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02-05-1996 WS
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MV City Council
City Council Document Type
City Council Packets
Date
2/5/1996
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JLC MARKETING ASSOCIATES <br /> elMarketing Services for Hospitality&Tourism 3320 Mayowood Road SW <br /> Rochester,MN 55902 <br /> 507 289-7404 TEL <br /> 507 282-4603 FAX <br /> 3550 N. Central,Suite 1115 <br /> Phoenix,AZ 85012 <br /> December 6, 1995 602 277-0393 TEL <br /> 602 277-8994 FAX <br /> Mr. Charles L. Hall <br /> Mounds Vista, Inc. Thong <br /> Scotts Road <br /> Thong Teck Bldg#08-10 <br /> 2200 Highway 10 Singapore 0922 <br /> Mounds View, Minnesota 55112 65 735-1886 TEL <br /> 65 737-9550 FAX <br /> Dear Charlie, <br /> JLC Marketing Associates, an independent hospitality consulting firm, was engaged to perform <br /> a "Market Analysis and Economic Feasibility Study" for a proposed new hotel development on <br /> the site of the Mermaid Supper Club in Mounds View, a northern suburb of Minneapolis-St <br /> Paul, Minnesota. The proposed development calls for the construction of a hotel and meeting <br /> facilities in conjunction with an existing restaurant, sports bar, nightclub and bowling lanes <br /> 0 During our field work and the preparation of this report, we realized that you, the developer, <br /> have had discussions with architects, franchise development professionals and a contractor --- <br /> all suggesting a product concept, customer focus and price-value level that may or may not be <br /> substantiated by the demand and economic feasibility factors we uncovered. We interviewed <br /> area demand generators and quantified the demand for lodging in your market area. As a <br /> result, we encourage you to let customer demand and expectations drive the design of your <br /> hotel product. <br /> This market analysis and economic feasibility study represents our best judgment and <br /> professional opinion based on a thorough review of the lodging supply and demand in the <br /> Mounds View area. Our report may be regarded as objective and independent by any <br /> prospective investors and lenders who read this report. <br /> Here is an executive summary of findings and conclusions: <br /> • Forecast of Future Performance. It is our professional opinion and best judgment that the <br /> Mounds View Hotel, if opened in 1997, could achieve a first year occupancy of 63.8% at <br /> $54.00, producing room revenues of $1,696,626. We forecast total revenues at $5.2 million <br /> with a 17.1% GOP of$904,125 and cash available for debt at 11.7% or $616,648. The <br /> second year we forecast total revenues at $5.7 million and cash available for debt at 12.9% <br /> or $735,533 and the third year total revenues at $6.0 million and cash available for debt at <br /> 13.6% or $822,259. <br /> III <br /> Jeff Coy is Certified by the International Society of Hospitality Consultants <br />
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