Hotel Feasibility Study

MARKET AND FEASIBILITY STUDY OF A PROPOSED HOTEL

Chandler, Texasel growth in Chandler. Currently, there are no lodging properties in Chandler. Given the lack of hotels in the far west portions of Tyler, there is opportunity for a lodging property in Chandler to accommodate demand from the demand generators in this area. The market area is further detailed in the Neighborhood and Market Area Analysis chapter of this report, and the competitive hotel market is detailed in the Hotel Market Trends Chapter of this report.

Recommendation of Proposed Facility Scope

The specifics of the proposed subject property’s building and scope of facilities and amenities described throughout this report are based on recommendations of U.S. Hotel Appraisals. Additionally, we have made a recommendation of the general site area. We recommend that the proposed subject property be developed and operate as a limited-service hotel, affiliated with a national franchise. Limited-service products generally encompass similar facility programs, including limited food and beverage operations, a small amount of meeting space, and ancillary facilities. Given the

EXECUTIVE SUMMARY 1-1

U.S. HOTEL APPRAISALS MARKET AND FEASIBILITY STUDY OF A PROPOSED HOTEL – CHANDLER, TX

limited-service operation and scope of the recommended hotel, we assume that the proposed subject hotel would be owner-operated. Primary aspects of the recommended site and project analyzed are summarized as follows: • • • • • • Recommended Property Type: Approximate Required Site Size: Approximate Building Size: Recommended Number of Rooms: Limited-service lodging facility operating with a national brand 65,000 square feet (1.5 acres) 28,000 square feet 65

Recommended Food and Beverage Facilities: Breakfast area Other Facilities Recommended: Pool, whirlpool, exercise room, guest laundry facility, business center or lobby workstation, sundries counter or vending area, ice machine areas 70

•

Parking Spaces...