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

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The Westin Denver International AirportArea Reviewmaintains 65,000 square feet of meeting space contained in 46 rooms. In addition,the center features 46,250 square feet of registration space. Below the ground flooris a 35,000 square foot sunken ballroom that is divisible and features 30-foot ceilingheights.With limited square footage of exhibition space relative to other major urbandestinations, the Colorado Convention Center accommodates primarily regionalcorporate and association groups. Through year-end 2012, there are 438 definiteevents that have generated approximately 585,000 room nights throughout theDenver area. The City of Denver is a popular destination for groups due to itscentral location within the U.S. For this reason, the proposed Subject withapproximately 29,000 square feet of meeting space is expected to benefit greatlyfrom group traffic that originates from both east and west coasts. While theproposed Subject is not anticipated to compete with the downtown market forconventions, it will certainly benefit from compression from the downtown marketwith the ease of commuting via the RTD rail line.8. TourismTourism is a strong component of the Denver MSA economy. Denver is 20 mileseast of the Rocky Mountain region, the gateway to some of the world’s mostrenowned national parks and ski resorts, as well as nationally acclaimed sportscenters and tourist attractions. Visitors to the Denver area enjoy a wide variety ofentertainment and recreational activities. Attractions in Denver include: Six FlagsElitch Gardens Theme Park; Heritage Square; Water World; Colorado’s OceanJourney; the fossils of Dinosaur Ridge; and, a network of beer breweries.The Denver Performing Arts Complex is the second largest such center in thenation, after Lincoln Center in New York. Sporting activities, including river running,hiking, and mountain biking, are popular among Denver tourists due to the sunnyclimate and extensive park system in the area. Denver is also home to professionalsports teams, including the NFL Broncos, NBA Nuggets, major league baseballRockies, and the NHL Avalanche. The following table highlights some of the topDenver attractions.II-15
The Westin Denver International AirportArea ReviewTop Denver AttractionsAttractionCherry Creek Shopping Center16th Street MallLoDo Historic DistrictCastle Rock Factory outlets Science/IMAXDenver Zoo MuseumColorado State CapitolPark Meadows Retail ResortFlatirons Crossing MallColorado RockiesCoors BreweryDenver PavilionsDenver Museum of Nature & ScienceRed Rock AmphitheaterBuffalo Bill's GraveLarimer SquareSource: Longwoods ReportLocationDenverDowntown DenverDowntown DenverCastle RockDenverDowntown DenverLittletonBloomfieldDowntown DenverGoldenDowntown DenverDenverMorrisonGoldenDowntown DenverIn addition, Denver has realized significant growth in tourist-related facilities overthe past several years. Most noteworthy is the opening of three new stadiums:76,000-seat Invesco Field at Mile High for the NFL Denver Broncos; 50,000-seatCoors Field for the MLB Colorado Rockies; and, 20,000-seat Pepsi Center for theNHL Colorado Avalanche and NBA Denver Nuggets. In addition, Ocean Journey, aworld class $93-million aquarium and $125 million Six Flags at Elitch Gardendowntown amusement park also represent popular tourist attractions.The lower downtown Denver area, known as “LoDo,” has been completely restored.LoDo is bounded by Larimer Street on the southeast and the Central Platte Valleyon the northwest. This area is known for its numerous restaurants, nightclubs, andart galleries. Completion of Coors Field in 1995 sparked extensive redevelopment,with warehouses originally constructed in the late-1800s being converted torestaurants, residential lofts, and night clubs. Over 40 restaurants have openedsince 1995, mostly near Coors Field revitalizing the downtown area with newresidential projects, retail and the aforementioned dining options.D. AREA SUMMARYThe Denver MSA has experienced expansion in many sectors and continues toattract commercial business. Economic indicators such as population andemployment growth, commercial office space absorption, and increased airportpassenger traffic all reflect the steady growth of the Denver MSA. Denver isprojected to continue to experience growth going forward, thus benefiting theproposed Subject upon completion.II-16
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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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