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S <br /> In 1997 the Residence Inn and Fairfield Inn opened in Roseville. The most recent <br /> change to the supply will be seen with the opening of the Hilton Garden Inn - • <br /> Shoreview. This hotel is under construction and scheduled to open in the spring of <br /> this year. The hotel will have approximately 100 guest rooms, is limited service and <br /> will be creating the most immediate impact on the Holiday Inn Arden Hills and the <br /> Hampton Inn Shoreview. While other limited service hotels may feel the impact <br /> created by this property, we feel that the hotel will have nominal impact on the <br /> proposed property in Mounds View. However, in our Supply & Demand forecast we <br /> I have factored in half of the guest rooms to simulate the future occupancy forecast of <br /> the PRIMARY COMPETITOR hotels that the Americlnn Mounds View will be positioned <br /> against. <br /> Lodging Demand <br /> Our interviews found that the quantified demand that is identified in the original report <br /> is still present in the market place. Some demand generators have softened while <br /> others have increased. Overall, the market is still presenting numerous opportunities <br /> for a new hotel in Mounds View to succeed. <br /> Supply & Demand Trends <br /> After updating the positioning of the lodging supply we ppurchase <br /> d two historic trends • <br /> reports from Smith Travel Research. The data in the report is gathered directly from <br /> the individual hotel franchise reports and can be considered extremely accurate. <br /> We reviewed the operational trends that have been achieved by a larger group of 18 <br /> hotels surrounding the Mounds View site and then reviewed the PRIMARY <br /> COMPETITOR hotels. <br /> Our decision to take this approach in our update of the market performance was to <br /> discover all of the changes in the larger supply base as well as the direct competition <br /> of the Americlnn. <br /> We.discovered that the new additions to the supply did create impact on the larger <br /> market, causing occupancy to soften. In turn we also discovered that demand slowed <br /> down during the same period. . <br /> Demand has begun to increase and room rates are very stable. Overall, the shows <br /> every indication of prosperity. <br /> • <br /> •I <br />