Development Project for the Hyatt Place Hotel-Table of ...
Development Project for the Hyatt Place Hotel 10 Seneca Meadows Parkway Germantown, MD 20876 By
Craig A. Mason CHA, CCIM, CPM, RPA Hospitality Realty Advisors, LLC Practicum Advisor: Roger Staiger
A practicum thesis submitted to Johns Hopkins University in conformity with the requirements for the degree of Master of Science in Real Estate.
Washington, DC April 28, 2012
? 2012 Craig A. Mason All Rights Reserved
Table of Contents
Executive Summary........................................................................ 5
Development Program..................................................................... 9 Project Approach..................................................................... 10 Highest and Best Use............................................................... 12 Proposed Development Plan...................................................... 14
Site and Property Productivity Analysis............................................. 19 Market Overview...................................................................... 20 Subject's Physical Attributes....................................................... 23 Utilities................................................................................... 26 Site Improvements.................................................................... 27 Neighborhood Review............................................................... 27 Legal Use Analysis................................................................... 30 Location and Access.................................................................. 31 Vehicular Access....................................................................... 32 Visibility................................................................................... 34 Path of Growth and Relationship to Demand Generators.................... 35 Linkages to Complimentary and Competitive Developments................ 38 Subject's Physical and Legal Rating Compared to Market Standard...... 39 Subject's Locational Attributes....................................................... 41 Conclusion................................................................................ 43
Regional Market Analysis.................................................................. 44 Introduction.............................................................................. 45 Economic and Demographic Indicators.......................................... 45 Transportation........................................................................... 53 Office Market Activity.................................................................. 60 Visitor Volume and Spending........................................................ 64 Conclusion............................................................................... 69
Competitive Market Analysis.............................................................. 70 Introduction............................................................................... 71 National Overview...................................................................... 71 Regional Overview..................................................................... 75 Competitive Hotel Market............................................................. 78 Competitive Set Historical Supply and Demand................................ 101 Future Hotel Development............................................................ 106 Projected Performance of the Competitive Set.................................. 107
Estimated Utilization and ADR.............................................................. 111 Projected Market Utilization........................................................... 112 Average Daily Rate...................................................................... 114 Conclusion................................................................................. 116
2
Land Use and Public Policy................................................................. 117 Land Use Trends........................................................................ 118 Property Zoning.......................................................................... 129 Parking Standards...................................................................... 134 Process for Site Approval............................................................. 135 Impact Fees............................................................................... 139 Occupancy Taxes....................................................................... 140 Property Taxes........................................................................... 141 Conclusion................................................................................ 143
Site Planning and Building Design...................................................... 144 Site Issues and Constraints.......................................................... 145 Project Programming................................................................... 146 Project Description...................................................................... 148 Floor Plans, Room Layouts and Elevations...................................... 162 Site Plan.................................................................................. 169
Development/Construction Costs & Schedule....................................... 173 Construction Budget Assumptions.................................................. 174 Method of Project Delivery............................................................ 176 Construction Schedule................................................................. 179
Financial Analysis............................................................................... 186 Fixed and Variable Revenue and Expense Analysis Assumptions.......... 187 Discounted Cash Flow Analysis Assumptions.................................... 201 Investment Ownership Analysis...................................................... 213 Weighted Average Cost of Capital................................................... 215 Participation and Waterfall Structure................................................. 216 Tax Assumptions and Rate of Return................................................ 219 Ratio Analysis............................................................................... 220 Sensitivity Analysis........................................................................ 222 Risk Analysis and Probability of Loss................................................. 222 Conclusion................................................................................... 224
Project Management Plan...................................................................... 225 Development Team....................................................................... 226 Project Team Selection.................................................................. 229 Marketing Strategy........................................................................ 238 Risk Mitigation Strategy.................................................................. 240
Conclusions & Recommendations.......................................................... 246
Works Cited......................................................................................... 249
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Appendices.......................................................................................... 259 1. Construction Budget 2. Pro Forma Model 3. Financial Analysis Model 4. Highest and Best Use Analysis 5. Land Evaluation Chart
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EXECUTIVE SUMMARY
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