Prepared For Ms. Brenda Daniels ElectriCities of North Carolina, Inc. 1427 Meadow Wood Boulevard Raleigh, North Carolina 27604 Feasibility Study of Proposed Hotel Downtown High Point, North Carolina IMC Showplace, Downtown High Point, NC Source: International Market Centers Prepared By Shamrock Capital 322 North Forest Boulevard Lake Mary, Florida 32746 Date of Report July 12, 2017 SHAMROCK CAPITAL July 12, 2017 Ms. Brenda Daniels Manager, Economic Development ElectriCities of North Carolina, Inc. 1427 Meadow Wood Boulevard Raleigh, North Carolina 27604 Reference: Feasibility Study Proposed Hotel High Point, North Carolina 27260 Dear Ms. Daniels: Per your request, we have analyzed the High Point, North Carolina lodging market as it pertains to a proposed hotel. Based on our research and interviews with local demand generators and other market participants, our analysis indicates that an upper-midscale limited-service hotel best represents the type, cost, amenities and price point best suited to the current and near-term lodging demand identified in the market. Our analysis indicates that it would cost approximately $9,100,000 to develop a 90-room upper- midscale limited-service hotel and the property should produce an unleveraged Internal Rate of Return (IRR) of 14.4%. This return is considered reasonable based on accepted market returns for similar hotel investments. If after your review you have any questions or require additional information, please feel free to contact us. Respectfully submitted, Shamrock Capital Robert P. Hill J. Richard Keegan 322 N Forest Boulevard, Lake Mary, FL 32746 407.402.9042 ●
[email protected] Executive Summary Artist’s Conception of Proposed Main Street Station, Downtown High Point, NC Source: Forward High Point, Inc.