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

The Westin Denver International AirportTable of ContentsD. MANAGEMENT AND AFFILIATION ...................................................... III- 91. Management Agreement ............................................................. III- 9E. DEVELOPMENT COSTS ....................................................................... III- 9F. CONCLUSION ....................................................................................... III- 9SECTION IVHOTEL MARKET ANALYSISHOTEL MARKET ANALYSISA. INTRODUCTION .................................................................................... IV- 1B. NATIONAL MARKET OVERVIEW ......................................................... IV- 1C. DENVER LODGING MARKET ............................................................... IV- 21. Overview ...................................................................................... IV- 22. Historical and Projected Performance ......................................... IV- 3D. COMPETITIVE LODGING MARKET ANALYSIS ................................... IV- 51. Competitive Airport Lodging Market ............................................. IV- 5a. Historical Performance of the Competitive Airport LodgingMarket ............................................................................... IV-142. Competitive Downtown Lodging Market ...................................... IV-15a. Historical Performance of the Competitive Downtown LodgingMarket ............................................................................... IV-263. The Combined Historical Performance of the Primary and SecondaryCompetitive Lodging Market ........................................................ IV-274. Additions to Supply ...................................................................... IV-29E. PROJECTED PERFORMANCE OF THE COMPETITIVE MARKET ...... IV-33F. IN-TERMINAL LODGING MARKET OVERVIEW ................................... IV-341. Historical Performance of the In-Terminal Hotels ........................ IV-36G. PROJECTED PERFORMANCE OF THE PROPOSED SUBJECT ........ IV-371. Occupancy ................................................................................... IV-372. Projected Average Daily Room Rate ........................................... IV-41SECTION VSTATEMENT OF ESTIMATED ANNUAL OPERATING RESULTSSTATEMENT OF ESTIMATED ANNUAL OPERATING RESULTSA. INTRODUCTION ..................................................................................... V- 1B. BASIS FOR CASH FLOW PROJECTIONS ............................................ V- 2C. STABILIZED YEAR ESTIMATE .............................................................. V- 81. Departmental Revenues and Expenses ....................................... V- 8a. Rooms Revenue and Expense .......................................... V- 8b. Food and Beverage Revenue and Expense ...................... V- 9c. Other Operated Departments Revenue and Expense ....... V-11d. Rentals and Other Income ................................................. V-132. Undistributed Operating Expenses ............................................... V-14a. Administrative and General ................................................ V-15b. Marketing ........................................................................... V-15