PKF Hotel Market Demand and Financial Analysis - DIA Business ...

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The Westin Denver International AirportArea Reviewsecond largest city in the Mountain West and Southwest regions (after Phoenix). Itis the 26 th most populous U.S. city and has a density of 3,979 persons per squaremile.3. EmploymentDue to Denver’s central location and large size, it has become a primary site for thedistribution of goods and services to the Mountain, Southwest, and Western States.Furthermore, several major companies have strong ties to the Denver area.Companies headquartered in Denver include Apartment Investment ManagementCompany, the largest owner and operator of apartment communities in the country;MapQuest, an online map resource; and Molson Coors Brewing Company.Companies which began operations in Denver include Big O Tires, Russell StoverCandies, Inc, the luggage manufacturer Samsonite Corporation, and the jewelrychain The Shane Company. Presented below is a list of the top 20 employers inDenver as of year-end 2011.Major Employers in DenverEmployer Industry EmployeesU.S. Government Government 36,878State of Colorado Government 33,476University of Colorado System Education 15,205Denver Public Schools Education 13,587City & County of Denver Government 12,000HealthONE Corporation Healthcare 9,640CenturyLink Telecommunications 7,380Exempla Healthcare Healthcare 7,320Lockheed Martin Corporation Aerospace & Defense 7,220Centura Health Healthcare 6.370Kaiser Permanente Healthcare 5,870Denver Health Healthcare 5,331Adams 12 Five Star Schools Education 5,160Aurora Public Schools Education 5,000DISH Network Telecommunications 4,690United Airlines Transportation 4,310Wells Fargo Bank Financial Services 4,400Boulder Valley School District Education 4,335University of Denver Education 4,310Source: Metro DenverGiven Denver’s designation as state capitol, the U.S. Government represents thelargest employer in Denver. The State of Colorado is the second largest employer.Presented in the following chart are the historical and projected employmentstatistics for the Denver MSA.II-7
The Westin Denver International AirportArea ReviewDenver MSA Employment Statistics200000010.0%18000008.7% 9.0%9.0% 8.7%8.3%8.6%9.0%16000007.5%7.8%8.0%7.0%14000005.8%1,277,2276.0%12000005.0%1,186,9005.0%4.6% 4.4%3.7%10000003.9%4.3%8.5% 8.4% 0.0%4.0%3.0%8000002.0%6000001.0%400000EmploymentUnemployment RateSource: Moody’s AnalyticsAs noted, prior to the Great Recession, which occurred between December 2007and August 2009, the Denver MSA experienced unemployment rates in the high 3.0percent to mid-4.0 percent range. Since then, unemployment rates have fluctuatedbetween the high 7.0 percent range and 9.0 percent. In the second quarter 2012,the unemployment rate was 8.1 percent with an employment base of approximately1,240,500. Unemployment is projected to remain in the mid-8.0 percent rangethrough the fourth quarter of 2013.As of June 2012, Denver had an unemployment rate of 8.2 percent, up 0.1 percentin May 2012. As a point of comparison, the State of Colorado and the U.S. alsoindicated an unemployment rate of 8.2 percent during this same time.4. Commercial Office MarketAccording to the MarketView Report – Denver Office Second Quarter 2012published by CB Richard Ellis, the Denver office market showed positive signs inthe second quarter 2012. Improvements in vacancy and absorption bolstered gainsachieved in the previous quarter. Notable increases in direct asking rates were alsorealized. With a recorded 605,617 square feet of positive net absorption, the overallDenver office market experienced a fifth straight quarter of increase in occupiedspace. The resulting direct vacancy rate was 14.2 percent. The total availabilityrate decreased in the second quarter to 21.4 percent. There is 911,000 square feetII-8
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SECTION VSTATEMENT OF ESTIMATED ANN
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ADDENDA
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ADDENDUM ACERTIFICATION OF THE CONS
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PKF Consulting appreciates the oppo
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STATEMENT OF ASSUMPTIONS AND LIMITI
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ADDENDUM CQUALIFICATIONS OF THE CON
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QUALIFICATIONS OFCHRISTOPHER A. KRA
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QUALIFICATIONS OFCATHERINE E. BOLST
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Appraisal for the Yountville Inn lo
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Sent via email to: patrick.heck@fly
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Mr. Patrick HeckJune 14, 2012Housto
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Mr. Patrick HeckJune 14, 2012In ord
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Mr. Patrick HeckJune 14, 20127. Mar
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ADDENDUM ESENSITIVITY ANALYSIS
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