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11 <br /> SECTION II <br />LRV OF THE PROJECT <br /> <br /> <br /> <br />Related Bristol at 3600 South Bristol Street September 27, 2023 <br />Land Residual Value Study Report <br /> <br />www.FinanceDTA.com <br />Based upon DTA’s review of CoStar data, we assumed a market cap rate for retail property <br />of 4.75%. Although cap rates for retail products have risen recently, we concluded that the <br />Project will benefit from the projected 6,750 new tenants in the urban village setting. <br />Therefore, we adjusted the cap rate to approximately 5.5% due to the number of captive <br />consumers anticipated to live in the residential units in the urban village. <br />Figure 3 : Retail Property Cap Rate <br /> <br />Below is a summary of anticipated revenues and expenses of the 250-room upscale hotel <br />product. <br />Table 9: NAV for the Hotel <br />Hotel % RevPAR Daily Room Rent Annual Revenue % of Total <br />Rooms 250 <br />Base Room Rent $210.00 $19,162,500 104.66% <br />Vacancy (30.00%) ($5,748,750) (31.40%) <br />RevPAR $147.00 $13,413,750 73.26% <br />Food Sales 16.00% $23.52 $2,146,200 11.72% <br />Beverage Sales 7.50% $11.03 $1,006,031 5.49% <br />Technology 3.00% $4.41 $402,413 2.20% <br />Minor Departments 10.00% $14.70 $1,341,375 7.33% <br />Total Non-RevPAR Income $53.66 $4,896,019 26.74% <br />Gross Hotel Revenue $200.66 $18,309,769 100.00% <br />Hotel Expenses <br />Department Expenses ($63.43) ($5,788,033) (31.61%) <br />Undistributed Operating Expenses ($60.27) ($5,499,638) (30.04%) <br />Fixed Charges ($6.62) ($603,618.75) ($0.03) <br />Capital Reserves for FF&E ($2.94) ($268,275.00) ($0.01) <br />Total Expenses and Reserves ($133.26) ($12,159,564.38) ($0.66) <br />Net Operating Income $67.40 $6,150,204 33.59% <br />NAV @ 6.5% Cap Rate 6.50% $94,619,000 <br /> <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 496 9/17/2024