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02-05-1996 WS
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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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• Recommended Franchise Selection. Quality Inn & Suites is our recommended first <br /> 0choice for the proposed hotel. Other choices in order of preference are: Howard Johnsons, <br /> Ramada Inn & Suites, Radisson Inn & Suites, and Four Points Hotel, a new brand from <br /> Sheraton. <br /> • Recommended Management. Based on Charlie Hall's objective of finding a <br /> buyer/developer of an enhanced hotel-restaurant-sports bar-nightclub-bowling complex, we <br /> recommend that he first restructure the owner/developer entity for the project. Depending <br /> upon the expertise in the new ownership entity, the owners should then consider whether to <br /> self-manage, hire an experienced hotel general manager over the entire facility or hire a <br /> professional hotel management company. It is quite possible that a new owner-developer <br /> partner could also be experienced in hotel management. Lastly, we would advise you that <br /> any lender will expect the new hotel project to be professionally managed either by the <br /> owners or a third party. <br /> • Investor& Loan Packaging. Regarding the architectural selection, preliminary plans, <br /> renderings, construction & FFE costs, equity, debt and restructuring the ownership, we <br /> recommend that Mounds Vista Inc work with a professional outside firm as its "Owners <br /> Representative" to assist in the selections and negotiations during the development, <br /> construction, pre-opening and on-going management phases. <br /> • Financial Projections. Based on the occupancy and room rate growth and other factors <br /> III such as the recommended product design, competition, franchise affiliation, competent <br /> management and effective marketing, we project the hotel's room revenues to grow as <br /> follows: <br /> Occupancy Average Rate Room Revenue <br /> Year 1 63.8% $54.00 $1,696,626 <br /> Year 2 68.0% $56.75 $1,901,125 <br /> Year 3 71.0% $59.00 $2,065,000 <br /> In the stabilized third year, we project the hotel's room rate structure by customer segment <br /> to look like this: <br /> Customer Segment Mix % Occupied Average Room <br /> Room Nights Rate Revenues <br /> Group Meetings 10 3650 $53.53 $ 195,384 <br /> Group Leisure 15 5290 $51.35 $ 271,662 <br /> Individual Business 36 12460 $57.90 $ 721,434 <br /> Individual Leisure 39 13600 $64.45 $ 876,520 <br /> Total 100 35000 $59.00 $2,065,000 <br />
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