Seabrook City Council Regular Meeting Minutes of June 16, 2020 Page 1
1 The City Council of the City of Seabrook met in regular teleconference session on Tuesday, June 2 16, 2020 at 6:00 p.m. to discuss, consider and if appropriate, take action on the items listed below. 3 4 THOSE PRESENT WERE: 5 THOM KOLUPSKI MAYOR 6 ED KLEIN COUNCIL PLACE NO. 1 7 LAURA DAVIS COUNCIL PLACE NO. 2 8 JEFF LARSON – left meeting at 8:03pm COUNCIL PLACE NO. 3 9 NATALIE PICHA MAYOR PRO TEM 10 COUNCIL PLACE NO. 4 11 BUDDY HAMMANN COUNCIL PLACE NO. 5 12 JOE MACHOL COUNCIL PLACE NO. 6 13 GAYLE COOK CITY MANAGER 14 SEAN LANDIS DEPUTY CITY MANAGER 15 STEVE WEATHERED CITY ATTORNEY 16 ROBIN LENIO CITY SECRETARY 17 18 Mayor Kolupksi called the meeting to order at 6:00 p.m. and conducted roll call to establish a 19 quorum of City Council members. 20 21 1. CLOSED EXECUTIVE SESSION 22 23 1.1 Section 551.071 24 Conduct a closed executive session to consult with attorney regarding legal issues on pending 25 litigation, Yancey v. City of Seabrook, filed in United States District Court, Southern 26 District, Houston Division under Civil Action 4:20-CV-588 pursuant to Government Code 27 Section 551.071 Gayle Cook, City Manager 28 29 At 6:02 p.m., Mayor Kolupski announced that the City Council will now hold a closed 30 executive meeting pursuant to the provisions of the Open Meetings Act, Chapter 551 Government 31 Code, and Vernon’s Texas Codes Annotated, in accordance with the authority contained in 32 Sections 551.071, Consultation with an Attorney. 33 34 2. OPEN SESSION 35 36 At 6:28 p.m., Mayor Kolupski reconvened the meeting in open session and stated that 37 item 1.1 had been discussed, but that no action had been taken in executive session. 38 39 2.1 Consider, discuss and take all appropriate action on Closed Executive Session matters. Gayle 40 Cook, City Manager 41 42 No action was taken on Closed Executive Session matters in Open Session. 43 44 45 Seabrook City Council Regular Meeting Minutes of June 16, 2020 Page 2
46 3. PRESENTATIONS 47 48 3.1 Presentation of the Highest and Best Use Market Study for the Water Activity District 49 (WAD). David Parker, DPC Hospitality 50 51 David Parker with DPC Hospitality presented the Market Study as shown in Attachment 52 A. 53 54 4. PUBLIC COMMENTS AND ANNOUNCEMENTS - none 55 56 5. CONSENT AGENDA 57 58 5.1 Approve on second reading proposed Ordinance 2020-15, "Revision to Personnel Policy 59 DOT Drug and Alcohol Policy and Drug and Alcohol Policy ". Yesenia Garza, Director of 60 Human Resources 61 62 AN ORDINANCE OF THE CITY OF SEABROOK, TEXAS, AMENDING THE CITY OF 63 SEABROOK “PERSONNEL POLICIES”, CHAPTER 7 “BEHAVIOR AND CONDUCT”, 64 SECTION 1 “ALCOHOL AND DRUG USE/ABUSE” BY REPLACING THE SECTION WITH 65 SECTION 1A -“DOT - DRUG AND ALCOHOL POLICY” AND SECTION 1B – “DRUG AND 66 ALCOHOL POLICY” MAKING VARIOUS FINDINGS AND PROVISIONS 11 RELATED TO 67 THE SUBJECT 68 69 5.2 Approve and accept the Highest and Best Use Market Study for the Water Activity District 70 (WAD) by DPC Hospitality. Gayle Cook, City Manager 71 72 5.3 Approve the minutes of the June 2, 2020 regular City Council meeting. Robin Lenio, City 73 Secretary 74 75 Motion was made by Councilmember Klein and seconded by Mayor Pro Tem Picha 76 77 To approve the Consent Agenda, as presented 78 79 MOTION CARRIED BY UNANIMOUS CONSENT 80 81 6. NEW BUSINESS 82 83 6.1 Consider and take all appropriate action on allocation of funds for events to be funded with 84 Hotel Occupancy Tax (HOT) for FY 20/21. For approval Council is required to making findings 85 that the expenditure is (1) to promote tourism and the convention/hotel industry and (2) meets 86 related statutory provisions for the expenditure i.e. advertising to promote tourism; promotion of 87 the arts; and related requirements. LeaAnn Petersen, Director of Community & Visitor Relations 88 89 Seabrook City Council Regular Meeting Minutes of June 16, 2020 Page 3
90 LeaAnn Petersen, Director of Community & Visitor Relations presented a summary of the 91 requested allocations, along with prior year’s allocations for the same applicants as well as the 92 proposed HOT funds budgets for FY20/21. Ms. Petersen explained that because of the COVID 93 pandemic, people are not staying in hotel rooms; therefore, hotel occupancy tax revenues are 94 forecasted to decreased by 60% and staff is recommending forecasted to be 35% lower than in 95 previous years. 96 97 Councilmembers discussed various ideas regarding how to distribute the HOT funds while 98 keeping in mind that the requests and the staff recommendations would still require about $36,000 99 be taken from reserves to cover the allocations. 100 101 By unanimous consent, City Council decided to postpone this item until the next regular 102 City Council meeting, in order to take another look at the budget, the applications, the requests 103 and the staff recommendations. 104 105 6.2 Consider and take all appropriate action on a contract through cooperative purchasing 106 through BuyBoard between the City of Seabrook and Insituform Technologies, LLC for Seascape 107 II / Baybrook Sanitary Sewer Rehabilitation Project Phase I, in an amount not to exceed 108 $94,259.70, to repair 8 inch, 10 inch & 12 inch sewer mains within North Heron utility 109 easements. This is a budgeted item. Kevin Padgett, Director of Public Works 110 111 Motion was made by Councilmember Klein and seconded by Councilmember Machol 112 113 To approve a contract through cooperative purchasing through BuyBoard between the City of 114 Seabrook and Insituform Technologies, LLC for Seascape II / Baybrook Sanitary Sewer 115 Rehabilitation Project Phase I, in an amount not to exceed $94,259.70, to repair 8 inch, 10 inch 116 & 12 inch sewer mains within North Heron utility easements. 117 118 MOTION CARRIED BY UNANIMOUS CONSENT 119 120 6.3 Consider and take all appropriate action on first reading of proposed Ordinance 2020-16, 121 "Revise Section 90-80 (No Parking) by Adding Additional Streets." Brian Craig, City Engineer 122 and Assistance Director of Public Works 123 124 AN ORDINANCE AMENDING CHAPTER 90 OF THE CODE OF ORDINANCES OF THE 125 CITY OF SEABROOK, TEXAS, ENTITLED, "TRAFFIC AND VEHICLES", ARTICLE III, 126 "STOPPING, STANDING, AND PARKING", DIVISION 1, "GENERALLY", SECTION 90-80, 127 "SCHEDULE I: NO PARKING ZONES"; PROVIDING UPDATE OF ADDITIONAL STREETS 128 TO THE LIST FOR RESTRICTED PARKING; PROVIDING FOR A PENALTY IN AN 129 AMOUNT OF NOT MORE THAN TWO HUNDRED DOLLARS ($200.00) FOR VIOLATION 130 OF ANY PROVISIONS HEREOF BY INCLUSION INTO THE CODE; REPEALING ALL 131 ORDINANCES OR PARTS OF ORDINANCES INCONSISTENT OR IN CONFLICT 132 HEREWITH; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR NOTICE 133 134 Seabrook City Council Regular Meeting Minutes of June 16, 2020 Page 4
135 Motion was made by Mayor Pro Tem Picha and seconded by Councilmember Klein 136 137 To approve on first reading proposed Ordinance 2020-16, “Revise Section 90-80 (No Parking) by 138 Adding Additional Streets." 139 140 MOTION CARRIED BY UNANIMOUS CONSENT 141 142 6.4 Consider and take all appropriate action on Seabrook Business Retention Incentive Round 2 143 (SEBRI Round 2) Agreements between the Seabrook Economic Development Corporation and 144 approved applicants, as approved by the SEDC on June 3, 2020. Paul Chavez, Director of 145 Economic Development 146 147 Motion was made by Councilmember Davis and seconded by Councilmember Machol 148 149 To approve the list and amounts attached to the publicly posted agenda. 150 151 MOTION CARRIED BY UNANIMOUS CONSENT 152 153 6.5 Consider and take all appropriate action on an Open Services Agreement to amend the 154 agreement between the City of Seabrook and NewGen Strategies and Solutions, LLC for an 155 extension of consultant services for the Water Rate Study, in an amount not to exceed 156 $8,000.00. Matthew Garrett and Megan Kirkland, NewGen Solutions 157 158 Motion was made by Councilmember Davis and seconded by Councilmember Klein 159 160 To approve an Open Services Agreement to amend the agreement between the City of Seabrook 161 and NewGen Strategies and Solutions, LLC for an extension of consultant services for the Water 162 Rate Study, in an amount not to exceed $8,000.00. 163 164 MOTION CARRIED BY UNANIMOUS CONSENT 165 166 7. DISCUSSION ITEMS 167 168 7.1 Discuss and take all appropriate action on reopening protocols for Seabrook Public 169 Meetings. Gayle Cook, City Manager and Robin Lenio, City Secretary 170 171 Robin Lenio, City Secretary, went over the current State and County COVID orders 172 regarding health protocols and re-opening allowances and requirements. In addition, Ms. Lenio 173 discussed possibilities for following the health protocols while meeting the technical requirements 174 under the Texas Open Meetings Act for video conference meetings. Ms. Lenio, along with City 175 Manager, Gayle Cook, recommended that Seabrook public meetings remain as teleconference 176 meetings through the month of July, and beginning in August that staff make the determination 177 about teleconferencing, video conferencing, or in-person meetings in line with the Harris County 178 threat level system for mitigating the spread of COVID-19. 179 Seabrook City Council Regular Meeting Minutes of June 16, 2020 Page 5
180 City Council members expressed concerns about needing to meet in person for special 181 types of meetings, such as development reviews, budget workshops, and strategic planning, and 182 discussion ensued regarding using the Public Works complex, one of the schools, or an outside / 183 open air setup for in –person meetings to allow for more participation by the public while 184 continuing to meeting social distancing guidelines. Members asked staff to think outside the box 185 with regard to finding a way to meeting in person, at least for the special type of meetings 186 discussed. 187 188 7.2 Discuss, consider and take all appropriate action on possible amendments or temporary 189 suspensions to Article 6, Sign Standards, during SH 146 Expansion Project. Joe Machol, City 190 Council At Large Position 6 and Sean Landis, Deputy City Manager 191 192 Joe Machol, City Council At Large Position 6, explained that he would like Council to 193 consider temporarily suspending provisions of the Sign Standards to allow Seabrook businesses 194 along SH 146 to erect signs that would more easily allow people traveling along SH 146 to identify 195 which business are open and how to access the parking lots and building of those businesses. Mr. 196 Machol stated that the suspensions would need to be revoked at the end of construction of the 197 highway project, and businesses would then be required to abide by all Sign Standards in place 198 prior to the suspensions. 199 200 Sean Landis, Deputy City Manager, stated that Council could allow the temporary 201 suspensions without having to amend the Sign Standard ordinance, which is allowed under 202 Declaration of Disaster provisions of the Texas Government Code. It would never be the intent to 203 suspend the entire Sign Ordinance, but staff can look at the suspensions of certain sections that 204 would be helpful to businesses along the SH 146 corridor during construction of the highway 205 expansion project. Currently, there are no specific suspensions of the Sign Ordinance; however, 206 resources have been allocated to other areas for code enforcement due to the COVID situation. 207 208 Mayor Kolupski stated that the City wants to help out businesses along the SH 146 corridor 209 during construction. The question is what is considered completion, for returning to pre- 210 suspension requirements. Mr. Machol stated that completion would be when the curb is 211 constructed in front of the business. Mayor Kolupski agreed with the curb installation as the 212 completion. Mayor Kolupski stated that a lot of the issues are out of the City’s hands because the 213 highway project is a TXDOT project, and TXDOT does not budget for signage during the project. 214 The Seabrook EDC assisted with temporary signs at the beginning of the project. 215 216 Councilmembers suggested that if there are already exceptions being allowed due to 217 COVID, then there is no need to add suspensions. By consensus Council agreed to let Mr. Landis 218 meet with individual businesses to assess signage needs along SH 146 corridor, with emphasis on 219 allowing temporary signage, and if there is an issue, then Mr. Landis would bring it back to Council 220 for review and consideration. Mr. Landis added that the temporary status would be date specific 221 and that he would work with the City Attorney on a standard procedure to bring back to Council 222 for approval. 223 Seabrook City Council Regular Meeting Minutes of June 16, 2020 Page 6
224 225 7.3 Discuss, consider and take all appropriate action on business identification signage and 226 business drive signage along SH 146 Expansion Project corridor by TxDOT and general driveway 227 maintenance during construction. Joe Machol, City Council At Large Position 6 228 229 Councilmember Machol explained that citizens, and not business owners, have complained 230 about the difficulty getting in and out of some of the driveways along SH 146 because of the poor 231 conditions of the driveways with potholes and mounds of debris. 232 233 Mayor Kolupski said that TXDOT is still responsible for maintaining access to the 234 businesses, that the City Manager spoke with TXDOT about the issue, and that TXDOT started 235 trying to repair the driveway at McDonald’s. Mayor Kolupski stated that everyone would like to 236 see the driveways repaired, but just getting TXDOT to do that is difficult. 237 238 Gayle Cook, City Manager, stated that she followed up with TDOT on this issue and they 239 are considering some signage ideas that were passed along to them. 240 241 7.4 Discuss, consider and take all appropriate action on the creation of new Public Safety 242 Programs: 1) Positive Impact Program; 2) Traffic Program; and 3) Youth Program. Joe Machol, 243 City Council At Large Position 6 244 245 Councilmember Machol stated that item 7.4 will probably be a long discussion and because 246 it has already been a long meeting, he would like to move this item to the next Council agenda; 247 therefore, no discussion or action was taken. 248 249 8. ROUTINE BUSINESS 250 251 8.1 Update and report on various items that require no action, including SH 146 Expansion 252 Project, City of Seabrook CIP Projects, and City of Seabrook Grant Administration. Gayle Cook, 253 City Manager 254 255 Ms. Cook gave the following update: 256 257 SH 146 Expansion Project – the utility company that has been working on relocations for 258 water and sewer have not been back on site, which is causing the delay on the frontage road 259 construction and the City does not have dates at this time for when the utility company will be 260 back on site. The logos and aesthetics for the MSE walls have been poured and formed and 261 samples are on site. They look beautiful and pictures will be provided to Council soon for review. 262 Sean Landis, Deputy City Manager, has done an excellent job with keeping this project moving 263 along. 264 265 266 THIS SPACE INTENTIONALLY LEFT BLANK 267 Seabrook City Council Regular Meeting Minutes of June 16, 2020 Page 7
268 City of Seabrook CIP Projects – right now the Kevin Padgett, Director of Public Works; 269 Brian Craig, City Engineer; and Sean Landis, Deputy City Manager are overseeing about $6.6 270 million worth of CIP projects and are doing a great job. Public Works is continuing to work with 271 the utility company on the 146 relocates, and as soon as the company is back on site, the City has 272 an inspector service ready to be on site and keeping a close eye on that piece of the project. 273 274 City of Seabrook Grant Administration - Paul Chavez, Director of Economic Development, 275 applied for a livable center grant and was awarded $194,000 for this big project that will focus on 276 the Old Seabrook District. HGAC will be a partner and there will be a number of meetings with 277 City Council and Seabrook EDC, and there will be some town hall type meetings. An RFP will go 278 out soon for a consultant. 279 280 8.2 Update and discuss report by City Manager on COVID related issues. Gayle Cook, City 281 Manager and Brad Goudie, Director of Emergency Services 282 283 Kevin Padgett, Director of Public Works, explained that it was successful week one of the 284 City pool opening, with a lot of positive feedback from staff and patrons. Having two sessions is 285 working out well and residents are reporting they enjoy the resident only session I. Staff reports 286 that lap swimming from 8a-10a is working well and people are swimming laps nearly every 287 morning. The parameters put into place for having the City poll open are working and are 288 manageable. 289 290 Recently, the Governor gave the approval to open splash pads; therefore, Seabrook would 291 like to open the splash pad and slide at the pool and the splash pad at Brummerhop Park. League 292 City and Harris County have opened their splash pads. People are still being cautious, so capacity 293 at the pool has not been reached yet, and opening the slide and splash pad may spread people out 294 a little more while still maintaining the same capacity of 30 people per session. The plan would 295 be to continue to maintain cleaning between sessions, which staff has been handling well. . 296 297 The splash pads are chlorinated with a secondary UV sanitation; therefore, signage and 298 sanitation stations would be installed and they would be unmanned. This is in line with what other 299 entities are doing for their splash pads. If needed, a specific cleaning would be scheduled, but 300 otherwise, patrons would use at their own risk and the City would rely on the chlorination and UV 301 sanitation. Under the current schedule, the splash pad at Brummerhop would be open Tuesday – 302 Sunday (closed on Monday). Staff is comfortable with this proposed opening protocol and TML 303 has approved. 304 305 By consensus, City Council agreed to open the splash pad and slide at the City pool and 306 the splash pad at Brummerhop Park. If the Governor’s or Judge Hidalgo’s orders change, Council 307 will be updated and modifications discussed. 308 309 8.3 Establish future meeting dates and agenda items. City Council 310 311 The next regular City Council teleconference meeting will be held on Tuesday, July 7, at 312 6:00pm. Seabrook City Council Regular Meeting Minutes of June 16, 2020 Page 8
313 A special City Council teleconference meeting will be held on Tuesday, June 30, at 314 6:00pm. 315 316 Upon motion duly made and seconded, Mayor Kolupski adjourned the meeting at 10:13 p.m. 317 318 Approved this 21st day of July, 2020. 319 320 321 322 ______323 Thomas G. Kolupski 324 Mayor 325 326 ______327 Robin Lenio, TRMC 328 City Secretary
Market Study for the Proposed
Nationally Branded Lifestyle Hotel
Seabrook, Texas
Prepared For: City of Seabrook
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Performance Summary 2023 2024 2025 Units 150 150 150 Stabilized Occupancy 67% 72% 74% Average Daily Rate $209.50 $220.25 $229.00 Rooms Revenue $7,684,000 $8,682,000 $9,279,000 Net Operating Income $3,121,000 $3,613,000 $3,839,000 )& *5: 0' &"#300, *4 -0$"5&% */ "33*4 06/5: &9"4 "11309*."5&-: .*-&4 4065)&"450'%08/508/06450/"/%463306/%&%#:/6.&306405)&3&%(&$*5*&4*/ 5)&06450/.&530"3&"!)*-& &"#300,=41016-"5*0/*413&4&/5-:+6456/%&3 .03&5)"/ 1&01-&3&4*%&8*5)*/"'*7&.*-&3"%*640' &"#300,*5:"-- )& 1016-"5*0/ 8*5)*/ 5)& .*-& 3"%*64 )"4 */$3&"4&%#:/&"3-: 4*/$& &"#300, Houston MSA Population County 2010 *41"350'5)&06450/3&"5&306450/? )&.&530*4 Liberty 75,641 86,323 0/& 0' 5)& '"45&45(308*/( "3&"4 */ 5)& Montgomery 455,750 590,925 3"/,*/(5)*3%*/5)&/"5*0/*/07&3"--1016-"5*0/ Waller 43,277 53,126 (3085) */ 30. 5)& "3&" Total 5,920,487 6,997,384 (3&8#:.03&5)"/0/&.*--*0/1&01-& Source: U.S. Census Bureau
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Major Employers - Greater Houston Company Industry / Product More Than 20,000 Employees H-E-B Grocery Houston Methodist Health Care Memorial Hermann Health System Health Care UT MD Anderson Cancer Center Health Care Walmart Retail 10,000 to 19,999 Employees ExxonMobil Oil & Gas HCA Health Care Kroger Grocery National Oilwell Varco Oil & Gas Schlumberger Oil & Gas Shell Oil Co. Oil & Gas Texas Children's Hospital Health Care United Airlines Airline UT Medical Branch Health System Health Care Source: Greater Houston Partnership Research, Feb 2019 % % & #! '# &)% #!$" & # )%, " & -&* (& "&&#!!(" ',#%## &! " ,#""'%'%#("*'%%#"' &', %' " #&$ ' ', #* &!$#! #%!$ #,%& "' %## %
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Houston Airport System (HAS) Passengers, Cargo and Aircarft Operations, 2018 Air Feight Aircraft HAS Airports Passengers (metric tons) Operations George Bush Intercontinental Airport (IAH) 43,807,720 William P. Hobby Airport (HOU) 14,476,469 Ellington Airport (EFD) 0 Total 58,284,189 536,108 747,069 Source: HAS Statistical Dashboard, Houston Airport System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!*')4'#6'4175610*16'./#4-'6%106#+0518'4 *16'.59+6*/14'6*#0 )7'56411/51(8#4;+0)37#.+6;!*'(1..19+0)6#$.'57//#4+<'56*'2'4(14/#0%'1( 6*'/'641#4'# Houston MSA Annual Hotel Performance Year Occupancy % Change ADR % Change RevPAR % Change Supply % Change Demand % Change 2008 66.9% $100.05 $66.93 64,690 43,288 2009 55.3% -17.3% $91.89 -8.2% $50.82 -24.1% 68,377 5.7% 37,831 -12.6% 2010 55.1% -0.4% $87.96 -4.3% $48.47 -4.6% 72,501 6.0% 39,951 5.6% 2011 60.0% 8.9% $90.13 2.5% $54.08 11.6% 73,847 1.9% 44,305 10.9% 2012 65.6% 9.3% $93.62 3.9% $61.41 13.6% 74,538 0.9% 48,894 10.4% 2013 69.3% 5.6% $100.94 7.8% $69.95 13.9% 74,950 0.6% 51,968 6.3% 2014 72.0% 3.9% $107.13 6.1% $77.13 10.3% 76,011 1.4% 54,699 5.3% 2015 68.5% -4.9% $108.71 1.5% $74.47 -3.5% 77,749 2.3% 53,257 -2.6% 2016 62.2% -9.2% $104.62 -3.8% $65.07 -12.6% 82,232 5.8% 51,181 -3.9% 2017 66.6% 7.1% $108.03 3.3% $71.95 10.6% 86,132 4.7% 57,373 12.1% 2018 63.2% -5.1% $105.49 -2.4% $66.67 -7.3% 89,146 3.5% 56,314 -1.8% 2019F 62.4% -1.3% $103.58 -1.8% $64.63 -3.1% 92,605 3.9% 57,786 2.6% CAC* 1.4% 1.8% 3.3% 2.8% 4.2% Source: STR, CBRE Hotels *2010(trough) to 2019 Forecast (present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SUMMARY OF COMPETITIVE HOTELS Seabrook/Clear Lake Area, Texas Miles from Properties Rooms Year Opened Property Type Subject A Hampton Inn Houston NASA Johnson Space Center 70 Jul 2017 Limited Service 0.2 B Holiday Inn Express & Suites Houston NASA - Seabrook 80 Jul 2019 Limited Service 0.6 C SpringHill Suites Houston NASA/Seabrook 88 2010 Limited Service 0.9 D Boardwalk Inn Kemah Boardwalk 58 1998 Limited Service/ Boutique 3.0 E Holiday Inn Kemah Boardwalk 128 2010 Select Service 2.8 F Hilton Houston NASA Clear Lake 242 1983 Full Service 2.7 G Courtyard Houston NASA Clear Lake 124 2012 Select Service 3.8 H SpringHill Suites Houston NASA/Webster 121 2009 Limited Service 6.8 I Staybridge Suites Houston - NASA/Clear Lake 112 2009 Extended Stay 7.1 J Homewood Suites by Hilton Clear Lake 92 1995 Extended Stay 6.4 K Hampton by Hilton Inn & Suites Houston/Clear Lake - NASA Area 108 2000 Limited Service 7.0 L Hilton Garden Inn Houston/Clear Lake NASA 126 2009 Select Service 7.1 Total Hotel Rooms - 2020 1,349 New Hotels 1 Subject - Proposed Nationally Branded Lifestyle Hotel 150 2023 Select Service -- Total Hotel Rooms 1,499 *,$$)0# *+ % & + &$' + + - &+ #* *')&- %+ &##&. % +# % $&) + # % &)$+ &% *')&- %
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Market Mix - Annual Room Nights of Demand 2019
Demand Segments % Mix I B T 154,600 48% Group 48,300 15% Leisure 119,200 37% Total Occupied Room Nights 322,100 100% &# !,*-#1'1'3# &,1#)0 !) 00'$6 --/,5'* 1#)6 ,$ 1&#'/ "#* +" 0 "#* +"'0%#+#/ 1#"4&#+0 )#0-#,-)#!,+02)1 +10 +" +(#/0! )),+ /# !,*- +'#0,/4&#+ /# !,*- +'#0 /'+%#*-),6##0 +" !201,*#/0 '+ $,/ *##1'+%0 2!& ,$ 1&# "#* +" %#+#/ 1#" '+1&'0* /(#1'0 /#) 1#"1,,')% 0/#1 ')"'01/' 21',+0#/3'!#!,*- +'#0 +") 4$'/*0 !&,$1&#&,1#)0* '+1 '+0 /,01#/,$+#%,1' 1#"!,/-,/ 1#/ 1#04'1&!,*- +'#0 1& 1+##"/,,*0,+ *,/#$/#.2#+1 0'0 �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*-+$. '$.3 -- ( ' * /+ ) 3 ) $)!*,( .$*)!*, # *(+ .$.*,!*, 3 , ) .#,*/"# ) ,$0 -.$( . ' 0 '-*!.*. '-/++'3 ) ( ) 2+, -- -,**()$"#.-+ ,3 , # !*''*1$)". ' -/(( ,$4 -.# #$-.*,$ '+ ,!*,( ) *!.# *(+ .$.$0 #*. '- 1*#*. '-1$.# .*. '*! ,**(-*+ ) /,$)".# !$0 3 ,-./ 3+ ,$* 1#$ # $) , - .# -/++'3 3 + ,3 ,!,*( .* 3 *(+ ,$-*) ( ) # - ) -- ).$ ''3!' .1$.# ) . # )" *! + ,3 ,#$- # - /- * /+ ) 3.* ,*+!,*( $) .* $) / .*.# ! ''*! ) ,"3 +,$ -1#$' '-* /- .* '$) 3 /,,$ ) ,0 3- ,0 - **).*#*. '-$) $) , -$)"* /+ ) 3 3) ,'3 +*$).-.* ) .**0 , ) -.# ( ) " ) , . 3/,,$ ) ,0 3-. ,. .*1 ) -.# ( ,& .* /+ ) 3! '' &.*'*1.# 5-/,$)".#$-.$( #*1 0 , #*. '( ) " ,-1 , ' .*#*' .# $,, . -. ,.$)"$) .# ( ,& .-. ,. -#*1$)"-*!.) -- -.# /,,$ ) ,0 3 !! .# ) ) ) ,"3, ' . #*. ' ( ) # )*. 3 . , ./,) ' 0$)" 1$.# * /+ ) 3 ) -'$"#.'3 '*1 # , - # ) + ) 3.# *+ )$)"*!.# /)$. #*. '*'$ 3))2+, -- HISTORICAL MARKET CONDITIONS - ANNUAL ROOM NIGHTS Clear Lake Area - Houston, TX 2015 2016 2017 2018 2019 CAC* Supply - Guestrooms 1,193 1,193 1,229 1,269 1,309 Supply - Annual Rooms Nights (x 365) 435,445 435,445 448,585 463,185 477,785 2.3% Demand I B T 159,800 153,500 135,100 148,600 154,600 -0.8% Group 47,900 46,000 50,700 49,500 48,300 0.2% Leisure 111,900 107,400 101,300 99,100 119,200 1.6% Hurricane Harvey 0 0 50,700 33,000 0 n/a Total Occupied Room Nights 319,600 306,900 337,800 330,200 322,100 0.2% Occupancy 73.4% 70.5% 75.3% 71.3% 67.4% Average Daily Rate $124.65 $122.27 $125.68 $124.75 $119.68 -1.0% Revenue per Available Room $91.49 $86.18 $94.64 $88.93 $80.68 -3.1% Change in Supply -- 0.0% 3.0% 3.3% 3.2% Change in Demand -- -4.0% 10.1% -2.2% -2.5% *Compounded annual change #$- +,* !*,( ) '3-$- --/( - )* !/./, $.$*)- .* -/++'3 *.# , .# ) .# ,*+*- *. '1$.# "/ -.,**(-1#$ #1 # 0 --/( 1$'' *(+' . $.-!$,-. ' ) , 3 , $) ) .# 0 ). *) *, (*, *(+ .$.$0 #*. '- *+ ) .# +,*% .$*)-.# .!*''*1 */' !! . # !*''*1$)" ) '3-$--#*1-.# $.$*)*!.# ,*+*- *. '1$.# "/ -.,**(- 1#$ #1$''$) , - .# -$4 *!.# ( ,& .!,*( .* *, + ,3 , 1# ) 2+, -- - *(+*/) 0 , " !,*( .*
+-%' ! -**&!3 . #!
! !./%( /!/$! "0/0-! #-*2/$ - /!. "*- !( ) .! *) /$! "*''*2%)# ) '4.%. ) -! .!./* .! !( ) -!./ /! %) *(+*0) 1!- #!#-*2/$- /!. ) -!"'! / /$!!3/!-) ' $ )#!.%)/$!( -&!/%")**/$!-$*/!'.2!-! 0%'/*)1!-.!'4%) -! .!. /* -! /! !( ) -! !-%1! 42$*'!)0( !-. ) *0)/"*-/$!-**()%#$/. /$ / -! .*' /* #0!./. 2$* 2!-! +-!1%*0.'4 %.+' ! /* )*) *(+!/%/%1! $*/!'. 0-%)#+! &+!-%* . )/!-(.*" $ )#!./*/$!'!1!'*" .! !( ) 2!$ 1! *).% !-! /$!+*/!)/% ' %(+ /*" 2$% $%. ""! /%)#/$!$*.+%/ '%/4%) 0./-4 %.+-*+*-/%*) /!'4 )*0-!./%( /%*) !( ) "-*(-*0+ ) !%.0-!2%'' -*+ 4 .(0 $ . "*-/$!.! *) ,0 -/!-*" !!3+! /(0 $*" ) !%.0-! !( ) 2%'' *(! & 4 4! -!) '! 1%)# /$! )!/ $ )#! %) -**( )%#$/ !( ) "-*( '' .!#(!)/. *2) 4 ) /$!4! -!) ( -&!/* 0+ ) 4 / 0./ . .! !( ) 2%'''%&!'4$ 1! ) ##-!..%1!-! *1!-4 0-%)#/$!.! *) $ '"*"/$! /-!) 2%'' *)/%)0!%)/* .-*0+ ) !%.0-!/- 1!'-!/0-)/*)*-( ''!1!'. 2%/$ ))0 '%) -! .!./* .! !( ) *"+!-4! - / /$! . (! /%(! /$ / .! !( ) 2%'' ! "'0 /0 /%)# "-*( -! /! !( ) 2%''-!.0'/"-*(/$! %/%*)/*)!2.0++'4"-*(/$!-*+*.! */!'%) .*-+/%*)%.%)/$%.( -&!/2%'' !/$!-!.0'/*"#0!./..!!&%)# 2 /!-"-*)/!3+!-%!) ! /$ /2%'' !+-*1% ! 4/$!-*+*.! */!'2$% $2!!./%( /!/* ! *"/$! ))0 '-**( )%#$/. -! /! 4 /$!)!2 $*/!' ! ''* /! *" /$! -! /! !( ) /* /$! .!#(!)/ ) /* /$!-*0+ .!#(!)/ 2$% $ '! 1!. ''* /! /*/$!!%.0-!.!#(!)/./$!-*+*.! */!'2%'''%&!'4 "/!-/$!.$* &*" $ .)*-( '%5! /$!-!.$*0' !)* %-! /%(+ /"-*( *)/$! +!-"*-( ) !*"/$!-*+*.! */!' FUTURE MARKET CONDITIONS - ANNUAL ROOM NIGHTS Clear Lake Area - Houston, TX 2019 2020 2021 2022 2023 2024 CAC* Supply - Guestrooms 1,309 1,349 1,349 1,349 1,499 1,499 Supply - Annual Rooms Nights (x 365) 477,785 492,385 492,385 492,385 547,135 547,135 2.7% Demand Individual Business Traveler - Base 154,600 92,700 148,400 152,800 155,900 159,000 0.6% Individual Business Traveler - Created -- - - - 13,100 13,100 -- 154,600 92,700 148,400 152,800 169,000 172,100 2.2% Group/Convention - Base 48,300 24,200 45,900 47,300 48,200 49,200 0.4% Group/Convention - Created -- - - - 6,600 6,600 -- 48,300 24,200 45,900 47,300 54,800 55,800 2.9% Leisure - Base 119,200 89,400 134,000 138,100 140,800 143,600 3.8% Leisure - Created -- - - - 13,100 13,100 -- 119,200 89,400 134,000 138,100 153,900 156,700 5.6%
Total Occupied Room Nights 322,100 206,300 328,300 338,200 377,700 384,600 3.6% Occupancy 67.4% 41.9% 66.7% 68.7% 69.0% 70.3% -- Change in Supply 3.2% 3.1% 0.0% 0.0% 11.1% 0.0% -- Change in Demand -2.5% -36.0% 59.1% 3.0% 11.7% 1.8% -- *Compounded annual change
34,/ ($%422.!(:$5 $*(
15700$4;9((56,0$6($1(:64(0('423,10$4.(62&&73$1&;626+(/29 =5,1 4(57/6,1*)4206+(,03$&62) " 56+(0$4.(64(&28(452&&73$1&; 5+27/'4(674162+,*+ =5$1',5/,.(/;6256$%,/,<(,1/29 =5%; !+( )2//29,1*6$%/(',53/$;56+(42201,*+6552/',16+(0$4.(66+()$,45+$4(2)4220 1,*+656+$6&27/'%(2&&73,(',16+( 42325('26(/$1'274$'-7560(16562,65)$,4 5+$4(%$5('21,65&203(6,6,8($'8$16$*(55+291$56+(56,0$6(' $4.(6 (1(64$6,21 5$1$6,21$//;%4$1'('/,)(56;/(+26(/9,6+$9$6(4)4216/2&$6,21$1'024(0((6,1* 53$&(6+$102562),65&203(6,6245,69,///,.(/;$&+,(8(,65+,*+(563(1(64$6,21,16+( 42735(*0(16)2//29('%;6+((,574(5(*0(1656+((:3(&6('34,&(32,162)6+( 42325('26(/0$;%(622+,*+)240$1;!64$8(/(45,16+,50$4.(69((:3(&66+( ! 5(*0(16 9,// /,.(/; 56$%,/,<( %(/29 ,65 )$,4 5+$4( $5(' 21 6+,5 $1$/;5,5 9( (56,0$6(6+(4(57/6,1*2&&73$1&;)246+( 42325('26(/62),1,5+,65),456)7//23(4$6,1* ;($4$6$1'56$%,/,<($6 ,16+(6+,4';($49,6+$128(4$//3(1(64$6,212) 2),65)$,45+$4( Proposed Nationally Branded Lifestyle Hotel - Seabrook, TX - 150 Units Estimated Estimated Average Market Market Fair Market Share 1 Market Penetration 2 Occupancy Room Rate Year Segment Demand Percent Demand Percent Demand Market Subject Constant $ 2023 I B T 169,000 10.0% 16,900 85% 14,400 165.00 Group 54,800 10.0% 5,500 120% 6,600 185.00 Leisure 153,900 10.0% 15,400 105% 16,200 225.00 Total 377,700 37,800 98% 37,200 69% 67% 194.68 2024 I B T 172,100 10.0% 17,200 90% 15,500 165.00 Group 55,800 10.0% 5,600 130% 7,300 185.00 Leisure 156,700 10.0% 15,700 110% 17,300 225.00 Total 384,600 38,500 104% 40,100 69% 72% 194.53 2025 I B T 175,300 10.0% 17,500 90% 15,800 165.00 Group 56,800 10.0% 5,700 135% 7,700 185.00 Leisure 159,600 10.0% 16,000 110% 17,600 225.00 Total 391,700 39,200 105% 41,100 70% 74% 194.44 1 Fair Market Share = 150 Units (Subject) divided by 1,499 Rooms (in the Market in 2023) = 10.0% 2 Subject penetration into Market above 100% indicates Subject has competitive advantages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Average Daily Rate and Rooms Revenues Fiscal Occupancy Average Daily Rate Inflated Rooms Revenue Year 2019 Dollars Dollars 2023 67% $194.00 $209.50 $7,684,460 2024 72% $194.00 $220.25 $8,682,255 2025 74% $194.00 $229.00 $9,279,080 - )()/, -- --' (..# ..# ,)*)- ). &-#)/& !)&&)1 *,)0 (., ( )! $(".# ( #),)! '$2 /- 0 &)*' (. )'*,$-$(" (. ,. $(' (.),$ (. , . $&)( 1 . ,!,)(. ) , 1 &%1 )(-/&. .# * ,!),' ( )!).# ,#). &-$( , . ,)/-.)(1$.#-$'$& ,-/,,)/( $("-# , !. ,, ! ,, .) -.# -*$, .$)( & . - )(!$,' .$)( .# . #). &- &) . 1$.#$( #$"#&3 ' ($.$4 &) .$)(- ( #$ 0 -.,)("5-.# #). &-&$-. $(.# !)&&)1$(". & #$ 0 ()! $( $'$& ,.).# ,)*)- ). &.# -*$, .$)( &#). &- , &) . $(), ( ,+/ &$.3'$2 /- 0 &)*' (.-1$.#(/' ,)/- $($(" ( (. ,. $($(")*.$)(- 1#$ #-/**),.-)/, -.$' .$)()!-.,)("5-!),.# ,)*)- ). & SUMMARY OF ASPIRATIONAL HOTELS Greater Houston Area, Texas Properties Rooms Year Open Property Type Submarket/Amenities 1 Valencia Group Hotel Alessandra 223 2017 Full Service/Boutique Downtown Houston 2 The Moran Hotel CITYCENTRE 244 2009 Full Service/Boutique CityCentre 3 Hotel ZaZa Houston Memorial City 159 2017 Full Service/Boutique Memorial City 4 Hotel Granduca Houston 122 2006 Full Service/Boutique Uptown Houston 5 Wyndham Hotel Galvez & Spa 224 1998 Full Service Galveston Island 6 Hilton Galveston Island Resort 239 1996 Full Service Galveston Island 7 San Luis On Galveston Island 242 1985 Full Service/Boutique Galveston Island Total Hotel Rooms - 2020 1,453 1 2019 Market ADR: $201 / Market Occuapncy: 69.9% 1 Source: Smith Travel Research &) . $(.# ( /'-/'' ,$4 -)/, * ,.' (. &)* , .$(" 2* (- - !),.# ,)*)- ). &(*, * ,$(".#$- ( &3-$-1 )(-/&. 2* (- , .$)-!), )'* , & #). &- -!)/( $(.# $.$)()!, ( -$(.# ). &( /-.,3 3 ). &- # . *, - (. 3 ). &- $- 2*, -- $( , .$)- .) .). & , 0 (/ -1 && - )&& ,-* , 0 $& & ,))'2#$ $.$- 2*, -- $( )&& ,- - )(.# -. $&$4 ) /* ( 3.# .$- -.$' . !), , -. . .# - -. $&$4 -.$' . -$(.)-. . 3 ,$(!& . )&& ,- -. ,.$(" .) ' %$(" --/'*.$)(-!),)* , .$)( &$( !!$ $ ( $ -.# ., -/&. !,)'.# ,&33 ,-.# ..# #). &)* , . - &)1.# -. $&$4 ) /* ( 3# !)&&)1$(" . & $- -. . /-$(" $(!& . )&& ,- ( -/'' ,$4 - && .# ( &3-$- )(. $( # , $(
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Summary Income Statement * 2023 2024 2025 2026 Occupancy 67% 72% 74% 74% Average Daily Rate * $210.75 $221.25 $230.25 $237.25 Rooms Revenue 7,730,000 8,722,000 9,330,000 9,613,000 Other Income 4,301,000 4,621,000 4,786,000 4,929,000 Total Revenues 12,031,000 13,343,000 14,116,000 14,542,000 Departmental Expenses 4,455,000 4,733,000 4,914,000 5,061,000 Undistributed Expenses 3,115,000 3,336,000 3,480,000 3,585,000 Other Fixed Expenses 1,169,000 1,308,000 1,353,000 1,387,000 Reserve for Replacement 241,000 400,000 565,000 582,000 Net Operating Income 3,051,000 3,566,000 3,804,000 3,927,000 * Inflated Dollars. .0-(#!2'11 '"2- #$# 1' *#'$',4#12+#,2- (#!2'4#1! , #+#231',%0# 1-, *# $', ,!',% 113+.2'-,1, 5#+ )# 113+.2'-,1 12-2&#*')#*7!-12-$ "#4#*-.',% ,"$', ,!',%2&#.0-(#!27!-+. 0',%2&#.0-(#!2!-122-2&#.-2#,2' * -.#0 2',%0#13*215#! ,! *!3* 2#2&#.-2#,2' *0#230,-,2&##/3'27',4#12+#,22'1 '+.-02 ,22-,-2#2& 25&'*#2&'1$# 1' '*'27 , *71'1$-!31#11.#!'$'! **7-,2&#&-2#* 2&# -.#0 2',% .#0$-0+ ,!# ,2'!'. 2#" $-0 2&# &-2#* 5'** -,*7 # !&'#4 *# '$ 1300-3,"#" 7!-+.*'+#,2 07"#4#*-.+#,21 -2 *.0-(#!2 3"%#2'113++ 0'8#" ',2&#$-**-5',%2 *# Cost Assumptions $ / Unit Units Amount * Hotel Rooms Tower $250,000/Key 150 Keys 37,500,000 Conference Center $300/SF 12,000 SF 3,600,000 Structured Parking $25,000/Space 300 Space 7,500,000
Site Improvements 2,000,000 Total Project Budget * 50,600,000
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SUMMARY OF COMPETITIVE HOTELS Seabrook/Clear Lake Area, Texas Exhibit A 2020 Rack Rates 1 Miles from Properties Rooms Year Opened Amenities 2 Subject Weekday Weekend Summer Weekday Summer Weekend Property Type A Hampton Inn Houston NASA Johnson Space Center 70 Jul 2017 $105 - $150 $110 - $160 $110 - $130 $115 - $165 Limited Service 0.2 FHB, SP, FC, MR 3000 NASA Road 1, Seabrook B Holiday Inn Express & Suites Houston NASA - Seabrook 80 Jul 2019 $70 - $80 $80 - $90 $80 - $90 $100 - $125 Limited Service 0.6 FHB, SP, FC, LF, MR 2710 E NASA Pkwy, Seabrook C SpringHill Suites Houston NASA/Seabrook 88 2010 $105 - $125 $125 - $140 $90 - $135 $125 - $140 Limited Service 0.9 FHB, WB, SP, FC, LF, MR 2120 E NASA Pkwy, Seabrook D Boardwalk Inn Kemah Boardwalk Limited Service/ 58 1998 $130 - $160 $200 - $270 $180 - $330 $300 - $330 3.0 SP, MR 8 11th Ave, Kemah Boutique E Holiday Inn Kemah Boardwalk 128 2010 $120 - $170 $120 - $135 $125 - $170 $165 - $180 Select Service 2.8 FB, WB*, SP, FC, LF, MR 805 Harris Ave, Kemah F Hilton Houston NASA Clear Lake 242 1983 $90 - $210 $95 - $210 $100 - $160 $100 - $150 Full Service 2.7 FB, SP, FC, MMS 3000 E NASA Pkwy, Houston G Courtyard Houston NASA Clear Lake 124 2012 $110 - 200 $105 - $200 $135 - $190 $115 - $135 Select Service 3.8 FB, SP, FC, MR 18100 Saturn Ln, Nassau Bay H SpringHill Suites Houston NASA/Webster 121 2009 $105 - $150 $100 - $145 $120 - $135 $125 - $160 Limited Service 6.8 FHB, WB, SP, FC, LF, MR 1101 Magnolia Ave, Webster I Staybridge Suites Houston - NASA/Clear Lake 112 2009 $115 - $145 $120 - $140 $120 - $170 $135 - $160 Extended Stay 7.1 FHB, FK, SP, FC, LF, MR 501 W Texas Ave, Webster J Homewood Suites by Hilton Clear Lake 92 1995 $120 - $160 $120 - $145 $130 - $160 $130 - $155 Extended Stay 6.4 FHB, FK, SP, FC, LF, MR 401 Bay Area Blvd, Houston K Hampton by Hilton Inn & Suites Houston/Clear Lake - NASA Area 108 2000 $115 - $145 $120 - $140 $120 - $170 $135 - $160 Limited Service 7.0 FHB, FK*, SP, FC, LF, MR 506 Bay Area Blvd, Webster L Hilton Garden Inn Houston/Clear Lake NASA 126 2009 $115 - $170 $90 - $160 $120 - $150 $115 - $150 Select Service 7.1 FB, SP, FC, MR 750 W Texas Ave, Webster Total Hotel Rooms - 2020 1,349 2019 Market ADR: $120 / Market Occuapncy: 67.4% New Hotels 1 Subject - Proposed Nationally Branded Lifestyle Hotel 150 2023 n/a n/a n/a n/a Select Service -- n/a NASA Parkway at Repsdorph Total Hotel Rooms 1,499 1 Ranged of Published Rates. n/s - Not Shown on Map. 2 Amenity Codes: FB - Food and Beverage Outlets, FHB - Full Hot Breakfast, CB - Continental Breakfast, FK - Full Kitchen, WB - Wet Bar, SP - Swimming Pool, FC - Fitness Center, LF - Laundry Facility, MMS - Major Meeting Space, MR - Meeting Room. * In Selected Units Compiled by: DPC Hospitality Proposed Nationally Branded Lifestyle Hotel - Seabrook Exhibit B 5/12/20 Representative Year of Operation 2:49 PM
Full Service Hotels Stabilized Operating Year (2025) 150 to 300 Rooms Stated in 2019 Dollars Number of Units: 212 150 Number of Annual Rooms Available: 77,380 54,750 Number of Rooms Occupied: 57,184 40,515 Annual Occupancy: 73.9% 74.0% Average Daily Rate: 168.35 $194.00 Revenue Per Available Room: $124.41 $143.56 Ratio Per Room P.O.R. Amount Ratio Per Room P.O.R. Revenues Rooms 72.2% 45,410 $168.35 $7,860,000 63.7% $52,400 $194.00 Food & Beverage 23.7% 14,890 55.20 3,668,000 29.7% 24,453 90.53 Other Operated Departments 4.2% 2,621 9.72 810,000 6.6% 5,400 19.99 Total Revenues 100.0% 62,921 233.27 12,338,000 100.0% 82,253 304.53
Departmental Expenses Rooms 25.2% 11,423 42.35 1,621,000 20.6% 10,807 40.01 Food & Beverage 76.3% 11,358 42.11 2,384,000 65.0% 15,893 58.84 Other Operated Departments 59.7% 1,564 5.80 405,000 50.0% 2,700 10.00 Total Departmental Expenses 38.7% 24,345 90.26 4,410,000 35.7% 29,400 108.85
Departmental Profit 61.3% 38,576 143.01 7,928,000 64.3% 52,853 195.68
Undistributed Expenses Administrative & General 9.1% 5,721 21.21 1,116,000 9.0% 7,440 27.55 Marketing & Franchise 8.8% 5,515 20.45 1,110,000 9.0% 7,400 27.40 Property Operation and Maintenance 4.3% 2,732 10.13 420,000 3.4% 2,800 10.37 Utility Costs 3.6% 2,286 8.47 345,000 2.8% 2,300 8.52 Total Undistributed Operating Expenses 25.8% 16,254 60.26 2,991,000 24.2% 19,940 73.82
Gross Operating Profit 35.5% 22,322 82.76 4,937,000 40.0% 32,913 121.86
Fixed Expenses Base Management Fee 3.6% 2,264 8.39 432,000 3.5% 2,880 10.66 Property Taxes 3.3% 2,055 7.62 604,000 4.9% 4,027 14.91 Insurance 0.9% 575 2.13 128,000 1.0% 853 3.16 Total Fixed Expenses 7.8% 4,894 18.14 1,164,000 9.4% 7,760 28.73
Net Operating Income 27.7% 17,428 64.61 3,773,000 30.6% 25,153 93.13
FF&E Reserve 4.0% 2,517 9.33 494,000 4.0% 3,293 12.19
Net Operating Income After Reserve 23.7% 14,911 55.28 $3,279,000 26.6% $21,860 $80.93
Source: CBRE Hotels Estimated by DPC Hospitality DRAFT COPY - SUBJECT TO FINAL REVIEW Confidential - For Discussion Purposes Only Proposed Nationally Branded Lifestyle Hotel - Seabrook Exhibit C-1 5/12/20 Projected Operating Results 2:49 PM Calendar Years
2023 2024 2025 2026 2027 Number of Units: 150 150 150 150 150 Number of Annual Rooms Available: 54,750 54,750 54,750 54,750 54,750 Number of Rooms Occupied: 36,680 39,420 40,520 40,520 40,520 Annual Occupancy: 67.0% 72.0% 74.0% 74.0% 74.0% Average Daily Rate: $209.50 $220.25 $229.00 $238.25 $245.50 Revenue Per Available Room: $140.37 $158.58 $169.46 $176.31 $181.67 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio Revenues Rooms $7,684,000 61.2% $8,682,000 62.8% $9,279,000 63.6% $9,654,000 63.8% $9,948,000 63.8% Food & Beverage 4,042,000 32.2% 4,227,000 30.6% 4,354,000 29.8% 4,484,000 29.6% 4,619,000 29.6% Other Operated Departments 826,000 6.6% 914,000 6.6% 968,000 6.6% 997,000 6.6% 1,027,000 6.6% Total Revenues 12,552,000 100.0% 13,823,000 100.0% 14,601,000 100.0% 15,135,000 100.0% 15,594,000 100.0%
Departmental Expenses Rooms 1,738,000 22.6% 1,853,000 21.3% 1,935,000 20.9% 1,993,000 20.6% 2,053,000 20.6% Food & Beverage 2,650,000 65.6% 2,754,000 65.2% 2,837,000 65.2% 2,922,000 65.2% 3,009,000 65.1% Other Operated Departments 413,000 50.0% 457,000 50.0% 484,000 50.0% 498,000 49.9% 513,000 50.0% Total Departmental Expenses 4,801,000 38.2% 5,064,000 36.6% 5,256,000 36.0% 5,413,000 35.8% 5,575,000 35.8%
Departmental Profit 7,751,000 61.8% 8,759,000 63.4% 9,345,000 64.0% 9,722,000 64.2% 10,019,000 64.2%
Undistributed Expenses Administrative & General 1,178,000 9.4% 1,265,000 9.2% 1,324,000 9.1% 1,370,000 9.1% 1,411,000 9.0% Marketing & Franchise 1,130,000 9.0% 1,244,000 9.0% 1,314,000 9.0% 1,362,000 9.0% 1,403,000 9.0% Property Operation and Maintenance 496,000 4.0% 497,000 3.6% 502,000 3.4% 517,000 3.4% 532,000 3.4% Utility Costs 388,000 3.1% 400,000 2.9% 412,000 2.8% 424,000 2.8% 437,000 2.8% Total Undistributed Operating Expenses 3,192,000 25.4% 3,406,000 24.6% 3,552,000 24.3% 3,673,000 24.3% 3,783,000 24.3%
Gross Operating Profit 4,559,000 36.3% 5,353,000 38.7% 5,793,000 39.7% 6,049,000 40.0% 6,236,000 40.0%
Fixed Expenses Base Management Fee 439,000 3.5% 484,000 3.5% 511,000 3.5% 530,000 3.5% 546,000 3.5% Property Taxes 604,000 4.8% 693,000 5.0% 707,000 4.8% 721,000 4.8% 736,000 4.7% Insurance 144,000 1.1% 148,000 1.1% 152,000 1.0% 157,000 1.0% 162,000 1.0% Total Fixed Expenses 1,187,000 9.5% 1,325,000 9.6% 1,370,000 9.4% 1,408,000 9.3% 1,444,000 9.3%
Net Operating Income 3,372,000 26.9% 4,028,000 29.1% 4,423,000 30.3% 4,641,000 30.7% 4,792,000 30.7%
FF&E Reserve 251,000 2.0% 415,000 3.0% 584,000 4.0% 605,000 4.0% 624,000 4.0%
Net Operating Income After Reserve $3,121,000 24.9% $3,613,000 26.1% $3,839,000 26.3% $4,036,000 26.7% $4,168,000 26.7%
Estimated by DPC Hospitality Full Year of Operation DRAFT COPY - SUBJECT TO FINAL REVIEW Confidential - For Discussion Purposes Only Proposed Nationally Branded Lifestyle Hotel - Seabrook Exhibit C-2 5/12/20 Projected Operating Results 2:49 PM Calendar Years
2028 2029 2030 2031 2032 Number of Units: 150 150 150 150 150 Number of Annual Rooms Available: 54,750 54,750 54,750 54,750 54,750 Number of Rooms Occupied: 40,520 40,520 40,520 40,520 40,520 Annual Occupancy: 74.0% 74.0% 74.0% 74.0% 74.0% Average Daily Rate: $252.75 $260.50 $268.25 $276.25 $284.50 Revenue Per Available Room: $187.04 $192.77 $198.51 $204.43 $210.53 Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio Revenues Rooms $10,241,000 63.8% $10,555,000 63.8% $10,869,000 63.8% $11,194,000 63.8% $11,528,000 63.8% Food & Beverage 4,757,000 29.6% 4,900,000 29.6% 5,047,000 29.6% 5,199,000 29.6% 5,355,000 29.6% Other Operated Departments 1,057,000 6.6% 1,089,000 6.6% 1,122,000 6.6% 1,155,000 6.6% 1,190,000 6.6% Total Revenues 16,055,000 100.0% 16,544,000 100.0% 17,038,000 100.0% 17,548,000 100.0% 18,073,000 100.0%
Departmental Expenses Rooms 2,115,000 20.7% 2,178,000 20.6% 2,243,000 20.6% 2,311,000 20.6% 2,380,000 20.6% Food & Beverage 3,100,000 65.2% 3,193,000 65.2% 3,289,000 65.2% 3,387,000 65.1% 3,489,000 65.2% Other Operated Departments 529,000 50.0% 545,000 50.0% 561,000 50.0% 578,000 50.0% 595,000 50.0% Total Departmental Expenses 5,744,000 35.8% 5,916,000 35.8% 6,093,000 35.8% 6,276,000 35.8% 6,464,000 35.8%
Departmental Profit 10,311,000 64.2% 10,628,000 64.2% 10,945,000 64.2% 11,272,000 64.2% 11,609,000 64.2%
Undistributed Expenses Administrative & General 1,453,000 9.1% 1,497,000 9.0% 1,542,000 9.1% 1,588,000 9.0% 1,636,000 9.1% Marketing & Franchise 1,445,000 9.0% 1,489,000 9.0% 1,533,000 9.0% 1,579,000 9.0% 1,627,000 9.0% Property Operation and Maintenance 548,000 3.4% 564,000 3.4% 581,000 3.4% 599,000 3.4% 617,000 3.4% Utility Costs 450,000 2.8% 464,000 2.8% 478,000 2.8% 492,000 2.8% 507,000 2.8% Total Undistributed Operating Expenses 3,896,000 24.3% 4,014,000 24.3% 4,134,000 24.3% 4,258,000 24.3% 4,387,000 24.3%
Gross Operating Profit 6,415,000 40.0% 6,614,000 40.0% 6,811,000 40.0% 7,014,000 40.0% 7,222,000 40.0%
Fixed Expenses Base Management Fee 562,000 3.5% 579,000 3.5% 596,000 3.5% 614,000 3.5% 633,000 3.5% Property Taxes 750,000 4.7% 765,000 4.6% 781,000 4.6% 796,000 4.5% 812,000 4.5% Insurance 166,000 1.0% 171,000 1.0% 176,000 1.0% 182,000 1.0% 187,000 1.0% Total Fixed Expenses 1,478,000 9.2% 1,515,000 9.2% 1,553,000 9.1% 1,592,000 9.1% 1,632,000 9.0%
Net Operating Income 4,937,000 30.8% 5,099,000 30.8% 5,258,000 30.9% 5,422,000 30.9% 5,590,000 30.9%
FF&E Reserve 642,000 4.0% 662,000 4.0% 682,000 4.0% 702,000 4.0% 723,000 4.0%
Net Operating Income After Reserve $4,295,000 26.8% $4,437,000 26.8% $4,576,000 26.9% $4,720,000 26.9% $4,867,000 26.9%
Estimated by DPC Hospitality DRAFT COPY - SUBJECT TO FINAL REVIEW Confidential - For Discussion Purposes Only Proposed Nationally Branded Lifestyle Hotel - Seabrook Exhibit D
Project Description Cost Assumptions Debt Assumptions $ / Unit Units Amount * Term 25 Keys: 150 Hotel Rooms Tower $250,000/Key 150 Keys 37,500,000 Interest 5.00% Conference Center $300/SF 12,000 SF 3,600,000 Loan to Costs (Estimate) 60% Net On Site Meeting Space SF 6,500 Structured Parking $25,000/Space 300 Space 7,500,000 Gross Conference Center SF 12,000 Loan Amount (Hotel) 30,400,000 Site Improvements 2,000,000 Monthly Loan Payment 177,715 Pool Resort Style Total Project Budget * 50,600,000 Annual Debt Service 2,132,584
Hotel Employees (Approx.) 120 Equity Requirement 20,200,000 380 Agreement / Grants Site Improvements (2,000,000) Amenities: Mixed-Use Location with Boardwalk, Resort- Unspecified City Incentives (2,000,000) Style Pool, Structured Parking, Food and Beverage outlets, Health Club and Spa. * Includes all soft costs, developer fees, and prorata land cost Total Private Capital Stack 16,200,000
DRAFT - Subject to final review and possible revision.
Project EBITA Today's Dollars Year 1 Year 2 Year 3 Year 4 Year 5 Full Year of Operation 2019 2023 2024 2025 2026 2027 Hotel and Conference Center Occ% 74% 67% 72% 74% 74% 74% ADR $194.00 $209.50 $220.25 $229.00 $238.25 $245.50 Room Revenue 7,860,000 7,684,000 8,682,000 9,279,000 9,654,000 9,948,000 Food and Beverage 3,668,000 4,042,000 4,227,000 4,354,000 4,484,000 4,619,000 Other Income 810,000 826,000 914,000 968,000 997,000 1,027,000 Total 12,338,000 12,552,000 13,823,000 14,601,000 15,135,000 15,594,000 Less: Total Expenses (9,059,000) (9,431,000) (10,210,000) (10,762,000) (11,099,000) (11,426,000) Net Operating Income 3,279,000 3,121,000 3,613,000 3,839,000 4,036,000 4,168,000
Distribution Summary Hotel NOI 3,121,000 3,613,000 3,839,000 4,036,000 4,168,000 POTENTIAL Hotel Occupancy Tax Rebate (City) 7% 537,880 607,740 649,530 675,780 696,360 Less: Project Debt Service (Year 1 & 2 Interest Only) (1,520,000) (1,520,000) (2,132,584) (2,132,584) (2,132,584) POTENTIAL Project Distributions 2,138,880 2,700,740 2,355,946 2,579,196 2,731,776
Subtotal of Potential City Incentives (HOT and Sales Tax) 537,880 607,740 649,530 675,780 696,360
POTENTIAL City Incentives as Percent of Distributions 25% 23% 28% 26% 25% Debt Coverage Ratio (with City Incentives) 2.41 2.78 2.10 2.21 2.28
Internal Rate of Return Investment Construction Operation --> Reversion 2020 2021 2022 2023 2024 2025 2026 2027 IRR Total Return
Initial Equity Investment (16,200,000) POTENTIAL Project Distributions - - 2,138,880 2,700,740 2,355,946 2,579,196 2,731,776 Reversion 41,111,341 Total Equity Return (16,200,000) - - 2,138,880 2,700,740 2,355,946 2,579,196 43,843,117 20.5% 53,617,878 Cash on Cash Return - by Year 13% 17% 15% 16% 271% Multiple: 3.31
DRAFT - Subject to final review and possible revision.
Reversion Analysis of Hotel Tower NOTE: DPC Hospitality made no attempt to verify the estimates of project costs provided by the developer Year 5 NOI + HOT Rebate 4,864,360 and have no opinion on their validity. In order to rely on the resulting estimates of cash on cash return and Terminal Cap Rate 7.0% internal rate of return, potential investors must conduct their own investigation as to the reliability and Reversion Value (Sales Price) 69,500,000 completeness of the costs of developing this project. Furthermore, the terminal cap rate was not derived Sales Costs: RE Comm / Title Ins. 1.0% by an appraisal of recent market sales. A market derivation of cap rates by a certified appraiser is needed Less Sales Cost (695,000) in order to accurately express potential returns. Net Proceeds of Sale 68,805,000 Less Outstanding Debt (27,693,659) Net Proceeds to Equity 41,111,341
5/12/20 2:49 PM For Discussion Purposes Only Exhibit E
10700 Richmond Ave. Suite 321 Houston, Texas 77042 713.900.2101 DPCHospitality.com
Projects Completed by David Parker
Market Studies of Limited-Service Hotels:
Dallas Area: Market Study of Proposed Best Western Premier – Denton, Texas (Open 2009) Market Study of Proposed Fairfield Inn – Decatur, Texas Market Study and Valuation of Proposed Comfort Suites – Grapevine, Texas (Open 2005) Market Study of a Hampton Inn and Suites – Alliance Airport, Fort Worth Texas (Open 1999) Due Diligence Analysis of five hotels (Holiday Inn Expresses and Quality Suites) – Dallas, Texas Market Study of Proposed Hampton Inn and Suites – Hurst, Texas (Open 2004) Due Diligence Analysis Wyndham Garden Hotel Los Colinas – Irving, Texas Due Diligence Analysis Wyndham Garden Hotel Market Center – Dallas, Texas
Houston Area: Market Study of Proposed Hampton Inn & Suites – Bush Intercontinental Airport – Houston, Texas (Open 2015) Market Study of Proposed Comfort Suites (Westchase) – Houston, Texas (Open 2013) Market Study of Proposed Hampton Inn & Suites – Missouri City, Texas (Open 2013) Market Study of Proposed Courtyard & TownePlace Suites – Galveston, Texas (Open 2013) Market Study of Proposed SpringHill Suites – Houston, Texas Market Study of Proposed Sleep Inn – Clute/Lack Jackson, Texas Market Study of Proposed Microtel Inn & Suites – Port Arthur, Texas Market Study of Proposed SpringHill Suites – Seabrook, Texas Market Study of Proposed La Quinta – West Chase - Houston, TX (Open 2007) Market Study of Proposed Best Western Mini Suites – Texas City, Texas (Open 2005) Market Study of Proposed Bed & Breakfast – Kemah, Texas (Open 2004) Market Study of a Proposed TownePlace Suite – College Station, Texas (Open 1999) Market Study of a Proposed TownePlace Suite – Clear Lake, Texas (Open 1999) Market Evaluations of four Baymont Inns – Houston, Texas Market Study of Proposed Hampton Inn & Suites – League City, Texas (Open 2010)
Central Texas: Market Study of Proposed Homewood Suites – (Parmer Lane) Austin, Texas (Open 2015) Market Study of Proposed Home2 Suites – Round Rock, Texas (Open 2015) Market Study of Proposed Bed and Breakfast Cabins – Fredericksburg, Texas (Open 2013) Market Study of Proposed Hampton Inn & Suites – Downtown Austin, Texas (Open 2012) Market Study of Proposed Homewood Suites – Round Rock, Texas (Open 2010) Market Study of Proposed Sleep Inn & Suites – Manor, Texas (Open 2012) Market Study of Proposed Limited-Service Hotel – Marble Falls, Texas Market Study of Proposed Microtel Inn & Suites – Austin, Texas (Airport) (Open 2010) Market Study of Proposed Staybridge Suites – San Antonio, Texas (Open 2008) Market Study of Proposed La Quinta - Medical Center - San Antonio, Texas (Open 2007)
South Texas: Market Study of Proposed Microtel – Gonzales, Texas (Open 2013) Market Study of Proposed Home2 Suites – Mission, Texas Market Study of Proposed Holiday Inn Express – South Padre Island, Texas (Open 2005)
Exhibit E
10700 Richmond Ave. Suite 321 Houston, Texas 77042 713.900.2101 DPCHospitality.com
North Texas: Market Study of Proposed Hampton Inn – Vernon, Texas (Open 2011) Market Study of Proposed Holiday Inn Express – Vernon, Texas (Open 2006)
West Texas: Market Study of Proposed Microtel – San Angelo, Texas (Open 2010) Market Study of Proposed Hawthorn Suites – Lubbock, Texas (Open 2008) Market Study of Proposed Best Western – Hamilton, Texas (Open 2007) Market Study of Proposed La Quinta – Lubbock, Texas (Open 2006)
East Texas: Market Study of Proposed Microtel Inn & Suites – Texarkana, Texas Market Study of Proposed Hampton Inn – Sulphur Springs, Texas (Open 2010) Market Study of Proposed Best Western – Mt. Vernon, Texas
Outside of Texas: Market Study of Proposed Home2 Suites – Tallahassee, Florida (Open 2016) Market Study of Proposed Home2 Suites – Stillwater, Oklahoma (Open 2016) Market Study of Proposed Home2 Suites – Tuscaloosa, Alabama (Open 2015) Market Study of Proposed Home2 Suites – Lexington, Kentucky (Open 2015) Market Study of Proposed Hilton Garden Inn & Homewood Suites – Oklahoma City, Oklahoma (Open 2014) Market Study of Proposed Hampton Inn & Suites - Mulvane, Kansas (Open 2012) Market Study of Proposed Hampton Inn & Suites – Dodge City, Kansas (Open 2012) Market Study of Proposed Homewood Suites – Nashville, Tennessee (Open 2013) Market Study of Proposed Fairfield Inn – Maize, KS (Open 2011) Market Study of Proposed La Quinta Inn & Suites – Olathe, Kansas (Open 2008) Market Study of Proposed Holiday Inn Express & Suites – Bloomington, Indiana (Open 2006) Market Study of Converting historic buildings into Residence Inn and Courtyard by Marriott – Omaha, NE (Open 1999) Market Study of Proposed Sleep Inn Limited-Service hotel – Thornton, Colorado (Open 1998) Market Study and Valuation of Proposed All-Suite Hotel at Isle of Capri Casino – Lake Charles, Louisiana (Open 1998) Market Study and Valuation of Proposed Limited-Service Hotel at Isle of Capri Casino – Lake Charles, Louisiana (Open 1997)
Market Studies Select and Full-Service Hotels:
Dallas Area: Market Study of Proposed Hilton Garden Inn – Hurst, Texas (Open 2016) Market Study of Proposed Hilton Dallas/Plano Granite Park – Plano, TX (Open 2014) Market Study of Proposed Cambria Suites – Plano, Texas (Open 2014) Market Study of Proposed Courtyard Hotel & Conference Center – Carrollton, Texas Market Study of Renovating the Historic Blackstone Hotel into a Courtyard by Marriott – Fort Worth, Texas (Open 1999) Exhibit E
10700 Richmond Ave. Suite 321 Houston, Texas 77042 713.900.2101 DPCHospitality.com
Market Study of Proposed Embassy Suites Galleria – Dallas, Texas (Open 1998) Evaluation of Converting the Employers Life Insurance Building into a Headquarters Hotel – Dallas, Texas Market Study of Proposed Holiday Inn – McKinney, Texas (Open 2008) Market Study of Proposed Resort Hotel and Water Park – Frisco, Texas Impact Assessment of Converting Ramada Plaza into Holiday Inn Select (Presently The Sheraton) – Fort Worth, Texas Houston Area: Market Study of Proposed Courtyard & TownePlace Suites – Galveston, Texas (Open 2013) Market Study of Proposed Courtyard by Marriott – Galveston, TX (Open 2013) Market Study of Proposed Embassy Suites & Water Park – Beaumont, Texas Market Study of Proposed Embassy Suites – Texas Medical Center – Houston, TX Market Study of Proposed Holiday Inn – Shenandoah, Texas Market Study of Proposed Hilton Garden Inn Galleria – Houston, Texas (Open 2005) Market Study and Economic Impact Assessment of 1,200-Room Hilton Americas – Downtown Houston, Texas (Open 2004) Market Study of Converting the Medical Towers into the Marriott Medical Center Expansion – Houston, Texas Market Study of Converting Historic Texas State Hotel into Sheraton Suites – Downtown Houston, Texas Market Study and Valuation of Omni Galleria – Houston, Texas Market Study and Valuation of Red Lion Hotel Galleria – Houston, Texas
Central Texas: Market Study of Proposed SoCo Hotel – (South Congress) Austin, Texas (Open 2015) Economic Impact Study of Proposed Hilton Garden Inn – Live Oak, Texas Market Study of Proposed Select-Service Hotel & Conference Center – Boerne, Texas Market Study of Proposed Four Points (Now Wyndham Garden Inn Near La Cantera) – San Antonio, Texas (Open 2009) Market Study of Proposed Boutique Hotel – Fredericksburg, Texas Market Study of Proposed Cambria Suites – Medical Center – San Antonio, Texas Market Study of Proposed Westin Riverwalk – San Antonio, Texas (Open 1999) Market Study of Proposed Full-Service Hotel – New Braunfels, Texas Market Study and Valuation of St. Anthony Hotel – San Antonio, Texas
South Texas: Market Study of Proposed Hotel & Conference Center – Port Aransas, Texas Market Study of Proposed Full-Service Hotel Adjacent to McAllen Convention Center – McAllen, Texas Market Study of Proposed All-Suite Hotel and Resort on North Padre Island – Corpus Christi, Texas Market Study, Economic Impact Study, and Financing Recommendations of Proposed Full-Service Hotel – South Padre Island, Texas Market Study of Proposed Executive Conference Center – North Padre Island, Corpus Christi, Texas
North Texas: Market Study of Proposed Hotel Conversion to a Full-Service Wyndham Hotel – Wichita Falls, Texas
West Texas: Market Study of Proposed Full-Service Hotel & Conference Center – Odessa, Texas
Outside of Texas: Market Study of Proposed Full-Service Resort with Golf – Franklin, Tennessee Market Study of Proposed Hilton Garden Inn & Homewood Suites – Oklahoma City, Oklahoma (Open 2014) Market Study of Proposed Conversion of the Fulton Hotel to a Holiday Inn – Alexandria, Louisiana Exhibit E
10700 Richmond Ave. Suite 321 Houston, Texas 77042 713.900.2101 DPCHospitality.com
Market Study of Proposed Office Building Conversion into Hilton Garden Inn – Airport - Phoenix, Arizona (Open 2009) Market Study of Proposed Hilton Garden Inn (Converted Office Building) – Phoenix, AZ at Airport (Open2008) Market Study of Proposed Full-Service Hotel – Colorado Springs, Colorado Performance Review of Operating Standards – Radisson Fort McDowell Resort & Casino – Scottsdale, Arizona Market Study of Proposed Holiday Inn – Colorado Springs, Colorado Market Study and Valuation of Cypress Bend Golf Resort and Conference Center – Sabine Parish, Louisiana
Market Study of Converting historic buildings into Residence Inn and Courtyard by Marriott – Omaha, NE (Open 1999) Market Study of Proposed Full-Service Hotel – Sandy City, Utah Market Study of Proposed Full-Service Hotel adjacent to Jazz Land Theme Park – New Orleans, LA Market Study and Valuation of 780-room Regal Riverfront – St. Louis, Missouri
Public Assembly Facility Studies:
Dallas Area: Market Study of Proposed Dallas County School District Meeting Facility – Dallas, Texas Market Study of Proposed 500,000-Square foot Exhibition Center – Grapevine, Texas Market Study of Proposed Conference Center – Hurst, Texas (Open 2007) Management RFP of Proposed Conference Center – Hurst, Texas
Houston Area: Market Study of Proposed Convention Center – Stafford, Texas (Open 2003) Market Study of Proposed Performing Arts Theater – Stafford, Texas (Open 2003) Market Study and Economic Impact of Proposed Waterway Convention Center – The Woodlands, Texas (Open 2002) Citywide occupancy tax collection forecast for City of Houston, used in securing $700 million in bonds for the purpose of expanding the George R. Brown Convention Center, constructing the 1,200-room Hilton Hotel, parking garage, and NBA basketball arena – Houston, Texas Market Study and Economic Impact Study of Expanding the George R. Brown Convention Center – Downtown Houston, Texas Market Study of Proposed Convention Center, Mall Conversion – Baytown, Texas Market Study of Proposed Natatorium – Stafford, Texas Market Study of Repositioning a portion of Greenspoint Mall into a Convention Center – Houston, Texas Market Study of Proposed Civic Center – Kemah, Texas Market Study of Proposed Civic Center – Freeport, Texas
Central Texas: Market Study of Proposed Convention Center – New Braunfels, Texas Market Study of Proposed Civic Center & Exhibit Hall – Gonzales, Texas
South Texas: Market Study of Expanding the Bayfront Convention Center – Corpus Christi, Texas (Completed 1999)
East Texas: Market Study of Proposed Convention Center – Lufkin, Texas