Nichols Hospitality Consulting, Inc. Market Study with Financial Projections Proposed Hotel Berryville, Virginia Prepared By: Jan L. Nichols, CHA, CRE Nichols Hospitality Consulting, Inc. 1416 Saffron Trail DeLand, FL 32724 386-873-2747 Prepared For: Town of Berryville, Virginia c/o Christy Dunkle, Planning Director 101 Chalmers Court, Suite A Berryville, Virginia 22611 December 11, 2013 Nichols Hospitality Consulting, Inc. 1416 Saffron Trail DeLand, Florida 32724 Tele: 386-873-2747 Cell: 407-748-0875
[email protected] Jan L. Nichols, CHA, CRE President December 11, 2013 Town of Berryville, Virginia c/o Christy Dunkle, Planning Director 101 Chalmers Court, Suite A Berryville, Virginia 22611 Re: Proposed Hotel Market Feasibility Study Berryville, Virginia Dear Ms. Dunkle: Pursuant to your request, I herewith submit a market study with financial projections pertaining to the above-captioned property. I have inspected the site and analyzed the hotel market conditions in the Berryville area. I hereby certify that I have no undisclosed interest in the property, and my employment and compensation are not contingent upon these findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein. It has been a pleasure to assist you on this assignment. Sincerely, Jan L. Nichols, CHA, CRE State-Certified General Real Estate Appraiser #RZ1877 Nichols Hospitality Consulting, Inc. Proposed Hotel, Berryville, VA Table of Contents Table of Contents Section Title 1 Executive Summary 2 Nature of the Assignment 3 Description of the Subject Property 4 Market Area Analysis 5 Lodging Supply and Demand 6 Projection of Occupancy and Average Rate 7 Financial Forecast 8 Statement of Assumptions and Limiting Conditions 9 Certification 10 Qualifications Addenda The Power of Travel Promotion: Spurring Growth, Creating Jobs, published by the US Travel Association, 2013 Nichols Hospitality Consulting, Inc.