MARKET STUDY Proposed Waterfront Hotel BROADWAY STREET & THE EMBARCADERO SAN FRANCISCO, CALIFORNIA SUBMITTED TO:PROPOSED PREPARED BY: Mr. Ricky Tijani HVS Consulting and Valuation Services Port of San Francisco Division of M&R Valuation Services, Inc. Pier 1, The Embarcadero 100 Bush Street, Suite 750 San Francisco, California 94111 San Francisco, California, 94104
[email protected] www.hvs.com +1 (415) 274‐0680 +1 (415) 896‐0868 January‐2016 January 15, 2016 Mr. Ricky Tijani Port of San Francisco Pier 1, The Embarcadero HVS SAN FRANCISCO San Francisco, California 94111
[email protected] 100 Bush Street, Suite 750 San Francisco, California, 94104 +1 (415) 274‐0680 +1 (415) 896‐0868 +1 (415) 896‐0516 FAX Re: Proposed Waterfront Hotel www.hvs.com San Francisco, California HVS Reference: 2015040272, 2015250020 Dear Mr. Tijani: Pursuant to your request, we herewith submit our market study pertaining to the above‐captioned property. We have inspected the real estate and analyzed the hotel market conditions in the San Francisco, California area. The results of our fieldwork and analysis are presented in this report. Our report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), as provided by the Appraisal Foundation. We hereby certify that we have no undisclosed interest in the property, and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein. Sincerely, M&R Valuation Services, Inc. Aaron Solaimani Senior Associate
[email protected], +1 (415) 268‐0362 Suzanne R.