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

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The Westin Denver International AirportHotel Market AnalysisCompetitive Property Number Six (Downtown)Sheraton Denver Downtown HotelLocationDescriptionAddress:1550 Court Place Date opened: 1985Denver, CO 80202 Guestrooms: 1,231Distance from Subject:25.4 milesAmenitiesPicture• 15/Fifty Restaurant• 16Mix Lounge• Yard House• Katie Mullen's Irish Restaurant & Pub• Peet's Coffee & Tea• In-room dining• Approximately 133,000 square feet of meeting space• Outdoor swimming pool and whirlpool• Gift/sundry shop• Business center• Fitness center• VIP Floor• Concierge serviceNotesThe Sheraton is located approximately 25 miles southwestof the proposed Subject in downtown Denver. The hotelopened in 1985 and features 1,231 guestrooms,representing the largest hotel in the competitive market.The hotel underwent an extensive renovation in 2009, atwhich time it began operating under the Sheraton brand.The hotel is affiliated with Starwood Hotels and Resortsand benefits from Starwood's guest reward program andmarketing efforts. The hotel represents one of Starwood'sfull-service products.Historical PerformanceThe Sheraton achieved an occupancy level andADR below the competitive market average. Itshould be noted that the hotel penetrates thedowntown competitive market below its fair sharewith regard to occupancy due to its larger size.IV-23
The Westin Denver International AirportHotel Market AnalysisCompetitive Property Number Seven (Downtown)Four Seasons Hotel DenverLocationDescriptionAddress:1111 14th Street Date opened: 2011Denver, CO 80202 Guestrooms: 239Distance from Subject:25.0 milesAmenitiesPicture• EDGE restaurant and Bar• In-room dining• Approximately 17,000 square feet of meeting space• Rooftop terrace with swimming pool and whirlpool• Fitness center• Business center• High-speed Internet throughout the hotel• The 10-treatement room Four Seasons Spa• Concierge service• Valet covered parking• Laundry/valet serviceNotesHistorical PerformanceThe Four Seasons Hotel is located 25 miles southwest of In 2011, its first full year of operation, the Fourthe proposed Subject in downtown Denver. The 239-room Seasons achieved an occupancy level below thehotel recently opened in 2011, making it the newest competitive market average of the downtown hotels.addition to the competitive market. The Four Seasons is However, the Four Seasons achieves one of theaffiliated with Four Seasons Hotels and Resorts and highest ADRs in the overall competitive market.benefits from Four Seasons' reputation and marketingefforts. The hotel represents one of the most luxurioushotels in the Denver-Aurora area.IV-24
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September 18, 2012Mr. Patrick HeckD
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The Westin Denver International Air
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SECTION IEXECUTIVE SUMMARY
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SECTION IIIPROPERTY DESCRIPTION
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The Westin Denver International Hot
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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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