Proposal - Hotel & Leisure Advisors 2026-03-13From: Heidi Banak <hbanak@hladvisors.com>
Sent: Friday, March 13, 2026 11:24 AM
To: Monika Radeva
Cc: David Sangree
Subject: RE: City of La Quinta - Request for Qualifications - Hotel & Leisure Advisors
Attachments: Monika Radeva City of La Quinta Statement of Qualifications.pdf
Follow Up Flag: Follow up
Flag Status: Flagged
Categories: Purple Category
EXTERNAL: This message originated outside of the City of La Quinta. Please use proper judgement and caution when opening
attachments, clicking links or responding to requests for information.
You don't often get email from hbanak@hladvisors.com. Learn why this is important
Hi Monika,
Please find attached H&LA's Statement of Qualifications in response to the City of La Quinta's request. We are very
interested in this opportunity and look forward to supporting the City's hospitality and leisure development initiatives.
As noted previously, our submission reflects the preliminary nature of the assignment and the current level of
information in the RFQ. We are happy to refine and prepare a specific scope for the project once additional details
become available.
Please let us know if you have any questions. We appreciate the opportunity and look forward to hearing from you.
Heidi
Heidi Banak
Operations Manager
Hotel & Leisure Advisors
216-403-6653
www. hladvisors.com
H&LA's Blog
From: Monika Radeva <mradeva@laquintaca.gov>
Sent: Tuesday, March 10, 2026 1:14 PM
To: Heidi Banak <hbanak@hladvisors.com>
Cc: David Sangree <DSangree@hladvisors.com>; Monika Radeva <mradeva@laquintaca.gov>
Subject: City of La Quinta - Request for Qualifications - Hotel & Leisure Advisors
Good morning Heidi, thank you for the response provided below. There isn't any additional
information that can be provided at this time.
We look forward to receiving your proposal. Thank you.
Monika Radeva, MMC I City Clerk
City of La Quinta
78495 Calle Tampico, La Quinta, CA 92253
Tel: (760) 777-7035
1
MRadeva@laquintaca.gov
From: Heidi Banak <hbanak@hladvisors.com>
Sent: Monday, March 9, 2026 6:54 AM
To: Monika Radeva <mradeva@laquintaca.gov>
Cc: David Sangree <DSangree@hladvisors.com>
Subject: RE: City of La Quinta - Request for Qualifications - Hotel & Leisure Advisors
Hi Monika,
Thank you for sharing the City of La Quinta's request for Statements of Qualifications. H&LA is very interested in this
opportunity and plans to submit a response prior to the March 16 deadline.
Our firm specializes in the evaluation of hotels, resorts, and leisure -oriented real estate, and we regularly work with
municipalities and public -sector clients to assess lodging, tourism, and broader leisure development opportunities. Our
work frequently includes market analysis, financial analysis, feasibility studies, and strategic advisory services to help
communities understand development potential and make informed decisions regarding hospitality and mixed -use
projects.
Our response will include the requested fee schedule with hourly rates for the positions that may support the
assignment. While most of our engagements are typically structured on a lump -sum basis tied to a defined scope of
work, we understand the request for hourly pricing at this stage and will provide that information accordingly.
As this request is focused primarily on assessing qualifications and the specific scope of services may evolve
depending on the City's needs and project opportunities, our submission will reflect the preliminary nature of the
assignment and the current level of information available. If there is any additional information you would like to
share that may help us align our response, we would be happy to review.
We appreciate the opportunity to be considered and look forward to submitting our qualifications.
Regards,
Heidi
Heidi Banak
Operations Manager
Hotel & Leisure Advisors
216-403-6653
www. hladvisors.com
H&LA's Blog
From: Monika Radeva <mradeva@laquintaca.gov>
Sent: Friday, March 6, 2026 8:15 PM
To: Info <Info@hladvisors.com>
Cc: Monika Radeva <mradeva@laquintaca.gov>
Subject: City of La Quinta - Request for Qualifications - Hotel & Leisure Advisors
To Whom It May Concern,
The City of La Quinta seeks Statements of Qualifications from Professional Economic Development,
Real Estate, and Financial Analysis firms with proven municipal experience to provide the services
detailed below:
Economic Development:
• Real Estate Evaluation and Transaction Services
• Economic development opportunities analysis and related strategies
• Market opportunities and constraints
2
• Strategic Planning (what exactly does this mean?)
• Real estate analysis
• Financial analysis
• Property acquisition and disposition services
• Project(s) proposal and pro -forma analysis
• Developer negotiations
• Agreement terms and structure
• Other related services as needed.
The Statement of Qualifications shall include a fee schedule of all positions that may work on this
analysis.
Consultants are encouraged to keep their qualifications brief and relevant to the specific scope of
work required.
(1) Statement of Qualifications
a. A list of proposed project personnel, including resumes.
b. Experience with similar work, including specific project(s) names and related
references.
c. Experience with municipal governmental agencies
(2) Fee Schedule
a. Consultant shall submit a fee schedule for all positions anticipated to work on this
analysis.
b. Consultant shall identify potential non -personnel expenses for reimbursement.
Statements of Qualifications are due by 5 p.m. on Monday, March 16, 2026, and are to be
submitted as a single .PDF document to MRadeva(a�laquintaca.go4.
Please contact me should you have any questions. Thank you.
Monika Radeva, MMC I City Clerk
City of La Quinta
78495 Calle Tampico, La Quinta, CA 92253
Tel: (760) 777-7035
MRadeva@laquintaca.gov
3
Statement of Qualifications for Economic
Development, Real Estate,
and Financial Analysis Firms
La Quinta, California
Our Mission
Empowering hospitality and leisure
industry clients to make sound
decisions with data -driven analysis
and insightful recommendations
H&LA
HOTEL & LEISURE ADVISORS
hladvisors.com
H&LA
HOTEL & LEISURE ADVISORS
March 16, 2026
Monika Radeva
City Clerk
City of La Quinta
78495 Calle Tampico
La Quinta, CA 92253
Via email: MRadeva@laquintaca.gov
RE: Statement of Qualifications
Dear Ms. Radeva:
Hotel & Leisure Advisors, LLC (H&LA) is pleased to submit a Statement of Qualifications to the
City of La Quinta in response to the City's request for professional economic development, real
estate, and financial analysis consulting services.
H&LA is a national consulting firm specializing in the analysis and advisory of hospitality,
tourism, and leisure -oriented real estate developments. Our firm frequently works with
municipalities, economic development agencies, and public -sector clients to evaluate
development opportunities, analyze market feasibility, and provide independent financial and
real estate advisory services that support informed decision -making related to economic
development initiatives.
Many of the services outlined in the City's request, including market opportunity analysis, real
estate and financial evaluation, pro -forma review, and strategic development advisory, closely
align with the work our firm performs for communities considering lodging, resort, mixed -use,
and destination -oriented developments that support tourism and local economic growth.
We appreciate the opportunity to submit our qualifications and would welcome the opportunity
to assist the City of La Quinta with future economic development and real estate evaluation
initiatives.
Sincerely,
Hotel & Leisure Advisors, LLC
ag'9( di 74.61
David 3. Sangree, MAI, ISHC
President
14805 Detroit Avenue, Suite 420, Cleveland, Ohio 44107 • 216-228-7000 • www.hladvisors.com
H&LA
HOTEL & LEISURE ADVISORS
STATEMENT OF QUALIFICATIONS
ABOUT H&LA
Hotel & Leisure Advisors, LLC (H&LA) is a national consulting firm specializing in the analysis of
hospitality, tourism, and leisure real estate projects. Our firm works frequently with
municipalities, economic development organizations, tribal governments, and public agencies
to evaluate potential lodging, resort, and entertainment developments that support community
economic development goals.
The services identified in the City of La Quinta's request align closely with the analytical and
advisory work H&LA regularly performs in evaluating hotel, resort, and leisure -oriented real
estate opportunities. Our firm provides independent market, financial, and strategic analysis to
help public -sector clients understand the feasibility and economic implications of potential
projects and to assist in structuring successful public -private development initiatives.
Our work commonly includes the evaluation of development opportunities such as hotels,
resorts, conference facilities, mixed -use hospitality developments, sports and recreation
destinations, and entertainment -oriented projects that support tourism and economic
development strategies.
Typical services performed by H&LA for municipalities and public agencies that align with the
RFQ request include:
Market Analysis
H&LA evaluates economic development opportunities related to hospitality and tourism -
oriented real estate. This includes identifying market opportunities and constraints, analyzing
tourism demand drivers, evaluating competitive supply, and determining the feasibility of
proposed developments.
Feasibility and Financial Analysis
Our firm performs detailed financial and development feasibility analyses for proposed
projects. This work includes the evaluation of development costs, operating projections, and
investment returns, as well as the preparation and review of project pro -forma analyses to
determine financial viability.
Strategic Planning and Development Advisory
H&LA frequently assists municipalities in determining the appropriate development strategy for
publicly owned or strategic sites. This may include evaluating alternative development
concepts, identifying appropriate project types, and providing guidance on development
phasing and positioning to maximize economic impact and financial feasibility.
Public -Private Development Support
Our firm provides advisory services during development processes, including the review of
developer proposals, the financial feasibility of proposed projects, and assistance with
evaluating potential development structures. We also assist municipalities in assessing
developer pro-formas and understanding key financial assumptions that impact project
feasibility.
HOTEL & LEISURE ADVISORS 1 I&1 A
Statement of Qualifications
Ms. Monika Radeva Page 3
Property and Development Evaluation
H&LA evaluates specific development sites and properties to determine their potential for
hospitality or tourism -related uses. This includes assessing location attributes, demand
generators, development constraints, and market positioning opportunities.
Because the City's request encompasses a range of potential economic development and real
estate advisory services, H&LA's role would typically focus on providing independent market,
financial, and development feasibility analysis to support informed decision -making regarding
hospitality, tourism, and leisure -oriented projects.
Given the preliminary nature of the request and the variety of potential assignments that could
arise, our firm has provided an hourly fee schedule for the professional staff that may be
involved in these types of analyses. Many of H&LA's engagements are performed on a fixed -
fee basis once a specific scope of work is defined.
PROJECT QUALIFICATIONS & EXPERIENCE
Our team brings a deep bench of experience in hospitality, leisure, and mixed -use development
analysis. Each member of our project team offers a unique blend of market expertise, analytical
precision, and industry insight, ensuring a well-rounded and strategic approach to your
assignment. With decades of combined experience and a track record of successful outcomes
across the country, the following professionals will lead and support this engagement from start
to finish.
Our consultants are national experts in the analysis of all types of lodging, recreation center,
aquatic facility, waterpark, resort, and sports complex properties. We have prepared more than
4,200 studies on a wide range of hotel, waterpark, attraction, recreation, and sports -related
properties in the United States and Canada.
David J. Sangree, MAI, CPA, ISHC — President
David brings over three decades of expertise in appraising and analyzing hotels, resorts,
waterparks, casinos, conference centers, golf courses, and other leisure properties. He has
advised banks, developers, management companies, and investors across the U.S., Canada,
and the Caribbean since 1987. A Cornell University graduate, David is a state -certified general
appraiser and MAI designee. He has been widely recognized in the hospitality and waterpark
industries, including appearances on Good Morning America and CNBC, features in Aquatics
International, and honors from the World Waterpark Association, including the Executive Board
Award (2016) and Hall of Fame induction (2022).
Joseph Pierce, MAI — Director of Appraisal & Consulting Services
Joseph has provided hospitality consulting and appraisals nationwide since 2003, with expertise
in market feasibility, economic impact studies, and hotel operations. His professional
background includes leadership roles in finance and accounting for Clarion, Renaissance,
Marriott, and Westin Hotels. Joseph holds an MBA from Michigan State University and a BS in
Accounting from SUNY Brockport. He is a Certified General Real Estate Appraiser in multiple
states and an MAI designee.
Adam Zarczynski, CHIA — Manager
Adam specializes in appraisals, market feasibility studies, and economic impact analyses across
a wide range of hotel and resort markets, from economy to luxury. He brings operational and
investment experience, having worked with Doradus Partners and on property openings,
including TownePlace Suites in Huntsville, AL, and Villa d'Este in Italy. Adam holds a BS in Hotel
HOTEL & LEISURE ADVISORS Ha A
rw�
Statement of Qualifications
Ms. Monika Radeva Page 4
& Restaurant Management from Niagara University with a concentration in Hotel Planning,
Development, and Operations. He is a Certified General Real Estate Appraiser in multiple states.
Stephen Szczygiel, CHIA - Senior Associate
Stephen delivers appraisals, market studies, and operational analyses with a focus on process
improvement, financial performance, and competitive benchmarking. He has extensive
operational experience, including leadership roles with Hilton properties, XfinityLive!, and
Hollywood Casino, managing operations exceeding $10M. Stephen studied Culinary Arts at
Walnut Hill College and earned a BS in Hotel & Restaurant Management, with a focus on Casino
Operations, from Drexel University.
Anthony DiPonio, CHIA - Senior Associate
Anthony provides appraisals, feasibility studies, and market analyses for hospitality and leisure
properties nationwide. He brings operational expertise from management roles across eight
hotels, including top -ranked performance as Director of Hotel Operations at the Element Hotel
in Detroit. Anthony holds a BA from Michigan State University and a certificate in Hotel Real
Estate Investment and Asset Management from Cornell University.
Kate Cheung, Associate
Kate provides appraisals, market feasibility studies, and economic impact analyses for
hospitality and leisure properties across the U.S., including hotels, resorts, waterparks, and golf
courses. She brings expertise in financial analysis, market evaluation, and operations. Prior to
joining Hotel & Leisure Advisors, Kate gained hands-on experience at Amangiri in Utah. She
holds a BS from Binghamton University, an MS in Hospitality Management with a Minor in Real
Estate from Cornell University's Nolan School of Hotel Administration, and a commercial real
estate certification from eCornell.
EXPERIENCE WITH SIMILAR WORK AND MUNICIPAL AGENCIES
Below is a small sampling of projects we have completed for hospitality industry clients.
Lodging Analysis and Review of Short -Term
Rentals - Leadville, Colorado: H&LA was engaged
by Lake County and Visit Leadville to conduct a
comprehensive market analysis evaluating the
feasibility of three distinct hotel development
concepts —limited -service or extended -stay,
boutique downtown, and destination resort —
across multiple potential sites in Leadville and Lake
County, Colorado. In addition to the hotel feasibility
assessments, H&LA provided strategic
recommendations for the region's short-term rental
market. The study included extensive site evaluations,
stakeholder interviews, industry research, a
community survey, and detailed financial projections. Drawing on our deep experience in
hospitality consulting and regional market dynamics, H&LA delivered data -driven insights
to guide the county's investment strategies and tourism development priorities.
HOTEL & LEISURE ADVISORS MLA 'ALL .
Statement of Qualifications
Ms. Monika Radeva
Page 5
performance.
Hotel Market Analysis — Downers Grove,
Illinois: H&LA was engaged by the Downers
Grove Economic Development Corporation
to conduct a comprehensive analysis of the
village's hotel market. Our study evaluated
local and regional hotel supply, demand
trends, and market segmentation,
identifying gaps and opportunities for
future development. We assessed Downers
Grove's competitive position through a detailed
SWOT analysis, reviewed existing and planned
hotel inventory, and examined key demand
drivers and their impact on market
Using our proprietary forecasting model, we projected future lodging demand
and recommended optimal hotel types to support the village's economic and tourism
goals. The study also included a review of incentive programs used by comparable
communities to attract new hotel investment.
Proposed Hotel and Resort with Attractions:
Ashtabula County, Ohio: H&LA conducted a
comprehensive market and financial analysis for
Ashtabula County to identify the most suitable
location for potential hotel and resort development.
The study evaluated five cities across the
county, assessing the optimal hotel type, size, and Ashtabula
amenity offerings appropriate for each market. Our
analysis delivered data -driven recommendations and
clear, actionable steps to support the County's COUNTY, O H I O
advancement of a targeted, county -supported
development initiative. The project also included Where great things happen.
stakeholder engagement sessions and multiple
presentations to community members, government officials, and business leaders.
Proposed Waterpark, Hotel, &
Convention Center — Pecos, Texas: H&LA
assisted Reeves County, Texas, with the
proposed development of a waterpark,
hotel, and convention center. Our team
delivered a comprehensive suite of services,
including market feasibility, financial
analysis, and economic impact studies
for each property proposed by the
county. Beyond data, we provided hands-
on facility planning —refining the waterpark's amenity mix and guiding the county through
the selection process for expert design firms, engineering partners, and management
companies. Furthermore, we played a pivotal role in securing a qualified developer to bring
the hotel and convention center components to life.
HOTEL & LEISURE ADVISORS MLA
'ALL .
i
Statement of Qualifications
Ms. Monika Radeva
Page 6
Epic Waters — Grand Prairie, Texas: H&LA
worked with the City of Grand Prairie to
complete a comprehensive market analysis
and financial feasibility study for a proposed
standalone indoor waterpark. Designed to serve
both residents and visitors, the facility was
evaluated for its potential to generate cost recovery
for the Parks and Recreation Department. Today,
this property has become the benchmark for
municipal waterpark development, setting the
standard for innovative design, operational efficiency, and community impact. H&LA's analysis
provided the insights necessary to guide this market -leading project from concept to reality.
Proposed Aquatic Park and Fitness Center —
Tracy, California: H&LA prepared a market
feasibility analysis for a proposed municipal
aquatic park and fitness center on 16 acres set
to include indoor and outdoor components. The
project was proposed as part of a larger, 321-acre
planned community development. An indoor pool,
multi -use event room, fitness center, and offices
are planned for the year-round operational indoor
component. Wet and dry recreational and
waterpark attractions, food and beverage outlets, and a competition pool are planned for the
seasonal outdoor component. Our study made financial projections for a 10-year period
and included estimates of operating revenue based on market data and comparable
municipal properties.
Wild Rivers Waterpark — Irvine, California:
H&LA completed multiple feasibility studies for
the proposed Wild Rivers Waterpark in Irvine,
evaluating the market and financial viability of a
new waterpark planned for development within the
Great Park on land leased from the City. The
proposed project included a full complement of
attractions, including an activity pool, lazy river,
wave pool, multiple water slides, a water coaster,
private cabanas, and a variety of food and
beverage outlets designed to enhance the guest experience. Our analysis included a detailed
evaluation of the competitive landscape and regional demand drivers, along with
comprehensive financial projections over an 11-year period to assess the project's long-term
performance and investment potential.
REFERENCES
We are proud of the long-standing relationships we have built with clients across the
hospitality, leisure, and real estate development industries. Our work is grounded in delivering
thoughtful, data -driven analysis and actionable insights that help our clients make informed,
strategic decisions. The following references represent a sampling of past clients who can speak
to the quality of our work, our responsiveness, and our commitment to excellence.
HOTEL & LEISURE ADVISORS MLA 'ALL .
Statement of Qualifications
Ms. Monika Radeva Page 7
Leo Hung
Reeves County Texas
100 E. Fourth Street
Pecos, TX 79772
432-287-0222 opt#5
leo.hung@co.reeves.tx.us
Multiple market feasibility studies for a proposed hotel with a convention center and waterpark
in Pecos, Texas
Bryan Gay
Downers Grove Economic Development Corporation
5159 Mochel
Downers Grove, IL 60515
630-512-7976
bryan@dgedc.com
Market and Financial Feasibility Study for a proposed waterpark and natatorium in Aurora,
Illinois, and hotel market overview study for Downers Grove, Illinois
Chris Long
Surland Companies
1024 Central Ave.
Tracy, CA 95376
209-259-6003
Chris@surland.email
Market feasibility and financial analysis study for a proposed aquatic park in Tracy, California
FEES & PAYMENT SCHEDULE
In accordance with the City of La Quinta's request, Hotel & Leisure Advisors has provided an
hourly fee schedule for the professional staff that may be involved in assignments of this
nature.
While our firm is available to provide services on an hourly consulting basis, the majority of
H&LA's engagements are typically performed on a lump -sum or fixed -fee basis once the scope
of work for a specific assignment has been clearly defined. This approach provides clients with
greater certainty regarding overall project costs and allows the firm to tailor the level of
analysis to the needs of each project.
Given that the City's request contemplates a range of potential services that may vary
significantly in scope, an hourly fee schedule provides flexibility until a specific scope of work is
identified.
The following represents the standard hourly billing rates for personnel who may participate in
assignments for the City.
HOTEL & LEISURE ADVISORS Ha .L l
rw�
Statement of Qualifications
Ms. Monika Radeva
Page 8
Hourly Rates
President
$520/hour
Director
$420/hour
Project Manager
$320/hour
Senior Associate
$270/hour
Associate
$220/hour
Senior Research Analyst $220/hour
Research Analyst $170/hour
Non -personnel expenses such as travel, data acquisition, specialized market data, and printing
or reproduction of materials would be billed at cost and only incurred as necessary for a given
assignment.
Upon definition of a specific project scope, H&LA would be pleased to discuss a fixed -fee
proposal tailored to the City's needs.
H&LA is committed to providing the City of La Quinta with independent, objective, and
actionable analysis to support economic development and real estate decision -making. Our
team combines deep experience in hospitality, tourism, and leisure -oriented projects with a
practical understanding of municipal processes and public -private development opportunities.
We are confident that our expertise can help the City evaluate potential opportunities, structure
projects effectively, and achieve the greatest economic and community impact. We look
forward to the possibility of partnering with the City on these important initiatives.
Hotel & Leisure Advisors, LLC
0404
David J. Sangree, MAI, ISHC
President
HOTEL & LEISURE ADVISORS Ha A
rw�
HOTEL oSt LEISURE ADVISORS
hladvisors.com
Cleveland, Ohio
16-228-7000
14805 Detroit Avenue, Suite 420, Cleveland, Ohio 44107
L 171'1 J
7,4...' ,.::..;-• .---: -- 11L.101 _ .
ii
3:13/ jazi..1
. - — ---1- ----- , • II, '' 1 I l"
-`,...1...1l,S..Iti_i.,,.., ..._..,,.....J. ._..-- --, - 1--- I. Fl I
MLA
WHY HOTEL & LEISURE ADVISORS?
Our extensive background in hotel and leisure property operations and consulting gives
H&LA the experience and financial acumen necessary to analyze all types of hotel,
leisure, and attraction properties, including resorts, waterparks, sports complexes, surf
parks, golf courses, ski resorts, conference and convention centers, amusement parks,
spas, and casinos.
We have consulted on every major type of hospitality and leisure property and
understand the unique challenges these properties face. We evaluate complex factors
and approach each project with a unique perspective about what needs to be
accomplished to ensure success.
hladvisors.com
HLA
momsOmiarOW
OUR EXPERTISE
• Since 2005, H&LA has studied every major hotel brand in the United States.
• H&LA has completed more than 4,000 studies for hotels, resorts, and leisure
properties across North America and internationally. We have completed work
in all 50 states.
• We have contacts with industry leaders and keep up on the latest trends,
performance, challenges, and opportunities.
• Our consultants are experts in the lodging and hospitality industry, with over
150 combined years of consulting, operations, and research experience.
• Our dedicated research and support staff assist our consultants in bringing the
best quality reports to our clients.
• Our consultants network with industry leaders by attending and/or presenting
at leading industry conferences such as the Hunter Hotel Conference, ISHC
Conference, ALIS Conference, World Waterpark Association Symposium and
Tradeshow, IAAPA Attractions Expo, the NYU International Hospitality Industry
Investment Conference, and the Surf Park Central Summit.
OUR RESOURCES
We curate and maintain robust and updated hospitality and leisure industry data for
use in our reports. We have a financial statements database of over 2,000
properties and a sales database of over 10,000 sales from across the United States
and Canada.
We regularly consult leading industry experts and reports from:
• CBRE Hotels • International Society of Hospitality Consultants
• STR • International Association of Amusement Parks
• Lodging Econometrics and Attractions
• PwC • Outdoor Hospitality Industry
• International Spa Association • World Waterpark Association
• CoStar • National Ski Area Association
• National Golf Foundation • Sports and Fitness Industry Association
• Surf Park Central
hladvisors.com
MLA
HOTEL & LEISURE ADVISORS
OUR PROJECTS
We give our clients individualized attention and provide the very best and most thorough
analysis that only a company with our expertise and knowledge can deliver. Our expertise
includes the following property types:
• Hotels
• Resorts
• Outdoor Waterparks
• Indoor Waterpark Resorts
• Amusement Parks
• Golf Courses
• Ski Resorts
• Conference & Convention Centers
• Casinos
• Family Entertainment Centers
• RV Parks and Campgrounds
• Sports Complexes
• Timeshare/Fractional Resorts
• Spas
• Aquariums
• Retail/Mixed-Use
• Residential
• Surf Parks
hladvisors.com
HLA
momsOmiarOW
MARKET & FINANCIAL FEASIBILITY STUDY
WHAT HS&LA PROVIDES
• Sophisticated hospitality and leisure
feasibility models that provide detailed
market analysis and assists our consultants
in making credible financial projections
• Expertise from years of experience and
education in the hospitality and consulting
industries from our dedicated consultants
and support staff
• Expert data generated from STR, ISHC, and
other hospitality industry data centers and
reports
WHAT TO EXPECT FROM A FEASIBILITY ANALYSIS
• Market Analysis
• Site Review
• Brand Franchise
• Analysis
• Usage Levels
• Development Costs
• Financial Analysis
• Valuation Analysis
• Cost -to -Value Ratio
We analyze market conditions, economic and demographic
factors, site conditions, and their effects on a proposed project.
H&LA completes a detailed analysis of comparable properties'
performance and conditions. The study estimates the operating
performance of the project and may suggest variations in size
or scope that would improve performance.
We analyze supply and demand when researching performance
of hotels and leisure real estate within local and regional
markets. We utilize sophisticated hospitality and leisure
valuation models that enable us to provide detailed market
analyses by evaluating competitive factors, comparable
financial information, and comparisons with similar properties
and industry standards. We forecast reasonable financial
projections and discern a credible valuation to determine if the
project is feasible considering the development costs.
The results of our analysis are high -quality, thorough market
and financial feasibility studies that are insightful and well -
researched. Our clients can utilize our reports in the process of
obtaining financing or investors and as a tool to help determine
whether to move forward with development.
11
hladvisors.com
HULA
4— 4--
4- r .
APPRAISAL & MARKET ANALYSIS REPORT
-;04*!,1111114111 •
11� .' 1 ! i
ill
..
i1
I 4s i ilii
i S i
l i
4 i i •r.
WHAT H&LA PROVIDES
• Sophisticated hospitality and leisure
valuation models that provide detailed
market analysis and aid our consultants in
arriving at a credible and defensible
opinion of value
• The expertise of MAI-designated and
state -certified hospitality appraisers with
years of experience
• Expert data generated from STR, CBRE,
and other hospitality industry data centers
and reports
WHAT TO EXPECT FROM AN APPRAISAL REPORT
• Area Review
• Local Market
Analysis
• Demand and Pricing
Analysis
• Attendance and
Usage Analysis
• Highest and Best
Use Analysis
• Income
Capitalization
Approach
• Sales Comparison
Approach
• Cost Approach
• Reconciled Opinion
of Value
H&LA has multiple state -licensed appraisers. Multiple
appraisers boast the MAI designation from the Appraisal
Institute. An appraiser with the MAI designation exceeds the
state certification and licensing required of all appraisers.
When you hire an MAI, you receive the services of a
professional with specialized training and experience in the
appraisal industry who adheres to specific standards and
ethics and must fulfill continuing education requirements.
H&LA appraisals value the going -concern of a hotel or
leisure property and then allocate that value among the real
estate, personal property, and any business value
component that may exist. Our reports are available in
either a comprehensive or a summary format.
H&LA also offers retrospective tax appeal appraisals, a
specialized form of an appraisal that is completed for a tax
assessment appeal by either the government or the property
owner to determine the real estate market value. Among the
appraisal services we offer, we also provide appraisal
reviews.
hladvisors.com
HULA
WHAT H&LA PROVIDES
• A sophisticated economic impact and
financial model that provides detailed
analysis of future economic benefits from a
proposed development
• Expertise of consultants with a variety of
qualifications including MAI, CPA, ISHC,
CHIA and MBA
• Expert data from RIMS II and other sources
WHAT TO EXPECT FROM AN ECONOMIC IMPACT STUDY
• Indirect and
direct output from
the proposed
development
• The number of
jobs that the
proposed
development will
create
• Estimated tax
revenue for city,
county, and
state/province
An economic impact study analyzes the financial impact a
project will have throughout the many levels of the
economy. This impact will include both temporary and
permanent effects. Temporary impacts include jobs and
revenues created during the construction of the facility
and related costs. Permanent economic impacts are
generated by jobs created, and ongoing revenues realized
by service providers.
Our studies identify significant economic events resulting
from the construction and operation of a proposed facility;
consider event patron surveys to estimate spending
patterns; analyze relevant municipal revenues; and
project the impact on the market. We estimate three types
of economic impact, including Direct -Effect Impact,
Indirect or Induced Impact, and Final Impact on local
economies. We utilize the RIMS II multipliers for output
earnings and employment by industry for the county.
We calculate the projected jobs and output for the
proposed development for a 10-year period. We calculate
projected tax revenue and profile municipal incentives
similar projects have received. The economic impact study
is an essential tool for cities looking to publicly fund a
project or for developers vying for municipal incentives.
hladvisors.com
MLA
OPERATIONAL REVIEWS
We prepare an operational analysis and review of an existing hotel or leisure
property to determine areas that are performing well and those in need of
improvements. This study will find opportunity at the property to enhance
performance, streamline operations, and reevaluate revenue centers. Our
report considers:
• Objective and subjective performance characteristics observed during our
property inspection and interviews with property management and clients,
management of comparable properties, and city and county officials
• Financial review analyzing all major departments and comparing the
performance of the subject property with industry standards and our
database of over 2,000 hotel and leisure property financial statements
• Analysis and recommendations of operational changes and renovations or
capital improvements that should be completed at the property
BRAND IMPACT STUDIES
An impact analysis measures the financial impact of a brand -affiliated
property entering a market in which the brand already exists. We have
prepared impact studies for nearly all major hotel brands. Our impact
analyses include:
• Interviewing representatives of the applicant and objecting properties and
conducting an area market review
• Determining current demand at the objecting property and considering
specific demand sources that may switch to a new property if it were
constructed or rebranded
• Analyzing potential additional demand that would come to the objecting
property from having another brand affiliation in a general market
• Estimating the occupancy, average daily rate, and room revenue impact
that may occur from the addition of new supply or conversion of an
existing hotel
hladvisors.com
HULA
RFQPREPARATION & SOLICITATION
Finding a qualified management or development company can make or break
a hotel or leisure property project. Through our RFQ preparation and
solicitation process, we assist our clients in identifying appropriate
management companies and developers for all types of hospitality projects.
Our goal is to have our clients receive proposals from competent and
competitive companies that will share similar goals and vision for the project.
LITIGATION SUPPORT
& EXPERT WITNESS TESTIMONY
H&LA provides expert witness testimony for attorneys in litigation cases
involving
hospitality industry valuations and consulting assignments. Our consultants
have testified in various states concerning hotel- and leisure -related projects.
Our understanding of the industry gives us the credibility necessary to be
considered experts in our field.
OTHER H&LA SERVICES
• Renovation Feasibility and ROI
Analysis
• Site Selection Services
• Hotel Brand Facilitator/Selection
Assistance
• Hotel Brand Compliance Services
• Site Verification
These services help developers, corporate brand franchisors, and/or owners
with their various development needs.
hladvisors.com
MLA
H&LA PROJECTS
Our studies have taken us all across the United States, Canada, and Internationally.
We have analyzed an extensive range of hospitality property types. We have
completed studies of various properties in almost every major market in the United
States.
aim ill*T
1111Pel
1""to
hladvisors.com
MLA
H&LA works in all sectors of the hotel and leisure industry. We have experience with all hotel
brands and chain scales. In addition, we are the leading national experts in waterparks. These
properties represent a sampling of the many property types we have studied.
Hotels
• Westin Hotel - Cleveland, OH
• Hilton Garden Inn - Ann Arbor, MI
• The Shoreham Hotel - New York, NY
• Embassy Suites - Chicago, IL
• Courtyard by Marriott - Houston, TX
Resort Hotels
• Pointe Hilton Squaw Peak Resort - Phoenix, AZ
• The Shores Resort & Spa - Daytona Beach, FL
• Sundara Spa Resort - Wisconsin Dells, WI
• Hilton Hawaiian Village - Honolulu, HI
Indoor Waterpark Resorts
• Great Wolf Lodge Resorts (ten locations)
• Kalahari Resorts (five locations)
• Splash Lagoon Resort - Erie, PA
• Camelback Indoor Waterpark Resort -
Tannersville, PA
• Chula Vista Resort - Wisconsin Dells, WI
Outdoor Waterparks
• Typhoon Texas - Katy, TX
• Myrtle Waves Waterpark - Myrtle Beach, SC
• Lost Island Waterpark - Waterloo, IA
• Cowabunga Bay - Henderson, NV
Golf Courses and Ski Resorts
• Heritage Hills Golf Course - York, PA
• Silverado Golf Course - Durant, OK
• Peek n Peak Ski Resort - Vernon, NJ
• Hidden Valley Ski Resort - Hidden Valley, PA
Sports Complexes
• Proposed Sports Complex - Springfield, IL
• Proposed Youth Sports Venue - Sunland Park, NM
• Civic Center Hockey & Ice Arena - Decatur, IL
Campgrounds/RV Resorts
• Jellystone Park Camp Resort - Larkspur, CO
• Frontiertown Campground Resort - Berlin, MD
• Maddox Family Campground - Chincoteague, VA
Casinos
• Foxwoods Casino Resort - Mashantucket, CT
• JACK Casinos - Cleveland & Cincinnati, OH
• Silver Reef Casino Resort - Ferndale, WA
• Wheeling Island Casino - Wheeling, WV
Conference and Convention Centers
• Marriott Chicago Convention Center - Chicago, IL
• International Exposition Center - Cleveland, OH
• Gaylord Opryland Convention Center - Nashville,
• Raging Waves Outdoor Waterpark - Yorkville, IL TN
Amusement Parks/FECs
• Elitch Gardens Amusement Park - Denver, CO
• Proposed FEC - Portland, OR
• Crystal Falls Amusement Park - Hot Springs, AR
• Cypress Gardens Amusement Park - Winter
Haven, FL
Retail/Mixed-Use
• Proposed Mixed -Use Retail - Portland, OR
• Proposed Mixed -Use Retail - Dallas, TX
• Proposed Retail Center - Kapolei, HI
1
hladvisors.com
MLA
H&LA works with a wide range of developers, investors, hotel companies, lenders, management
companies, attorneys, and others. These clients represent a sampling of the various client types
we serve.
Developers and Investors
• Scott Enterprises
• Delaware North Companies
• Kalahari Resorts
• Sun Communities
• Stark Enterprises
• CNL Lifestyle Companies
• Triple Five
• Crystal Lagoons
Hotel Companies
• Best Western International
• Choice Hotels International
• Marriott International
• Host Hotels
• InterContinental Hotels Group
Operators/Management Companies
• Herschend Family Entertainment
• Cedar Fair
• Great Wolf Resorts
• American Hospitality Group
• Brittain Resorts
Lenders
• Wells Fargo
• US Bank
• Deutsche Bank
• M&T Bank
• PNC Financial Services
• C-III Asset Management
Attorneys
• Kadish Hinkel & Weibel
• Sleggs Danzinger & Gill
• Smith Peters & Kalail
• Baker & Hostetler
• Thompson Hine
• McDonald Hopkins
Government/Municipal
• Ohio Department of Transportation
• Cincinnati USA
• Columbus Regional Airport Authority
• States Attorney of Cook County
• Frisco Economic Development Corporation
• Destination Cleveland
• Assessor of Hancock County, WV
Native American Tribes
• Tulalip Tribe
• Choctaw Nation of Oklahoma
• Nottawaseppi Band of Potawatomi
• The Confederated Tribe of the Grand Ronde
• HoChunk Gaming
Other
• JACK Entertainment
• EPR Properties
• The Trust for Public Land
• Six Flags
• Michigan State University
• Inland Capital Management
hladvisors.com
MLA