yields for both
property types experienced a slight increase. This
would indicate that equity investors are beginning to
forecast additional risk (new supply?) into their
expected return. This would tend to negatively affect
property values.
7.94%
8.69%
8.28%
4.50%
7.00%
11.00%
11.00%
8.15%
8.81%
8.38%
Capitalization Rates* Next 12 Months NOI
Full-Service
Limited-Service
All Properties
8.36%
8.84%
8.68%
6.00%
7.00%
12.00%
12.00%
8.39%
9.05%
8.67%
Terminal Capitalization*
Full-Service
Limited-Service
All Properties
8.56%
8.88%
8.71%
7.00%
7.00%
12.00%
14.00%
8.35%
8.92%
8.57%
Internal Rate of Return / Discount Rate
Full-Service
Limited-Service
All Properties
11.20%
10.97%
11.09%
8.00%
8.50%
12.00%
15.00%
10.90%
11.19%
11.05%
16.99%
17.06%
17.03%
9.60%
9.00%
22.00%
23.00%
16.45%
16.58%
16.51%
10.81%
11.34%
11.06%
6.00%
8.00%
15.00%
15.00%
10.05%
10.15%
10.10%
3.00
3.00
15.00
15.00
Equity Yield
Full-Service
Limited-Service
All Properties
Cash-on-Cash Return
Full-Service
Limited-Service
All Properties
The average expected cash-on-cash return for a hotel
investment increased from 10.10 percent in 2013 to
11.06 percent in 2014. This indicates strong income
growth expectations and realization of current yield
objectives. The nearly 100 basis point increase in cash
Holding Period (years)
Full-Service
Limited-Service
All Properties
7.12
6.18
6.75
6.70
5.80
6.30
*After fees and reserves
3
the average rate for a full-service hotel loan was 5.36
percent, a decrease of 15 basis points compared to the
average 2013 rate of 5.51 percent.
Table 3
Hotel Mortgage Terms, 2014
Investment Criteria
Average
Low
High
2013
Average
Also shown in the table, there was little change regarding amortization period (in terms of years),
however loan term (or year of balloon payment)
increased from 7.5 years in 2013 to 8.86 years in
2014. The hotel lenders responding to the survey
indicated that the average debt service coverage ratio
required for a typical hotel loan was 1.41. This metric
has seen only minor changes over the past four years.
Loan-to-Value Ratio
Full-Service
Limited-Service
All Properties
68.05%
66.69%
67.44%
55.00%
50.00%
80.00%
80.00%
64.00%
65.26%
64.63%
5.36%
5.93%
5.59%
4.00%
4.00%
8.00%
8.00%
5.51%
5.57%
5.54%
20.00
20.00
30.00
30.00
23.91
23.00
23.46
9.00
8.56
8.86
3.00
5.00
20.00
20.00
7.48
7.52
7.50
1.40
1.45
1.41
1.30
1.30
1.70
1.80
1.45
1.35
1.40
Interest Rates
Full-Service
Limited-Service
All Properties
Amortization Period (years)
Full-Service
Limited-Service
All Properties
24.60
24.20
22.00
Table 4 provides a comparison of capitalization rates
by property type. As in the past, top-tier metro market
hotels and luxury hotels, particularly institutional
quality assets and those in high barrier markets,
continue to be underwritten on lower cap rates compared to the other asset classes. Boutique hotels, both
branded and unbranded, command lower cap rates
than the typical full-service hotel. Multiple respondents indicated that this is due to the flexibility an
Loan Term (year of balloon)
Full-Service
Limited-Service
All Properties
Debt Coverage Ratio
Full-Service
Limited-Service
All Properties
Table 4
Table 3. Most notably, loan-to-value (LTV) ratios
grew in both segments, but more so among fullservice hotels. The all property average grew from
64.63 percent to 67.44 percent. This further demonstrates the appetite of lenders from all sources, and
their increased confidence in hotel lending.
Capitalization Rates by Product Type, 2014
Note: Results are from Equity Investors & Lenders
Interest rates experienced a minor uptick among
limited-service hotels and slightly decreased for fullservice hotels. But, it is important to note that rates
remain below 6.0 percent for both property types and
continue to be favorable compared to the Survey’s
average of 7.0 percent during the previous 10 years.
Specifically, respondents indicated that the average
interest rate for a limited-service hotel loan was 5.9
percent, up from 5.57 percent last year. Conversely,
Average Low
High
Top-Tier Metro Market Hotel
6.81% 4.50% 9.00%
Luxury Hotel
6.49% 4.50% 9.00%
Boutique Hotel (unbranded)
7.28% 6.00% 10.00%
Boutique Hotel
7.52% 6.00% 10.25%
Resort Hotel
7.49% 5.00% 10.00%
All Suite Hotel
8.00% 6.00% 11.00%
Extended Stay Hotel
8.25% 6.00% 10.75%
Select/Focused Service Hotel
8.57% 7.00% 12.00%
Full-Service Hotel
< 15 yrs old
8.07% 5.00% 11.00%
Full-Service Hotel
> 16 yrs old
8.82% 6.00% 12.00%
Limited-Service Hotel
< 15 yrs old
8.85% 7.00% 12.00%
Limited-Service Hotel
> 16 yrs old 10.17% 7.00% 14.00%
Limited-Service Hotel (unbranded) > 16 yrs old 10.15% 7.00% 13.00%
All Hotels
8.27% 4.50% 13.00%
4
Interest Rates and Hotel
Capitalization Rates
operator can have with this type of asset when completing a repositioning or value enhancement project.
However, this is category is heavily weighted by
properties located in gateway cities such as New York
and San Francisco. Respondents indicated that allsuite (8.0 percent) and extended stay hotels (8.25
percent) are also attractive asset classes, especially
those participating in some of the more popular
rewards programs.
By John B. Corgel, Ph. D.
Introduction
Questions about near-term interest rates levels have
become particularly difficult to answer with the
importance of factoring in future economic growth
and Federal Reserve policy modifications as well as
their interactions. Despite the difficulty of pinpointing
interest rates over the next 12 and 24 months, some
increase in interest rates appears inevitable given the
continued and steady growth of an economy that
should require less central bank accommodation.
Accordingly, the heftier capitalization of incomes
generated by capital assets, including hotel real estate,
may exert downward pressure on values holding other
factors constant.
Depending on the age of the asset, capitalization rates
for full-service hotels continue to vary widely. Hotels
less than 15 years old had an average cap rate of 8.07
percent, while hotels 16 years or older had an average
of 8.82 percent. Limited-service hotels have a similar
discrepancy, as properties less than 15 years old (8.85
percent) command a lower cap rate than hotels that
are greater than 16 years old (10.17 percent).
How Long Will This Last?
Notwithstanding the interest rate effect, hotel property
capitalization rates also embody risk premiums
through the discount rate and asset-specific NOI
growth rates.1 Changes in both of these components
coincidental with sustained economic growth will
offset some or all of the anticipated rise in the riskfree rate. Hence the combined effects of continuing
economic growth and Federal Reserve retrenchment
may leave hotel capitalization rates unchanged as
rising interest rates are countered by risk premium
compression and NOI growth.2
With five years of double digit NOI growth behind us,
new supply will inevitably come into the market as
lenders become more aggressive. Prudent hotel investors should recognize the potential risk in their exit
strategy. As one respondent put it “You cannot expect
NOI and asset values to increase forever. At some
point, supply and demand will return to equilibrium
and value appreciation will moderate”. According to
the PKF-HR Hotel Horizons® forecast for the nation
this point is still three years away – sooner for some
city markets, later for others. In the meantime, enjoy
this beautiful view from the peak. 
1
The standard expression following Gordon (1959) is R = (rf +
rp) – g, where R is the capitalization rate, rf and rp are the riskfree rate and risk premium, respectively; and g is the constant
growth rate in net income.
Scott Smith, MAI – Senior Vice President in the
Atlanta office of PKF Consulting. (404) 842-1150, ext
233. [email protected].
2
Yeatts (2013) argues that upward movements of NOIs will
come as the result of lease renewals at higher rents. For hotel
properties these movements come with greater frequency. PKF
Hospitality Research reports already robust NOI percent growth
among a large sample of U.S. hotels exceeding double digits
during 2012 and 2013, respectively.
Bill Morton – Vice President in the Indianapolis office
of PKF Consulting. (317) 616-1948.
[email protected]
5
In the absence of a reversal of the Federal Reserve
policy direction and unexpected inflation the neutralization scenario just described could play out in the
hotel real estate markets. One expert however contends that at current levels and market conditions a
100 basis point increase in long-term Treasuries
would effectuate a 50 basis point increase in capitalization rates for all property types.3 The findings from
my analysis support this prediction.
zation rates and review the research results of others
on the relationship between commercial real estate
capitalization rates and interest rates. My predictions
are that the general level of interest rates will increase
in the range of 50-to-150 basis points over the next 24
months, assuming no unexpected inflation, and this
rise will effectuate a 25-to-75 basis point hotel capitalization rate holding constant risk premiums NOI
growth.
In this article, I present estimates of how much nearterm interest rate (i.e., 10–year Treasuries) may rise
during the foreseeable future given steady economic
growth, gradual reduction in Federal Reserve accommodation, and only expected inflation. Using these
estimates, I statistically derive estimates of the longterm relationship between interest and hotel capitali-
Interest Rates and Fed Policy Changes
Ibid. See quote by Tad Phillips of Moody’s.
Exhibit 1: Real Interest Rates from 10-Year Treasury Inflation-Indexed Security, Constant Maturity (FII10)
Not Seasonally Adjusted Q1 2003 - Q1 2014 (2 Months)
3.50
2.89%
3.00
2.50
Average (2003- 2008) = 2.01%
2.00
1.50
1.00
0.55%
0.50
0.00
Real Interest Rate from TIPs
-0.50
-0.76%
-1.00
03‐2003
06‐2003
09‐2003
12‐2003
03‐2004
06‐2004
09‐2004
12‐2004
03‐2005
06‐2005
09‐2005
12‐2005
03‐2006
06‐2006
09‐2006
12‐2006
03‐2007
06‐2007
09‐2007
12‐2007
03‐2008
06‐2008
09‐2008
11‐2008
12‐2008
03‐2009
06‐2009
09‐2009
12‐2009
03‐2010
06‐2010
09‐2010
12‐2010
03‐2011
06‐2011
09‐2011
12‐2011
03‐2012
06‐2012
09‐2012
12‐2012
03‐2013
06‐2013
09‐2013
12‐2013
02‐2014
3
Assuming for the moment that inflation and inflationary expectations remain low, the real rate of interest
appears as the likely component of the risk-free rate to
be immediately affected in a meaningful way by the
combination of continued economic growth and less
accommodation. This thesis is conditional on there
being room for upward movement in the real rate
Source: FRED
6
the prospects for near-term inflation need to be considered.
using the historical long-run average as a benchmark.
Exhibit 1 presents the pattern of real interest rates
measured as constant maturity yields on 10-Year
Treasury Inflation Protected Securities (TIPs) since
these securities began trading in 2003. From 2003 to
2009 the average real rate was 2.01 percent. The
recent real rate has hovered around .5 percent. If this
series mean reverts and stabilizes at the as pre-great
recession mean as experience indicates, then with
minimal inflation the ceiling on near-term interest rate
increases is approximately 150 basis points.
Current Inflation and Inflationary Expectations
Despite the fears of many about accelerating inflation,
the inflation rate has remained low and is expected to
be in the range of one to two percent for the foreseeable future. Support for this conclusion comes from a
number of sources including studies by Federal Reserve economists. The Federal Reserve has the stated
goal of maintaining the inflation rate, as measured by
the personal consumption expenditures (PCE) price
index, at the two percent level. Yet, the reported PCE
has trended below two percent for the past four years.
As a check for robustness the data prepared for a
recent New York Times article by Paul Krugman
(2013) was re-created which shows the 54-year history of real rates computed as the 10-year Treasury rate
minus the previous year core personal consumption
expenditures inflation rate. The recent history of this
series closely resembles the one in Exhibit 1. The long
-run average covering the period 1959 to present
indicates a real rate of approximately three percent.
The average real rate using the Krugman series during
the period 2003 through 2008 equals 2.30 percent
which favorably compares to the TIPs average rate for
Economists at the Federal Reserve Bank of Cleveland
use a sophisticated method for measuring inflationary
expectations that relies on inflation rate swaps
(Haubrich, Pennacchi, and Richken, 2011).4 In a
recent analysis, their model indicates that investors
expect a 1.7 percent inflation rate over the next decade. The difference between the 10-year constant
maturity Treasury and TIPs index rates over the next
decade place expected inflation at approximately 2.3
percent.5 Regardless, the comparison of current and
expected inflation rates does not support the conclusion that the U.S. will experience a meaningful interest rate increase over the next two or more years based
on current expectations of rising inflation. Unexpected
inflation as the name implies is …. not expected!
the same period of 2.01 percent (r=.77). While the
TIPs real rate continues to hover around .5 percent the
real rate from the Krugman series moved up since mid
-2013 through February 2014 from .5 percent to 1.82
percent which is about 125 basis point higher than the
real rate from TIPs trading shown in Exhibit 1. Again
assuming mean reversion to the 2003 through 2008
average, the ceiling estimate for the ten-year Treasury
rate becomes about 50 bps. Considering both methods
the range for the near term ceiling is 50 to 150 bps.
Interest Rate and Hotel Capitalization Rate Relationships
The commercial real estate capitalization rate literature has progressively deepened over the past decade.
What then would as much of a 150 basis point upward
movement in real interest rates do to hotel property
capitalization rates? Before addressing this question
4
5
See http://www.clevelandfed.org.
These data are available through the Federal Reserve Bank of
Saint Louis (FRED, 2014).
7
The findings from this research apply almost equally
across all property types, including hotels. Most
studies, past and recent, seek a better understanding
about the determinants of property capitalization
levels and changes. The Gordon (1959) growth model
presented in Equation (1) serves as the conceptual
foundation for much of this empirical research.
R = (rf + rp) – g.
A recent round of studies extends the variable set for
explaining variation in reported capitalization rates
beyond Gordon model variables to include investor
sentiment (Clayton, Ling, and Naranjo, 2009) and
credit availability (Chervachidze, S, J. Costello, and
W. Wheaton, 2009 and Chervachidze, S, and W.
Wheaton, 2013). Both variables demonstrate statistical significance for explaining variation in property
capitalization rate levels. Recent studies such as these
confirm that the general level of interest rates is
dominate for explaining variation in commercial
property capitalization rates.
(1)
where R in this particular adaptation is the property
capitalization rate level, rf is the risk-free rate (i.e., a
combination of the real rate and the expected rate of
inflation) usually measured by a Treasury rate, rp is
the risk premium typically specified as the spread
between a risky asset rate and the Treasury rate, and g
is the growth rate in income specified either as gross
or net NOI.
Among the forces that may influence capitalization
rates going forward the focus in this article is on the
contribution from changes in general level of interest
rates while holding other forces constant. Exhibit 2
offers the opportunity to make a side-by-side visual
Exhibit 2: Historical Pattern of 10-Year Treasuries and Hotel Capitalization Rates
12.0
10.5
Average (1992- 2013) = 9.90%
9.0
7.5
5.10%
6.0
Average (1992-2013) = 4.80%
4.5
3.0
1.5
0.0
1992
1993
1994
1995
1996 1997
1998
1999
2000
2001
2002
2003 2004
10YrT
Notes: Correlation coefficient of the two series equals .71.
Sources: FRED and RERC
8
HR
2005
2006
2007
2008
2009 2010
2011
2012 2013
comparison of the historical capitalization for hotels
and 10-year Treasury rate series from Q1 1992 to Q3
2013. The exhibit indicates a common trend and a
strong correlation (r=.71). The average spread between hotel capitalization rates and 10-year Treasuries
equals 510 basis points.
capitalization rates during the first half of 2014, a 150
basis points increase in the 10-year Treasury rate
equates to nearly a 100 basis points increase in hotel
capitalization rates.
The results from same exercise also are performed
with data for the all-property capitalization rate, R, as
shown below.7
Statistical Analysis
To better understand the statistical relationship
between the general level of interest rates and hotel
capitalization rates the log of the ten-year Treasury
rate, lnrf, is regressed on the log of the hotel capitalization rate, lnHR, to produce an elasticity estimate.
The results are (t-statistics in parentheses):
lnHR = β0 + β1 lnrf + ε
1.02
.24
LnR = β0 + β1 Lnrf + ε
1.85
.18
(3)
Adj. R2 = .33, Elasticity R, rf = .18
(45.10) (6.99)
This regression output closely resembles the previous
one except that both the R2 and the elasticity are
somewhat lower than in the case of the hotel capitalization rate. This implies that hotel capitalization rates
have greater sensitivity to changes in the general level
of interest rates than do other commercial real estate
capitalization rates.8
(2)
2
Adj. R = .50, Elasticity HR, rf = .24
(46.83) (9.29)
The ten-year Treasury rate explains exactly one-half
of the variation in the hotel capitalization rate. The
elasticity of .24 may be interpreted as a one 1.0 percent change in the 10-year Treasury rate on average
results in a .24 percent change in the hotel capitalization rate. Thus, hotel capitalization rates are relatively
inelastic with respect to 10-year Treasury rates while
the 10-year Treasury rate explains one-half of the
variation in the hotel capitalization rate.6
Expanded Statistical Analysis
An important extension for enhancing the estimation
precision of the of hotel capitalization rate and interest
rate elasticity involves recasting the analysis on a
multivariate platform to allow for any offsetting
effects from risk premium compression/expansion and
different NOI growth rates over time. This approach
also offers the opportunity to control for possible
influences of investor sentiment and credit availabil-
If, for example, the 10-year Treasury rate increases
from 3.0 to 4.0 percent representing a 33 percent
change the hotel capitalization rate will increase on
average by 7.92 percent (33 percent x .24). Assuming
hotel properties trade at 8.0 percent capitalization
rates, the assumed change in the 10-year Treasury rate
corresponds to a 8.63 percent (8.0 x 1.0792) hotel
capitalization rate. At these assumed levels, which
approximate the levels of 10-year Treasuries and hotel
6
The elasticity related to the slope of the regression line and
the R2 relates to the aggregate proximity of the points around
the regression line.
7
The all-property capitalization rate is the average of the rates
of the nine property sub-categories reported by Real Estate
Research Corporation (RERC).
8
Because hotel capitalization rates are part of the allcapitalization rate calculation data reported by RERC some
bias is introduced when making this comparison. Notwithstanding, the bias is quite small.
9
ity. The conventional wisdom is for interest rates to
move upward, but coincidently, for risk premiums to
shrink, and for NOI growth to during economic
recoveries. The multivariate regression uses data
beginning in 1997. The hotel capitalization rate as the
dependent variable and the model includes the following explanatory variables (data sources in parentheses):
Gordon Growth Model Variables
rf - The constant maturity ten-year Treasury rate
(FRED).
rp – The spread between Moody’s AAA corporate
bond yield index and the ten –year Treasury rate
(FRED).
g – The expected rent growth rate for the next five
years specified by survey respondents (RERC).9
Controls
Sentiment measured by an investment conditions
rating specified by survey respondents using a onethrough-ten scale (RERC).
Each of the Gordon growth model variables is correctly signed and statistically significant at the .10 level.
The risk premium and income growth elasticity
estimates of .10 and .06, respectively, fall well below
the 10-year Treasury rate elasticity. Neither the sentiment nor the credit availability variables performed
well in this model.
Returning to the earlier example and revising the
numbers accordingly - if the 10-year Treasury rate
increases from 3.0 to 4.0 percent representing a 33
percent change then the hotel capitalization rate will
increase on average by 4.95 percent (33 percent
x .15). Again assuming hotel properties trade at 8.0
percent capitalization rates, the change in the 10-year
Treasury rate corresponds to an 8.39 percent (8.0 x
1.0495) hotel capitalization rate. The multivariate
results therefore suggests that it will take more than a
200 basis point increase in the 10-year Treasury rate
to produce a 100 basis point increase in the hotel
capitalization rate.
Implications for Near-Term Hotel Capitalization
Rates
Credit availability measured as the quarterly change
in commercial bank real estate loans divided by
GDP (FRED).
Yearly dummy variables to control for trend
(RERC).
The elasticity of hotel capitalization rates and 10-year
Treasury rates computed from the multivariate regression of .15 is 38 percent smaller than the univariate
estimate which is not surprising given that the potentially offsetting effects of the risk premium and income are considered in this statistical analysis. The
adjusted R2 from this regression is quite high at .93.
10
The real rate of interest is likely to mean revert over
the next 24 months and if it does hotel capitalization
rates will increase to between 25 to 75 basis points.
This interval estimate derives from the assumption of
no unexpected inflation or deflation and incorporates
the potential for offsetting effects of narrowing risk
spreads in the capital markets and future income
growth. The two-to-one basis point empirically-rule I
infer from the statistical analysis comes from recent
data but it must be viewed as an average result. This
general rule will not always yield an accurate prediction. Interestingly, the statistical prediction obtained
9
Rent growth serves as a proxy for NOI growth.
here of the sensitivity of the real estate capitalization
rate to the general interest rate matches the expert
opinion offered by the Moodys executive identified in
footnote number three of this article. 
Clayton, J., D. C. Ling, and A Naranjo. Commercial
Real Estate Valuation: Fundamentals Versus Investor
Sentiment. Journal of Real Estate Finance and Economics, 2009, 38:1, 5-37.
Federal Reserve Bank of Saint Louis, Federal Reserve
Economic Data (FRED), Economic Research, 2014
Jack Corgel, Robert C. Baker Professor of Real
Estate, School of Hotel Administration, Cornell
University, 450 Statler Hall, Ithaca, New York 14853,
607-255-9949, [email protected] and Senior Advisor
to PKF Hospitality Research, LLC.
Gordon, M. J. Dividends, Earnings, and Stock Prices,
Review of Economics and Statistics, 1959, 41:2, 99105.
Haubrich J.G, G. Pennacchi, and P. Richken. Inflation
Expectations, Real Rates, and Evidance from Inflation
Swaps, Federal Reserve Bank of Cleveland, working
paper, March, 2011.
References
Chervachidze, S, J. Costello, and W. Wheaton. The
Secular Cyclic Determinants of Capitalization Rates:
The Role of Property Fundamentals, Macroeconomic
Factors, and “Structural Changes.” Journal of Portfolio Management, 2009, Special Real Estate Issue, 5069.
Krugman, P., 54 Years of Real Interest Rates, New
York Times, August 22, 2013.
Real Estate Research Corporation (RERC), Real
Estate Report, 2013, 42:3.
Chervachidze, S, and W. Wheaton. What Determined
the Great Cap Rate Compression of 2000-2007, and
the Dramatic Reversal During the 2008-2009 Financial Crisis? Journal of Real Estate Finance and
Economics, 2013, 46, 208-231.
Yeatts, T., Interest Rate Growth Will ‘Substantially
Cancel Out’ NOI Growth Over the Next 12 to 24
Months, Experts Say, SNL, October 15, 2013.
11
VOL UME VI ‐ ISSUE I
MARCH - MAY 2012 EDITION
HOTEL HORIZONS® FORECAST
WEST PALM BEACH, FL
West Palm Beach Forecast - Upper-Priced Hotels
‐3.9%
‐8.6%
12.1%
$15 5.4 4
‐14.1%
$87.90
‐17.5%
10.9%
6.5%
$16 9.7 3
$21 4.3 6
‐16.9%
‐ 8.9 %
$100.16
$162.45
‐24.1%
2.1 %
6.9%
8.0%
‐ 2.4%
21 .0%
20 10
2
63.9%
6 .3%
$15 5.8 1
0.3%
$99.50
6.6 %
7.1%
13 .9%
20 10
3
56.2%
7 .8%
$12 0.6 1
1.0%
$67.81
8.8 %
4.7%
12 .9%
20 10
4
20 10
An nual
20 11
20 11
20 11
60.5%
7 .0%
64.1%
1
2
81.3%
70.6%
3
57.9%
8 .6%
7 .3%
10.6%
4
63.3%
An nual
68.3%
6 .5%
81.2%
‐0.2%
69.6%
‐1.5%
58.7%
66.1%
1.5%
4.5%
1
2012F
2
2012F
2012F
3
4
$16 0.0 0
2.9%
$16 6.4 0
‐ 2.0 %
$22 6.4 7
$16 8.3 5
2 .9%
20 11
20 11
2012F
$96.78
13.3%
19.5%
$74.26
5.1%
9.5 %
$106.44
10.0%
6.5%
$120.92
13.4%
6.2%
$195.27
3.5%
Exhibit 2* : Income Change
14 .1%
6.9%
10 .3%
6.2%
‐0.2%
4.0%
Annual
68.9%
0.9%
$185.64
4.8%
$127.92
5.8%
0.0%
0.9%
Annual
Annual
69.8%
70.3%
1.4%
0.7%
$194.28
$204.68
4.7%
5.4%
$135.68
$143.98
6.1%
6.1%
1.5%
2.1%
2.9%
2.8%
2015F
Annual
70.4%
0.1%
$213.83
4.5%
$150.50
4.5%
2.3%
2.4%
2016F
Annual
69.5%
‐1.2%
$219.61
2.7%
$152.73
1.5%
2.7%
1.5%
2.0%
‐6.0%
‐8.0%
'96
'98
'00
'02
'04
'06
'08
'10
'12
'14
Income (Left)
RevPAR (Right)
Total Departmental Income
60.1%
Total Un distributed Expenses
28.9%
31.3%
Management Fees, Property Taxes, and In surance
58.3 %
1
.3
8,947
Boca Raton
16
3,700
West Palm Beach
27
4,891
23.9%
44 y Share 2,859
Upper‐Priced Brands b
31.5%
49
4,056
Marriott
18.4%
Properties
26.2%
3
2
2
Totals
Rooms
% Submkt.
Properties
R ooms
4,891
54
.7%
60 % Submkt.
6,5 59
Rooms
P re‐Plann ing
1
P lanning
Final P lanning
1
1
In Construction
76
820
3
8,591
Occ
 Occ
ADR
5 .2%
5 .1%
170
94
175
20 07
64.7%
‐4.0%
$157.63
20 08
5 5.4%
20
09
62.3%
93
57.3%
‐3.7%
6,915
‐8.1%
$155.67
44.6%
$129.01
20 10
62.3%
8.8%
$124.70
‐3.3%
20 11
65.6%
5.2%
$134.05
1 .9%
3.0%
7.5%
‐1.2%
136
‐17.1%
Year
20 07
Occ
67.9%
 Occ
‐2.0%
ADR
$208.96
 ADR
4.1%
20 08
66.8%
‐1.6%
$211.01
1.0%
20 09
59.9%
‐10.3%
$173.19
‐17.9%
20 10
65.4%
9.0%
$165.34
20 11
69.9%
6.9%
$176.84
‐4.5%
7.0%
West Palm Beach Performance - L ower-Priced H otels
Year
Occ
 Occ
20 07
61.2%
Forecasts are valuable tools for developing expectations of ke y varia bles. Cha nges to forecasts occur for two primary 20
reasons.
The
first is
08
57.7%
‐6.2%
‐5.8%
adjustments to historical series made by the da ta provide r, causing future periods to vary due to changes in their ba se.
The se cond
is t hat
20 09
54.3%
‐5.9%
ADR
 ADR
$95.50
$90.07
‐2.3%
‐5.7%
$74.53
‐17.2%
20 10
58.6%
economic expecta tions t end to shift as more information bec omes availa ble, t hus moving the hotel variables according
to the ir underlying
8.0%
$70.24
‐5.8%
relationships. W e are constantly re-evaluating the performance of H ot el Horizons® forecasts, and pres ente d be low is20a11view on60.2%
how the
2.8%
$73.21
4.2%
world has changed since the December 2011 - February 2012 issue, pre sent ed in sa me period, prior ye ar change format. All data under "This
Report" are a ctua l through 4th Q uarter 2011. Data ma rked as "Last Report" are actual through 3rd Qua rter 2011, wit h 4th Quarter 2011 being
the first forecast period for tha t re port. As noted on earlier pages, all of the hotel variables be low are modeled using da ta from Moody's
4,056
Rooms
4
hotels that do not participate in their surveys, and a cc ount for s upply, demand, and revenue changes in a market when a hotel(s) closes or reopens. This modification in procedures has resulted in some changes to the his torical performance data used in our Hotel Horiz ons® models.
2.3%
2.3%
0.3%
1.1%
1.6%
2.1%
1.6%
2.0%
2.2%
Change in Total Payro ll Emplo ym ent*
0.8%
1.2%
0.6%
Last Report
0.2%
0.3%
1.2%
This Report
‐1.0%
‐0.9%
‐1.1%
Last Report
‐0.2%
‐0.2%
‐0.1%
‐0.1%
‐0.2%
Change in Demand**
1.3%
0.8%
Change in Su pply**
‐0.4%
‐0.8%
0
2 .0%
0
0
0.0%
4 .9%
0
0
Rooms
1
3
$101.98
$96.97
15,5 06
$73.88
‐1.1%
20 07
‐4.9%
$87.88
Upper‐Priced
0
0.0%
0
0
0
0
0.0%
0.0%
0
0
0.0%
R ooms
150
4
445
2.9 %
Average Daily Rate
NATIONAL FORECAST
ADR growth expecta tions are increasing, 4.1% vs. the past
4 quarters' rate of 3.6%, and are above the long run
average of 2.9% ‐0.6%
$103.81
‐ 26.4%
$108.07
P hase
$123.62
P re‐Plann ing
5.2%
1
1,047
16 .0%
Hampton Inn
Upper‐Pr iced Penetration vs. Market To tal
2
525
8 .0%
Holiday Inn Express
2
322
4 .9%
Wyndh am Garden Hotel
Upper‐Pr iced
$40.45
105
20 09
55.5%
Source: Smith Travel Research
20 10
20 11
61.1%
64.4%
 Occ
95
ADR
‐7.3%
$150.99
90
‐5.4%
$148.15
2007
‐8.0%
$127.68
10.1%
5.4%
$127.56
$133.60
 ADR
Year
20 07
Occ
64.6%
 Occ
‐6.9%
ADR
$196.68
2.0%
20 11
65.8%
5.8%
$176.84
5.7%
3.8%
Boca Raton Performance - Lower-Priced Hotels
$85.99
3
2
4
2
3
2
2
1
3
3
3
4
2
$116.40
10.4%
62.8%
58.9%
‐7.6%
‐6.3%
$100.11
$95.87
1.9%
‐4.2%
$62.91
$56.45
53.0%
‐10.0%
$82.99
‐13.4%
$43.99
‐ 22.1%
20 10
59.7%
12.7%
$78.13
20 11
62.6%
4.9%
$79.10
0.2%
1.0%
1.4%
2.6%
7.2%
0.4%
1.4%
2.8%
4.8%
Change in Occu pancy**
‐1.4%
1.8%
8.2%
1.5%
4.6%
5.3%
1.5%
1.7%
1.5%
2.9%
Change in ADR**
5.0%
‐1.6%
0.8%
6.3%
4.3%
4.6%
This Report
Last Report
4.3%
6.7%
6.5%
3.7%
11.5%
17.9%
7.7%
9.9%
12.0%
6.0%
6.4%
10.9%
17.4%
7.3%
11.7%
12.0%
4.8%
4.6%
$110.83
2.1%
4 .7%
$115.96
4.6%
$119.88
3.4%
$121.98
1.8%
-16.7%
$56.41
$68.89
5.4%
ADR: 2 .9%
6.6%
$73.63
6.9%
$76.85
4.4%
$77.17
0.4%
RevPAR: 2 .7%
** See Appendix for exhibit des criptions
3.0
sn
2.0
io
ati
ve
1.0
D
d
0.0
ar
d
n
a
‐ 1.0
Sf t
o
r e
‐ 2.0
b
m
u
N
‐ 3.0
‐ 4.0
2007
2008
2009
2010
VOLUME VI - ISSUE I
2011
2012F 2013F 2014F 2015F 2016F
Source: PKF Hospital ity Researc h, Smith Travel Researc h
Quarterly forecasts up to 4 quarters out • 5 Year History of Hotel Performance Data • Economic & Hotel Market Commentary PRICE: $595
www.pkfc.com
‐5.9%
$46.65
6.1%
1.2%
$49.53
6.2%
‐4.0%
97.4%
‐3.0%
• History and Forecast of Key Economic Variables 20 09
98.1%
99.2%
97.3%
20 10
98.7%
101.2%
99.9%
20 11
98.8%
99.6%
98.5%
0.0%
WEST PALM BEACH, FL
 ADR
‐ 0.4 %
Rev PAR
$60.61
 R evPAR
‐7.3%
 Supply
2.3%
 Dem and
‐ 4.8%
‐6.0%
$92.76
‐ 5.1 %
$54.06
‐10.8%
3.2%
‐ 3.0%
66.2%
Luxury
49.7%
Up per Upscale
3
47.3%
‐11.9%
‐12.5%
$10 0.4 6
$74.34
‐19.3%
5.5%
‐13.2%
$66.46
$36.93
‐28.9%
‐24.0%
2.4%
0.0%
‐ 9.8%
‐12.4%
‐3.7%
$63.39
Upscale
4
52.0%
An nual
53.8%
Upper Mid scale
1
71.6%
Mid scale
2
57.7%
20 10
3.0%
20 10
20 10
6.0 %
3
4
9.0%
20 10
20 11
 Occ
‐6.9%
Occ
ADR
Change 2012 to 2016 Forecast
52.0%
Economy
55.2%
0.0%
59.1%
An nual
$97.73
$66.77
$78.18
8 .2%
$93.01
3.9%
$68.00
10.0%
6 .1%
$61.90
$65.62
2.0%
9 .9%
2
20 11
20 11
2012F
3.3%
4%
2%
3.3%
1.9%
1.7%
0.6%
‐2.9%
2012F
2012F
2.8%
2.3%2012F
2012F
60.5%
4
An nual
6.5%
57.7%
61.3%
1
2 5.7 %
3
4
Annual
78.1%
4 .8%
4 .6%
3 .7%
Eco nom y
Midscale
2013F
2014F
Annual
Annual
64.1%
65.4%
Annual
66.5%
2016F
Annual
66.9%
Upscale
$29.98
‐16.2%
‐ 0.9 %
$34.72
$42.06
‐11.8%
‐22.2%
‐ 0.8 %
0.2%
$66.55
0.1 %
‐ 1.5 %
6.5%
‐ 8.5 %
$39.23
6.2 %
‐ 1.2 %
14 .8%
‐ 2.45.6%
%
‐ 1.7 %
$32.21
$36.19
7.5 %
4.3 %
‐ 1.2 %
‐ 2.6 %
8.7%
3.3%
‐ 5.76.0%
%
$92.66
‐ 0.4 %
*S ee Appendix for exhibit descriptions
$72.43
6.5%
$63.41
2.4%
$68.70
$75.88
4.7%
2.9%
His torical Deman d Change 1988‐2011
His torical Deman d Change 2007‐2011
3.7%
$96.79
2.0%
2.0%
1.8%
0.5%
Upper Upscale
Source: PKF Hospitality Research, Smith T ravel Research
$43.59
4.8 %
$43.80
11.6%
$32.86
$78.81
Year
$82.01
20 07
4.1%
An nual
$5 2.5
3
64.4%
$86.53
20 08
$91.28
20 09
$95.48
20 09
5.5%
An nual
5.5%1
4.6%2
$5 6.5
5
61.5%
$6 0.7
3
66.9%
20 09
20Luxury
09
Oakland
Orlando
Philadelphia
Phoen ix
Pittsburgh
Portland
4
4
2
3
1
1
2
2
4
3
3
Sacramento
Saint Loui s
Salt Lake City
Financial
Line Item RESEAR CH
P. 3 | PKF
HOSPITALITY
Rooms Revenue
Food and Beverage R evenue
Total Departmental Expenses
Total Departmental Income
Total Un distributed Expenses
Tampa
Management Fees, Property Taxes, and In surance
San Francisco
4
Tucson
Washington DC
West Palm Beach
Net Operating Income**
*Data from 2011 "Trends® in t he Hotel Industry" report
55.1%
2008
2009
2010
Between 4 % and 5%
Less than 4%
R evPAR
‐3.3%
Supply
2.1%
Dem and
‐ 3.5%
$94.01
‐5.8%
1.5%
‐ 3.0%
$114.76
‐28.2%
3.3%
‐ 9.1%
$66.52
$47.12
‐23.9%
‐15.7%
2.5%
3.3%
‐ 8.9%
‐ 1.6%
‐8.1%
10.4%
$99.81
$11 6.5 1
‐11.9%
$63.44
‐14.0%
$12 8.7 1
$16 0.7 6
‐15.8%
‐ 6.2 %
$72.79
$118.73
‐22.6%
3.5 %
20 11
2012F
33.6%
1
65.1%
65.9%
3
4
56.1%
62.8%
Annual
66.1%
$10 0.8 0
$12 5.6 0
$13 4.0 8
35.6
%
1.5%
79.8%
2
2012F
2012F
$12 6.0 9
$16 8.4 8
$12 8.6 3
28.9
%
1 .5%
44.9
%
4 .6%
9.2%
5 .3%
$177.11
0.0%
‐ 2.0
%
29.6%
4.8%
70.4%
9.0%
30.8%
6.1%
39.6%
5.1%
10.0%
6.3%
29.6%
5.1%
1.5%
2013F
2014F
Annual
Annual
67.2%
68.1%
1.7%
1.3%
2015F
Annual
68.7%
0.8%
2016F
Annual
68.4%
‐0.5%
$139.90
SM
5.2%
8.3 %
$51.59
2.7%
3.6%
3.4%
‐ 4.8%
14 .1%
3.2%
14 .3%
9.5 %
2.0%
9.4 %
‐ 0.9 %
5.7%
1.9%
11 .4%
11 .0%
$77.97
7.1 %
11.5%
17.9%
‐ 1.0 %
‐ 0.9 %
$55.58
7.7 %
‐ 1.1 %
$76.30
9.9 %
‐ 0.4 %
$87.32
12.0%
6.7%
‐ 0.8 %
5.3%
7.2%
0.4%
4.2%
1.3%
‐0.5%
3.3%
4.9%
8.5%
0.0%
0.0%
1.8%
3.4%
$9 2.5 3
6.0%
‐0.1%
1.4%
$146.41
$154.38
4.6%
5.4%
$9 8.4 5
$105.18
6.4%
6.8%
0.9%
1.4%
2.6%
2.7%
4.6%
$110.91
5.5%
1.8%
2.7%
$166.48
3.1%
$113.82
2.6%
Historical performance and rankings 2.1%
1.6%
New hotel construc on Source: PKF Hospit al ity Research, Smith Travel Research
Top brands 2011
Exhibit 13*: West Palm Beach Standardized Changes in Real RevPAR Movements Over Time
S ource: Smith Travel Research
Exhibit 13*: West Palm Beach Standardized Changes in Real RevPAR Movements Over Time
U.S.
P.10 | PKF HOSPITA LITY RESEA RCH
Relates economic movements to hotel performance • Submarket Data 4.4%
‐0.3%
‐0.2%
$8 7.7 7
$5 8.3 0
$8 2.7 7
$161.48
report.
Please contact Claude Vargo at (404) 842-1150, ext. 237 for more information.
4.3%
$72.04
$69.40
$132.36
$84.93
$141.27
Source: PKF Hospitality
Research
$133.28
3.6%
‐0.3%
† West Palm1.8%
Beach Lower-Pri ce
Average ADR: $73.713.0%
$103.86
‡ West Palm3.4%
$131.81
4.9%
Beach Lower-Pri ce
Average Size: 74 Rooms
For a more comparable a nd deta iled financ ial comparis on, we re commend a PKF Benchmarker
Between 5% and 6%
2007
Rev PAR
3.0%
‐18.4%
1.8%
‐14.4%
0.1%
$15 5.0 5
0.5%
$15 2.8 3
1.2%
$17 1.4 8
1.3%
$12 0.6 7
0.0%
9 .3%
26.2%
6 .4%
73.8
%
8 .2%
60.7%
WEST PALM BEACH, FL
2.2%
1.8%
2.1%
ADR
2.2%
2.3%
2.5%
‐ 1.4 %
61.0%
10.7%
$11 8.0 1
‐ 2.2 %
ADR Between8$70
Room s‡
54.3%
.9% & $100† $94.98Under 100 0.5%
97.0%
98.5%
6 .6%
$11 9.5 0
2.6%
61.8%
78.6%
66.0%
31.3%
3
42.6%
4
9.0%
An
nual
2012F
4.0%
2.1%
3.2%
0.0%
0.0%
‐2.4%
56.6%
73.9%
26.1%
1
73.9%
2
20 11
**Before deductions for capital reserves , rent, int erest, income taxes, depreciation, and amortization.
2012F
Raleigh -Durham
Richmond
‐ 2.5%
‐0.5%
‐0.2%
ADR
58.1%
0.0%
An
nual
20 11
20 11
20 11
3.3%
3.1%
‐ 2.1 %
‐ 0.5 %
‐ 1.5 %
7.4%
‐12.0%
5.1%
‐11.2%
54.5%
An nual
20 10
2
20South
10 Atlantic Region
3
98.5%
4
20 10
Seattle
8.1%
‐ 1.6 %
Source:
PKF Hospitality $94.47
Research, Smith Travel
Research
‐4.7%
‐11.5%
49.9%
20 10
San An tonio
San Diego
• Rela onship Graphs MARCH
‐0.4%- MAY 2012
0.9%EDITION
6.3%
Occ
6.2%
‐5.4%
7.7%
‐4.4%
$6 3.8
3
55.1%
3
‐ 1.9%
‐ 7.5%
‐ 1.8 %
9.5 %
6.8 %
8.4%
6.0%
4.4%
$4 9.4Occ
6
$64.784.3%
4.1%
West
Forecast
$70.78Palm Beach
3.0%
$4 1.5 6 - All Hotels
4.9%
20 09
Limited-S ervice Hotels - Percent of Total Revenue - 2010
Newark
Oahu
115
95
90
Real Personal Income, Employment, CPI, GMP ‐ 4.6%
‐ 1.6 %
2.0 %
$39.62
$46.53
$7 5.5 7
$3 4.3 0
®
HOTEL
$75.71HORIZONS
4.5% FORECAST
$4 6.4 2
West Palm Beach Financial Benchmarks* *S
- ee Appendix for exhibit Limited-Service
descriptions
20 10
1 Hotels
Nashvil le
New Orleans
New York
3.6 %
$69.74
4.5%
2.2%
1 .9%
3.9%
Period
Forecast Deman d Change 2012 ‐2016
61.3%
1.4%
53.0%
2.2%
3.0% 58.7%
1.8%
2.6%
2.0% 2.3%
62.8%
2.3%
2015F
Upper Mid scale
‐13.0%
4.9%
‐10.8%
‐15.7%
4.8%
‐ 7.4 %
4 .0%
$73.71
Source: R esearch, Smith Travel R esearch
1 PKF Hospitality 75.3%
5 .2%
*See Appendix for e xhibit descriptions
20 11
6%
4.4%
‐1.1%
‐7.7%
16.1%
20 11
3
51.8% Demand‐0.4%
Exhibit 11*: Historical vs. Forecast
Compound Average
Annual
Change
8%
NATIONAL
FORECAST
110
Greater than 6%
‐ 1.0 %
*S ee Appendix for exhibit descriptions
62.0%
58.3%
1
2
Period
96.5%
Detroit
2
2
Fort Lauderdale
3
1
Fort Worth
4
2
Hartford
3 Upper‐Pr iced Penetration vs. Market To
1 tal
Houston
3 105
1
3 100
Indianapolis
1
Jacksonville
4 95
3
Kansas City
4 90
2
2 85
Long Island
4
Los Angeles
1 2007 2008
2009
2010 3 2011
Memphis
3
2
Market
Occ
ADR
R evPAR
Miami
1
3
etration vs. Mar ket To tal
Minneapolis
3 Lower‐Pr iced Pen
2
105
100
‐2.0%
An nual
West Palm Beach
P. 6 | PKF HOSPITALITY
RESEAR CH
3
2
Number of Standard Deviations
Change in RevPAR**
2011 and 2012 Year End Forecast Change in RevPAR
2011
-1.3%
Upper and Lower Priced Proper es 6 .1%
-2.0%
$5 3.50
‐1.3%
* Economic data (history and f orecast) are from Moody's A nalytics
** Hotel performance data: History supplied by Smith Travel Research; Forecast developed by P KF Hospitality Research
12.0%
1.0%
63.3%
An nual
20 10
NATIONAL FOREC AST
Source: Dodge / TWR / STR / PKF‐HR
99.1%
Source: Smith Travel Research
This Report
Last Report
0.0%
3.0%
2.8%
20 08ble f or the
98.0%
96.9%
95.0% shown below.
reports are availa
nat ion and
all the markets
10.0%
20 09
8.2%
0
20 07
®
‐ 20.7%
20 07
20 08
8.1%
3.0%
5.4%
Columbus
RevPAR
1.8%
63.5%
64.1%
20 09
20 09
20 09
20 09
0.0%
0.0%
0.0%
351
‐ 20.9%
Charlotte
10.1%
Chicago
11.9%
Cincinnati
Clevel and
1.9%
 ADR
62 .2%
2016F
20 07
20 09
4.9%
4.2%
% Subm kt.
0
3
Atlanta
 RevPAR
Austin
‐6.0%
Baltimore
‐6.0%
Boston
0.9%
ADR
0
0
0
Albu querque
$94.49
$104.00
0.8%
 Occ
Rooms
0
3
351 2012
5.4%
MARCH
- MAY
EDITION
0.0%
Anahei m
RevPAR
$127.12
$119.44
2013F
2014F
20 08
Year
2.8%
‐4%
‐0.1%
Occ
197
184
Propert ies
0.0%
0.0%
0.0%
0.0%
0
‐6.1%
Dallas
 RevPAR
Denver
‐5.9%
‐ 10.3%
Year
198
2
1
% Submkt.
0
0
0
Profile0
$77.89
4.7%
1.0%
‐1.4%
‐15.4%
$167.25
4.4%
$70.81
‐0.1%
 ADR
$193.91
$163.97
7.9%
1.0%
4.0%
Midscale
Economy

$96.29
‐13.8%
‐4.7%
‐6.4%
1.8%
R evPAR
Quarterly
H otel 2011
Horizons
‐1.9% 2009
$89.34
‐7.2%
2008
2010
Boca Raton Performance - Upper-Priced Hot els
* Red indicates above long‐term average ®
HOTEL HORIZONS
FORECAST
Source: PKF Hospitality R esearch, Smith Travel R esearch
4.2%
Upper Midscale
This page showcas es the PKF Hospitality Research H ot el Horizons® forecasting universe. The map below displays the average annual
‐0.7%
All Hotels Penetra tion vs. Ma rket Tota l
‐2%
average
daily rate
(ADR) change for 2012
and 2013. Occ
RevPAR
RevPAR
Year
ADR
R evPAR
1.2%
0.0%
5.3%
0%
100
‐ 22.1%
1.7%
Occ
7.1%
63.8%
60.3%
ADR
Average Annual ADR Change through 2013
Boca Raton Performance - All Hotels
20 08
Room s
0
1
134 National
2 .0% Horizon
0
Lower‐Pr iced Pen etration vs. Mar ket To tal
1
134
2 .0%
0
62.2%
3.8%
Properties
0 .0%
0
2007
In Construction
RevPAR
 RevPAR
Total
$58.47
‐8.4%
$51.95
‐ 11.1%
Occ
‐1.0%
P. 8 | PKF HOSPITALITY R ESEARCH
MARCH ‐ MAY 2012 EDITION
Unclassified / Independent
Lower‐ Pr iced
% Submkt.
0 2009
0 .0%
HOTEL
HORIZONS
2010
2011 0®
0
0 .0%
0
P lanning
Final P lanning
$41.16
Year
$44.09
20 07
2
110
0
‐2.0%
Upscale
arro w ind ic ates if p ene tration is in creasing o r de cr easing
relative to on e ye ar a go's p erfor manc e.
% Subm kt.
Rooms
5.8%
$65.51
$6 4.23
‐2.1%
Upper Midscale
*See Appendix for e xhibit descriptions
*Subm arket R evPA R p enet ration e xp res sed as a p erc ent age of
the market RevP AR for th e previo us 4 q uart ers. Di re ction of
99.6%
43.6%
% Subm kt.
2008
8.2%
$6 4.60
‐2.2%
Upscale
Upper Upscale
Out of 2
101.5%q uarte rs.
Rooms
Market
$61.04
4.1%
6.6%
Forecast
Lower-Priced
Exhibit 9*: Compound Average Annual ADR
Exhibit 10*: Compound Average Annual RevPAR
Exhibit 9*: Compound Average Annual
ADRWest Palm BeachExhibit
10*: -Compound
AverageHotels
Annual RevPAR Change 201
102.2%
103.1%
*B ase d o n RevP AR c ha nge over the last 4 98.9%
2,859
Rooms
0
3.6%
2015F
ADR
ADR
Midscale ‐ 3.5 %
Propert ies
0
0.0%
$105.83
Eco nomy ‐3.4%
www.pkfc.com/localmarketinfo
Luxury
44
Propert ies
95
‐3.2%
Upp er Upscale
0.2%
‐1.4%
For s ources of information re ga rding local convention, air trav el, and economic development activity, plea se visit
In ventory
Low er‐Priced Brands By Share
105
-8 .7%
$101.63
1.6%
Oc c
Source: PKF Hospital ity Researc h, Smith Travel Researc h
under the long run average of 2.1 % Luxury
‐1.8%
6,559
Submarket Penetrat ion *
100.6%
Low er‐Priced
115
3.0%
$98 .08
$98 .05
4.4 %
61.0%
Exhibit 1**: Performa nce Grade vs. Long Run Ave rage
quarters' ra te of 5.0%, but is greater t han the long run
‐1 .9%
‐3.0%
WEST PALM BEACH, FL
Total Rooms:
98%
Properties
100
$107.40
5.5 %
60.1%
62 .8%
Supply, Demand, Occupancy, Rate, and RevPAR 1.7%
2.4%
0.0%
100.0%
% Submkt.
1.9%
4.1%
14.4%
- 4.8%
- 8.8 %
57.5%
2011
Occupancy: 61.9%
fa lling to 5.8% as compared to the past 4 quarters' ra te of
8.2%, but are greater than the long run averag e of 2.7% ‐2.0%
Upscale
Midscale
Econom y
56 .4%
% Submkt.
W aldorf Ast oria Hotels&R esorts
RevPAR
 RevPAR
$104.31
59.8%
54 .5%
2010
Yea r
L ong Run Av erages - 198 8 to 2011
is falling , 2.2% vs. the past 4
Exhibit
8*: Compound AverageForecast
Annual demand
RevPARgrowth
Exhibit 8*: Compound Average Annual RevPAR
Change 2007
Luxury ‐2.6%
Upper Upscale
100.7%
Rooms
61.6%
1.0%
Each Hotel Horizons® Report Includes: • 5 Year Forecast of Hotel Performance Data Re vPAR RevPAR
Occ
-0.5%
2008
2009
2012F
Change 2007 to 2011
average of 1.9% Upper Midscale
3,700
Rooms
Boca Raton Construct ion Pipeline
FORECAST SUMMARY
SUMMARY
NATIONAL FORECAST
NATIONAL
Source: PKF Hospitali ty Research
4.7%
0
100.2%
100.7%
Upper- ti er h otel s a re proje ct ed t o co nt inue to le ad the w a y i n
R ev PAR g rowt h in 20 12 . R ela ti ve ly h igh occup an cy l eve l s allow
m ana ge rs at t h ese hot els to b e m ore agg re ssi ve wi th the ir pric ing
pol ic ie s.
NATIONAL
FORECAST
RevPAR growth projections for the next 4 quarters are
The graphs illustrate compound avera ge annual ADR and RevPAR change during the historical and forecaste d period 2007 Supply*
to 2016. The chart at the
Exhibit 7*: Compound Average Annual
ADR
Exhibit 7*: Compound Average Annual ADR
Change 2007 to 2011
On t he o th e r hand , the P K F-H R fore ca st fo r i ncre ase d occupancy i n
20 12 ha s im pr oved b e cau se of M oo dy’s m o re bulli sh outlook for gains
i n e m pl oy m ent .
B e tte r tha n expec te d i ncre as es i n occ upa nc y,
com bined w i th below ex pe ct ati on ADR growt h , a re co ns ist en t with
the patt er n we obse rv ed during t he fou rt h qua rt er of 20 11.
Revenue Per Available Ro om
Change in Real Per sonal Income
3.6%
2.6%
463
101.9%
101.3%
20 10
The arrows show the forecast direction of change ove r the next 4
quarters vs. the pre vious 4 quarters. Green indicates the change will
be above the long run averag e, and red indicates it will be below.
Occupancy will incre ase to 61.0%, better than the previous
4 quarters' rate of 60.1%, but below the long run average
of 61.9% 1
219
1.4%
0
0
0.0%
MARC H ‐ MAY 2012 EDITION
6
814
5.2%
The 5.8 pe rc en t for ec ast inc rea se in R ev P AR is 30 basi s poin ts l ess
tha n o ur p re vious forec ast re l ea sed in D ec em ber 20 11 . Dim i nishe d
pro spe ct s f or A DR g rowt h ar e th e pr im a ry re ason for t he l owe ring of
our R ev PAR for ec ast . M oody ’s has re duc ed its pro ject ions for R ea l
P er sona l Incom e gro wth, w hic h i n t ur n sup pres ses b oth infl at io n a nd
re al ADR grow th.
2007
NATIONAL SNAPSHOT: NEXT FOUR QUART ERS
NATIONAL
SNAPSHOT: NEXT FOUR QUARTERS
Occupancy
% Market
1.0%
Supply growth will stay about the same at 0.6%. This is
bottom
of the bids
pageonshows
the compound
average annual change in demand for each sect or during the specified period of time.
Gro und h as been broken or the owner
is finalizing
the prime
(general) contract.
20 11
Properties
57.6%
5.3%
5.1%
1.1%
0.9%
3.7%
Properties
1
4.5%
Ch ange in Gross Metro Product
16
Properties
20 08
6.4%
8.5%
*See Appendi
0.6%x for exhibit descri
0 ptions
45.3%
% Subm kt.
219
101.7%
101.3%
20 09
5.1%
13.1%
Marriott
$141.82
C ou rtyard
$140.96
100.5%
20 08
‐100.0%
23.8%
Source: Smit h T rav el Research
$77.67
Boca Raton Submarket Inventory
20 09
6.4%
6.1%
Federal Reserve Bank Beige Book, February 29, 2011
2.1%
% Market
0.0%
Change 2007 to 2011
2
20 10
6.2%
5.6%
Rooms
0
HOTEL HORIZONS®
% Subm kt.
150
1
0
0.0%
20
13
2013
This Report
Last Report
9.0%
2.1%
2.1%
318
Lower-Priced
*See Appendix for exhibit descri ptions
1
94 20121.1%
MARCH
- MAY
EDITION
0.0%
0.0%
0
0 .0%
0
0 Raton
0.0%
Submarket
Profile
- Boca
Year End
Last Report
8.5%
4.4%
94
175
134
573
P. 2 | PKF HOSPITALITY RESEAR CH
Submarke t R ank*
The Boca Rato n submarket st retches alon g US Highway 1 from
Boca Raton in the south to Lake Worth in the north. It inclu des
AllGrHotels
Penetra
tion
hotels in Boynton Beach, Delray Beach,
eenacres,
Highlan
d vs. Ma rket Tota l
Beach, Man
RevPAR alapan, Lantana, and Atlantis.
Year
Occ
ADR
R evPAR
 RevPAR
201
2
20 12
This Report
4.8%
4.2%
327
3 25
3
1.0%
Properties
0
Source: Dodge / TWR / STR
318
231
Propert ies
Year End
2.7%
La Quinta Inns & Suites
% Market
1.1%
The project will go out for bids, or construction will start within 4 months.
Change in Consum er Price Index
% Subm kt.
421
3
2
% Submkt.
P. 11 | PKF HOSPITAL ITY RESEARCH
Analytic s. It is important to note that all historical data are subjec t to revis ion.
Smith Travel Resea rch, our source for historical lodging data, has furthe red refined the methods t he y use to estimat e the performance of
3.2%
3
3
2.0%
2.9%
Rooms
Room s
Inventory
Upper‐Priced Brands b y Share
WEST PALM BEACH, FL
What Has Changed Since The Last Report?
3.0%
4.0%
Fairfield
Inn
Sup er 3.0%
8
4.3%
3.7%
454
Upp er-Priced
Dem and
Rooms
49
Propert ies
La Quinta In ns & Suites
Comfort Inn
Properties
1 .1%
0
HOTEL
HORIZONS ®0 FORECAST
0
439
West Palm Beach Performance - Upper-Priced Hotels
0.2%
666
574
‐1.0%
Prop erties
1
In C onstruction
C hange in Total Employment
Lower‐ Pr iced
% Submkt.
 ADR
P. 9 | PKF HOSPITALITY R ESEARCH
Last Report
2.4%
0.0%
Propert ies
Source: Dodge / TWR / STR / PKF‐HR
This Report
4.0%
375
Source:
Moody
relative to on e ye ar a go's p
erfor manc
e. 's Analytics
42.3%
Low
er‐Priced Brands By Share
57.7%
Hampton Inn
8,947
9 .2%
467
454
Rooms
0
Total
Year
This Report
% Market
619
4
Properties
West Palm Beach Performance - All Hotels
2011
R ooms
6
Holiday5.0%
Inn Express
arro w ind ic ates if p ene tration is in creasing o r de cr easing
Low er‐Priced
%ventory
Market
In
Upper‐Pr iced
P hase
3rd Qtr
4th Qt r
Year End
Change in R eal P ersonal Income*
Properties
Hampton
6.0%Inn
6.8%
3.6%
Definition 3.6%
3.1%
No architect has been selected
National Hotel Summary
An architect or engineer has been select ed for the pro ject and plans are underway. Initial appro vals have usually been granted.
Pre-Planning
Planning
2.4%
Final Plan ning
2.4%
1.0%
*Subm arket R evPA R p enet ration e xp res sed as a p erc ent age of
the market RevP AR for th e previo us 4 q uart ers. Di re ction of
q uarte rs.
Hilt on
Doubletree
2nd Qtr
Lower-Priced
Brands
7.0%
8.7%
1,047
West Palm Beach Submarket Invent ory
Upp er-Priced Upper‐Priced
Lower-PricedProperties
Prop erties
Rooms
% Market Properties
Rooms
% Market
Inventory
27
West Palm Beach Construction Pipeline
2011
% Market
1,345
1
170
Sourc e: Moody's Analytics, PKF-HR, Smith
Trav el Research
Phase
101%
Out of 2
*B ase d o n RevP AR c ha nge over the last 4 1st Qtr
Rooms
Pipeline Status Definitions
3.4%
2.0%
Submarket Penetrat ion *
1.9%
Submarke t R ank*
South Palm Beach, Palm Beach Gardens, Riviera Beach, Singer
Island, Belle Glad e, South Bay, Jun o B each, and North Palm Peach.
West Palm Beach Submarket Summary
B as ed on pe rform ance dat a t hr ough Dec em ber of 2 011 (prov id e d by
S m it h T ra ve l Re se arc h), and Moody’s Analytics’ Ja n uary 2 012
dom e sti c ec onom ic for ec ast , PKF- HR be li ev es th a t R evP A R in the
U.S . w ill in cre ase b y 5 .8 pe rc en t in 2 012 . Thi s i s the re su lt of a
pro je cte d 1 .6 perc ent inc re ase i n occ upa ncy and a 4.1 per ce nt ga in i n
ADR.
M oody A na ly ti c’s for ec ast for 2 012 ha s w ea ken e d som ew hat. R e al
pe rson al incom e i s fore ca st t o i nc re ase 2.5 pe rc ent i n 2 012 , dow n
fr om a fo re cas ted i ncre ase o f 4 .9 perce nt la st O ctober . E m ploym ent
is ex pe cte d to gro w by 1 .1 perc ent . T he m ode st gr ow th in the
ec onom y tra nsla te s in to conti nue d grow t h fo r R ev PA R of 5.8 percent
in 20 12, d own from 8.2 pe rce nt in 20 11. The Hote l Ho rizon ® de m and
m ode l re li es h ea vi ly on Total Em p loyment a nd Re al Pe rsonal Incom e,
al on g w ith A DR, t o p re dict f ut u re ro om sa le s. Our models tra nsla te
ec onom ic for eca sts i nt o h ot el e conom ic and fin an ci a l pe rfo rm a nce
fore cas ts.
15,506
0.0%
.1
.1
.4
20
12
20
.2
.2
12
20
12
.1
.3
.4
12
11
20
20
20
11
20
11
20
11
Submarket Profile - West Palm Beach
Total3.0%
Rooms:
The West Palm Beach submarket con tains the city of West Palm
Beach. It extends nort h up the co astline to Jupiter and Tequ estra,
Please contact Claude Vargo at (404) 842-1150, ext. 237 for more information.
WEST PALM BEACH, FL
Total Room Supply:
Source: Dodge / TWR / STR / PKF -HR
4.0%
WEST
PALM BEACH, FL
and west to Lake Okeechobee. It includ es hotels in Nort h and
For a more comparable a nd deta iled financ ial comparis on, we re commend a PKF Benchmarker SM report.
43
'16
1
Plan ning
1
Exhibit 6*: Final
Average
Annual Growth Rates
In C onstruction
1
West Palm Beach 1988 to 2011
West Palm Be ach 2 012 to 2016
Total
4
5.0%
'14
19.5%
Source: PKF Hospitality Research
HOTEL HORIZONS ® FORECAST
Total
0.2%
0.0%
Phase
Pre-Planning
† West Palm Beach Upper-Price Average ADR: $166.40
‡ West Palm Beach Upper-Price Average Size: 200 Rooms
Submarket
P. 5 | PKF
HOSPITALITY RESEAR CH
2.0%
0.0%
West Palm Beach Supply Pipeline
*See Appendix for exhibit descri
ptions
Planning
8 .0%
'1 2
5
2
0.4%
4.0%
29.0%
27.5%
7.7 %
22.9 %
'10
Dem and (Right)
3
4
0.8%
0.6%
6.0%
Doubletree
0.0%
Source: Moody 's Analytics, PKF-HR, Smit h Travel Research
56.5%
27.7 %
30.6 %
8.3%
22.9%
Net Operating Income**
*Data f rom 2011 "Trends® in the Hotel Indust ry" report
**Before deductions for capital reserves, rent, interest , income taxes, depreciation, and amorti zati on.
'08
*See Appendix for exhibit descri ptions
12.0%
Hilton
10.0%
Courtyard
8.0%
1.0%
0.5%
27.7%
43.5%
'06
1.2%
14.0%
2.5%
67.1%
28.3 %
41.7 %
'04
Prop erties
16.0%
Marriott
Waldorf Astoria Hotels&Resorts
1.0%
2.0%
150 to 300 Room s‡
6 6.7 %
'02
8.0%
18.0% Priced Brands
Upper1.4%
4.0%
3.5%
3.0%
1.5%
ADR Between $100 & $200†
67.5%
27.9%
39.9%
'00
Employment (Left)
West
Palm Beach1.6%
Top Brands
20.0%
4.5%
Source: PKF Hospit al ity Research, Smith Travel Research
South Atlantic Region
'98
West Palm Beach
Profile
ExhibitMarket
5*: Quarte
rly Employm ent vs. Demand Change
Exhibit 4* : Quarterly Income vs. RevPAR Change
Fu ll- Service Hotels - Percent of Total Revenue - 2010
Rooms Revenue
'96
*See Appendix for exhibit descriptions
West Palm Beach Financial Benchmarks* - Full-Service Hotels
Food and Beverage R evenue
Total Departmental Expenses
'94
'16
® e: Moody's Analytics
Sourc
HOTEL HORIZONS
FORECAST
Source: Moody 's Analytics
15,506
HOTEL
MARKET SUMMARY
HOTEL MARKET SUMMAR
Y
S ince the la st H ot el Horizons ® rep ort w a s re lea se d, we ha ve se en a
conti nu e d de cli ne in t he unem ploym e nt ra te, th e Do w Jo nes surpass
13 ,0 00 and t he cri se s i n E urope appear t o st abil iz e. As the out look
for t he e con om i c e xpansi on se em s to be com e c le ar , m any
ec onom ist s a re sti ll ca ut iou s i n thei r e xp ec tat io ns for 2 012.
S im i la r t o la st ye ar, the unce rt aint y i n t he M iddle E as t h a s l ed to
in c rea ses i n t he pric e of oi l. If the si tu ati on e sca la tes a n d gas p rices
conti nu e to ri se, w e c an ex pe ct c on su m er sp en ding to decr ea se i n
the com ing m o nth s (i.e ., o il pr ice increa ses a re l ike a t ax on
consume rs ). Me anw hi le , the un ce rt aint ie s su rroun di ng t he ele ct ion
w ill likely we ig h on b us ines s in ve st me nt until an out come be com es
appare nt. And, t he sh ri nking la bor pa rti cipation r at e dimi nishe s the
posi ti ve si gn al s c om i ng f rom the une mpl oy m en t rat e de cli ne.
‐2.0%
‐4.0%
'94
Total Room Supply:
NATIONAL
ECONOMIC
NATIONAL ECONOMIC SUMMAR Y SUMMARY
0.0%
0.0%
‐10.0%
‐15.0%
WEST PALM BEACH, FL
1.5%
4.5%
2012F
See graph below
8.0%
6.0%
5.0%
4.4%
0.0%
0.0%
0.0%
NATIONAL EDITION
Total Payroll Em ploym ent
See graph below
‐5.0%
2.7%
‐ 0.3 %
2013F
2014F
PRICE: $595
Exhibit 3*: Employment Change
Real Personal Income
15.0%
10.0%
0.0% - MAY 2012
‐1.5%EDITION
MARCH
5.1%
$176.35Palm Beach
4.8%
$116.64
West
Submarket
Map9.6%
Financial Line Item
MARCH ‐ MAY 20 12 ED ITION
WEST PALM BEACH, FL
forecast model. The lodging market is part of the larger economy, and the
7.6%
5.0%
‐ 0.2 %
2.4%
$7 8.0 2
‐ 0.3 %
‐ 0.3 %
‐ 0.3 %
6.1%
$174.97HORIZONS
3.9%® FORECAST
$121.76
HOTEL
$132.81
0.6%
6.5 %
$184.08
$118.89
6.4%
$16 8.2 2
$17 7.1 4
$240.61
10.1%
$106.65
5.6%
8.1%
$12 8.3 1
4 .6%
®
.3
56.6%
59.0%
75.8%
Below are a se lect number of variables that drive the PKF-HR econometric forecasts contained in this report. Income and employment are important
barometers of economic health and are used in every Hotel Horizons
forces that affect us nationally also affect lodging, but in different magnitudes and time periods (see Exhibits 4 a nd 5 below). Exhibits 2 - 6 provide an
overvie w of current economic history and forecast, and provide explanation of what to expe ct in the future, and how that affects the lodging industry.
12
‐ 6.0%
1.0%
20
12
.4
‐ 8.4%
5.0%
7.4%
$135.84
20
‐ 3.0%
4.2%
‐25.0%
‐17.1%
4
Rev PAR
.2
‐ 0.1 %
‐28.2%
$93.34
$62.33
An nual
1
ADR
2.8%
.1
‐2.8%
$159.13
‐16.2%
‐11.8%
20 09
ADR
.3
Dem and
‐ 2.3%
$131.97
‐18.4%
$15 5.4 0
$11 9.4 7
12
Supply
1.9%
0.1%
$23 5.2 9
11
R evPAR
‐1.5%
$20 4.3 3
‐10.5%
‐6.0%
20 09
20 10
Occ
20
12
.2
$20 4.1 7
‐2.9%
‐12.1%
60.1%
52.2%
20
Occ
‐4.2%
67.6%
2
3
20
Period
20
11
.4
66.5%
64.6%
1
20 09
20 09
20
11
An nual
An nual
20 09
11
Year
West Palm Beach Economic Summary
20 07
20 08
20
2012
12.0%
Market penetra on analysis 1
0
-1
-2
6.0%
4.8%
-3
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013F
2015F
Source: PKF Hospitality Research, Smith Travel Research
This Report *See Appendix f or exhibit description
Last Report Source: PKF Hospi talit y Research
P. 14 | PKF HO SPITAL ITY RESEARCH
P. 4 | PKF HOSPITALITY RESEAR CH
P.15 | PKF HOSPITAL ITY RESEARCH
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HOSPITALITY
RESEARCH LLC
Hospitality Investment Survey is compiled and produced by PKF Consulting USA, LLC and PKF Hospitality Research, LLC. Readers are advised that neither PKF Consulting nor
PKF Hospitality Research represents the data contained herein to be definitive. Neither should the contents of this publication be construed as recommendation on policies or actions.
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CONSULTANTS
EdwardL Xanders.CHA Presidenl
LUXURY - 31
Bliss
Bvlgari
Colony
Conrad
Fairmont Hotel
Four Seasons
Grand Hyatt
Hotel Sofitel
InterContinental
Jumeirah
JW Marriott
Le Mandarin Oriental
Leading Hotels of the World
Loews
Luxury Collection
Me by Melia
Park Hyatt
Pan Pacific
Prefened
Premier Resorts
Prince Hotels
St Regis
Regent Hotels
Ritz-Carlton
StarHotels
Taj Hotels and Palaces
The Luxury Collection
Trump Hotels
W Hotels
The Waldorf-Astoria Collection
World Hotels
UPPER UPSCALE - 3?
Affinia Hospitality
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Autograph Collection
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UPSCALE - 40
Adam's Mark
Aloft
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Element
Even Hotels
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Historic Hotels of America
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Hyatt House
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lndigo
Leo Hotel Collection
Night Hotels
NYLO Night Hotels
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Planet Hollywood
Radisson
ResidenceInn
Resort Quest Hawaii
Siena Suites
Staybidge Suites
TYRP
Woodfield Suites
Woodfn Suites
Wyndham Hotels
Xantena Parks & Resorts
MIDSCALEw/F&B-25
Best Westem
Clarion
Drury Plaza Hotel
Golden Tulip
Hawey Hotel
Holiday Inn
Howard Johnson
Jolly Hotels
kxington Collection
Little America
Magnuson Grand
Marc
Nickolodean
Ohana Hotels
Park lnn
Park Plaza
Quality lnn & Suites
Ramada
Red Lion
Romantik Hotel
Summit Hotels
3 Palms Hotel
WestmaIk
WestCoast
Wyndham GardenHotel
MIDSCALE W/O F&B -39
AmeriHost
Americlnn
Baymont lnns
Bradford HomeSuites
Cabot todge
Candlewood Suites
CenterstoneInn
ClubHouse Inns of America
CobblestoneHotels
Comfort Inn
Comfort Suites
Country Inn & Suites
Drury lnn
Drury Lodge
Extended Stay Deluxe
Fairfield Inn
GrandstandSuites
Hampton Inn
Hawthorn Suites
Heartland Inn
Holiday Inn Express
Home 2
InnSuitesHotels
La Quinta Inn & Suites
kes Inn of America
Lexington Hotel Suites .Magnuson Hgtel
MainStay Suites
Phoenix Inn
RamadaLimited
Red Lion Inn
Shilo Inn
Signaturelnns
Silver Cloud
Sleep Inn
Springhill Suites
TownPlaceSuiles
Wellesley Suites
Wingate Inn
ECONOMY.64
1st lnterstateInn
Admiral Benbow
Italics identifu Extended Stay Hotels
America's Best Inns
America's Best Value Inn
BoardersInn
Budgetel
Budget Host Inn
Centerstone
Country Hearth Inn
Crestwood Suites
Cross Country Inn
Crossland Suites
Days lnn
Downtowner Motor Inn
Dumont Inn
E-28
Econo Lodge
Inns of America
Exel Inn
Exlended Stay Ameica
Fairbridge Inn
Family Inns of America
Good Nite Inn
Great Westem
GuestHouselnns
Homegate
HomesteadStudio Suiles
Howard Johnsonlnn
lnnKeeper
Inncal
Innlown Suites
Jamesonlnn
Key West Inn
Knights Inn
Loyalty lnn
M-Star Motel
Master Hosts lnn
Masters Inn
Mclntosh Motor Inn
Microtel Inn
Motel 6
National9
Park Inn
PassponInn
Peartree Inn
Red Calpet Inn
Red Rooflnn
Roadstar Inn
Rodeway Inn
Savannah Suites
Scottish Inn
Select Inn
Settle Inn
Shoney's Im
Smart Brand
Studio 6
Studio Plus
Suburban Extended Stay Hotels
Sun Suites Hotels
Super 8
Thrift Indge
Travelodge
Vagabond
ValuPlace
Wandlyn Inn
Source:Smith Travel Research.Hendersonville.Tennessee
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L
ECONOMY REPORT
Economy
segment
to growin rateandRevPAR
demand trends will drive economy
potiti*'g
I
hotels to post significant occupancy gains in
more supply in that price point, so the competi-
2014, according to experts, enabling percentage
heartland of America, which is softer."
growth in rate and RevPAR for budget properties
tion is stiffer, and it's more concentrated in the
factor for the segment going for-
An important
to remain on pace with or above national aver-
ward into 201.1and 2015 will be the recovery of
ages. That may not translate into a large dollar
overall national employment levels, which dictate
amount, but it's still forward progress as the seg-
much of the demand for both economy and mid-
ment waits for national employment-a
scale products. The upscale and higher segments,
mand driver-to
key de-
fully recover from the recession.
That's why this year the segment is bucking the
industry-wide trend and benefitting more from
on the other hand, are fueled by real personal income, which has grown post-recession at a much
faster rate.
occupancy gains than from pushing ADR. The
"Our forecast looks at a lot of economic vari-
prevailing supply trends in the sector are the pri-
ables. The two that we focus on are the real per-
mary cause.
'In
the economy segment, net room supply is
sonal income and employment levels," said Man-
expected to decline in the O.5-l% range, while
the lower-end chain scales, i.e. upper-midscale,
midscale and economy, are more dependent upon
bination would yield 2ot4 occupancy growth of
employment
z.a%, which is the highest occupancy growth
upscale and upscale are more dependent on the
forecast of any chain-scale group," said Bobby
real personal income variable. Ifyou look at the
variables,
where
luxury,
Bowers, SVP at Smith Tlavel Research. ?DR
economy, while employment levels are starting to
grow, theyte not forecast to return to their pre-
current occupancy and ADR forecasts hold, this
recession levels until the latter part of 2074 or
would yield RevPAR growth of around 6%, third-
2o15. The recovery of employment in the U.S. has
highest among all chain-scale groups."
lagged compared to the recovery in real personal
"Our outlook for next year is some net new addi-
recession levels."
Still, the demand is there and operators are
confident, both now and looking ahead. Barring
2.7to outpacing supply, so it's a pretty hefty oc-
any unexpected events or upheavals, operators
cupancy gain of 2.31", and the ADR projection is
are projecting another steady, respectable year
equal tJthat
where smart owners will finish stronger than
Occupancy
Robert Mandelbaum. director of research infor-
where they began.
mation services for PKF Hospitality Research.
'Percentage
change in RevPAR for the economy
year; a continued trend, where we see increases in
"Overall, we are looking at 2OL1,as being.a good'
segment is fairly strong-7,3%. But it's important
occupancy, not very large, but somewhere in the
to note that the occupancy levels and ADRs are
two- to three-point range," said Mike Monchino,
the lowest. Growth is looking strong, but the lev-
president of Monchino Management, which oper-
els ofoccupancy and ADR remain below the other
ates a number ofbranded and independent hotels in
chain scales."
the Midwest, spanning both the economy and mid-
Others were similarly guarded with their outlook for the segment. "Given the averages, the
limited-service products are grinding through,
RevPAR
Source: PKF HospitalityResearch
increases of somewhere from 4-6/"."
Monchino explained that in some cases, economy properties
in those segments," said Scott Berman, princi-
downturn, thanks to usually higher-tier guests
pal & industry leader for the Hospitality
& Lei-
trading down to economy hotels based purely on
sure practice at PricewaterhouseCoopers
(PwC).
price point. Monchino has personally witnessed
$5O rate, 3% is what, $1.5O?You also have a lot
ADR
scale segments. "Then we're looking at average rate
so we dont expect to see overly robust results
"Their base is smaller, in the sense that with a
National
Forecast
(%change)
income, which I believe is already back to pre-
tions to supply, up .3%, with demand growing at
of the national level, at 4.8Y"," said
ADR
RevPAR
Source:SmithTravelResearch
upper-
is expected to grow in the 3-3.5% range. If the
Even in the case of positive new supply, as some
Occupancy
delbaum. "One of the things weVe found is that
demand is expected to increase f.5%. This com-
predict, the demand curve is still well on the rise.
2014
Year-end
0utlook
(%change)
regular
are even benefitting
customers walking
from the
away from some of
continuedon page 1.4A
January2014.HOTEL BUSINESS5A
.l
MIDSCALE REPORT
Midscale
hotelsholddownthe middlein 2014
r.\l)elts pre(lict that ill 2Oi4, hotels in
J rrrltrstr'1
TI l l r t . u r i d s c i r l es c g l n c n tr t i l l l i v e r r p t o t h e c l a s s i f i -
is largely dependent on national empioyment levels-
c:ation'.s
neuneanclpelfbnn deaclin the middle of the
llot real personal income, which drives the upscale
Like the econorny segment, midscale hotel demand
pacli, rvith ruoderartegains in occupancy, rate and
and higher segments-and the overall domestic em-
llcvIAU.. Ancl although slorl' zrnd steady may char-
plol'ment levels simply havent recovered as quickly
actcrize the segruent'-srecovery,sources s:w ther.e's
as real personal income. Things will improve though,
s l i l l u p s i t l c: r h e a d .
rvith continued gains in employment expected by late
Cousicleling botlr the nridscale and economv segnrents har,ebeen mole sluggish to reboun<lfrom the
2ol,l and bevond.
"'fotal real personal income in the U.S. fully recov-
rr:cessionthan their npscale counterparts, itk still
ered back in the second quarter of 2012," said Mark
positivc nes s that operatols can push ahead in 2O14,.
'N{itlscale
is ligl-rt sr.nack in the rniddle," said
Woodworth, president of PKF Hospitality Research.
'According
to Moody's, their most recent forecast
S(:o[[ l]er.llrau, plincipal
actually has total employment returning to its pre-
& inclustry leatlel fbr
lhc Fkrspitality' & l,eisule practicc at Plicervzrter'honsctloopers (PrvC). "It is just under 5% RevPAR
vious peak level by the end of the third quarter of
fi'om peak to peak, whereas incomes recovered in
Lhc loscst at + 5%, so it's sonter,l'herein the rniddle
about hall that time. It'.s real personal income and
t h r e c t l r r z r l t e l s"
'l'hat's
paltiiLlly.becuuse <lernantlis holding fir.rn.
corporate profits that move the demand needle for
\\'ilh nriuirlal lerv supply entering the malket, oc('upau('] levels have renrained strong cnough for op-
nroves the needle for lower-priced properties."
cr zrtols Lostart txlging up lates this year, as the scg-
sub-se6plents, namely extended-stay product versus
rurentu orks its u'ay back towartl ple-r'ecessionhigits.
''Nct
roor.nsupply is expected to be flat or slightly
traditional, per-night hotels. For hotel properties
rlot'rr, tlne to llet conversionsorrt and inventot'v re-
peting rvith the value of extended-stay-especially
There's also tight competition within
RevPAR
midscale's
National
Forecast
(%change)
that rely' on business transient in particular, comtecently opened properties-will
llt-.scalch,rvhoseploiections are slightly krwel than
question for 2014.
pose a nagging
lJcrmau's "l.lirt supply combined with positive de-
"The general trend is workers that come Monday
nrlntl glowth lnctlns 2Ol4 occupancyis expectedto
through Friday who used to keep midscale at a good
incrczrseaborrt l'1,. Cornbine that rvith anticipated
occupancy, are finding that they can book a room for
r\l)l{ gr orvtl, of alouncl ii%, and RevPAR is erpecteci
seven days, instead offive days; so they dont have to
to groil tbout 4%."
check out, take their stuff home," said Harry Mistra,
As I}rrvers mentione<l,there arent many new-build
plesident of Karishma Riya Inc., which owns several
rriclscale looms coming online. Mostly, the nerv in-
rnidscale properties. "They can check in Monday and
r r . r r t r r r i s t l r e l c s r r l to f b r a n d - s l t a p p i n p ; .
'In
tht-.rniclscalesegtnent,there's a little more de-
leave Friday but leave their stuff there because the
Occupancy
ADR
RevPAR
Source:PKF HospitalityResearch
rate is the same."
vchpmeut activity-it's a positive drange to supply.
So for owners, it often comes down to balancing
Ilut not nranl'people are projecting to build into
the scales of rate and occupancy perpetually down
l"his scctor; a lot of hotels have changes of affilia-
the middle. With strong competitive, price-sensitive
tion thlt place theni in this segment," said Robert
plessure within the segment, it can be a trickyjug-
Nlaudclb:runr, dilcctol
gling act fbr revenue managers.
"I try to do it on a midscale, for my properties. We
chatrging.'1.1'%,
so there'-sgrorvth in occupancl,,be-
tly and get a good ADR-not
kru,-avelngeglorvth in ADR and a 5.1% projection
occupancy is high and the ADR is very low. That's
oi llevPAR grou'th, u'hich is otir slowest-projected
not \€ry beneficial to me," said Mistra. "We look at
sel1it too cheap, so the
change in RevPAR among all segnents. The mid-
mid-price according to the area, and our ADR is set
scale segrnentis the one that has continually lagged
there. We're running at about /O% occupancy, and
in terms of percentage chanp;eof revenue and de-
rve find it works out better, so that we get a good rate
mand throughout the recovery."
ADR
higher-priced hotels, and it's total employment that
rurur,irls,"
said Bobby Borvers, SVP at Smith Travel
scrvicestbr PKF Hospitality Research "Demaucl is
Occupancy
2014,, rvhich would be almost exactly seven years
g l o u ' t h ; 6 . 4 , ' 1i ,s t h e h i g h i n l u x u l y r n d e c o n o m yi s
of lesearch intbnnation
2014Year-end
0utlook
(%change)
that makes us money."
Suppty
Demand
January2014. HOTEL BUSINESS7,A
I
UPPER-MIDSCALE REPORT
Upper-midscale
hotelscontinuebuilding,
dfivingrates
2014Year-end
Outlook
(%change)
ike its slightlv higher-tier sibling the upscale
T
I
Llsegment, upper-midscalehotels will seeanother
We'r€ got a little bit of a lag in terms of AI)l{ grut'th
year ofsteady, moderate rate and RevPAR groN'th in
change [s.4,%J,but their plojected occrqtano'lcvel
2Or,!, with demand still remaining high despite an
cloeseclipse theil kln6;-term alerage: so \\'e susl)cct
active supply pipeline. And like much of the upscale
going foru,arclthat rvill enhaucethe abilitv ol rnanag-
class,upper-midscale's health reflects the successand
ers in this segmentto raisetheir room rates."
dominance of select-service products. which conrprise much of the segment.
Occupancy
ADR
RevPAR
National
Forecast
(%change)
Sources Iold Hotel Business that the industry is
service hotels. Florl an <lwnerand investor".sstarrdpoint, it lepresents a lotel risk and greatcl stabilitl'
service projects for new development, rvith tangible
over the long tern-r.
numbers to show for it: In 2014, the upscale and up-
"It',sa simpler businessuroclelversus a lirll-sclvicc
per-midscale segments combined represent the larg-
or luxulv property. You don't have so manv rnoving
est chunk ofnew construction coming online.
parts; you dont haveso many depnrtnrentsaurl places
upscale in the number of rooms under constructionl
erat<x leaves ot'sonrething likc rvhat hap;;eucrl irr
Washington, DC u'ith thc slol'dorvn in govcrnnrenl
per-midscale base is much larger than upscale," said
travel, maybe there u,ill lte less inrperctlte(:auserou
Bobby Bowers, SVP at Smith Travel Research (STR).
dont have so muclr courplexitl' Y<mrbusinessis llri-
A.gain, it's more of the same because most of the new
marily supported by transient dertran<l-trrr'porirtc:
supply that is going to be coming from chains like
antl leisure-and that'.sa little bit e:rsicrto milllirgc.'
Hampton Inn, Holiday Inn and those types of brands."
Cutshall said ernimportant firctol itlso inrpacting
All the construction activity in the segment shorv-
the current state o{ npperrlidscale is tlrc pclfirr-
cases a shift in strategy for many hoteliers, even tlre
t.nanceof another key ploduct u,ithin thc scgntcut:
large investors. "You're seeing capital groups-REITs
extended stay.Accolding to Cutshall, cxtr:nrlcd-starhotels-many of rvhich fall iuto lhe uppct -nrirlscalc
to investing a lot in select-sel'vice,"
ness development for Hospitality Ventures Manage-
class-have beeu especiallv impacted br, rctluctions
'fhe
in government spending
.jurv is still otrt on
rvhether that business u'ill leturn ils thc ccononn,
ment Group (HVMG).
continues its recovert.
said Mary Beth Cutshall, VP of acquisitions & busi-
But even new supply won't deter opel'ators liont
pushing rate in 2014 and, thus, boosting RevPAR
ADR
RevPAR
along with it. "Upper-midscale RevPAR grorvth is
currentfy forecast to be in the. 3 5-4'1, r'ange.This
for various reasons rvith a pel clienr,so thc1,'r'chad
is driven primarily by ADR growth o{ around ,1J%,"
an impact," saicl Cutshall. "There'.sztlsu a krt nurrc
said Bowers.
extendecl-sta1'businesstotlat' l.han therc rlas cight
'l'hele'.s
to 10 vears ago.
a dilfelcnt saturation o1 the
Those numbers may not dazzle cornparedrr'ith the
segrnents, but experts sa-v-rock-
the ertendecl-stay product But it rnav bc a littlc
greatly aid hotels rvorking to drive ADR this year
slor,verto recrover':
depending u,hether g(x'crnnleltt
With the propet diligence, the RevPAR gains are
s p t . n d i n gs t a l t s p i c k i n gu p ; r g a i r r . '
Until that happens. uppcr'-nriclst'illchotcls ri-ilI lcau
"Upper-midscale is the strongest pclfblmr:r aurong
8A HOTEL BUSINESS.January
2014
b
rnarket, aud irs that recovcl's,I think thal u.ill lrellt
solid occupancy projections for upper-midsczrlervill
there for the taking.
Demand
"It definiteli/ has iurpacted that segnrent U'v<nr
break it dos,n to u4ro stays in extcnded-stin Illollerties, it's very populal lvith govcrrnnrenttrarclers.
premium-priced
Suppty
the economy turns dorvn ol the nta.j<irtlemand gel-
growth will be much smaller becausethe existing up-
service-shifting
rvhele you could lose ruone,v,"
explained C-rrtshall"11
however, upper-midscale 2Ot4 percenta€ie supply
and private equity that used to be plirnarily in full-
Occupancy
Hoteliers are also attributing urrch of r.rppnr'midscale'spetfblmance to tl.repopularity ol selcct-
evolving and placing greater emphasis on select-
"Upper-midscale is running neck-and-neck with
[3.6%], and a lelatively lou' projectir>r fin' I{ervlAl{
h e a v i l yo n t r z r n s i c n <
t l e n r a n t la. c c o l c l i n gt o C l t r t s l r a l l
the lorver-tier categories,with 64 8% [projected 2or4
" I t h i n k t r z r n s i e n tu ' i l l s t i l l l t c l c a r l i n g : ( x ) r p o r . r t c
occupancyl," said Robert Mandelbaurn, director of
t r a n s i e n ta n d l e i s u l et l a n s i e n t , "s l r es a i t l " ( l r o u p u i l l
research information
fbllou,,and govelumcnt aftel that I thirrk sclct t-serr-
services {br PKF Hospital-
it1, Research. "This is a relatively large segrnent, very
vice is in a goorl position to bc able to ltenefit- Over-
popular among the developers as rvell as consulnels.
all, itis a good time."
UPSCALE REPORT
hotelsstaystrongamrdnewsupply
Upscale
2014
Year-end
0utlook
T n 2Or4, the upscale hotel segment-largely syntI onymous with the popular, ubiquitous select-
peak levels, but group demand remains the big ques-
of-the-pack performer, according to experts. Even
tion mark. The very same changing dynanrics that
in the face ofreduced government demand and new
have somelvhat stymied group demand florving into
supply, this industry cornerstone continues to excel,
upper-upscale hotels has translated into higher up-
thanks in part to well-established brands and popu-
scale demand and a bury;eoning supply pipeline for
lar, guest-centric products.
select-service properties, explaining why the sector
Experts say brands like Courtyard by Marriott and
Occupancy
ADR
RevPAR
Sourc6:PKF HospitalityResearch
porate groups-particularly
ating themselves with the traveling public; the proof
down to a lorver-priced select-service plocluct thert'.s
is in the results. Some predict upscale hotels will
perceived to still offer a strong value pr<lposition.
governmental-trading
lead the industry in 2Ol4 new rooms supply but that
"There's still the AIG effect'that's nevel really gone
will still barely put a dent in current demand for the
away and I dont think it ever will," said Chlis Flagg,
segment, which also includes many extended-stay
SVP of business derekrpment fbr Crestline Hotels &
and boutique properties.
Resorts. "You're seeing that change also impact the
supply pipeline: You're seeing more ofthat select-ser'-
said Robert Mandelbaum, director of research infor-
vice upscale being built than I think you will seervith
mation services for PKF Hospitality Research. "With
the full-service side. The industry has courc to the re-
a strong increase in supply of 3.4% eclipsed with a
ality that corporate and government group n'ill never
4.2to rise in demand, and therefore continued oc-
be back to previous levels, and the alloczrtion of nes'
cupancy levels above 7O1",we see a very strong 6.2V"
supply between your big boxes and your select-sen'ice
forecast for ADR growth."
boxes will adjust accordingly."
Similarly, optimistic projections are in place at
When the uew upscale supply does come online, ho-
Smith Tlavel Research, where analysts claim de-
teliers expect it will be more competitive than ever,
mand growth puts the segment near the top of U.S.
featuring the latest and greatest blanded designs.
scales, even though it has more new supply than any
As much as that drives competition, it also teeds the
other segment.
overall health ofthe segment.
"It's by far the leader in percentage room supply
"There's really been some nice changesand program
growth, yet demand growth is expected to outpace
and design evolutions that rvill allorv rate to (nrtinue
supply growth and full-year 2014 occupancy gain is
to increa^sein the segment," said Paul Sacco,chiefde-
currently forecast at nearly 2"h," said Bobby Bowers,
velopment officer at TPG Hospitality. "Whether that'.s
SVP at STR. "RevPAR growth in the 6.5-7% range.is
in suburban markets or traditionally urbaur rnarkets,
expected, trailing only luxury chains."
I think that niche $'ill continue to gro$'in rate, occu-
Industry analysts told Hotel Busine.s.sthat much of
the upscale segment's performance hinges on ratelike the rest of the industry at the moment-but
pancy and suppll', but supply that's much rnole differentiated product than what youVe seen in the past."
this
When anticipating future performance other op-
sector is especially dependent on each hotel's individ-
erators also stress the upscale segment'.sbloatl-base
ual ability to drive price.
appeal to a rvide spectrurn of tlavelers. Undoubtedl)',
"It's more around pricing. An upscale buyer is rnore
price-sensitive and, therefore, is going to buy on rate,"
l0A HOTEL BUSINESS.January2014
leads in ne$' rooms. This is the effect of rnany cor-
Hilton Garden Inn have done a soundjob ofingrati-
"Upscale is probably the most popular segment,"
National
Forecast
Sources said corporate transient dernancl is back at
remain a vital, albeit middle-
service concept-will
Occupancy
street by street conversation.'
happy customers equal even happier hotel P&Ls.
"The traveling public has really begun to under'-
said Scott Berman, principal & indnstry leader for
stand the value ofa select-servicepropert),," said Mary
the Hospitality & Leisure practice at Pricev/ater-
Beth Cutshall, VP ofacquisitions & bnsiness develop-
houseCoopers (PwC). "In upper-upscale we expect
ment for Hospitality Ventures ManapJement Group
rate growth of 5.1%,upscale at 4.9%, so itt margin of
'Why
error. Theret a contrarian out there who says,
(HVMG). "You have a lot of arnenities that are complimentary your parking, breakfast and Internet are
isnt it higher? Ifyour occupancies are so strong, rvhy
free, and with the new prototypical designs,it's a rvon-
havent you grown rate faster?'That's certainly what
derful experience. When a traveler is conrparing cost
owners are saying. So it's really a market by market,
and value, they can get a lot ofbang fol their buck."
UPPER-UPSCALE REPORT
hotels
slowgroupbiz
Upper-upscale
to shino,despite
anked just behind the industryJeading luxury
J)
I.\-segrnent, upper-upscale hotels are anticipated
upper-upscale properties greatly depend on the room
nights and revenues generated by these sources.
to post attl'active gains in 2014, even though the
"Many of them have typically 2oy. to io"h of lheir
group business that once fueled the sector has been
room nights generated bygroup business," explained
slorv to return since the recession. But with occupan-
Mary Beth Cutshall, VP of acquisitions & business
cies steady and roour for higher rates still plentiful,
developnrent fbr Hospitality Ventures Management
hotelicrs are hardly conplaining.
Representingthe classiclull-service "box" found in
Group (HVMG). "I think thatb going to continue
strengthening and we'll start to see rates go up a
most major urban and suburban markets, upper-up-
little bit. We're feeling good about that-typically
scalehotels erredoing a brisk businessthanks in part
about a 5-7% RevPAR growth, depending on the
to big-narne brands and overall healthy industry
specific market."
demand, rvhich consistently brings a flood of guests
Others stress the difficulty in courting and secur-
through the doors. Like all sep;ments,right now the
ing group demand these days, with the competition
l'oolnsare underpriced given the demand.
only getting tighter as group business remains con-
"This is youl Marriott, Hilton, Hyatt segment,'
said Robert Mandelbaunr, director ofresearch information services tbr PKF Hospitality Research. "To
stricted. According to sources, it's having a clear im-
the denrzruclincreases may not look spectacular, at
Flagg, SVP of business development for Crestline
2.4%-but they're nrnning at 72,21ooccupancylev-
Hotels & Resorts. "We do feel there is group out
els, so you\'e talking about a lot of capacity nights
there, but it really takes a sophisticated operator to
and inability to accommodate that many more room
find that group and capture that group, then create
nights. We fblecast above averagegrorvth in ADR, at
some decent profit flow-through once that business
5.7'lo, r'esultingiin a strong 6.4% RevPAR forecast."
is booked."
That lalls in line with roughly 6% RevPAR grorvth
The other crucial question is the spending gener-
projected b1, PricewaterhouseCoopers (PwC), ac-
ated by those group guests once they arrive. Occu-
cording to Scott Berman, principal & industry lead-
pancy forecasts for 201.1,may show plenty of rooms
er tbr the Hospitality & Leisure practice. Sources at
booked, but experts note your average convention
Research (STR), however, were some-
attendee isnt racking up the same kind ofbill they
what more conservative with estimates.
once used to, and company-paid "freebies" are cer-
"Full-year'2014,RevPAR [gronth is] expected to
'+%
be aloun<l
n q.s%, and driven almost totally
tainly on the wane.
by ADI{ growth," said Bobby Bowers, SVP at STR.
demand. Where we have a ways to go, is on group
"Grolvth in demand, or room nights sold, is currently
spending," said Berman. "They're not spending on
National
Forecast
(%change)
"We are back at 2oo7 and zoo8 levels in terms of
Occupancy
ADR
RevPAR
hotel lbod and beverage and hotel amenities, Iike
Supply trends also remain favorable, although the
they were. So, it's a French-service dinner in the
pipeline is beginning to show signs oflife again. STR
past, versus abuffet now; spa treatments are on your
is currently predicting I.8% supply growth overall in
orvn dime, not the company's."
2014,for the upper upscale hotel segment.
0ccupancy
"They're still trending below their peak levels because group business is not back," explained Chris
fbrecastat 1.8%."
o.o%
pact on the numbers.
some cleglee, it reflects the group demand segment-
Smith'fravel
0utlook
2014
Year-end
(%change)
But that doesnt mean there isnt cause for opti-
"There's a growing amount ofupper-upscale sup-
mism. Considering upper-upscale's solid demand
ply; there's a pretty good bit that's in there now," said
base and higher rate potential, operators can focus
Bowers. "But in terms of the new supply that's go-
on driving ADR while waiting for group travel to
ing to be corrring online in 2ol.l, I just dont think
fully recover. To some it's a matter of time.
that that's going to be any kind ofsignificant number
"We're in a robust, growing economy, Companies
that's going to hit upper upscale at the top end."
'l'he
main concern facing the segnrent, according to
still need to host meetings," said Paul Sacco, chief
'That
will
development officer at TPG Hospitality.
analysts and hoteliers, are the dynamics ofthe group
continue to happen, and there will still be a need for
business-especially large conventions and events-
group-oriented hotels. That will continue to evolve
which have changed since the recession. Tfpically,
as the economv evolves."
Suppty
Demand
Sourc6: PKF Hospitality Research
January
2014.HOTEL BUSINESS11A
t
LUXURY REPORT
for '14
Growth
setto leadin RevPAR
Luxurysegment
2014
Year-end
Outlook
(%change)
just representativeof the finest accoml\T.,
I \ modations available, the luxury hotel segment also continues to lead the pack in terms of
projected market performance, with the overall
sector expected to once again post robust gains
in RevPAR and ADR in 2o14, With demand for
luxe rooms strong and steadyas the U.S. economy
continues to improve, it's become apparent that
guestsare ready and willing to splurgea bit when
it comesto lodging.
At the moment, luxury hotels are benefitting
from a "perfect storm' ofpositive factors, particularly its favorablesupply and demand conditions,
as well as outside macroeconomicdrivers,
"It's a function of the stronger economy,limited
supply growth and all three major segmentsgroup, leisure and commercial-showing growth,
Occupancy
ADR
RevPAR
- Luxury
Forecast
Hotels
National
(%change)
particularly in room rate,' said Scott Berman,
principal & industry leader for the Hospitality & Leisure practice at PricewaterhouseCoopers (PwC). "The luxury segment is north of 6%
RevPARgrowth, and that's all a function of anticipated rate growth for the industry: We're expecting4.6% rate growth [qverall] in'14,;and again,in
the luxury segmentwe're expecting6% growth."
Other experts are even more optimistic, like
sources at PKF Hospitality Research,who also
rank the luxury sector as the top performer for
2ol,l. Sourcesthere told Hotel Businessthat the
remarkable occupancylevels at these hotels make
the anticipated rate push a given.
"We forecast occupancyat 74.8oA,which is well
above luxury's long-term run average,by nearly
five points," said Robert Mandelbaup, director
of researchinformation servicesfor PKF Hospitality Research."Luxury has the strongest ADR
projection in the industry, at 7.3/o, and the second
consecutiveyear ofRevPARgrowth forecastabove
7%,with 7.9%RevPARgrowth forecastfor 2or4."
The demand fueling this surge will also remain
stable, at least for now Although there are projects
in the pipeline for the coming years,in 2OL[, new
luxury supplywill rise, but still remain relatively low.
"We're seeingincreasedsupply growth expected
in 2ol4,-about l%-up from 2013, which should
end the year basically flat," said Bobby Bowers,
SVP at STR. "There's actually a fair amount of
luxury supply in the pipeline right now, but it's
not going to be coming online in 2o1,i; it's mostly
12AHOTEL BUSINESS.January2014
going to be in 2Ol5 and after that."
For hoteliers,itt more of the same. Since demand hasn't been a concern, operatorshave been
working to push ratesfor sometime, and 2or4 will
simply be an extension of that objective. Mostly,
the job has gotten easier.
"We are seeinginterest pickup in luxury. We're
finding that people psychologically are feeling confident to be able to travel and spend that
money and stay at a property that offers a higher
level of services,"said Mary Beth Cutshall, VP of
acquisitions& businessdevelopmentfor Hospital'We're
ity VenturesManagementGroup (HVMG).
actually able to move the rate, and I think ifyou
look at the stats from 2013,that segmenthas done
fairly well."
One sub-segmentwithin the luxury sector that
is especiallyprimed for growth is the resort market, accordingto Berman,who is basedin Miami.
In addition to capitalizing on greater domestic
consumerconfidenceand discretionaryspending,
luxury U.S. resorts also greatly benefit from an
ever-expandingbaseof foreign guests.
"It's the convergenceof the world; it's not just
America,"said Berman. "Europeantravel habits
havebeenvery beneficial to North American hotel
performance,whetherit's the Caribbean,Mexico,
Canadaor the mainland. You can't walk Times
Squareand South Beach and not hear multiple
dialects.The samecan be said for the West Coast
in terms of the influenceof Pan-Asia."
There's also an evolution happening within the
resort product, notablywith all-inclusiveofferings
gainingground.Bermanpointedto Hyatt Hotels'
recent deal with Playa Hotels & Resorts-which
includest3 all-inclusiveresortsand 5,8oo rooms
in the Dominican Republic,Mexico and Jamaica-as a sign of things to come.
"I think you'll hear the word 'inclusive'much
more,"saidBerman."It's beenarounda long time,
and hasn't always been successful,but has been
more successfulin geographieswith more favorablewagerates,like Mexico,Cubaand the Dominican Republic..Brandsare testing these kinds of
new conceptsin the laboratory; if that model can
be tested in areas where it historically hasnt, to
a favorableresult, I think we're going to seemore
and more of that. Hyatt's Playa announcement
sort of setsthe tone."
performance
lndependent
rivalstopsegments
ndependent,non-brandedhotels are expectedto
J
I post stroDt performancenumbers in 2OI.tr,spotlighting both the overall robust demandtrends in the
top U.S. markets and owners' increasing ability to
operateoutside the traditional brandedhotel model.
Although mudr in the indie segmenthingesupon location, positioning and management,2Ot4 will be a
lucrativeyear for the sectorifhoteliers havethoseelementsaligned.
According to sources,in 2Ot4, independenthotels are expectedto post the third-highest gain in
RevPARin the industry,just behind the luxury and
upper-upscale segments. Although that may still
surprise some, industry experts say the segment's
vitality cant be denied.
"It'll be quite an interesting conversationthis year
around what is the value of a brand, when you seeindependentperformance much stronger than what I
think conventionalwisdom expected.flndependents
arel actually quite strong; they'reup there with luxury and upper upscalei said Scott Berman,principal &
industry leaderfor PwC'sHospitality & Leisurepractice. "Independentswill grow RevPARat E.Boh,and
4..5%of the growth will be room ratei
Other analysts are- equally optimistic, induding
sourcesat Smith Tlavel Research."STR'scurrent fullyear 2Ol4 RevPARforecast for independentsis S.l%
[growth]," said Bobby Bowers, SVP at STR "Like
chain affiliated hotels, the RevPARgain is ogected
to be driven primarily by ADR growth of 4.6%,"
Demand,fundamentals remain strong in the sector, with occupanciesholding steady. Limited new
supply also bodeswell for ongoing and future room
nights sold. 'Occupancy growth is forecast at O,4o/o
[growth]," said Bowers.?oom supplygrowth is forecastto be under t%, while demandwill grow at 1.2%."
AccordiDtto Berman,the projectionsreflect notjust
the underlying demand conditions of the industry,
which continueto rebound,but alsothe unique qualities ofthe independentsector,which is often focused
within thriving downtownand/or urban markets.
"Independentsare gaining quite a bit of traction.
That's a function of demand str€ngth; that's a function ofoccupancy," Berman srplained. "There are a
lot of sold-out room nights in plgceslike New york
andMiami."
Positioningplaysa hugerole in performanceamong
independents,too. Many non-branded hotels were
developedfor and cater to a specific airdience or
market niche,such asuniversity students.With overall group businesson the rise, the resulting increased
activity from key customersis oftentimes driving the
considerableperformance expectationslevied upon
the independentsegmentfor 2014.
'We
are seeing university groups coming back.
They're performing very well, comparedto previous
years,"saidChris Flagg SVP ofbusinessdevelopment
2014
Year-end
0utlook
(%change)
for CrestlineHotels & Resorts,which operatesseveral
independent hotels near universities. 'Wete seeing
that growth continue to grow into 2014,as more and
more of the university educational groups continue
booking and increasethe frequenry ofthose bookings
in the comingyears.
"I think we are seeingthe sametype ofrate increases [as other demand segments]as well," continued
Flagg. .It really is market-driven for how much of a
rate increasewe'reseeing,but for the university markets we'rein, I think we'reseeingsomepretty healthy
ADR$owth."
That said, it stil takes a smart operatorto make an
independenthotel succeedin alargelybranded world.
Without the benefit of a brand's built-in marketing
muscle,hoteliers haveto work harder and more creatively to ensurea steadystream ofroom nights, especially ifthe property is looking to siphon business
awayfrom its local branded competitors.
'It really takes
a sophisticatedoperator who knows
how to drive that independentbusiness,how to get
Occupancy
ADR
RevPAR
that independenthotelappropriatelymarketedon the
Internet for booking both transient as well asgroup,"
saidFlagg,"andthen build a real proactivemarketing
strategy,in order to capture the businessthat otherwise may not be looking for an independenthotel to *
accommodatetheir events."
One increasinglyeffective option is to take advantage of affiliation programs and other similar massdistribution methodstailored to independents.These
can offer a best-casescenariowherethe hotel can tap
into the GDSand be marketed aspart of a group onIine, yet still retain its unique, non-brandedidentity.
"Thereare instancesin which theseaffiliation options can be very beneficial,"said Paul Sacco,chief
developmentofficer at TPG Hospitality. "Tlpically,
a lot of the laffiliation] brands have come out with
solutions so that hotels with individual identities
can still benefit from the system. If it has the right
location, and it's the right product, then I think you
can achievethat."
Japuary2014.HOTEL BUSINESSt3A
P
Overvtew
continuedfrom page3A
'We're
new record levels.
There is, however, one demancl segment that continues to lag throughout
forecasting for 201<1ADR
the industry, and will be-
Economy
fuddle hoteliers yet again in 2014: group business.
continuedfrom page5A
Between cuts in corporate planning
his midscale hotels-for economy rooms-
and reduced
to go up 3.9%, and inflation's going to be more like
governmetrt spending, this demand segment remains
when he wouldn't lower rates. His own
l.sVo, so you're looking at roughly 2.5% real ADR
to slowest to recover,
'Group
demand is a big question mark still, even
economy-priced properties get a boost
growth," said Mark Woodworth,
Hospitality
president of PKF
Research. "Most people think inflation
from the same ripple effect.
see
"In the economy segment, we have the
of the group business that we once sa\tr
opportunity to gain people from the up-
for 2014," said Flagg. "I don't think
we will
next year will be between 1.5% and 2%, so if our
a return
forecast is right, we're looking at real rate growth
before fthe recession]. It's anyone's guess really as to
per segments that drop down a segment
of roughly 3%. In real terms, rates are increasing at
why that group hasnt come back to what it was in
or two," Monchino said. "People try and
historic highs."
2006 to 2OO7."
say it doesnt happen, but it does. I've
Analysts and hoteliers are also seeing quite a bit
Other insiders say hope still remains for group de-
and
mand, which will inevitably benefit overall indus-
coastal markets slated for the highest gains, espe-
try pricing dynamics should it rebound. "We're now
luxury and upper
starting to see it from our own data, talking to our
of dependence on location,
too, with
cially among the industryJeading
urban
upscale tiers. One core reason for the dominance of
clients and reading the third-quarter
these markets is the rising surge ofinbound tourism
ports from companies like Marriott, Starwood and
from abroad.
Hilton.
"You're seeing the coastal gateway markets-San
Discount pricing
Others fear that beyond just trading
down, the discounting
may go too far
from there. "The luxury, upper-upscale
They are seeing group accelerating-book-
ings are up for zot+," said Woodworth. "The absence
and upscale chain scales are all running
volumes of advance group meeting
north of 70% occupancg while upper-
business on the books has caused a drag on increas-
midscale, midscale and economy on av-
ing room rates. If I have more product on the shelf
erage are running 1l to 12 points lower
and some of the Texas mar-
that I haven't sold yet, I'm going to be much more
occupancy than the upper-priced
going to see less growth in the future
judicious about how I increase the prices on that in-
egories," said Mark Woodworth,
Francisco, New York, Los Angeles, San Diego, Philadelphia, Boston-all
up strong and at or very close to
their peak levels. But your Midwest markets-Detroit,
Cleveland, Cincinnati
kets-they're
earnings re-
seen it happen for years now."
years,'said Chris Flagg, SVP ofbusiness development
for Crestline Hotels & Resorts. "Some of the impact is
from the international
tourists, who are growing in
numbers, especially the tourists from Asia."
Urban markets
of meaningful
Overall industry demand has otherwise been colto
big gap there clearly means for one, the
lower-priced properties at low occupan-
creep back as well, although nowhere near pre-re-
cies have a lot of unsold inventory that
cession levels. According to developers, much ofthe
they're willing to really negotiate price
and
on. That presents a bit of a drag on the
upscale to upper midscale select-service, located in
upper-price segments and therefore the
key urban and secondary markets.
industry as a whole."
product is centered on full-service
new-build
According to other observers, urban markets are
dent of PKF Hospitality Research. "That
ventory, as long as I have a lot ofit sitting there."
lectively strong, thus new supply is beginning
catpresi-
tops at the moment. Occupancies at urban hotels
"We're bullish on major markets like Boston, Los
However from an operator's perspec-
have not only returned to pre-recession levels, but are
Angeles, New York, Miami, San Diego and New Or-
tive, the lure ofbargain pricing can be an
now exceeding those numbers and setting new highs.
leans for new opportunities,"
added jolt to a demand picture that Mon-
"Hotels in the urban environment now on average
are running at a higher occupancy today than they
ever have," said Woodworth.
Since demand for the core urban markets remains
perpetually high, sources at PKF said the discounted
said Paul Sacco, chief-
development officer at TPG Hospitality. "We also see
opportunity
for new-build hotels in secondary mar-
chino said remains ever-reliable. Consistent with analyst predictions, he said the
kets near the hubs, like just outside Boston, or San
economy scale's consistent base, plus the
Jose or Bellevue, where we think there's upscale fo-
flat to declining new supplS means more
cused service potential."
of the same in 2014,,if not better.
pricing ofrecent years has only made room nights in
For most, 2014 will be ayear guided by renewed con-
"The economy sector is one ofthe best
these locations surge. "Ifyou look at the rnarkets that
fidence. Among the hotels currently open for business,
survivor segments, in the sense that it
urban gate\ilay markets, benefit-
most operators are preaching one all-encompassing
always seems to be the least affected by
mantra for 2O14: Dont be afraid to raise room rates.
whatt taking place in the marketplace,"
are recovering-the
ting from international
inbound travel-I
think the
said Monchino. "Regardless of how bad
luxury hotels in urban markets in the early stages of
lA.s an industry as a whole, it is time to recognize
the recovery represented a good bargain," said Rob-
that the economy is getting better," said Mary Beth
or good the overall economy is, you al-
Cutshall, VP of acquisitions & business ilevelop-
ways have people traveling, even if itt
ert Mandelbaum,
director
services for PKF Hospitality
of research information
Research. "If you were
ment for Hospitality
the worst of times, whether it's for business or pleasure. I find the economy seB-
New York, Chicago and San Francisco, where you
confident about that. We need to be smart and stra-
ment is more recession-proof than any
might not have in the past."
tegic, but confident."
other segment out there."
to get into
;:
/ 14AHOTEL BUSINESS.January2014
(HVMG).
Ventures Management Group
"Wete come out of it, and it's time to be
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i d r v e r c l . X a n d e r s .C r A . F l r e s , d e r t
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Hotel Operations:GeneralManagerof any sizeproperty/developmentat any location.
Quality AssurancePrograms: Independentevaluation.
Yield Management:Maximize room revenuesfrom an hourly to a seasonalbasis.
Front Office/ReservationSystemsTraining: From the first customergreetingto night audit operations.
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OWNERSHIP ASSISTANCE
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DEVELOPMENT ASSISTANCE
Feasibility Studies:Authored over 600 franchisorand lenderapprovedstudiesfor over 60 brands.
Impact Studiesto determinefrom a third-party standpointthe effect of new hotel development.
Architectural Reviewsfrom a Hotel Operationsperspectiveto eliminate errorsand increaseproductivity.
RemodelingCoordination fromproject review to oversightmanagement,including design,purchasingand
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5. ConstructionCoordination: Coordinatingthe efforts of the architect,generalcontractor,franchiseeand
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Kim Pedersen,Senior ResearchAnalyst
American Hotel Lodging Association
Extended-StayHotel Council, AHLA
InternationalAssociationof Hospitality Advisors
National Associationof Black Hotel Owners, Operatorsand Developers
Asian American Hotel Owners Association,authoredarticlesfor AAHOA publications
National Associationof Condo Hotel Owners
Latino Hotel Association
Superior Small Lodging of America
Florida Bed and BreakfastAssociation
>
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INTERIM HOSPITALITY CONSULTANTS, LLC
Interim Hospitality Consultants is pleased to have been listed in the Top 20 Hotel Consulting Firms in
the United States since 2006 by Hotel Management Magazine.
Edward L. Xanders, CHA, CAM, GRI, IAHA
President
Edward L. Xanders has over 30 years of hotel management experience, with over 12 years in hotel
management companies.
As President/Owner of Interim Hospitality Consultants, Tallahassee,
Florida, which was formed in 1994, Xanders provides Operations,
Feasibility/Market Analyses, Yield Management, Food & Beverage Controls,
Human Resource Search/Training, Pre-Opening and Renovation Coordination,
along with expert testimony to the hospitality industry across North America.
Xanders heads two associated companies: Lodging Realty Services
provides hotel brokerage on a national basis, and Lodging Management
Services, LLC, assists on the development and operation of hotels nationwide.
His prior company was Cambridge Management Corporation,
Tallahassee, Florida, from 1984 to 1993. He directed the operations of over ten
hotels and condominiums. Two of the annual management contracts were
extended five times until the properties were sold. Xanders has authored over
700 Feasibility Studies and Market Analyses. He has also developed numerous
projects for investors that included the Feasibility Study, engagement of Architect, General Contractor, Franchise
(Holiday Inn, Comfort Suites, Staybridge Suites, Suburban Extended Stay Hotel), construction and FF&E
coordination, Pre-Opening Staffing and Operations Management.
From 1972 to 1984, Ed was Vice President and Regional Manager for Management Resources,
Tallahassee, Florida, along with assignments at Hospitality Management Corporation, Metro Inns Management,
and Westbrook Inn Management, all of Dallas, Texas. During this tenure, he served as General Manager of the
Tallahassee Hilton (246 rooms) from 1979 to 1984. Additional Hilton Hotel Management assignments included
Hiltons in Macon, GA; Amarillo, Ft. Worth, Midland, and Abilene, TX; Wichita, KA; and Albuquerque and
Santa Fe, NM.
Ed has a Bachelor of Arts in Hotel and Restaurant Management from Michigan State University; was
designated a Certified Hotel Administrator in 1980 by the American Hotel Lodging Association; and is a 1990
Graduate of the Realtor Institute of the National Association of Realtors. He has guest-lectured at major
universities and hotel schools while also teaching AHLA Educational Institute classes.
Ed holds three professional Florida licenses: Community (Condominium) Association Management, Real
Estate Broker, and Mortgage Broker Business. Lodging Realty Services, which provides Hotel Industry Real
Estate Services, and Lodging Management Services, LLC, providing hotel management to all types of hotels and
condominium associations, are both owned by Ed. He has published Management Case Studies in the Florida
Hotel Motel Association Journal and the Asian American Hotel Owners Association Hospitality monthly
magazine. Interim Hospitality Consultants has marketed its services in the national publications of Hotel and
Motel Management and Hotel Business.
Ed is a past president of the Tallahassee Lodging and Restaurant Association, and Past Board Member
of the Florida Hotel and Motel Association, Leon County United Way, and cofounder of the Tallahassee Area
Convention and Visitors Bureau.
Ed has served various committee chairmanships and as a delegate to the American Hotel Lodging
Association and is currently a member of the Extended-Stay Hotel Council, Tallahassee Chamber of Commerce,
Florida State University Boosters, Springtime Tallahassee Festival, and Good Shepard Catholic Church, along
with membership in the Florida Bed and Breakfast Innkeepers Association, Asian American Hotel Owners
Association, the National Association of Black Hotel Owners, Operators and Developers, the Latino Hotel
Association, National Association of Condo Hotel Owners, and Superior Small Lodging of the United States.
In 1999, he formed the International Association of Hospitality Advisors.
Ed and Judy have been married for over 30 years and have three grown sons.
Kim Pedersen
Senior Research Analyst
Kim Pedersen’s diverse experience in hotel management extends from a 4-Star
bed and breakfast hotel to the Florida 5-Star Boca Raton Resort and Club, as well as
private club management and numerous hotel franchise properties. She comes from
a long line of hotel and restaurant owners and grew up at her family’s New Hampshire
summer resort. Kim graduated from Florida State University with a bachelor’s degree
from the School of Hospitality Administration.
Kim may be reached at 317-832-8515 or [email protected].
4145 Yardley Circle, Tallahassee, FL 32309-2942
Phone: (850) 893-6010 • Cell: (850) 443-5010 • Fax: (850) 893-8345
www.interimhospitality.com • [email protected]
Listed in the Top 20 Hotel Consulting Firms by Hotel/Motel Management since 2006
Member, International Association of Hospitality Advisors
Member, Extended-Stay Hotel Council, AHLA
Interim Hospitality Consultants Offers a Wide Array of Hospitality Assistance to Your Firm
Selected Completed Projects
Management Assistance:
Hotel Operations Analysis:
1. Hamilton Inn
2. Desert Pearl Inn
3. Clarion Hotel
4. Holiday Inn Express
5. Tides Inn
Chattanooga, TN
Springdale, UT
Atlanta (East Point), GA
Marianna, FL
Norfolk, VA
6.
7.
8.
9.
10.
Holiday Express Inn & Sts
Pineapple Beach Resort
Holiday Inn Hotel
Four Points Sheraton
Diamond Inn
Russellville, AL
Panama City Beach, FL
Louisville, KY
Cincinnati, OH
Villa Ridge, MO
Quality Assurance Reviews:
1. Tahitian Inn
2. Villager Lodge
3. Villager Lodge
4. Travelodge
5. Holiday Inn
6. Villager Premier
7. Villager Lodge
Ft. Myers, FL
Riviera Beach, FL
Homestead, FL
Altamonte Springs, FL
Orlando (Florida Mall), FL
Tucker, GA
Marietta, GA
8.
9.
10.
11.
12.
13.
14.
15.
Hampton Inn & Suites
Majestic Pines Casino/Htl
Microtel Inn
Tides Inn
User Housing Facility
Days Inn
Boynton Beach, FL
Boca Raton, FL
Palm Beach Gardens, FL
Black River Falls, WI
Meridian, MS
Norfolk, VA
Dept Energy, Richland, WA
Minneapolis, MN
Hotel Operations Management Contract:
1. North Shore Inn & Suites N. Myrtle Beach, SC
2. Comfort Inn & Suites
Cairo, GA
3. Days Inn
Glen Burnie, MD
4. Desert Isle
Daytona Beach, FL
5. Quality Inn
Tallahassee, FL
6. Maple Leaf Condo Hotel Daytona Beach, FL
7.
8.
9.
10.
11.
12.
13.
Holiday Inn
Holiday Inn Express
Suburban Extended Stay
Holiday Inn Exp H & S
Howard Johnson Exp H/S
Wingate Inn
Statesboro, GA
Bainbridge, GA
Tallahassee, FL
Crawfordville, FL
Grand Rapids, MI
Grand Rapids, MI
Lynn Haven (Panama City), FL
Market Research Studies:
1. Comfort Suites
2. Super 8 Motel
3. Guest House Inn
4. Microtel Suites
5. Hawthorn Suites
6. Ramada Inn SE
7. Hawthorn Suites
8. Microtel Suites
9.
10.
11.
12.
13.
14.
15.
16.
Independent Living
Comfort Inn
Comfort Suites
Keweenaw Mtn Lodge
Sun Suites
Comfort Inn & Suites
Diamond Inn
Tides Inn
Endicott, NY
Fern Park, FL
Naples, FL
Copper Harbor, MI
Gulfport, MS
St. Louis Airport, MO
Villa Ridge (St. Louis), MO
Norfolk, VA
Nashville, TN
Atlanta (Six Flags), GA
Thomasville, GA
Brunswick, GA
Richmond Hills, GA
Nashville, TN
Alpharetta (Atlanta), GA
Freehold, NJ
Human Resources, Employee Guides, Employment Placement:
Bainbridge, GA
2. Holiday Inn & Suites
Russellville, AL
3. Ramada Limited
Gainesville, FL
4. Desert Pearl Inn
Springdale, UT
5.
6.
7.
8.
9.
Hilton Hotel
Park Central Inn
Wingate Inn
Macon, GA
Ft. Worth, TX
Tallahassee, FL
Crawfordville, FL
Pre-Opening Contracts
2. Hilton Hotel
3. Southgate Campus Center
Cairo, GA
Macon, GA
Tallahassee, FL
Bainbridge, GA
5.
6.
7.
8.
9.
Holiday Inn Express
Wingate Hotel
Russellville, AL
Tallahassee, FL
Crawfordville, FL
Grand Rapids, MI
Asset Management
1. Staybridge Suites
Tallahassee, FL
2. Comfort Suites
Suffolk, VA
Ownership Assistance:
Economic Impact::
1. Hampton Inn
Dade City, FL
2. Holiday Inn Express H&S
Grand Rapids, MI
Internal Audit
1. Best Western
Calumet Park, IL
2. Super 8
Calumet Park, IL
Litigation Support — Expert Witness Testimony:
1. MainStay Suites
Atlanta, GA
2. Desert Isle
Daytona Beach, FL
3. Comfort Suites
Decatur, AL
Cahokia, IL
Anonymous Audits:
1. Microtel Inn & Suites
2. Hamilton Inn
3. Days Inn
4. Port Inn
Minneapolis, MN
Port St. Joe, FL
Meridian, MS
Chattanooga, TN
Real Estate Services:
The Real Estate arm of Interim Hospitality Consultants, Lodging Realty Services has the following listings
Hotels
1. Wingate by Wyndham
Mobile, AL
4. Howard Johnson
2. Microtel Inn and Suites
Daphne, AL
5. Days Inn
3. Future Hotel Site
Quincy, FL
6. Pensacola Inn
Bed and Breakfasts
1. Calhoun St Inn
Tallahassee, FL
7. G. V. Tillman House
2. 1872 John Denham House
Monticello, FL
8. Dickens Inn
3. Suwanee River Inn
Old Town, FL
9. Sweet Magnolia
4. Heritage Country Inn
Ocala, FL. . . . . . . . . . . . . . . SOLD 10. 12 Oaks Resort
5. Noble Manor
Pensacola, FL. . . . . . . . . . . . SOLD 11. Lake Hampton B&B
6. The Footed Tub
Fort Green, FL
Site Reviews:
1. Sleep Inn
3. Country Inn & Suites
4. Comfort Inn
5. Eagles Nest Resort
6. Hamilton Inn
7. Hawthorn Suites
8. Hawthorn Suites
9. AmericInn
11. Hawthorn Suites
12. Country Inns & Suites
13. Hawthorn Suites
14. Hawthorn Suites
15. Wingate Inn
16.
17.
18.
19.
20.
Microtel Inn
Hamilton Inn
Hawthorn Suites
Best Western Inn
Pensacola, FL
Pensacola, FL
Pensacola, FL
Lake Wales, FL
Mims, FL. . . . . . . . . . . . SOLD
St. Marks, FL
Monticello, FL
Starke, FL
Elkhart, IN
Pulaski, TN
Virginia Beach, VA
Stuart, FL
Columbia, SC
Tallahassee, FL
Tampa (Airport), FL
Bonita Springs, FL
Ft. Myers, FL
West Palm Beach (I-95), FL
West Palm Beach (Airport), FL
West Palm Beach, FL
W. Palm Beach (Gardens Mall), FL
Fort Myers, FL
Lakeland, FL
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
Staybridge Suites
Hawthorn Suites
Wellesley Inn
Holiday Inn Express
Baymont Inn
Hawthorn Suites
Days Inn
Microtel Suites
Microtel Inn & Suites
Wingate Inn
La Quinta Inn
Microtel Inn
Hawthorn Suites
Hampton Inn
Orlando (I-Drive), FL
Tallahassee, FL
Ramsey, NJ
Tallahassee, FL
Shreveport (Greenwood), LA
Gainesville, FL
New Orleans (Gretna), LA
Ft. Myers, FL
Ft. Lauderdale, FL
Spanish Fort, AL
Orange Beach, AL
Tampa, FL
Wyoming, MN
Blaine, MN
Destin, FL
Columbia, LA
Richmond Hills (Savannah), GA
Bluffton, SC
Atlanta (Cumming), GA
Havana, FL
37.
38.
39.
40.
41.
Microtel Inn
Sleep Inn
Residence Inn
Westin Hotel
Market-driven
San Antonio, Texas
Quincy, FL
Savannah, GA
Greensboro, NC
Tupelo, MS
Page 2
Development Assistance:
Feasibility Studies:
2. Travelodge to Quality Inn
3. Microtel Inn (Update)
5. Hawthorn Inn & Suites
6. Best Western Inn
9. Guest House Inn (Update)
10. Hawthorn Suites (Update)
11. Hampton Inn & Suites
12. Hawthorn Suites
13. Hawthorn Suites
14. Candlewood Suites
15. Hawthorn Suites
16. Microtel Suites
17. Hawthorn Condo Resort
19. Hawthorn Suites
21. Wingate Hotel
22. Hawthorn Suites
23. Hawthorn Suites
24. Hawthorn Suites
25. Shoney’s Inn & Suites
26. Hawthorn Suites
27. Sleep Inn
29. Hilton Garden Inn
30. Best Western
31. Hawthorn Suites
32. Hawthorn Suites
33. Hawthorn Suites
34. Microtel Suites
39. Hawthorn Suites
40. Hampton Inn
41. Port Inn
43. Hawthorn Suites
44. Villager Lodge
45. Hawthorn Suites
46. Chama Inn & Suites
48. Homewood Suites
49. Suburban Lodge
50. MainStay Suites
53. Hampton Inn
55. Guest House at PNNL
56. Hearthside Inn
57. Country Inn and Suites
Decatur, AL
Clarksville, TN
Franklin, KY
Sandusky, OH
Fort Myers, FL
Calumet Park (Chicago), IL
Taunton (Boston), MA
Raynham (Boston), MA
Birmingham, AL
Dalton, GA
Ft. Myers, FL
Atlanta (Airport), GA
Palm Bay, FL
Birmingham, AL
Birmingham, AL
Warm Springs, GA
Lincoln Park (Detroit), MI
Coconut Grove (Miami), FL
DeLand, FL
Beaufort, SC
Roswell (Atlanta), GA
Ocala, FL
Dalton, GA
Morrilton, AR
Flowery Branch (Atl), GA
Augusta, GA
Binghamton, NY
Miramar (Miami), FL
Jackson, GA
College Park (Atlanta), GA
Hartwell, GA
Melbourne, FL
Meridian, MS
Shreveport, LA
Pasadena, TX
Slidell, LA
Ft. Myers, FL
Raleigh (Airport), NC
St. Petersburg, FL
Port St. Joe, FL
Daphne, AL
Tallahassee, FL
Dallas, GA
New Orleans, LA
Chama, NM
Bushnell, FL
Harrisburg, PA
Meridian, MS
Meridian, MS
Gettysburg, PA
Leland, MS
Dade City, FL
Wheeling, WV
Richland, WA
New Orleans, LA
Cortland, NY
58.
59.
60.
61.
62.
63.
64.
65.
66.
67.
68.
68.
69.
70.
71.
72.
73.
74.
75.
76.
77.
78.
79.
80.
81.
82.
83.
84.
85.
86.
87.
88.
89.
90.
91.
92.
93.
94.
95.
96.
97.
98.
99.
100.
101.
102.
103.
104.
105.
106.
107.
108.
109.
110.
111.
112.
113.
114.
Comfort Suites
Hampton Inn
MainStay Suites
Holiday Inn Express
Holiday Inn Hotel & Suites
Homewood by Hilton
Holiday Inn Express
Candlewood Suites
Best Western
Hampton Inn
Best Western Inn
Holiday Inn Express H&S
Candlewood Suites
Edward Waters Hotel
Staybridge Suites
Sleep Inn
Holiday Inn Express
Four Points Sheraton
Performing Arts Theatre
Keweenaw Mtn. Lodge
MainStay Suites
Cambria Suites
Hilton Garden Inn
Sleep Inn and Suites
Candlewood Suites
Hilton Garden Inn
Microtel Inn and Suites
Hampton Inn and Suites
Best Western Exec Inn
Country Inn and Suites
Hilton Garden Inn
Cambria Suites
Hilton Homewood Suites
Candlewood Suites
Comfort Suites
AmericInn
Best Western
Roosevelt Inn & Suites
Holiday Inn Hotel
MainStay Suites
Hampton Inn
Crawfordville, FL
Ocala, FL
Chipley, FL
Tallahassee, FL
Luverne, AL
Tallahassee, FL
Ocala, FL
Tallahassee, FL
Holiday City, OH
Niceville, FL
Yulee, FL
Luverne, AL
Quincy, FL
Auburndale, FL
Williamsburg, VA
Quincy, FL
Grand Rapids, MI
Wheeling, WV
Jacksonville, FL
Tallahassee, FL
Talladega, AL
Port St. Joe, FL
Crossett, AR
Indianapolis, IN
Jackson, MS
Mt. Morris, NY
Copper Harbor, MI
Ocala, FL
Lauderhill, FL
Naples, FL
Fort Myers, FL
Jacksonville, FL
Brandon, FL
Harrisburg, PA
Lake Wales, FL
Lake Wales, FL
Rubidoux (Riverside), CA
Okeechobee, FL
Crestview, FL
Crestview, FL
Vero Beach, FL
De Pere (Green Bay), WI
Tallahassee, FL
Huntsville, AL
Leland, MS
Suffolk, VA
Greenville, MI
Pensacola, FL
Saratoga Springs, NY
Norfolk, VA
Natchez, MS
Pearl (Jackson), MS
Lady Lake, FL
Richmond, VA
Mason, OH
Mason, OH
Rocky Mount, NC
East Point, FL
Page 3
Feasibility Studies continued
115. La Quinta Inn & Suites
117. Holiday Inn Hotel
120. Courtyard by Marriott
121. TownePlace Suites
124. Element Extended Stay
127. Radisson Hotel
129. Hotel Indigo
131. Hyatt Summerfield
132. Boutique Hotel
133. MainStay Suites
134. Golf Resort Hotel & Spa
135. SpringHill Suites
136. Zydeco Hotel & Spa
139. Embassy Suites
141. Resort Hotel & Residences
143. Microtel Inn &Suites
146. Doubletree Hotel
147. AmericInn
149. Suburban Extended-Stay
150. Condo Hotel
151. Holiday Inn Hotel
152. Microtel Inn
153. Boutique Hotel
154. Lexington Hotel
155. Key West Inn
156. Sleep Inn & Suites
157. Condo Hotel
159. Days Inn
162. Homewood Suites
164. Hyatt Place
165. Comfort Suites
167. Hotel Indigo
168. Cambria Suites
170. Cambria Suites
171. Days Inn
172. Hawthorn Suites
173. Baymont Inn & Suites
Malbis, AL
Carrabelle, FL
Fayetteville, NC
Grand Haven, MI
St. Rose (New Orleans), LA
Ft. Myers, FL
Pensacola, FL
Mount Pleasant, SC
Summerville, SC
Norfolk, VA
Durham, NC
Pensacola, FL
Memphis, TN
Brooksville, FL
Stuart, FL
Maumee (Toledo), OH
Norfolk, VA
Miami Beach, FL
Horn Lake, MS
Palmyra, VA
Richmond, VA
Gulf Shores, AL
Montgomery, AL
Anderson, SC
Jackson, MS
Magnolia, NC
Gulf Shores, AL
Thibodaux, LA
Southaven, MS
Plattsburgh, NY
South Amboy, NJ
Edgemont, SD
Perry, FL
Perry, FL
St. James Island, FL
Portsmouth, VA
Salamanca, NY
Oxford, MS
Chelsea, Manhattan, NY
Columbiana, AL
Headland, AL
Sarasota, FL
Marinette, WI
Allendale, SC
Springfield, MA
Pinellas Park, FL
Greenville, NC
Lincoln, NE
North Miami Beach, FL
Eastpoint, FL
Troutman, NC
Bluffton, SC
Long Island City, NY
Washington Hgts, NY
Kenner, LA
New Orleans, LA
Slidell, LA
174.
175.
176.
177.
178.
179.
180.
181.
182.
183.
184.
185.
186.
187.
188.
189.
190.
191.
192.
193.
194.
195.
196.
197.
198.
199.
200.
201.
202.
203.
204.
205.
206.
207.
208.
209.
210.
211.
212.
213.
214.
215.
216.
217.
218.
219.
220.
221.
222.
223.
224.
225.
226.
227.
228.
229.
230.
231.
232.
Lexington Hotel
Independent Hotel
Sheraton Four Points Hotel
Sleep Inn
Comfort Inn
Golf Resort Hotel
Wyndham Garden Inn
Cambria Suites
Hotel
Country Inn & Suites (2)
Cambria Suites
Comfort Inn and Suites
Hawthorn Suites
Aloft
MainStay Suites
Staybridge Suites
Crowne Plaza
Courtyard by Marriott
Delta Court Hotel
Residence Inn
Best Western Inn/W.P.
Hyatt Place
Hyatt Place
Hyatt Place
Hyatt Place
Hilton
Lexington Hotel
Cambria Suites
Sleep Inn & Suites
Best Western
Hyatt Place
Holiday Inn Express
Hawthorn Suites
Hilton Home2 Suites
Holiday Inn Hotel
DoubleTree Hotel
Quality Inn
Comfort Suites
Dozier Hotel
Best Western & Water Pk.
Coral Springs, FL
Copperhill, TN
Knightdale, NC
Lancaster, PA
Shreveport, LA
Raleigh, NC
Rose Hill, NC
Coral Springs, FL
Indianapolis, IN
Perdido Key, FL
Jasper, GA
Cape Coral, FL
Eutaw, AL
Greensboro, NC
Greensboro, NC
Hastings, MI
Daphne, AL
Daphne, AL
Jamaica, Queens, NY
Grand Haven, MI
Ocala, FL
Mansfield, PA
Newark, NJ
Dothan, AL
Greenville, MS
Rochester, NY
Jacksonville, NC
Vicksburg, MS
Silver Spring, MD
Mount Morris, NY
Augusta, GA
Montgomery, AL
Bluffton, SC
Lexington, KY
Fort Mill, SC
Winfield, AL
Coral Springs, FL
Palmyra, VA
Dallas, TX
Leland, MS
Columbia, SC
Davie, FL
Plant City, FL
Geneseo, NY
Suffolk, VA
Palatka, FL
Interlochen, MI
Millville, NJ
Stuart, FL
Willow Valley, PA
Verona, NY
N. Bergen, NJ
Geneseo, NY
Pensacola, FL
Carrabelle, FL
Smithfield, VA
N. Miami Beach, FL
Petersburg, VA
Geneseo, NY
Page 4
Feasibility Studies continued
233. Lexington
234. Ascend Hotel
236. Crowne Plaza
236. InterContinental Hotel
237. Ascend Collection Hotel
238. Clarion Hotel
239. Extended Stay Hotel
240. SpringHill Inn & Suites
243. Extended Stay Hotel
245. Best W estern Suites
248. Hotel Indigo
249. Comfort Suites
250. Radisson Hotel
251. Comfort Suites
254. Conrad Hotel
256. Hotel Indigo
257. Holiday Inn
258. Cambria Suites
260. Extended Suites
263. Hyatt Place
264. Wyndham Garden Hotel
265. Fairfield by Marriott
268. Autograph Collection
270. Holiday Inn
271. Sleep Inn & Suites
272. Ramada Inn
273. Independent Resort
274. TownePlace Suites
275. Homewood Suites
276. Baymont Inn & Suites
279. Osa Resort Club
280. Holiday Inn Express & S.
282. EconoLodge
Middletown, NY
Manitowish Waters, WI
Memphis (Collierville), TN
Greensboro, NC
Brooklyn, NY
Brooklyn, NY
Monterrey, Mexico
Portsmouth, VA
Rossford, OH
Port Charlotte, FL
San Luis Potosi, Mexico
Mansfield, PA
M arietta, GA
Marietta, GA
College Park, GA
Dania Beach, FL
West Park, FL
Gladstone, M O
Bronx, NY
Victorville, CA
Pelham, AL
Memphis, TN
Washington, GA
New Orleans, LA
Williamsburg, IA
Las Vegas, NV
Malbis, AL
Monterrey, Mexico
Starkville, MS
Wytheville, VA
Delray Beach, FL
Delray Beach, FL
Plattsburgh, NY
Branson, MO
Hastings, MI
Houston, TX
Great Mills, MD
Kingsland, GA
Marion, AL
Poconos, PA
Black Mountain, NC
Vidalia, LA
Atlanta, GA
Kissimmee, FL
Wilkes-Barre, PA
Duncan, OK
Costa Rica
Canonsburg, PA
Bordentown, NJ
Ocala, FL
283.
284.
285.
286.
287.
288.
289.
290.
291.
292.
293.
294.
295.
296.
297.
298.
299.
300.
301.
302.
303.
304.
305.
306.
307.
308.
309.
310.
311.
312.
313.
314.
315.
316.
317.
318.
319.
320.
321.
322.
323.
324.
325.
326.
327.
328.
329.
330.
331.
332.
333.
Radisson Hotel
Wakulla Springs Lodge
Staybridge Suites
Suburban Hotel
Ascend Collection
Fairfield Inn
Market-driven hotel
Hotel Indigo
Sleep Inn
Holiday Inn Express
Holiday Inn Express
Suburban E/S Hotel
Candlewood Suites
Barq Boutique Hotel
Quality Inn
Sleep Inn
Union Springs, AL
Kennedale, TX
Windham, ME
Williston, ND
Enterprise, AL
Blakely, GA
Dickinson, ND
St. George, UT
Huntsville, AL
Louisville, KY
Midland, TX
St. Maartin, FWI
Marlton, NJ
Jackson Twnp, NJ
Flemington, NJ
Glasgow, KY
Plattsburgh, NY
Baltimore, MD
Ardmore, OK
Wichita Falls, TX
California, MD
Knoxville, TN
Ft. Lauderdale, FL
Ridgeway, PA
Valley Stream, NY
Oklahoma City, OK
Hammondsport, NY
Tallahassee, FL
Kenner, LA
Canton, OH
Niagara Falls, NY
Cadiz, OH
Olive Branch, MS
Montevallo, AL
Fanning Springs, FL
Porto-au-Prince, Haiti
Wakulla Springs, FL
Union City, NJ
Morgantown, WV
Wytheville, VA
Ft Walton Beach, FL
Immokalee, FL
Dania Beach, FL
Woodbridge, VA
Allentown, PA
Breezewood, PA
Traidelphia, WV
Edmond, OK
Biloxi, M S
Bedford, PA
Mena, AR
Sleep Inn
Sleep Inn/MainStay Suites
Radisson Hotel
Best Western Plus
Comfort Inn
MainStay Suites
Homewood Suites
Holiday Inn
Ascent Collection
Hilton Garden Inn
Best Western Premier
Holiday Inn
Holiday Inn Express
Fairfield Inn & Suies
MainStay Suites
Best Western Plus
La Quinta Suites
Holiday Inn E xpress
Staybridge Suites
Lexington Inn
Ascend Collection
Comfort Suites
Hampton Inn
Comfort Inn
Home2
Best Western Plus
MainStay Suites
Sleep Inn & Suites
Comfort Inn/MainStay Suites
La Quinta Inn
Holiday Inn Express
Holiday Inn Express
Page 5
Architectural Reviews:
1. Comfort Suites
5. Hawthorn Suites
Nashville, TN
Toledo, OH
Augusta, GA
Binghamton, NY
Tallahassee, FL
6.
7.
8.
9.
10.
11.
Moorings Marina
Econo Lodge
Travel Lodge
Holiday Inn Express
Comfort Inn
Carrabelle, FL
Cairo, GA
Macon, GA
Marianna, FL
Cairo, GA
Marianna, FL
Page 6
FEASIBILITY STUDIES
Authored by Edward L. Xanders, CHA
Partial Client List
Mark R. Nesselroad. CEO
Glenmark Holdings
6 Canyon Road, #300
Morgantown, WV 26508
304-599-3369, x 107
Suburban Ex-Stay Hotel
Washington, PA
Mitesh V. Patel
2432 Veterans Boulevard
Ardmore, OK
La Quinta Suites
Wichita Falls, TX
Morris Starkman
Starkman Properties, LLC
1939 Route 70 East, Suite 210
Cherry Hill, NJ 08003
856-424-0497
Marlton, NJ
Claude Kemp
24 Parliament Drive
Mount Holly, NJ 08060
Princeton, NJ
P.C. Patel
c/o Comfort Inn
21885 Tree Notch Road
Lexington Park, MD 20653
Holiday Inn Express
California, MD
Andrea A. White, Pres
The Stokely Company
620 Campbell Station Rd, Suite 27
Knoxville, TN 37934
865.966.4878
Staybridge Suites
Knoxville, TN
Bernie Moyle
Vantage Hospitality
3300 North University Dr, Suite 500
Coral Springs, FL 33065
Lexington Inn
Ft. Lauderdale, FL
Suburban Ex-Stay Hotel
St. Clairsville, OH
Page 1
Mike Imhof
317 Aspen Way
DuBois, PA 15801
814-335-1934
Ascend Collection
Ridgeway, PA
Ericka Keller
Brisa Builders Corp.
188 Dahill Road, #203
Brooklyn, NY
516-770-4244
Comfort Suites
Valley Stream, NY
Scott Patel
3141 Northwest Expressay
Oklahoma Cty, OK 73112
405-843-2002
Hampton Inn
Oklahoma City, OK
Brian Harris
8805 State Route 415
Campbell, KY 14821
215-292-7252
Comfort Inn
Hammondsport, NY
Sam Agee, Chairman
Gateway Hospitality
111 Stonemark Lane, Suite 202
Columbia, SC 29210
803-795-7979
Home2 Suites
Tallahassee, FL
Ahmad Siddiqui
1000 Veterans Memorial Blvd
Kenner, LA 70119
504-463-5612
Best Western Plus
Kenner, LA
Ashish Shah
7804 Niagra Falls Blvd
Niagra Falls, NY 14304
716-748-9400
Niagara Falls, NJ
Edward Littlejohn
356 Main Street
Wintersville, OH 43953
740-632-1196
Comfort Inn/MainStay Suites
Cadiz, OH
Donny Singh
3085 Church Road
Southhaven, MS 38672
901-331-9742
La Quinta Inn
Olive Branch, MS
Page 2
Herman Lehman
City of Montevallo
545 Main St
Montevallo, AL 35115
Holiday Inn Express
Montevallo, AL
David Padot
7272 Cardinal Trail
Fanning Springs, FL 32693
352-222-6656
Holiday Inn Express
Fanning Springs, FL
Nilesh Patel
601 N. 1st Street
Madill, OK 73446
580-795-4876
Best Western Plus
Ardmore OK
B. F. Patel
200 Rainbow Boulevard
Niagara Falls, NY 14303
716-998-2623
Courtyard Suites
Niagara Falls, NY
Neil Patel
1520 Gulf Blvd, # 406
Clearwater, FL 33767
727-871-5876
Quality Inn
Leesburg, FL.
Bhadresh Patel
1555 Bear Creek Pike
Columbia, TN 38401
931-505-0550
70-room Best Western
Columbia, TN
Julian Cope, Exec. Sec
Bullock County Econ. Devel.
106 Conecuh Avenue East
Union Springs, AL 36089
C: 334-381-0821
Sleep Inn
Union Springs, AL
Julian Cope, Exec. Sec
Bullock County Econ. Devel.
106 Conecuh Avenue East
Union Springs, AL 36089
C: 334-381-0821
Sleep Inn
Union Springs, AL
Sam Patel
Best Western Plus
715 Bollweevil Circle
Enterprise, AL 36330
334-475-0306
Best Western Plus
Enterprise, AL
Page 3
Bob Hart, Exec Dir
Kennedale Econo Devel Corp
405 Municipal Dr
Kennedale, TX 76060
817-532-6291
Kennedale, TX
Derek Rowley
SunRiver St. George
1404 W. SunRiver Pky, Ste 200
St. George, UT 84790
435-673-4300
Homewood Suites
Hyatt House
Residence Inn
St. George, Utah
Kiran Patel
1010 West Chester Road
Madison, AL 35758
256-374-9021
Huntsville, AL
Jillian-Marie Nargi
Mona Shah & Associates
299 roadway, Suite 1005
New York, NY 10007
212-233-7473
Holiday Inn Hotel
Louisville, KY
Hervé Dorvil
Chambre Consulaire Interprofessionelle
10 Rue Jean-Jacques Fayel
Concordia, St. Maarten
05-90-87-8442
Hilton Garden Inn
St. Marten, FWI
Claude Kemp
24 Parliament Drive
Mount Holly, NJ 08060
829-438-8598
Jackson Township, NJ
Suresh Patel
350 Parsippany Blvd
Boonton, NJ 07005
973-334-5499
Holiday Inn Hotel
Flemington, NJ
Vic Patel
1564 Stillwater Court
Bowling Green, KY 42103
270-991-2997
Holiday Inn Express
Glasgow, KY
Page 4
Kalpesh Patel
YUG CORP.
820 Hwy 59 North
Heavener, OK 74937
918-721-3530
Sleep Inn
Mena, AR
Muhittin Arda Kandirali
Proposal Coordinator
Serka Services, LLC
8230 Leesburg Park, Suite 7000
Vienna, VA 22122
703 288 1555
Radisson Hotel
Williston, ND
MainStay Suites
Dickinson, ND
Ascend Collection Hotel
Midland, TX
Erik Heyland
Heyland Development
194 Central Street
Saugus, MA 019006
781-231-1349
Sleep Inn and MainStay Suites combination
hotel
Windham, ME
Francisco Hernandez
Tana Holdings
Presidente Masoryk #29 Piso 2
Col. Chapultepec de Morales
Mexico D.F. 11570
1 (305) 433.5672
Extended Suites
Aguascalientes, Mexico
Dominique F. Carvonis, President
MAC, S.A.
Visa Lodge
Rue des Nimes
Route de l’Aérport
Port-au-Prince, Haiti
305-283-6919
Hilton Garden Inn
Jeffery Calhoun
SAC Incorporated
4588 Business 220
Bedford, PA 15522
814-623-8114
Comfort Suites
Bedford, PA
Calvin Glover
300 Greystone Court, #401
Fredericksburg, VA 22401
803-479-4053
Sleep Inn
Woodbridge, VA
Extended Suites
Coatzacoalcos, Mexico
Page 5
Rob Brooks
34203 Singletary Drive
Myakka City, FL 34251
941-322-2820
Holiday Inn Express
Allentown, PA
John O'Donnell, President
Mainstream Construction Group, Inc.
725 Sunshine Lane
Altamonte Springs, FL 32714
407-862-6445
Osa Resort Club
Laura Aftosmis, Partner
Revest Properties
985 Towne Square Dr
Greensburg, PA 15601
724-838-0260
Holiday Inn Express and Suites
Canonsburg, PA
Dinkerrao Taylor
James Taylor
2001 Hamilton Street, No. 326
Philadelphia, PA 19130
609-208-2345
Holiday Inn Express hotel
Bordentown, NJ
David Warner
Tapper & Company
208 Monument Ave
Port St. Joe, FL 32457
850-227-1111
Wakulla Springs Lodge
Wakulla, FL
Vince Bruner
110 Eglin Parkway SE
Fort Walton Beach, FL 32548
850-243-4227
87-room Fairfield Inn
Fort Walton Beach, FL
Kim Mehta
Candlewood Suites
279 Secaucus Road
Secaucus, NJ 07094
732-644-6921
Staybridge Suites
Union City, NJ
Marie Capita, Manager
Immokalee Business Development Center
310 Alachua Street
Immokalee, FL 34142
239-269-9629
market-driven hotel
Immokalee, FL
Robert W. Bittner
16563 Lincoln Highway
Breezewood, PA 15533
814-285-2275
Holiday Inn Express
Breezewood, PA
Puerto Jimenez, Costa Rica
Page 6
Mark R. Nesselroad
Glenmark Holding
6 Canyon Road, #300
Morgantown, WV 20508
304-599-3369
Suburban E/S Hotel
Tridelphia, WV
Scott Patel
5725 SW 5th Street
Oklahoma City, OK 73128
405-819-7343
Candlewood Suites
Edmond, OK
Josh Caillavet
508 Natchez Street
New Orleans, LA 70130
504-810-6207
Barq Boutique Hotel
Biloxi, MS
Bill Smith
395 Chapman Road
Wytheville, VA 26382
276-620-6202
George Wythe Hotel
Ascend Collection
Wytheville, VA
Mitesh Patel
2432 Veterans Blvd.
Ardmore, OK 73401
405-388-7728
Holiday Inn Express
Duncan, OK
Richard Zentner
388 State Route 487
Bloomsburg, PA 17815
570-784-0111
Wilkes-Barre, PA
Sachin Patel
Diplomat Companies
2100 Parklake Dr NE, Suite A
Atlanta, GA. 30345
770-938-2060
116-rm Homewood Suites
Atlanta, GA
Anil Patel
Asutosh Group
220 Ponte Vedra Park Dr., Suite 140
Ponte Vedra Beach, FL 32082
904-493-9393
Holiday Inn
Kingsland, GA
Perry County Eco Dev’t Bd
P. O. Box 678
Marion, AL 36756
334-327-0523
Sleep Inn & Suites
Marion, AL
Page 7
Guy Curley, President
Hickory Hills Lodge LLC
22501 Iverson Drive
Great Mills, MD 20634
301-862-5246
MainStay Suites
Great Mills, MD
Harry Patel
4346 Frank Ford Avenue
Philadelphia, PA 19126
215-533-7606
Pocono Inn and Resort
Lake Harmony, PA
Anup Shah
Alpha Hotel Group
52 Riley Road, #421
Celebration, FL 34747
407-301-8165
Stadium Inn & Suites
Kissimmee, FL
Dr. Seth Lartey, Pastor
AME Zion Church
630 N. Patterson Ave
Winston-Salem, NC 27101
(336) 918-4994
Independent Resort
Black Mountain, NC
Louis Carbone
Coastal Design Development Group
90 SE 4 Ave, #1
Delray Beach, FL 33483
561-272-3419
Wyndham Garden Inn
Delray Beach, FL
Nick Patel
820 Lithia Road
Wytheville, VA 24382
276-620-9393
Holiday Inn Express
Wytheville, VA
Bill Frohn
509 Deer Creek
Oxford, MS 38655
662-236-4205
Site Analysis
Tupelo, MS
Rickey Marecle
Little Properties Inc.
2107 Highway 72 West
Corinth, MS 388834
662-396-4299
Starkville, MS
Bridget Chisholm
BWC Consulting
802 Walker Ave, Suite 5
Memphis, TN 38126
901-435-1667
InterContinental Hotel
Greensboro, NC
Page 8
Joseph Yunason
Reda Group Ltd.
70-13 Austin Street, 3 Floor
Forest Hills, NY 11375
718-575-5400
1. Ascend Collection Hotel
Brooklyn, NY
Francisco Hernández
Tana Holdings
Presidente Masoryk #29 Piso 2
Col. Chapultepec de Morales
México D.F. 11570
+52 (55) 5255.2928
Extended Suites
1. San Luis Potosi, Mexico
2. Monterrey, Mexico
Richard Zentner
388 State Route 487
Bloomsburg, PA 17815
570-784-0111
Mansfield, PA
Mohammed Merchant
9990 International Drive
Orlando, FL 32819
407-352-8700
Rossford, OH
Hon. L. Louise Lucas
1214 County Street
Post Office Box 700
Portsmouth, VA 23705
757-328-2966
Portsmouth, VA
David Witters
3385 S. Access Rd, Suite 7
Englewood, FL 34224
941-400-2184
Comfort Suites Hotel
Port Charlotte, FL
Sanjay Patel
Diplomat Companies
2100 Parklake Dr. NE, Ste A
Atlanta, GA. 30345
770-938-2060
Best Western Suites
Candlewood Suites
Marietta, GA
Jeremy Earle, Exec Dir
Comm Redev Agency
100 W Dania Beach Blvd
Dania Beach, FL 33004
954-924-6800
Joseph Alexander
1175 Boston Road
Bronx, NY 10456
917-567-1798
2. Clarion Hotel
Brooklyn, NY
Holiday Inn Express
College Park, GA
Hotel Indigo
Dania Beach, FL
Comfort Suites
Bronx, NY
207-room Hilton Garden Inn
Bronx, NY
Page 9
Russell Benford
City Administrator
City of West Park, FL
3150 SW 52nd Ave Ste 100
Pembroke Park, FL 33023
954-989-2688
Comfort Suites
West Park, FL
Ray McClendon
Gourmet Services
82 Piedmont Avenue
Atlanta, GA 32303
404-876-5700
Washington, GA
Sam Patel
12175 Mariposa Road
Victorville, CA 92395
760-963-2820
71-room Holiday Inn Express
Victorville, CA
Don Rogers. SVP
Compass Bank
321 Belleaire Blvd, 2nd Floor
Mobile, AL 36606
251-470-7467
132-room Hotel Indigo
New Orleans, LA
Al Hill
Hillcrest Development
1315 Franklin Grove Rd, #110
Dixon, IL 61021
815-288-4672
Pelham (Birmingham), AL
Asrar Khan, President
Khan Hospitality Inc.
411 E. Huntington Dr., Suite 215
Arcadia, CA 91006
626-254-9500
Radisson Hotel
Gladstone, MO
Marlon Phoenix
Phoenix and Associates
384 E. Goodman Rd, Suite 136
Southhaven, MS 38671
662-404-4990
1. Conrad Hotel
Memphis, TN
3. Crowne Plaza
Collierville, TN
Erik Hosdaghian
779 Route 211 East
Middletown, NY 10941
845-283-0538
Lexington Hotel
Middletown, NY
Page 10
Dr. Keith Newby, M.D.
Newby Enterprises LLC
400 Gresham Drive, Suite 507
Norfolk, VA 23507
757-719-0060
Hyatt Place
Suffolk, VA
Nathaniel Dozier, Jr.
11808 Chadwick Lane
Petersburg, VA 23805
804-691-8291
Dozier Hotel
Petersburg, VA
Jas Ahluwalia
1922 South Breeze Drive
Orlando, FL 32836
407-363-4496
Holiday Inn Express
Palatka, FL
Ron Legrand
9799 Old St. Augustine Road
Jacksonville, FL 32257
888-840-8389
Hawthorn Suites
Interlochen, MI
Olin Grantham
2600 Lucerne Dr.
Tallahassee, FL 32303
850-562-6906
50-room Microtel Inn and Suites
Carrabelle, FL
Don Rodgers, SVP
Compass Bank
321 Belleaire Blvd, 2nd Floor
Mobile, AL 36606
251-470-7467
60-room La Quinta Inn and Suites
Malbis, AL
Bill and Carol Robinson
236 Highway 98
East Point, FL 32328
850-653-1240
Eastpoint, FL
Bill Brantley
Bunn-Brantley Enterprises, Inc.
389 Instrument Drive
Rocky Mount, NC 27804
252-977-9111
Hampton Inn
Rocky Mount, NC
Jeff Moyle, Vice-President
Moyle Construction and Development, Inc.
46702 Highway M-26
Houghton, MI 49931
906-482-3000
Grand Haven, MI
Page 11
Thomas Johnson
5425 Summer Duck Road
Fayetteville, NC 28314
910-237-2636
Holiday Inn Hotel
Fayetteville, NC
Blaise Holzbauer
Willow Valley Resort
2416 Willow Street Pike
Lancaster, PA 17602
1-800-444-1714
DoubleTree Hotel
Lancaster, PA
Paresh Pachigar
Country Hearth Inn
2251 S. Old Dixie Highway
Bunnell, FL 32110
561-744-1987
Holiday Inn Hotel
Stuart, FL
Matthew Bedosky
581 Harry L Drive
Johnson City, NY 13790
607-770-9333
La Quinta Inn
Verona, NY
Tom Bauer
Bauer and Company
625 St. Charles Ave., #1A
New Orleans, LA 70130
225-939-2680
1. Country Inn and Suites
Natchez, MS
2. Indigo Hotel
New Orleans, LA
Dinesh Patel
5226 Kingsford Court
West Chester, OH 45069
513-259-7040
1. Hilton Homewood Suites
Mason, Ohio
2. Holiday Inn Express Hotel & Suites
Mason, Ohio
David J. Beatty, President
Townebank Comm’l Mortgage
109 E. Main Street
Norfolk, VA 23510
757-628-6360
Smithfield, VA
Moshe Winer
Ursus Management Corp
37-14 Broadway
Fair Lawn, NJ 10471
718-549-1778
Microtel Inn
North Bergen, NJ
John McGraw
37 Deer Park Road
Manitowish Waters, WS 54545
715-904-0020
Condominium Hotel
Manitowish Waters, WS
Page 12
Jean Cherubin
1510 N.E. 162nd Street
N Miami Beach, FL 33162
305-785-0720
market-driven hotel
Maurice Snipes
395 Franklin Street
Bloomfield, NJ 07003
973-445-1933
MainStay Suites
Newark, NJ
Steve Benjamin
700 Gervais Street, #300
Columbia, SC 29201
803-227-2236
Columbia, SC
Jay Patel
1130 Motel Drive
Chipley, FL 32428
850-258-3302
Staybridge Suites
Dothan, AL
David Hauseman
Hauseman Group
1231 Collier Road, NW, #C
Atlanta, GA 30318
404-231-5900
Winfield, AL
Leland, MS
Greenville, MS
Crowne Plaza
Rochester, NY
Adam Westreich
Tryad Gruop
190 N. 10th Street, #306
Brooklyn, NY 11211
718-301-0229
Hank Thomas
1793 Kanawaha Trail
Stone Mountain, GA 30087
770-331-3270
Shirley Waring
Hotel Delta Court, LLC
2613 Confederate Avenue
Vicksburg, MS 39180
301-634-0113
David Henderson
302 S. Mass. Ave., Suite 223
Landland, FL 33801
863-682-2000
Courtyard by Marriott
Jacksonville, NC
Hotel Indigo
Dania Beach, FL
Delta Court Hotel
Vicksburg, MS
Plant City, FL
Page 13
Interim Hospitality Consultants Offers a Wide Array of Hospitality Services for Your Firm.
MANAGEMENT ASSISTANCE
1.
2.
3.
4.
5.
6.
Hotel Operations: General Manager of any size property/development at any location.
Quality Assurance Programs: Independent evaluation.
Yield Management: Maximize room revenues from an hourly to a seasonal basis.
Front Office/Reservation Systems Training: From the first customer greeting to night audit operations.
Marketing Studies: Formal studies to expose primary and secondary markets; personnel training.
Human Resource Programs: Position description, employee guides, wage and benefit reviews, task training.
OWNERSHIP ASSISTANCE
1. Financial Operations Analysis by department to maximize profits.
2. Operations Manuals Consolidation of your policies and procedures in compliance with state/federal laws
and franchisee requirements.
3. Litigation Support with expert witness testimony.
4. Anonymous Audits of service and management standards.
5. Lodging Realty Services through Lodging Realty Services, LLC.
6. Appraisal Services through members of the Appraisal Institute of America.
7. Mortgage Brokerage Services for real estate financing.
DEVELOPMENT ASSISTANCE
Feasibility Studies: Authored over 600 franchisor and lender approved studies for over 60 brands.
Impact Studies to determine from a third-party standpoint the effect of new hotel development.
Architectural Reviews from a Hotel Operations perspective to eliminate errors and increase productivity.
Remodeling Coordination from project review to oversight management, including design, purchasing and
installation.
5. Construction Coordination: Coordinating the efforts of the architect, general contractor, franchisee and
ownership from a daily or project review perspective.
6. Pre-Opening Management Functions Includes permits/licensing, FF&E installation, punch lists, staffing,
training and marketing.
1.
2.
3.
4.
Edward L. Xanders, CHA, President, Broker
Kim Pedersen, Senior Research Analyst
American Hotel Lodging Association
Extended-Stay Hotel Council, AHLA
International Association of Hospitality Advisors
National Association of Black Hotel Owners, Operators and Developers
Asian American Hotel Owners Association, authored articles for AAHOA publications
National Association of Condo Hotel Owners
Superior Small Lodging of America
Florida Bed and Breakfast Association
Hotel Brokers Internatinoal
4145 Yardley Circle
Tallahassee, FL 32309-2942
www.lodgingrealty.com
[email protected]
Phone: 850-893-6010
Fax:850-893-8345
Cell: 850-443-5010
Hotel Properties Assisted by
Edward L. Xanders, CHA
Selected List
1. Candlewood Suites, Tallahassee, Florida.
Asset Management and Pre-Opening Management of the development of a 113-room extendedstay hotel.
2. Country Inn and Suites, Rose Hill, North Carolina
Asset Management and co-ordinate the development of a Country Inn and Suites.
3. Comfort Suites, Suffolk, Virginia
Asset Management in assisting the ownership (Temple Beth-El) in final negotiation of franchise
and management company contracts.
4. Wingate Inn, Lynn Haven, Florida
Pre-Opening and Management Contracts
In 2005 Lodging Management Services was awarded the Pre-Opening and Hotel Management
Contracts for the Wingate Inn, Lynn Haven (Panama City), Florida. Market Research dictated
that the 68-room hotel be positioned as a Boutique Hotel with upgraded bedding, amenities and
an Aquatic Center to meet the local competition. Within 65 days of opening, the property had
obtained parity within its Competitive Set at 98.6% RevPAR.
5. Staybridge Suites, Tallahassee, Florida
Asset Management Contract
Assisting the Project Developer as the Asset Manager in all phases of Pre-Opening,
Architectural, Interior Design; Furniture, Fixtures and Equipment purchasing of the 104-unit
Staybridge Suites Hotel. Total development cost estimated at $17 million.
6. Suburban Extended Stay Hotel
Pre-Opening and Management Contracts
Conversion of the 120-room exterior-corridor, two-story transient hotel into an Extended-Stay
Hotel with an appraised value of $6 million. Through innovative design, a standard 12'x23'
room was adjusted to include a sleep/sofa, desk with ergomonic chair and armoire with a 27inch television living area. Queen-sized bed with double night stands, sleeping space, Kitchen
area of two-seat dining table with wall sconce, 12-cubic-foot, 2-door refrigerator with ice
maker, full-size dishwasher, 19"x17" sink with disposal, two-burner cook top, full-size
Hotel Properties Assisted
page 2
microwave hood and cabinets; dressing area of double rack closet shelves, vanity with framed
mirror. Annual Occupancy of 80% was achieved within seven months of opening.
7. Holiday Inn and Suites, Russellville, Alabama
Complete direction of all pre-opening activities for a six-week period.
Expert Witness for Comfort Suites, Decatur, Alabama.
8. Desert Pearl Inn, Springdale, Utah, at Zion National Park
Recruitment of a new General Manager. Perform a Quality Assurance Review. Review Front
Office Procedures to effect maximum Yield Management and Internal Controls. Review all
Reservation Procedures; all Marketing Programs; all Human Resource Programs. Analyze prior
Financial Reports to maximize profitability. Review all Operations Manuals, Policies, and
Procedures for compliance with state/federal statutes and industry standards. Perform an
Anonymous Audit of Reservations, and Management Operations.
9. Proposed Comfort Suites, Naples, Florida
Performed all Market Research with Franchise and Design recommendations on the proposed
hotel development.
10. Park Central Inn, Ft. Worth, Texas
Hotel Market Analysis, Quality Assurance, Evaluation, Recruitment of a General Manager to
reposition an independent hotel in downtown Ft. Worth, Texas.
11. The Tides Inn, Norfolk, Virginia
Quality Assurance Evaluation to reposition the property in the market place.
12. Ramada Limited, Gainesville, Florida
Assisted the first-time hotel owner with final remodeling requirements of converting a 100room independent motel. Purchased and directed the installation of FF&E. Held Training
Classes for all employees on the new Franchise programs. Revisited the property on four
occasions to assist management to successfully complete a Quality Assurance Evaluation and
Programs to pass a Franchise Inspection.
13. Days Inn, Baltimore (Glen Burnie), Maryland
Was Interim General Manager and coordinated the changing of a 130-room Holiday Inn into
a Days Inn during the first 6 weeks under new ownership.
14. Holiday Inn, Statesboro, Georgia
As Interim General Manager, had complete authority in implementing a $300,000 Property
Improvement Program over a 4- month period to successfully pass a Holiday Inn Corporate
Inspection in the 129-room hotel.
page 3
15. Holiday Inn Express, Bainbridge, Georgia
Authored the Feasibility Study, presentation before lenders, assisted with the architectural
design, specifications, bidding and installation of furniture, fixtures, and equipment for the 50room motel. Interim General Manager on two occasions to re-market position the motel to pass
Franchise inspections.
16. Ramada Inn Southeast, Nashville, Tennessee
On two separate occasions, conducted Hotel Market Analyses, Sales Training of new Marketing
staff, Quality Assurance Evaluation, Developed new Market Sales leads of potential room sales
of over $750,000 per year.
17. Sleep Inn, Nashville, Tennessee and
Comfort Inn and Suites, Goodlettsville, Tennessee
Innovative Preconstruction Design Recommendations
18. Comfort Inn, Cairo, Georgia
Successfully petitioned city council for revision to city ordinance regulating sale of liquor by
the drink. Authored Feasibility Study, selected Franchise, architectural design input of 75% of
the project, reviewed general contractor bids and purchased all operational supplies.
Coordinated all FF&E installations. Completed final punch lists. Selected, hired, and trained
all management and staff. Directed all Pre-Opening Marketing for the 50-room, 80-seat
restaurant, 60-seat lounge.
19. Best Western, Nashville, Tennessee
Innovative Preconstruction Design Recommendations
20. Howard Johnson, Windsor, Ontario, Canada
Marketing and Site Review prior to purchase decision.
21. SouthGate Campus Centre, Tallahassee, Florida
The upscale luxury student residence of 268 rooms also had a cafeteria, ballroom, food court
(6 national franchises), convenience store, bookstore, copy center, hair salon, dry cleaner, sports
lounge, fitness center, and a computer lab. Developed all pre-opening brochures, video tapes
and collateral materials. Directed all public relations, direct mail campaign, and sales
solicitations as the Marketing Director.
22. Weatherspoon Guest House, Apalachicola, Florida.
Directed the total redesign of 70-year-old antebellum house into a 4-room bed and breakfast inn.
Specified bids and purchased all FF&E.
23. Shoneys Inn, Thomasville, Georgia
Designed lobby, front office, and housekeeping facilities for the 100-room motel.
page 4
24. Hilton Hotel and Convention Center, Macon, Georgia
Project coordination on the $9 million property rebuilding. Coordinated the efforts of the owner
(life insurance company), franchisor, management company, general contractor, architect, and
interior designer while keeping the 306-room, full-service hotel open over a 15-month period.
25. Hilton Hotel, Tallahassee
As General Manager, directed a multimillion-dollar renovation program to the Coffee Shop,
Front Desk, Lobby Bar, Show Lounge, and all Guest Rooms of the 246-room, full-service hotel.
26. Hilton Hotel, Augusta, Georgia
Coordinated the design and construction of an indoor pool/health facility and guest room
renovation for the 210-room, full-service hotel.
27. Powdermill Inn, Bessemer, Michigan
As General Manager, provided design input into guest rooms, food and beverage, lobby, and
front desk for the 55-unit condominium ski resort.
28. Hilton Hotel, Sioux City, Iowa
Coordinated all FF&E installations, hired and trained the management and staff of the 200room, full-service hotel.
29. Sheraton Inn, Dallas, Texas
Six months prior to opening, named restaurant and lounge, purchased interior decor,
coordinated all FF&E installations, hired and trained management and staff for the 150-room,
full-service hotel.
30. Registry Hotel, Dallas, Texas
Responsible for obtaining all occupancy permits and licenses four months prior to the opening
of the 250-room, full-service hotel.
31. North Shore Inn and Suites, North Myrtle Beach, South Carolina
Hotel Operations Contract of the 80-room reflaged Wingate Inn.
Feasibility Study
Houston (Katy), TX
Puerto Jimenez, Costa Rica
Feasibility Study
New York (Queens), NY
Site Review
Tallahassee, FL
Feasibility Study
Vernal, UT
Feasibility Study
Dickinson, ND
Brooklyn, NY
Ridgeway, PA
Midland, TX
Wytheville, VA
Manitowish Waters, WI
Feasibility Studies
Greenville, MI
Edgemont, SD
Site Review
Ft. Myers, FL
Feasibility Study
Kissimmee, FL
Slidell, LA
Site Review
Shreveport (Greenwood), LA
Site Reviews
Fort Myers, FL
Gainesville, FL
Orlando, FL
Feasibility Studies
Luverne, AL
Auburndale, FL
Okeechobee, FL
Atlanta (Marietta), GA
Jackson, GA
Chicago (Calumet Park), IL
Chama, NM
Mount Morris, NY
Plus
Premier
Enterprise, AL
Kenner, LA
Ardmore, OK
Columbia, TN
Jackson Twn, NJ
Princeton, NJ
Feasibility Studies
Ft. Lauderdale (Lauderhill), FL
Vero Beach, FL
Raleigh, NC
New York (Washington Hgts), NY
Las Vegas, NV
Bluffton, SC
Dallas, TX
Feasibility Studies
Atlanta (Marietta), GA
Brandon, FL
Niceville, FL
Tallahassee, FL
Grand Rapids, MI
Anderson, SC
Pre-Opening Contract
Tallahassee, FL
Feasibility Study
Brooklyn, NY
Quality Assurance Review
Cedar Rapids, IA
Berlin, MD
Ocean Pines, MD
Pocomoke City, MD
Snow Hill, MD
West Ocean City, MD
Feasibility Study
Eutaw, AL
Union Springs, AL
Winfield, AL
Blakely, GA
Cairo, GA
Hastings, MI
Leland, MS
Raleigh, NC
Hammondsport, NY
Bedford, PA
Feasibility Study
Crawfordville, FL
Eastpoint, FL
Port Charlotte, FL
Water Park, FL
Bronx, NY
Valley Stream, NY
Washington Heights, NY
Bluffton, SC
Suffolk, VA
Feasibility Study
• Memphis, TN
Feasibility Study
Birmingham (Pelham), AL
Cape Coral, FL
Crestview, FL
Davie, FL
DeLand, FL
Ft. Myers, FL
Plant City, FL
Lady Lake, FL
Yulee, FL
Jasper, GA
Washington, GA
Boston (Taunton), MA
Boston (Raynham), MA
Grand Haven, MI
Greenville, MS
Jackson, MS
Natchez, MS
Starkville, MS
Charlotte, NC
Greensboro, NC - (2)
Kannapolis, NC
Magnolia, NC
Rocky Mount, NC
Rose Hill, NC
Troutman, NC
Cortland, NY
Rossford, OH
Sandusky, OH
Mansfield, PA
Marinette, WI
Feasibility Study
Jacksonville, NC
Niagara Falls, NY
Market Analysis
Fort Myers, FL
Feasibility Study
Rochester, NY
Site Analysis
Tallahassee, FL
Feasibility Studies
Quincy, FL
Bainbridge, GA
Kenner, LA
New Orleans, LA
Allendale, SC
Feasibility Study
South Amboy, NJ
Feasibility Study
Ocala, FL
Quincy, FL
Proforma
Doswell, VA
Feasibility Study
Youngstown, OH
Norfolk, VA
Feasibility Study
Jackson, MS
Feasibility Study
Aguascalientes, Mexico
Coatzacoalcos, Mexico
Ciudad del Carmen, Mexico
Léon, Mexico
Monterrey, Mexico
San Luis Potosi, Mexico
Site Analysis
Querétaro, Mexico
Feasibility Study
Fort Walton Beach, FL
Plattsburgh, NY
Madison, AL
Feasibility Study
Birmingham, AL
Market Research Study
Thomasville, GA
Feasibility Studies
Huntsville, AL
Winfield, AL
Little Rock, AR
Dade City, FL
Ft. Myers, FL (2)
Lake Wales, FL
Quincy, FL
Palatka, FL
St. Petersburg, FL
Knightdale, NC
Rocky Mount, NC
Geneseo, NY
Plattsburgh, NY
Oklahoma City, OK
Mansfield, PA
Smithfield, VA
Feasibility Studies
Birmingham, AL
Daphne, al
Montgomery, AL
Fort Myers, FL
Melbourne, FL
Miami (Coconut Grove), FL
Ocala, FL
Palm Bay, FL
Tallahassee, FL
Atlanta (College Park), GA
Atlanta (Flowery Branch), GA
Atlanta (Roswell), GA
Dalton, GA
Hartwell, GA
Warm Springs, GA
Bowling Green, KY
New Orleans, LA
Raleigh (Airport), NC
Middletown, NY
Site Review
Gulf Shores, AL
Auburn, AL
Boca Raton, FL
Bonita Springs, FL
Destin, FL
Fort Myers, FL
Miami (North), FL
Naples, FL
Orlando, FL
Panama City, FL
Tallahassee, FL
Feasibility Study
New Orleans, LA
Feasibility Study
Coral Springs, FL
Millville, NJ
Hotel Mgt Operations Contract*
Tallahassee, FL
Market Analysis
Memphis, TN
Feasibility Studies
Crestview, FL
Miami (Miramar), FL
Naples, FL
Louisville, KY
Grambling, LA
Durham, NC
Canandaigua, NY
New York (Bronx), NY
Gettysburg, PA
St. Marten, FWI
Feasibility Studies
Ocala, FL
Kingsland, GA
Williamsburg, IA
Jackson (Pearl), MS
Fayetteville, NC
Portsmouth, VA
Hotel Operations Mgt Contract
Statesboro, GA
Orlando (Florida Mall), FL
Operations Review
Louisville, KY
Feasibility Studies
Guin, AL
Luverne, AL
Mims, AL
Montevallo, AL
Crossett, AR
Riverside, CA
Victorville, CA
Crawfordville, FL
Fanning Springs, FL
Ft. Myers, FL
Marianna, FL
Perry, FL
Quincy, FL
Atlanta (College Park), GA
Bainbridge, GA
East Point, GA
Thomasville, GA
Glasgow, KY
California, MD
Bordentown, NJ
Flemington, NJ
Mahwah, NJ
Binghamton, NY
Bryan, OH
Duncan, OK
Edmond, OK
Allentown, PA
Breezewood, PA
Canonsburg, PA
Wytheville, VA
Wheeling, WV
Feasibility Study
Tallahassee, FL
Millville, NJ
Feasibility Studies
Crestview, FL
Tallahassee, FL
Athens, GA
Atlanta Airport, GA
Greenville, NC
Mason (Cincinnati), OH
Harrisburg, PA
St. George, UT
Norfolk, VA
Green Bay (De Pere), WI
Site Review
Windsor, Ontario, Canada
Management Contract
Grand Rapids, MI
Feasibility Studies
Mobile, AL
Montgomery, AL
Dania Beach, FL
Delray Beach, FL
Augusta, GA
Lexington, KY
Bluffton, SC
Feasibility Study
Dania Beach, FL
Stuart, FL
New Orleans, LA
Feasibility Study
Greensboro, NC
Feasibility Study
Columbiana, AL
St. James Island, FL
Feasibility Studies
Daphne, AL
Pensacola, FL
Olive Branch, MS
Wichita Falls, TX
Southaven, MS
Lincoln, NE
Verona, NY
Site Reviews
Orange Beach, AL
Pensacola, FL
Columbia, LA
Feasibility Studies
Coral Springs, FL
Ft. Lauderdale, FL
Branson, MO
Middletown, NY
New York (Long Island City), NY
New York (Manhattan), NY
Palmyra, VA
Feasibility Studies
Montgomery, AL
Ocala, FL
Pinellas Park, FL
Port St. Joe, FL
Tallahassee, FL
Springfield, MA
Great Mills, MD
Meridian, MS
Newark, NJ
Mayfield, NY
Richmond, VA
Feasibility Studies
Birmingham, AL
Daphne, AL (2)
Decatur, AL
Mobile, AL
Talladega, AL
Brooksville, FL
Bushnell, FL
Carrabelle, FL
Eastpoint, FL
Jacksonville (Yulee), FL
Lake Wales, FL
Marianna, FL
Ocala, FL
Brunswick, GA
Hammond, LA
New Orleans, LA
Shreveport, LA
Thibodaux, LA
Detroit (Lincoln Park), MI
Leland, MS
Meridian, MS
Salamanca, NY
Toledo, OH
Mansfield, PA
Wilkes-Barre, PA
Mount Pleasant, SC
Summerville, SC
Pasadena, TX
Williamsburg, VA
Site Reviews
Ft. Myers, FL
West Palm Beach (I-95), FL
Savannah, GA
New Orleans (Gretna), LA
New Orleans (Mandeville), LA
Wyoming, MN
Beaufort, SC
Pulaski, TN
San Antonio, TX
Feasibility Study
Tallahassee, FL
Feasibility Study
Vicksburg, MS
Market Update
Vicksburg, MS
Feasibility Study
Leesburg, FL
Hotel Franchise Conversion
Louisville, KY
Feasibility Studies
Tallahassee, FL
Kansas City (Gladstone), MO
Tunica, MS
Williston, ND
Memphis, TN
Lake Harmony, PA
Nashville, TN
Human Resources
Gainesville, FL
Feasibility Study
Silver Spring, MD
Site Review
Savannah, GA
Feasibility Studies
Indianapolis, IN
Lancaster, PA
Operations Review
Cincinnati, OH
Feasibility Study
Morrilton, AR
Architectural Review
Thomasville, GA
Feasibility Studies
Headland, AL
Marion, AL
Mena, AR
Jacksonville, FL
Port St. Joe, FL
Shreveport, LA
Windham, ME
Marlton, NJ
Niagara Falls, NY
Canton, OH
Oklahoma City, OK
Kennedale, TX
Woodbridge, VA
Hotel Development Conversion
Wheeling, WV
Knoxville, TN
Market Analysis
Richmond, VA
Feasibility Studies
Kissimmee, FL
Ocala, FL
Perry, FL
Tallahassee, FL
Meridian, MS
Union City, NJ
Morgantown, WV
Triadelphia, WV
Pre-Opening
Tallahassee, FL
Operations Contract
Tallahassee, FL
CONDOMINIUM HOTELS
Feasibility Study
Ft. Morgan, AL
The Sanctuary at Fort Morgan
Gulf Shores, AL
Zydeco Hotel and Spa
Coral Springs, FL
Golf Resort
Miami, FL
Ocean 4
Sarasota, FL,
Condo Hotel and Theatre
Palmyra, VA,
Rivanna Resort
Feasibility Study
Norfolk, VA
Site Review
Tallahassee, FL
Market Analysis
Gulfport, MS
Lodging Management Services assisted in the development of
Staybridge Suites, Candlewood Suites and Suburban Extended
Stay Hotel, Tallahassee, FL, Wingate Inn, Lynn Haven, FL and
Comfort Suites, Suffolk, VA.
Atlanta (Six Flags), GA
Market Research
Pensacola, FL
Vidalia, LA
Feasibility Study
Macon, GA
Clarksville, TN
Site Review
Greensboro, NC
Feasibility Study
Macon, GA
Clarksville, TN
Feasibility Study
Sarasota, FL
Oxford, MS
Feasibility Study
Indianapolis, IN
Feasibility Study
Delray Beach, FL
LISTINGS
Days Inn
Donalsonville, GA
SOLD
Pensacola, FL
Valdosta, GA
Four Bed and Breakfast Inns in Florida
INDEPENDENT LODGING
Feasibility Studies
Tallahassee, FL
Hamilton Inn
Port St. Joe, FL
Port Inn
Kingsland, GA
Assisted Living Home
Biloxi, MS
Barq Boutique Hotel
Oxford, MS
Ava Hotel and Spa
Camp Dorothy Walls
Black Mountain, NC
Saratoga Springs, NY
Roosevelt Inn & Suites
Site Reviews
Tallahassee, FL
Hamilton Inn
Bluffton, SC
Hamilton Inn
Columbia, SC
Eagles Nest Resort
Hotel Operations Management Contracts
Daytona Beach, FL
Desert Isle Inn
Daytona Beach, FL
Maple Leaf Condo Hotel
Columbia, SC
Eagles Nest Resort
N. Myrtle Beach, SC
North Shore Inn & Suites
Hotel Operations Analysis
Panama City Beach, FL
Pineapple Beach Resort
Copper Harbor, MI
Keweenaw Mountain Lodge
Villa Ridge, MO
Diamond Inn
Springdale, UT
Desert Pearl Inn
Norfolk, VA
Tides Inn
Quality Assurance Reviews
Fort Worth, TX
Park Central Inn
Richland, WA
DOE User Housing Facility
Black River Falls, WI
Majestic Pines Casino
Management Recruitment
Port St. Joe, FL
Port Inn
Endicott, NY
Independent Living
Anonymous Audit
Port St. Joe, FL
Port Inn
Chattanooga, TN
Hamilton Inn
Sales & Marketing Contract
Tallahassee, FL
Southgate Campus Center
INDUSTRY PARTICIPATION
Attend Exhibit
AHLA, Ex-Stay Council
U
AAHOA Conference
U
U
ALIS Conference
U
Atlanta Hotel Investment Conf.
U
U
Best Western Hotel Conf.
U
U
Boutique Hotel Conf.
U
Choice Hotels Int’l Conf
U
U
CHRIS Conference
U
Condo Hotel Conference
U
U
FBBI Conference
U
U
HBI Conference
U
HHOA Conference
U
U
InterContinental Hotel Conf.
U
U
U
Midwest Hotel Lodging Conf.
U
NABHOOD Conference
U
U
New York Investment Conf.
U
Superior Small Lodging Conf.
U
U
Vantage Hotel Conference
U
U
Interviewed on CNBC Cable News
Speaker
U
U
U
U
U
U
U
U
U

SEC_H-FINANCIAL PROFORMA

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