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Proposed Homewood Suites Atlanta Airport SUMMARY MARKET STUDY Proposed Homewood Suites Atlanta Airport 3405 BOBBY BROWN PARKWAY ATLANTA, GEORGIA SUBMITTED TO:PR OPOSED PREPARED BY: Mr. Sachin Patel HVS Consulting and Valuation Services American Life Inc Division of Hotel Appraisals, LLC 2100 Parklake Drive North East, Suite P 369 Willis Avenue Atlanta, Georgia 30345 Mineola, New York 11501 +1 770 938-2060 +1 516 248-8828 December - 2013 December 20, 2013 Mr. Sachin Patel American Life Inc 2100 Parklake Drive North East, Suite P Atlanta, Georgia 30345 HVS NEW YORK Re: Proposed Homewood Suites Atlanta Airport 369 Willis Avenue Atlanta, Georgia Mineola, New York 11501 HVS Reference: 2013010798 +1 516 248-8828 +1 516 742-3059 FAX www.hvs.com Dear Mr. Patel: Atlanta Boston Pursuant to your request, we herewith submit our summary market study Boulder pertaining to the above-captioned property. We have inspected the real estate and Chicago analyzed the hotel market conditions in the Atlanta, Georgia area. We have studied Dallas the proposed project, and the results of our fieldwork and analysis are presented Denver in this report. We have also reviewed the proposed improvements for this site. Our Houston report was prepared in accordance with the Uniform Standards of Professional Las Vegas Appraisal Practice (USPAP), as provided by the Appraisal Foundation. Mexico City Miami Minneapolis We hereby certify that we have no undisclosed interest in the property, and our Nassau employment and compensation are not contingent upon our findings. This study is New York subject to the comments made throughout this report and to all assumptions and Newport limiting conditions set forth herein. Philadelphia San Francisco Sincerely, St. Louis Hotel Appraisals, LLC Toronto Vancouver Washington Athens Beijing Buenos Aires Dubai Hong Kong Laura N. Kalcevic, Vice President Lima [email protected], +1 (412) 296-0311 London Madrid Milan Moscow Mumbai New Delhi Sao Paulo Shanghai Roland de Milleret, MAI, Managing Director Singapore [email protected], +1 (516) 248-8828 Specialists in Hotel Consulting and Appraisal Worldwide LNK: RdM Table of Contents SECTION TITLE PAGE 1. Executive Summary 4 2. Market Area Analysis 7 3. Supply and Demand Analysis 25 4. Projection of Occupancy and Average Rate 45 5. Projection of Income and Expense 48 6. Statement of Assumptions and Limiting Conditions 57 7. Certification 60 Addenda Penetration Explanation i Qualifications 1. Executive Summary Subject of the The subject of the market study is a 95,309-square-foot (2.19-acre) parcel to be Summary Market improved with an extended-stay lodging facility; the hotel will be affiliated with Study the Homewood Suites by Hilton brand. The property is expected to open on July 1, 2014 and will feature 122 rooms. As of the date of this report, the construction of the hotel is estimated to be 40% complete. The subject site’s location is 3405 Bobby Brown Parkway, Atlanta, Georgia, 30344. Based on information provided by the proposed subject property’s development representatives, the following table summarizes the facilities that are expected to be available at the proposed subject property. FIGURE 1-1 PROPOSED FACILITIES SUMMARY Guestroom Configuration Number of Units Guestrooms 122 Food & Beverage Facilities "Great Room" Breakfast Dining Area Indoor Meeting & Banquet Facilities One Meeting Room Amenities & Services Outdoor Swimming Pool Business Center Vending Areas Market Pantry Guest Laundry Facility Sport Court Infrastructure Parking Spaces As Needed Elevators As Needed Life-Safety Systems Sprinklers, Smoke Detectors Construction Details Steel, Reinforced Concrete December - 2013 Executive Summary Proposed Homewood Suites Atlanta Airport – Atlanta, Georgia 4 Pertinent Dates The subject site was inspected by Laura N. Kalcevic on October 9, 2012. Roland de Milleret, MAI participated in the analysis and reviewed the findings, but did not personally inspect the property. Ownership, Franchise, The subject site has been owned by RI Fund One, LLC since 2008. At this time, the and Management subject site was purchased from Bobby Brown Hospitality, LLC for a reported Assumptions $2,250,000. No other transfers of the property have reportedly occurred within the last three years. The site is not currently under contract for sale nor is it listed for sale. The proposed hotel will be managed by Rossmore Management Group, LLC. This management agreement calls for a base management fee of 5.0% of total revenues. The proposed subject property will reportedly operate under a franchise agreement with Hilton Worldwide as a Homewood Suites; the agreement is expected to expire on February 28, 2033. Based on our review of the agreement’s terms or expected terms, the Homewood Suites by Hilton franchise is reflected in our forecasts with a royalty fee of 4.0% of rooms revenue and a marketing assessment of 4.0% of rooms revenue. Reservations fees will also be due, and are included in the rooms expense line item of our forecast. Scope of Work The methodology used to develop this study is based on the market research and valuation techniques set forth in the textbooks authored by Hospitality Valuation Services for the American Institute of Real Estate Appraisers and the Appraisal Institute, entitled The Valuation of Hotels and Motels,1 Hotels, Motels and Restaurants: Valuations and Market Studies,2 The Computerized Income Approach to Hotel/Motel Market Studies and Valuations,3 Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations,4 and Hotels and Motels – Valuations and Market Studies.5 1 Stephen Rushmore, The Valuation of Hotels and Motels. (Chicago: American Institute of Real Estate Appraisers, 1978). 2 Stephen Rushmore, Hotels, Motels and Restaurants: Valuations and Market Studies. (Chicago: American Institute of Real Estate Appraisers, 1983). 3 Stephen Rushmore, The Computerized Income Approach to Hotel/Motel Market Studies and Valuations. (Chicago: American Institute of Real Estate Appraisers, 1990). 4 Stephen Rushmore, Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations (Chicago: Appraisal Institute, 1992). 5 Stephen Rushmore and Erich Baum, Hotels and Motels – Valuations and Market Studies. (Chicago: Appraisal Institute, 2001). December - 2013 Executive Summary Proposed Homewood Suites Atlanta Airport – Atlanta, Georgia 5 1. All information was collected and analyzed by the staff of Hotel Appraisals, LLC. Information was supplied by the client and/or the property’s development team. 2. The subject site has been evaluated from the viewpoint of its physical utility for the future operation of a hotel, as well as access, visibility, and other relevant factors. 3. The subject property's proposed improvements have been reviewed for their expected quality of construction, design, and layout efficiency. 4. The surrounding economic environment, on both an area and neighborhood level, has been reviewed to identify specific hostelry-related economic and demographic trends that may have an impact on future demand for hotels. 5. Dividing the market for hotel accommodations into individual segments defines specific market characteristics for the types of travelers expected to utilize the area's hotels. The factors investigated include purpose of visit, average length of stay, facilities and amenities required, seasonality, daily demand fluctuations, and price sensitivity. 6. An analysis of existing and proposed competition provides an indication of the current accommodated demand, along with market penetration and the degree of competitiveness. Unless noted otherwise, we have inspected the competitive lodging facilities summarized in this report. 7. Documentation for an occupancy and average rate projection is derived utilizing the build-up approach based on an analysis of lodging activity. 8. A detailed projection of income and expense made in accordance with the Uniform System of Accounts for the Lodging Industry sets forth the anticipated economic benefits of the subject property. December - 2013 Executive Summary Proposed Homewood Suites Atlanta Airport – Atlanta, Georgia 6 2. Market Area Analysis Market Area Definition The market area for a lodging facility is the geographical region where the sources of demand and the competitive supply are located. Situated adjacent to Atlanta in Fulton County, Hapeville functions as a suburb of the larger city. Atlanta is the capital and most populous city in the state of Georgia and serves as the county seat of Fulton County, although a small portion of the city extends into DeKalb County. The Atlanta region, which covers 8,376 square miles, is home to just over five million people, making it the ninth most populous metropolitan area in the United States. The Atlanta metropolitan area boasts numerous headquarter offices of Fortune 100, 500 and 1,000 companies, including United Parcel Service, Coca-Cola Company, Georgia-Pacific, The Home Depot, Delta Air Lines, The Southern Company, Equifax, and AT&T Mobility. Atlanta is home to the Hartsfield-Jackson Atlanta International Airport, which has held its ranking as the world's busiest passenger airport since 1998. Economic and A primary source of economic and demographic statistics used in this analysis is Demographic Review the Complete Economic and Demographic Data Source published by Woods & Poole Economics, Inc. – a well-regarded forecasting service based in Washington, D.C. Using a database containing more than 900 variables for each county in the nation, Woods & Poole employs a sophisticated regional
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