Hotel Investments Handbook - Appendices

154 Pages·2004·2.05 MB·English

1
APPENDIX
Data Collection Checklist
Miscellaneous Records
(cid:31) Credit card user surveys

(cid:31) Meeting planners brochure—rate card
Director of Sales _________________
(cid:31) Maps
Director of Engineering _______________
2. IN-HOUSE DATA BASE
(cid:31) Client proposal for valuation
Front Desk Manager ________________
(cid:31) Past studies performed in market area
(cid:31) Contacts with local hoteliers
(cid:31) American Hotel and Motel Association Construc- Controller/Accountant ________________
tion Report
(cid:31) Directories
• Official Hotel and Resort Guide
• Hotel Travel Index Introductions (Name and telephone number)
• Red Book Other general managers in area _________
• AAA
• Mobil Travel Guide
• American Institute of Real Estate Appraisers Chamber of Commerce ______________
Directory
• Hospitality Market Data Exchange
• American Society of Real Estate Counselors
Convention and Visitors Bureau __________
Directory
• Society of Real Estate Appraisers Directory
(cid:31) Rate and occupancy data collections
Hotel Association __________________
(cid:31) College alumni listing (e.g., Cornell Society of
Hotelmen Directory)
(cid:31) Mailing list of clients
(cid:31) Telephone listings—hotels, motels, real estate,
Marketing
apartments
(cid:31) Demand generator analysis
(cid:31) National Real Estate Investor—city data, atlas.
• Major businesses and industries in area
encyclopedia
• Primary market area in geographic terms (pro-
(cid:31) Sales and Marketing Management
vide map)
(cid:31) Survey of Buying Power
• Top twenty major users of subject property
(cid:31) Restaurant Business RAI and RGI • Major contract business, including term. rate,
(cid:31) FAA terminal forecasts and number of room-nights
(cid:31) Competition analysis
• Competitive hotels, including occupancy,
average rate, and market segmentation
I. FIELD DATA • Market segmentation, by month
• Average length of stay
Contacts (Name and telephone number) • Seasonally
— weekly
— monthly
General Manager ____________________________
— by segment
• Unaccommodated demand, by segment
Assistant Resident Manager • Double occupancy percentage
• Rate resistance by segment
• Rack rate pricing strategy
Director of Marketing
• Points of origin (feeder markets)
• Mode of arrival (indicate shuttle availability
applicable)
• Percentage of reservations from franchise
DATA COLLECTION CHECKLIST
• Amount of travel agent commissions
• Hotel or extended-stay association • Height and depth
• Slope of land
• Obstructing buildings (all sides)
Subject Property Analysis • Signage
(cid:31) Size, topography, and shape — Location
• Land area — Visibility
• Excess land (indicate if salable, highest and — Condition
best use)
• Views from subject (all sides) including:
• Plot survey
— Guestrooms
• Optimum frontage-to-depth ratio (corner loca-
tion) — Food and beverage outlets
• Frontages • Effect of climate, if any
• Adjoining uses: (cid:31) Utilities
— North • Location
—East • Capacity
— South • Provider
—West • Electricity:
• Grade, compared to surrounding roads/uses — Price/KWH
• Contours, slope, drainage — Normal demand charges
• Identification of flood zones, if any, and need
— Quantity discounts
for flood insurance
— Seasonal adjustments
• Soil tests
• Natural gas:
— Water table
— Price/therm
— Percolation tests
— Quantity discounts
— Other
— Seasonal adjustments
• Air rights
• Oil:
• Subsurface rights
— Tank size
• Water rights
— Price/gallon
• Landscaping
• Easements/restrictions —Quantity discounts
• Current condition (cid:31) Access • Steam
• North/south roads • Water source
• East/west roads • Telephone service
• Direct access pattern (i.e., number of lanes in • Sewage
approach roads, presence of median division, turn • LPG
restrictions, traffic signals, one-way, curb cuts.
• Trash removal
limited access)
• Storm drainage (cid:31) Photographic
• Time and distance to:
documentation
— Airport
• Visibility of subject property
— Highways and interchanges
• Access to subject properly
— Mass transportation
• Entrance, with signage
— Convention center
• View of subject property—four sides
— Demand generators
• View from subject property—four sides
— Competition
• Approach roads
(cid:31) Visibility
• Surrounding land use
• North-south roadways
• East-west roadways
• From demand generators, airport, convention Neighborhood
center
(cid:31) Boundaries, as indicated by:
• Land use changes
• Transportation arteries
• Bodies of water
• Changes in elevation/topography Building Layout
(cid:31) Characteristics (cid:31) Lobby
• Residential • Layout and circulation
• Commercial • Decor
• Retail • Size
• Industrial • Condition
• Rural • Ceiling height
• Suburban • Porte cochere
• Urban • Valet stand
(cid:31) Buildings
• Shuttle bus
• Style • Doors (i.e., automatic, airlock vestibule)
• Size • Bell stand
• Density
• Luggage storage
• Vacancy levels
• Concierge desk
• Rental rates
• Restrooms
• Effective age • Phones
• Condition
(cid:31) Front Desk
(cid:31) New construction/development
• Published rates
(cid:0) Street patterns/widths
(cid:31) Nearby parks and recreation areas • Visibility to incoming guests
(cid:31) Noise or other nuisances • Elevator visibility
(cid:31) Future trends or potential changes in neighbor- • Reservation and registration system
hood as indicated by uniformity/variance in land
uses
Other Floors
(cid:31) Layout
(cid:31) Circulation
4. IMPROVEMENTS
Hotel Description Guestrooms (broken down by type)
(cid:31) Architectural plans and description (cid:31) Total number
(cid:31) Year opened (cid:31) Number of connecting rooms
(cid:31) Year of expansion/renovation (cid:31) Walking distance
(cid:31) Description of expansion/renovation (cid:31) Size
(cid:31) Number of structures (cid:31) Ceiling height
(cid:31) Location of structures on site (cid:31) Number of terraces
(cid:31) Number of stories in each building (cid:31) Furnishings
(cid:31) Configuration of each building (e.g., H. L, U) • Age
(cid:31) Total gross building square footage • Last replacement date
(cid:31) Total net building square footage • Present condition
(cid:31) Landscaping and sidewalks • Refurbishment schedule
(cid:31) Exterior facade • Amenities (e.g., extra phone, shoe shine,
• Architectural style movies. VCR)
• Materials
(cid:31) Doors
• Balconies
• Material
(cid:31) Future development plans
• Peephole
• Project description • Lock brand
•Costs • Type (e.g., 1-key, 2-key, card)
(cid:31) Current engineering reports (cid:31) Closets
(cid:31) Wall material (e.g.. plaster, drywall. concrete)
DATA COLLECTION CHECKLIST
(cid:31) Windows
• Type (cid:31) Average turnover by meal period
• Condition (cid:31) Average check by meal period
(cid:31) Sprinklers (cid:31) Percentage of in-house capture by meal period
(cid:31) Smoke detectors (cid:31) Estimate of in-house capture and outside capture
(cid:31) Accessibility to and equipment (or the handi-
(cid:31) Annual covers
capped
(cid:31) No-smoking rooms • Breakfast
(cid:31) Bathrooms • Lunch
• Condition • Dinner
• Lighting (cid:31) Room service
• Amenities (e.g.. heat lamp. clothesline, heated (cid:31) Lounge
towel bar)
(cid:31) Banquet room
• Square footage
Guest Corridors and Elevator Lobbies • Room rental revenue
(cid:31) Food and beverage financial statement (broken
(cid:31) Type (double, single-loaded)
down by meal period and outlet)
(cid:31) Location (interior or exterior)
• Cost of sales
(cid:31) Direction
• Total payroll expense
(cid:31) Width
• Total other expenses
(cid:31) Lighting
(cid:31) Ceiling height
(cid:31) Wallcovering Kitchen(s)
(cid:31) Floorcovering (cid:31) Locations
(cid:31) Condition (cid:31) Access (floors, distance)
(cid:31) Elevator lobby furnishings • Receiving areas
(cid:31) Ice machines
• Storage areas
(cid:31) Vending machines
• Meeting rooms
(cid:31) Maid/linen closets • Outlets
(cid:31) Equipment
Food, Beverage, and Room Service • Description
Facilities • Quality
(cid:31) Seating capacities • Quantity
(cid:31) Meals served • Configuration
(cid:31) Hours of operation (including room service) • Condition
(cid:31) Menus (obtain copies) (cid:31) Adequacy of size and layout
(cid:31) Decors
(cid:31) Furnishings
Meeting and Banquet Facilities
• Style
• Quality (cid:31) Individual rooms
• Age and condition • Name
(cid:31) Bar • Size
(cid:31) Buffet • Capacity
(cid:31) Adequacy of mix and breakout rooms
(cid:31) Back-of-the-house access from kitchens
(cid:31) Décor
(cid:31) Room service facilities
(cid:31) Condition
(cid:31) Separate outside access (describe visibility of
(cid:31) Separate entrance/porte cochere
entrance)
(cid:31) Access to restrooms (cid:31) Separate service and public corridors
(cid:31) Entertainment policy (cid:31) Proximity to kitchen
(cid:31) Point of sale system (cid:31) Adequacy of meeting support amenities (e.g..
furniture, audio-visual equipment)
A1-5
APPENDIX 1
(cid:31) Furniture storage area
(cid:31) HVAC/zone control • Electrician
• Locksmith
• Carpenter
Recreational Facilities
(cid:31) Swimming pool
Building Systems
• Shape
(cid:31) Structural
• Indoor/outdoor
• Foundation
(cid:31) Tennis courts
• Framing (e.g., steel, precast concrete, rein-
• Lighted forced concrete)
• Indoor/outdoor • Walls
(cid:31) Golf course • Roof
• Number of holes —Age
• Yards per hole — Condition
• Annual rounds played — Sloped or flat
• Fees —Material (e.g., asphalt shingle, built-up felt
(cid:31) Jogging trails and tar. slate)
(cid:31) Health/exercise club (cid:31) Parking
• Sauna • Number of spaces
• Steambath • Indoor/outdoor
• Valet
• Whirlpool
• Massage • Cost to guest
• Exercise classes • Percentage of non-guest use
• Exercise apparatus • Condition of pavement and striping
—Type
— Number Heating, Ventilation, and Air
(cid:31) Other facilities (e.g., horseback riding, ice skat-
Conditioning
ing, boating, skiing)
(cid:31) Spa (cid:31) Heating system
(cid:31) Game room • Type (i.e., hot water, steam, electric)
• Fuel
• Delivery (2-, 3-, 4-pipe. forced air)
Back-of-the-House Layout • Heat/cool simultaneously
(cid:31) Employee entrance (access pattern) • Boilers
(cid:31) Employee facilities — Brand
• Lockers — Model number
• Lounge area — Age/condition
• Cafeteria • Burners
(cid:31) Security — Brand
(cid:31) Timekeeping — Model number
(cid:31) Personnel — Age/condition
(cid:31) Purchasing offices • Water heater
(cid:31) Receiving — Brand
• Loading dock .• Guest view — Model number
— Tank size
• Lift
(cid:31) Storerooms — Age/condition
• Resistance
(cid:31) Engineering
— Brand
• Shops
— Model/capacity
• Storage
— Age/condition
DATA COLLECTION CHECKLIST

• Heat exchanger
— Brand (cid:31) Guest laundry
— Model/capacity • Outside contract
— Age/condition • Self-service
• Heat pump
— Brand
Fire
— Model number
(cid:31) Smoke detectors
— Capacity
• Local
— Age/condition
• Wired
(cid:31) Cooling system
(cid:31) Heat detectors
• Type (e.g , central/chilled water, heat pumps) • Local
• Chiller • Wired
— Brand (cid:31) Sprinkler system
— Model number (cid:31) Fire extinguishers
— Age/condition (cid:31) Pull stations
• Cooling tower • Control/communication system
— Brand • Brand
— Model number • Model number
— Age/condition (cid:31) Annunciator panel
(cid:31) Emergency lighting and battery
• Zones
backup
— Guestrooms
(cid:31) Exit signage and battery backup
— Meeting rooms
(cid:31) Fire hoses
— Public space control
• Brand
• Model number
Energy Management System (cid:31) Standpipes
(cid:31) Description (cid:31) Kitchen range hood
(cid:31) Brand and model number • Brand
(cid:31) Guestrooms (type of control, eg.. individual) • Model number
(cid:31) Meeting/public space (type of control, eg., indi- • CO, system
vidual) (cid:31) Public address system
(cid:31) Emergency generator
• Brand
Housekeeping • Model number
(cid:31) Offices
(cid:31) Storage areas
Vertical Transportation
(cid:31) Sorting areas
(cid:31) Passenger elevators
(cid:31) Trash chute
• Number
(cid:31) Linen chute
• Floors served
(cid:31) Exhaust tan
• Brand
(cid:31) Washer
• Cable or hydraulic
• Brand
• Cab condition
• Model number
• Capacity
• Quantity
• Feet per minute
(cid:31) Dryer
• Automatic/manned
• Brand
• Control system
• Model number
• Mechanical or electrical relays
• Quantity • Computerized load system
• Fuel (cid:31) Service elevators
• Number
APPENDIX 1
• Floors served
• Brand 5. ECONOMIC AND DEMOGRAPHIC DATA
• Cable or hydraulic
• Capacity Market Area
• Feet per minute (cid:31) Hotels
• Room counts
• Control system
• Rates
• Mechanical or electrical relays
• Occupancy
• Computerized load system
(cid:31) SIC employment
(cid:31) Escalators
(cid:31) Population
• Number
• Migration vs. births
• Floors served
• Peak vs. annual
(cid:31) Dumbwaiters
• Age distribution
• Number • Income levels (effective buying income)
• Floors served (cid:31) Retail sales
(cid:31) Stairs (cid:31) Eating and drinking place sales
(cid:31) Office space and occupancy survey/directory
• Number
(i.e., absorption trends)
• Location
(cid:31) Major businesses
• By employment sector
Security • National
• Number of employees
(cid:31) Electronic surveillance equipment
(cid:31) Industrial space and occupancy survey/directory
• Number
(i.e , absorption trends)
• Location
(cid:31) Unemployment percentages
(cid:31) Alarm systems (cid:0) Housing stats
(cid:0) Building permits
• Number
Telephone System • Dollar value
(cid:31) Brand (cid:31) Area maps
(cid:31) Model number (cid:31) Major universities
(cid:31) Type of call accounting • Enrollments
(cid:31) Least cost routing • Faculty
(cid:31) Other special functions • Staff
(cid:31) Major military bases
• Civilian employment
Lighting • Type/function
(cid:31) Exterior (cid:31) Room/bed lax data
• Type (e.g., sodium, fluorescent, incandescent) (cid:31) Visitor statistics to area attractions
• Building signage (cid:31) Interior
Assessed Valuation and Taxes
Miscellaneous (cid:0) Assessor
(cid:31) Asbestos construction • Name
(cid:31) Urea-formaldehyde foam insulation • Address
• Telephone number
(cid:31) Building inspection reports
(cid:31) Purchase tax map
(cid:31) Health inspection reports
• Size of parcel (acreage, square feet)
(cid:31) Total deferred maintenance
• Length of boundaries
(cid:31) Total functional obsolescence
• Lot and block number
• Tax ID number
DATA COLLECTION CHECKLIST

(cid:31) Subject property's assessed value
• Date of assessment • Address
• Value of land • Telephone number
• Value of building (cid:31) Area business associations
(cid:31) Assessment basis
• Income, cost, market Airport Authority
• Change on sale
(cid:31) Passenger traffic
(cid:31) Date and frequency of assessment
• Past five years
(cid:31) Tax history • Projected for five years
• Past five years (cid:31) Cargo traffic
• Current • Past five years
• Future trends • Projected for five years
• Equalization rate (cid:31) Airlines and number of flights
• Assessed values (cid:31) Physical description of airport
• Mill rates (cid:31) Expansion plans, if any
(cid:31) Comparable hotel parcels (cid:31) Cities served (originations)
(cid:31) Restrictions on aircraft size
• Number
(cid:31) Number of days closed annually
• Assessments
—Land
—Buildings
Hotel Association
(cid:31) Land sales
(cid:31) Primary contact
(cid:31) Motel sales
• Name
(cid:31) Hotel rates and occupancies
• Address
(cid:31) Special and/or future assessments
• Telephone number
(cid:31) Tax abatements
(cid:31) List of area hotels
(cid:31) Personal property
• Market segmentation
• Subject property's assessed value • Rates
• Comparable hotel assessed value • Occupancies
• Mill rates (cid:31) Total room count
• Current
Chamber of Commerce/Economic • Historical
(cid:31) Room/bed tax information
Development Administration
(cid:31) Hotels recently opened or closed
(cid:31) Primary contact
(cid:31) Proposed hotels
• Name
• Address
• Telephone number Convention Center and Visitors
(cid:31) Area economic status (e.g., cyclical, growing,
declining, high-tech, industrial) Bureau
(cid:31) Businesses entering/leaving area (cid:31) Primary contact
(cid:31) Area attractions • Name
• Historical visitation • Address
• Projected visitation • Telephone number
(cid:31) Area hotels (cid:31) Physical description
• Occupancy rates • Size
• Rates • Capacity
(cid:31) Proposed hotels • Age
(cid:31) Prominent area officials • Facilities
(cid:31) Number of conventions
• Name
• Historic
• Projected
• Seasonality
(cid:31) Number of conventioneers
• Historic • Conforming use
• Projected • Height restrictions
• Seasonality • Lot coverage
(cid:31) Average expenditure of conventioneer • Size restrictions
(cid:31) Average conventioneer length of stay • Floor area ratio
(cid:31) Average convention size • Setback restrictions
(cid:31) Future convention calendar/number of events • Parking requirements
• Sign restrictions
(cid:31) Marketing plan
• Moratoriums on building and utilities usage
(cid:31) Promotion budget
(cid:31) Environmental impact study requirements
• Past five years
(cid:31) Zoning for surrounding land
• Next five years
• Deficits funding • Present
(cid:31) Nature and types of events (local, state. • Future
(cid:31) Flood plain areas (cid:31) Zoning trends for area
regional)
(cid:31) Potential for/probability of zoning changes
(cid:31) Visitor statistics
(cid:31) Building permits
• Five-year history
Room/Bed/Occupancy Tax
• Number
(cid:31) Historical taxes by month
• Dollar value
• Past five years
• Next five years
Economic Development Administration or
(cid:31) Identification of tax by property (occupancy and
Planning Department: City, County, and
rate)
Surrounding Area
(cid:31) Tax rate
(cid:31) Contacts
• Historical rates • Name
• Rate changes
• Address
(cid:31) Definition of taxable property • Telephone number
(cid:31) Change in number of taxable hotel rooms (cid:31) Existing hotels
• Occupancy
• Rate
Zoning/Building/Planning Department (cid:31) New construction
(cid:31) Primary contact • Hotels
• Name
• Expansions
• Address
• Renovations
• Telephone number
(cid:31) County (of subject property)
(cid:31) Proposed hotel development (cid:31) City (of subject property)
• Plans (cid:31) Surrounding municipalities
• Related facilities (cid:31) Master (renewal) plan for development
• Name of developer, hotel company (cid:31) Pertinent studies
• Estimated completion date
• Land use map
(cid:31) Hotels under construction
• Economic/demographic data
• Status of each project • Transportation
• Approval process (cid:31) Directions of growth (e.g., industrial, commercial,
(cid:31) Zoning of subject property redevelopment)
(cid:31) Availability of public funds/tax incentives for
• Current
hotels
• Historical
• Zoning map
• Zoning regulations