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

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The Westin Denver International HotelProperty DescriptionDIA South Terminal Redevelopment Program Site Plan1. Property Description and ConfigurationThe proposed Westin will represent an upper upscale, full-service hotel. At 519guestrooms, the gross building area of the hotel is estimated to be approximately473,229 square feet, or 912 square feet per guestroom. The proposed Subject isestimated to be open and available for occupancy on August 1, 2015. The mainfacilities of the proposed Subject will include an all-purpose restaurant and bar,coffee express outlet, 29,000 square feet of meeting space, a 6,000 square-foothealth club, featuring an indoor swimming pool and whirlpool, fitness center, andKids Club, business center, and a gift shop. The Westin hotel is only onecomponent of the overall redevelopment program. Other major components of theredevelopment plan include the RTD light rail extension, which will connectdowntown Denver to DIA, a new runway, more than 20 new gates, two additionalinternational gates, and an improved baggage system and passenger train.Based on our review of the preliminary development program and on conversationswith representatives of DIA, we understand that the RTD rail line will connect to DIAon Level 1. The proposed Subject’s meeting space will be located on Level 2 withmechanical systems and back-of-house operations located on Levels 3 and 4.Level 5 will contain the proposed Subject’s restaurants (both the hotel-operatedrestaurant and DIA leased restaurant). This level will also be the access point tothe main terminal of the airport. Level 6 will feature the proposed Subject’s lobbyIII-5
The Westin Denver International HotelProperty Descriptionand public space. The proposed Subject’s guestrooms will be located on Levels 6through 14. It is anticipated that guests traveling by way of the RTD rail line will beable to access the hotel’s lobby via a separate elevator bank than those used toaccess the main terminal.2. GuestroomsThe Subject will contain a total of 519 guestrooms. The guestroom mix will be asfollows: 286 standard king rooms, 192 standard queen/queen rooms, 16 executivesuites, 1 renewal suite, 12 junior suites, 4 deluxe suites (2 keys per suite), and 2hospitality suites (2 keys per suite). We have assumed that the furniture, fixtures,and guestroom amenities will be consistent with that of the Westin brand and willadhere to the operational and quality standards established by Starwood Hotels andResorts for the Starwood brand.The Westin Denver International AirportGuestrooms Distribution by TypeStandardDeluxe Suite HospitalityLevelStandardKingDoubleQueenExecutiveSuiteRenewalSuiteJuniorSuite(2 Keys perSuite)Suite (2 Keysper Suite) Total6 12 12 2 2 4 327 28 18 4 2 528 38 24 6 689 38 26 2 4 7010 40 29 6911 27 20 2 1 2 4 5612 36 22 2 6013 35 23 5814 32 18 4 54Total 286 192 16 1 12 8 4 519The standard king guestrooms will range in size between 383 and 580 square feet,and the standard queen/queen guestrooms will range in size between 416 and 680square feet. The executive suites are anticipated to be between 710 and 868square feet while the junior suite will be between 675 and 703 square feet. Thedeluxe and hospitality suites (2 keys per suite) will be between 1,200 and 1,234square feet. The largest suite, the renewal suite, is projected to be 1,492 squarefeet.Typical Westin guestrooms feature the following amenities:King, or double queen pillow-top beds with the Westin Heavenly Bed®;Smart desk with iPod and laptop interfacing capabilities;Two telephones with international direct dialing, data port and voicemail;Sitting area;III-6
Page 2 and 3: September 18, 2012Mr. Patrick HeckD
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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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