1 miramar beach resort and bungalows project 2 - Santa Barbara ...

1 centers. They contain retail shops and so forth.
2 So the way the ITE report works is they study
3 those hotels, they count them, and then they develop a
4 rate per room. So we used that rate per room to, first,
5 analyze the Schrager proposal, and then we used it to
6 analyze the Caruso proposal, and then we compared the
7 two answers to see if there were any changes in the
8 traffic statistics.
9 MR. OVERALL: Mr. Shell, I understood that
10 before, but the indication was that there are some 35
11 hotels that were wrapped up in this study. What I'm
12 trying to get to is I'm trying to understand whether or
13 not the hotels you're comparing it with are actual
14 comparable hotels in comparable settings. So I'll ask
15 again I'd like to understand what the variables are that
16 separate one hotel from another.
17 MR. SHELL: As I stated, I gave you the
18 description right from ITE. I basically read it what
19 those hotel studies included. They included all of the
20 same kind of amenities. They also provide some
21 information on the number of employees. I know that was
22 a question that came up repeatedly.
23 The ITE report estimates that the hotel
24 industry and the hotels studied would have .9 employees
25 per room. If we apply that statistic to the Miramar
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