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Table of Contents Hospitality, Gaming & Leisure Valuation & Advisory PROPOSAL TO COMPLETE A MARKET DEMAND AND FEASIBILITY STUDY AND SITE ANALYSIS FOR A PROPOSED HOTEL PREPARED FOR: City of Walnut September 4, 2019 1 City of Walnut Table of Contents Cover Letter………………………………………...……………………...…………...…Page 1 Scope of Work and Timing…………………………………….……………..…………..Page 2 Company Overview and Staff Qualifications……….……………….……...………….Page 8 Terms and Conditions..……………..……………………….………….……………....Page 22 Sample Table of Contents………….……………………………………......………….Page 26 Qualifications of the Hospitality, Gaming & Leisure Specialty Practice….….……...Page 27 2 City of Walnut Cover Letter August 29, 2019 Ms. Joelle Guerra Senior Management Analyst, City of Walnut 21201 La Puente Road Walnut, CA 91789 (909) 595-7543 Dear Ms. Guerra: We are pleased to submit a proposal to provide professional real estate valuation and advisory services to conduct a market demand and feasibility study and site analysis in Walnut, CA. We have completed several hotel assignments in the area, including recent assignments in Tracy, West Hollywood, San Diego, Huntington Beach, and Glendale. We also actively engage with hotel owners, management companies, and developers as well national and regional brand representatives, including Choice International, Cobblestone Hotels, Hilton Worldwide, Marriott International, Wyndham Hotels, and others. Our clients include developers, investors, lenders, hotel management companies, and municipalities, all of whom require quality and comprehensive reports. In the proposal that follows, we will demonstrate that Newmark Knight Frank Valuation & Advisory LLC (NKF V&A) has the geographic reach, depth of experience, and array of professional talent to satisfy your needs for an accomplished valuation and advisory firm. Our team for this hotel feasibility study will be led by Laurel Keller, MAI and John Kelley, CHIA, who will serve as the primary points of contact. The team will be assisted by colleagues who frequently work in and have knowledge of the greater Los Angeles hotel market. We are confident that our team of qualified consultants will conduct a feasibility study that provides objective, credible, data-based guidance. The City of Walnut is the client in this assignment and shall be referred to in this proposal as “Client.” NKF V&A can meet all of the insurance requirements set forth in the City of Walnut Hotel Feasibility Study RFP. We appreciate the opportunity to prepare this proposal and hope that we can develop a mutually beneficial business relationship. Respectfully submitted, 1 City of Walnut Scope of Work and Timing OBJECTIVE The objective of this engagement is to estimate the demand and market feasibility for a hotel in Walnut, CA. It is our understanding that the estimate of feasibility will be used to solicit potential developers. It is our understanding that the estimate of feasibility will be used by City of Walnut to answer the following: What is the market, what are the market constraints, what is the future lodging demand potential, and who are the subject’s potential competitors? What revenues can be generated, including municipal room tax revenue? What public incentives could improve commercial viability? What is the general cost to develop, operate, and maintain the facility? Would the city-owned site at 21701 Valley Boulevard or a different site within the city of Walnut be best suited for the proposed hotel? What are the ideal characteristics of the proposed hotel regarding number and mix of guestrooms, food and beverage components, configuration, functionality, amenities, location, parking, and ancillary requirements? Component I – Market Demand and Feasibility Study and Site Analysis SCOPE OF WORK This portion of the study will involve a thorough examination of the overall Walnut market. In preparing this portion of the assignment, we will: Travel to the subject market for a site visit, neighborhood and market tour, and meetings with the Client Review the overall business objectives and goals for the proposed development Request a list of people with whom you wish for us to consult during our research Review previous market research and information you have regarding developments in and around Walnut, CA. Conduct research and interview potential users of the proposed hotel to gauge interest and potential demand. These research techniques may include in-person meetings, phone interviews, online surveys, and other methods as appropriate. Identify primary leisure, group, and commercial attractions and demand generators within the market and examine their growth and changes Study the local and larger region’s population, household growth, employment, income levels, transportation, etc., to determine the economic environment of the subject hotel and the sources from which business is generated 2 City of Walnut Scope of Work and Timing Review and analyze the performance of similar hotels, considering monthly and daily trends Analyze the area’s proximity and travel time to nearby visitor attractions, nearby corporate and group demand generators, and access to convention and event facilities relative to competitive properties Analyze the potential site at 21701 Valley Boulevard for the proposed hotel development, along with other sites in Walnut (up to two additional sites) Conduct a SWOT and weighted-average ranking analysis of the three potential sites in the City of Walnut to determine the competitiveness relative to other hotel sites. Such analysis will consider traffic counts, pedestrian and auto linkages, access, visibility, surrounding uses, ambiance, proximity and travel time, nearby visitor attractions, nearby corporate and group demand generators, competitive advantages/disadvantages relative to competitive hotels, with and without conference space. Meet with managers and/or owners of competitive hotels Interview hotel management and development companies that own and/or operate hotels in the greater Walnut, CA region Interview representatives of hotel chains to determine performance of area hotels, proposed new supply additions, and available franchising opportunities Meet with representatives of the local convention and visitors’ bureau, chamber of commerce, assessor’s office, and city, county, and economic development officials Research associations, governmental agencies, non-governmental organizations, and other organizations in the greater Walnut region that host conferences that could use the proposed facilities Examine the current hotel supply and review the impact of recent openings on the existing hotel and event market and projections for future demand Identify new hotels that are under construction, planned, or proposed in the market Recommend the subject facility’s chain scale, potential brand affiliation(s), room count and mix, convention center square footage, and amenities, including but not limited to food and beverage offerings and recreational spaces. Analyze the historical market segmentation of the competitive properties, including corporate transient, leisure transient, group, and contract demand, and project the market segmentation for the proposed property Analyze the historical performance of the market and forecast performance of the market and the subject property Analyze the projected range of development costs for the proposed facility 3 City of Walnut Scope of Work and Timing Utilizing the results of the market analysis, we will estimate the probable future operating performance of the hotel for the standard holding period. In preparing the financial analysis, we will draw on various resources, including: The available operating results of similar properties in the market area Our database of actual financial statements of comparable hotels Hotel-related operating data from industry publications, including STR’s Host Report The experience of our consultants and their daily interaction with industry contacts This analysis will reflect the effects of estimated future inflation on revenues and expenses and will arrive at the estimated cash flow from operations. Our forecasts will provide calculations based on total revenue, per available room, per occupied room, and percentage of total revenue. The financial analysis will include detailed comparisons with actual operating statements of similar properties and will provide a line-by-line discussion of each of the major departments. Based on appropriate hotel discount and capitalization rates, we will project the property’s net present value. We will compare this to the subject’s development budget (if available), cost estimates provided by MVS, and actual development costs of other hotels. Deliverable: We will communicate our findings in a full narrative market study report. Our analysis will confirm the strength and growth of available markets, trends in occupancy patterns, and other factors important to the success of comparable hotel properties. We will estimate occupancy levels and average daily rates and forecast income and expenses for a standard 10-year holding period. Compliance: The feasibility study will conform to the 2018-2019 Uniform Standards of Professional Appraisal Practice (USPAP). The persons signing the report would be providing appraisal practice services. Intended User(s): We understand that the study will be provided to potential hotel developers, management companies, and hotel brands interested in participating in the development project. Because the sole intended user of
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