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1 Feasibility Studies <br /> Loan Packaging <br /> 1 iv-LDA <br /> Development Consulting <br /> Asset Management <br /> Operational Audits <br /> erketing & Development Associates Accounting Services <br /> IMarketing <br /> 1 February 10, 1999 <br /> I Mr. Daniel Hall <br /> Mounds Vista, Inc. <br /> 2200 US Highway 10 <br /> IMounds View, Minnesota 55112 <br /> I RE: Supplemental Financial Update to the <br /> hotel Market Analysis & Economic Feasibility Study <br /> IDear Mr. Hall, <br /> IMarketing & Development Associates, an independent hospitality consulting firm, was <br /> engaged to perform an update to the original Market Analysis & Economic Feasibility <br /> . Study that was performed in December of 1995. <br /> I The original report focused on the viabilityof a hotel beingincorporated into the <br /> g P P <br /> existing facilities at your site. When the report was commissioned, JLC Marketing <br /> Iconducted extensive interviews with the management and owners of the hotels <br /> located throughout the north metro region of the Twin Cities. Major corporations, <br /> travel agents, Convention Bureaus, industry professionals and numerous others were <br /> interviewed to identify the demand generators that will effect the proposed hotel. <br /> Ultimately, the knowledge that was obtained was outlined and summarized in the <br /> aforementioned report. <br /> Lodging Supply <br /> IThere have been a number of changes within the market area lodging supply since <br /> the 1995 report. While some hotels have been repositioned, others have been built. <br /> One mid-priced hotel was refranchised as a Hilton (Upscale) and one economy priced <br /> I hotel was repositioned as a Holiday Inn (Mid Priced). New construction in 1996 added <br /> a Super 8, a Comfort Inn and a Holiday Inn Express to the secondary supply. <br /> lrosse Office: Minneapolis Office: St.Paul Office: <br /> I ng Pines 5151 Edina Industrial Blvd. Suite 550 <br /> unty Road 12 Suite 225 8636 Seasons Court <br /> Dakota,Minnesota 55925-9709 Edina,Minnesota 55439 Woodbury,Minnesota 55125 <br /> Phone 507.643.6982 E-Mail Jstenslan@isd.net <br /> Fax 507.643.5115 <br /> E-Mail ProfitMore@aol.com <br /> C <br />