Consulting, Appraisal And Advisory Services

Case Studies

Denver Hyatt Convention Center Hotel - Denver, Colorado

1,100 guest rooms; 85,000 net square feet of public space; 600 parking stalls contained in an underground garage. The current business plan and sales & marketing plan details pro forma group rooms sold to constitute approximately 60% of total room sold.



Pointe Hilton Resort at Squaw Peak - Phoenix, Arizona

536-key all-suite group-oriented resort with 60,000-square feet of indoor public space, 40,000 square feet of outdoor public space, a 20,000-square foot spa and fitness facility and four food and beverage facilities. Its room’s segmentation was 55% group business, 30% individual leisure, and 15% individual business travel. The property was owned by a New York based life insurance company.



Ritz-Carlton San Juan Hotel, Spa & Casino - San Juan, Puerto Rico

414-key beachfront resort; 25,000 square feet of meeting space, a 12,000-square foot spa, a 15,000 square foot casino and four food and beverage outlets. Rooms’ business segmentation was 35% group, 45% individual leisure and 20% individual business travel.



The Westin Diplomat Hotel & Resort - Hollywood, Florida

Large-scale mixed use development project consisting of a stand-alone 215,000-square foot convention center, twin hotel towers containing 1,000 keys, a separate 60-key country club hotel with 11,000 square feet of meeting space, 18-hole golf course, 30,000-square foot spa, six food & beverage outlets, 52,000-square foot retail component and a 2,600-stall parking garage.



The Vancouver Hilton Hotel and Conference Center - Vancouver, WA

The hotel contains 226 guest rooms and has approximately 29,000 net square feet of meeting public space. 160 parking spaces will be constructed in an underground garage. The current business plan and sales & marketing plan details pro forma group rooms sold to constitute approximately 55% of total room sold.



HREC® Principals have been engaged in many other conference center and convention center hotel projects.  These have included, but are not limited to, the following: 

  • Proposed 800-room Convention Center Hotel - Minneapolis, MN

    The Minneapolis Community Development Agency, on behalf of the City of Minneapolis, retained HREC® to act as their hotel advisor relative to the development of a proposed 800-room convention center hotel in downtown Minneapolis.  HREC® provided market intelligence and represented Minneapolis in negotiations with Opus, the developer, and Starwood Hotels and Resorts, the proposed operator.  HREC® reviewed Starwood’s cash flow forecasts and the developer’s intended deal structure.  We advised the City as to appropriate subsidy levels along with other hotel development matters.


  • Proposed Convention Center Headquarters Hotel - Montgomery, AL

    HREC® provided hotel consulting services to the Montgomery Riverfront Development Foundation relative to the need for a new convention center hotel in regards to either expanding the existing Civic Center or construction of a new convention center on a downtown riverfront location.  We have provided information to the client relative to anticipated hotel performance, site selection, brand and management selection and economic feasibility.


  • Proposed Convention Center Headquarters Hotel - South San Francisco, CA

    The City of South San Francisco is currently exploring whether to create an addition to the existing conference center or to relocate and build a larger facility on a waterfront location.  HREC® is advising the City on hotel development options and financing mechanisms.  Hotel tax-exempt bond financing is one alternative being explored.

  • Proposed Convention Center Headquarters Hotel - Lansing, MI

    HREC® was retained by the Lansing Entertainment and Public Facilities Authority to determine the current and future suitability of the downtown Lansing lodging market to accommodate the needs of an expanded convention center.  Recommendations were made as to market support, cash flow forecasts, economic feasibility and potential subsidy requirements.


  • Proposed Convention Center Hotel - Loveland, Colorado

    HREC® recently completed a feasibility analysis for a proposed convention center and hotel in Loveland, Colorado on behalf of the Northern Colorado Economic Development Corporation.  The consulting services included recommendations concerning project size, facility programming, brand and management services along with financing alternatives.


  • Proposed Convention Center Hotel - Pensacola, Florida

    HREC® was retained by the City of Pensacola, Florida to work with the CS&L convention center consulting group to determine the potential need for a new convention center and related hotel. We analyzed and provided recommendations concerning potential development sites and facility sizing.  HREC® also provided development advisory services to Escambia County relative to land value negotiations for acquisition of a potential site in Pensacola Beach.

Other asset management sample engagements include, but are not limited to, the following:


  • Vista International Hotel - New York, New York

    800-key full-service hotel; 32,000 square feet of public space; three food and beverage outlets; owned by the Port Authority of New York & New Jersey (Destroyed on September 11, 2001).  Primary advisor to the Port Authority relative to lodging industry matters regarding market intelligence, renovation strategies, management contract negotiations and transaction counseling activities.  Prepared monthly analysis of operating performance, evaluated annual operating and capital budgets, monitored sources and uses from reserve for replacement account and led negotiations regarding operator equity contributions for major renovation. 

  • Hyatt Regency Hotel - Sacramento, California

    503-key full-service hotel; 28,000 square feet of public space; three food and beverage outlets.  Responsible for recommending and implementing all financial, strategic, risk management and operating decisions for the ownership entity.  Activities included negotiating management contract with first-tier management company, reviewing/analyzing annual operating and capital budgets, assessing sales and marketing goals and measurement activities.  Effectively managed the relationship between the managing agent and the ownership entity.

  • Westward Look Resort - Tucson, Arizona

    244-key full-service hotel; 20,000 square feet of public space; 4 food and beverage outlets.  Responsible for recommending and implementing all financial, strategic, risk management and operating decisions for the ownership entity.  Activities included oversight of expansion and renovation, devising master plan for build-out of resort, recommending strategic initiatives such as capital programs, marketing and management programs and investment analysis.  Effectively managed the relationship between the managing agent and the ownership entity.

  • Ritz Carlton - Rancho Mirage, California

    240-key full-service hotel; 21,400 square feet of public space; 3 food and beverage outlets.  Primary advisor to ownership entity and its related professionals on all matters relating to the on-going operating business, investment strategies and market intelligence.  Performed all ownership-related activities to include debt and equity negotiations, on-going operations analysis, capital and operating budget review and analysis and risk management activities.  Effectively managed the relationship between hotel managing agent and ownership.

  • Breckenridge Hilton - Breckenridge, Colorado

    263-key full-service hotel; 10,400 square feet of public space; one food and beverage outlet.   Advised operations executive committee in on-going operations, personnel and ownership issues.  Provided input as to management contract issues.  Assisted in valuation of various equity issues relative to management contract rights.


The Principals of HREC® has provided advisory services for numerous development-consulting related engagements.  These have included, but are not limited to, the following:


  • Six Continents (formerly Bass Hotels & Resorts) - Market Analysis Studies

    Completed separate market analysis studies for a proposed Inter-Continental Hotel and proposed Crowne Plaza Hotel for the Six Continents corporate development department.  Analyses also included cash flow forecasts and valuations.

  • The Lykes Building - New Orleans, Louisiana

    256,000-square foot office building: development plan to convert to a 900-key convention center hotel; 600-stall parking garage.  Owned by a New York-based life insurance company.  Managed master development efforts for this large-scale adaptive reuse from office building to a convention hotel.  Participated in the selection of and negotiation with venture partners for development, architecture and hotel operations management.  Spearheaded meetings with local government officials for approval processes. 

  • Boykin Lodging Company - Acquisition Due Diligence Study

    Performed a market study including occupancy and average rate forecast and study of recent Kansas City hotel sales for a potential full-service, first class hotel acquisition in Kansas City, Missouri.  Other similar studies prepared for Boykin included the Pink Shell Beach Resort in Ft. Myers, Florida, the Lexington Hotel & Suites in San Diego, California and the Le Parc Hotel in West Hollywood, California. 

  • Kahler Realty Corporation - Lodging Franchise Feasibility Analysis

    Completed extensive feasibility analyses including cash flow forecasts under various scenarios for three first-class, independent hotels located in Utah and Idaho considering conversion to a national flag. 

  • Renovation & Repositioning Analysis -

    Prepared an analysis to detail the prospective paybacks, cash-on-cash returns and valuation implications for a commercial hotel in Fort Worth, Texas and a golf resort in West Virginia to determine the amount of capital that could feasibly be expended to renovate the hotels.

HREC® has performed numerous asset management-oriented engagements that have included, but are not limited to, the following:

  • National Law Firm (Los Angeles Office) - Operational Review - Hawaii

    HREC® was retained to prepare an operational review of a 500-room, first-class destination resort on the Island of Oahu.  Various methods were explored to enhance revenues, control costs and maximize the value of the asset.  We also evaluated the effectiveness of current management.

  • CB Richard Ellis - Sell Side Market and Positioning Studies - California & Mexico

    Assisted the hotel broker and seller in preparation of Confidential Offering Memorandums for the disposition of the Tenaya Lodge at Yosemite in Fish Camp, California and two destination resort hotels in Cancun, Mexico. 

  • Cendant Corporation/Gray Plant Mooty law firm - Expert Testimony Services/Potential Damages Analysis - California & South Dakota

    HREC® was retained to provide litigation support and an analysis of potential damages in connection with a former proposed Super 8 hotel in Barstow, California.  Expert testimony was provided in a jury trial in South Dakota.

  • Faegre & Benson law firm/Minneapolis Airport Commission - Litigation Support/Valuation Analysis - Minneapolis-St. Paul International Airport.

    HREC® was part of the litigation support team for the Minneapolis Airport Commission.  HREC® provided counseling and valuation services in connection with the condemnation and purchase of three hotels (Exel Inn, Sheraton Inn and Doubletree Grand) located near the Minneapolis-St. Paul International Airport.

  • GMAC Commercial Mortgage - Complete Appraisals, Self-Contained Reports - Mexico

    HREC® prepared eight complete appraisals in self-contained reports for a portfolio of destination resort hotels located throughout Mexico.  This complex valuation included excess land, timeshares and hotels operating both on the European and all-inclusive plans.

  • State Street Advisors/The Tuckerman Group - Valuation and Workout Counseling - Chicago, Illinois

    Provided counseling services relative to an under-performing mid-rate, full-service hotel asset located in a suburb of Chicago, Illinois.

  • Starwood Capital/Starwood Asset Management - Seasonal Condominium Resort - Colorado

    Performed a seasonality analysis on the Tamarron Resort in Durango, Colorado to determine whether closing the resort in the off-season would improve cash flow.  Also advised concerning the suitability of the current condominium owners rental pool arrangement.

  • Cabazon Band of Mission Indians - Indian Gaming Cash Flow Forecast and Valuation Analysis - California

    Performed an analysis of historic cash flows and forecasted future EBITDA levels for the Fantasy Springs Casino in Indio (Palm Springs), California. 

  • Westbrook Partners L.L.C. - Cash Flows Projections - Detroit, MI

    Prepared cash flow projections for a hotel located in suburban Detroit for mezzanine financing purposes.

  • Various Clients - Extended Stay Lodging Studies -

    HREC® is highly knowledgeable about the extended stay hotel market.  We have completed many studies for both existing and proposed hotels operating with extended stay brands such as Residence Inn, Homewood Suites, Hawthorn Suites, Summerfield Suites and Staybridge Suites.



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