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

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The Westin Denver International AirportArea Reviewof office space currently under construction, most of which is located in theDowntown and Northwest submarkets. Lease rates of the local office market haveincreased notably and currently average $20.00 per square foot per year.Denver Market StatisticsSource: CB Richard EllisThe proposed Subject is located in the Aurora submarket. The Aurora submarkethad a rentable area of 5,878,269 and a direct vacancy rate of 19.4 percent as of thesecond quarter 2012. This vacancy rate is approximately five percentage pointsabove the direct vacancy rate of the overall Denver office market. The averageasking lease rate for the Aurora office market was $14.66 per square foot per year.The total vacancy rate was 19.6 percent, above the total vacancy rate for the overallDenver office market.5. TransportationDenver is primarily served by Interstates I-25 and I-70. I-70 runs east-west fromUtah to Kansas. I-25 runs north-south from the New Mexico border through Denverto the Wyoming border. I-225 traverses neighboring Aurora and connects with I-25in the southeastern corner of Denver. Additionally, I-76 begins from I-70 just westof the City of Arvada. It intersects I-25 north of the City and runs northeast toNebraska where it ends at I-80. US Route 6 connects Downtown Denver to thesuburb of Golden.II-9
The Westin Denver International AirportArea ReviewMass transportation throughout the Denver-Aurora metropolitan area is managedand coordinated by the Regional Transportation District (“RTD”). RTD currentlyoperates more than 1,000 buses serving 10,000 bus stops in 38 municipaljurisdictions. Additionally, RTD operates two light rail lines (the C Line and D Line)with a total of 15.8 miles of track, serving 24 stations.A component of the $500 million DIA project is the extension of the RTD FasTracksrail line. The East Rail line is a 22.8-mile commuter rail transit corridor that willoperate between the downtown Denver Union Station and DIA. In addition toconnecting these two vital areas of the Denver region, the rail line will also serveadjacent employment centers, neighborhoods and development areas in Denverand Aurora. A map with the East Rail line highlighted in yellow is presented below.The RTD rail line podium will be located on Level 1 of DIA and the Subject hotel. ItAs a result, riders will have access to the proposed Subject and the airport by wayof escalators and elevators. This rail line will benefit the proposed Subjecttremendously given the ease of access to the many attractions of downtownDenver, including the convention center, thus providing guests direct access todowntown with the convenience of an airport location.II-10
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The Westin Denver International Air
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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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