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High Point Hotel Study 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. Name Proposed Hotel Location Downtown High Point, North Carolina Client and Intended User Ms. Brenda Daniels, Manager, Economic Development, ElectriCities of North Carolina, Inc. Client’s Intended Use Internal analysis and decision making as it pertains to the development of a proposed hotel. Date of Report July 12, 2017 Project Summary We analyzed the High Point, North Carolina market in an effort to determine the viability of developing a proposed hotel. Limited-service, select-service, luxury boutique, all- suites and extended-stay hotels were contemplated, with focus on demand for, pricing alternatives available to, and current representation of each tier in the market. Executive Summary (Continued) Summary of Recommendations Property Class Upper-midscale limited-service hotel Number of Rooms 90 Published Rates $125 - $175 Site Size ±2.0 acres Target Development Area Downtown High Point’s Municipal Service District (MSD), which is transected north-south by Main Street and east-west by English Road, and which is bound by: Sunset Drive/Montlieu Avenue to the North, Hamilton Street to the East, Green Street to the South, and by Lindsay Street to the West. Summary of Analysis Occupancy Forecast Year 1 54.5% Year 2 62.8% Year 3 (Stabilization) 68.5% ADR Forecast Year 1 $120.00 Year 2 $123.60 Year 3 (Stabilization) $127.31 Cost Estimates¹ Building $6,183,301 $68,703 per key FF&E 1,440,000 $16,000 per key Total Improvements² $7,623,301 $84,703 per key ¹ Excluding land and entrepreneurial incentive ² Based on Marshall Valuation Service data Table of Contents ASSUMPTIONS AND LIMITING CONDITIONS ....................................................................................................... 1 INTRODUCTION.................................................................................................................................................. 5 IDENTIFICATION OF THE PROPERTY .................................................................................................................................... 5 CLIENT AND INTENDED USER DISCLOSURE ........................................................................................................................... 9 CLIENT’S INTENDED USE DISCLOSURE ................................................................................................................................ 9 DATES OF ANALYSIS ........................................................................................................................................................ 9 OWNERSHIP AND PROPERTY HISTORY ................................................................................................................................ 9 SCOPE OF THE FEASIBILITY STUDY .................................................................................................................................... 10 AREA OVERVIEW ............................................................................................................................................... 12 CITY OF HIGH POINT, GUILFORD COUNTY AND THE PIEDMONT TRIAD NC‐ MSA ANALYSIS ........................................................ 12 LODGING TRENDS AND MARKET ANALYSIS ........................................................................................................ 28 NATIONAL TRENDS ....................................................................................................................................................... 28 Historical Industry Trends and Future Outlook .................................................................................................. 28 LOCAL LODGING TRENDS ‐ LEVEL I MARKET ANALYSIS ......................................................................................................... 33 Competitive Supply Analysis ............................................................................................................................... 33 Competitive Demand Analysis ........................................................................................................................... 39 CASH FLOW PROJECTION ......................................................................................................................... 59 BASIS OF ASSUMPTIONS ................................................................................................................................................ 59 ANALYSIS OF REVENUES ................................................................................................................................................ 60 ANALYSIS OF OPERATING EXPENSES ................................................................................................................................. 63 NET OPERATING INCOME .............................................................................................................................................. 69 CONSTRUCTION COSTS .................................................................................................................................................. 72 ENTREPRENEURIAL INCENTIVE ........................................................................................................................................ 72 FREE‐AND‐CLEAR IRR ................................................................................................................................................... 74 CONCLUSION .................................................................................................................................................... 77 Investment Return .............................................................................................................................................. 77 Investment Considerations ................................................................................................................................. 77 CONSULTANTS’ CERTIFICATION ......................................................................................................................... 79 ADDENDA PROPOSAL LETTER CUSTOM SMITH TRAVEL TREND REPORT QUALIFICATIONS OF CONSULTANTS Assumptions and Limiting Conditions Assumptions and Limiting Conditions 1. The appraisers/analysts certify that, to the best of our knowledge and belief, the statements contained in this report, subject to the limiting conditions set forth herein, are correct; also, that this report has been made in conformity with the accepted practices of the Appraisal Institute. 2. Properties/locations recommended for consideration have been analyzed as though free of all liens and encumbrances, unless otherwise stated herein. No responsibility is assumed for matters legal in nature, nor is any opinion of title rendered herewith. Good title is assumed. 3. The appraisers/analysts herein, by reason of this report, are not required to give testimony in court with reference to any property/location herein recommended for consideration, unless arrangements have been previously made. 4. Disclosure of the contents of this feasibility study is governed by the By-Laws and Regulations of the Appraisal Institute. 5. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers/analysts or the firm with which they are connected, or any reference to the Appraisal Institute or the MAI or SRA Designation) shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication without the prior written consent and approval of the undersigned. 6. Certain information in this report was furnished from sources believed to be reliable; however, such information is not guaranteed to be correct, although it has been
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