MARKET STUDY Proposed Hotel Santee RIVERVIEW PARKWAY SANTEE, CALIFORNIA SUBMITTED TO:PROPOSED PREPARED BY: Ms. Pamela White HVS Consulting & Valuation City of Santee Division of TS Worldwide, LLC 10601 Magnolia Avenue 100 Bush Street, Suite 1625 Santee, California 92071 San Francisco, California 94104 +1 (619) 258-4100 ext. 223 +1 (415) 896-0868 July‐2018 September 10, 2018 Ms. Pamela White City of Santee 10601 Magnolia Avenue Santee, California 92071 HVS SAN FRANCISCO Re: Hotel Market Analysis 100 Bush Street, Suite 1625 San Francisco, California, 94104 Santee, California +1 (415) 896‐0868 HVS Reference: 2017021673 +1 (415) 896‐0516 FAX www.hvs.com Dear Ms. White: Pursuant to your request, please find attached our study of the Santee, California, hotel market. Our investigation reveals that the market has the potential to support new hotel development. This engagement addresses market demand for new hotel development; no analysis of financial feasibility has been undertaken. We hereby certify that we have no undisclosed interest in the property, and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein. Sincerely, TS Worldwide, LLC Suzanne R. Mellen, MAI, CRE, FRICS, ISHC, Senior Managing Director - Practice Leader
[email protected], +1 (415) 268-0351 McKenna K. Luke, MAI Director
[email protected], +1 (303) 704-2636 Superior results through unrivaled hospitality intelligence. Everywhere. Table of Contents SECTION TITLE PAGE 1. Executive Summary 4 2. Market Area Analysis 9 3. Hotel Supply and Demand Analysis 31 4.