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Proposal for Highest and Best Use Study H&LA. <br /> Mr. Scot Wrighton <br /> Page 4 - <br /> • Compare the amenities and performance figures for each comparable property to the <br /> subject within each category. We envision compiling three to five separate <br /> competitive sets of comparable properties for each different potential uses. <br /> • Analyze the competitive advantages and disadvantages or prepare a SWOT <br /> (strengths, weaknesses, opportunities, threats) analysis of the subject <br /> • Examine current hotel occupancy and average daily rate performance from a <br /> selection of area hotels <br /> • Analyze demand generators within the market, including those that may be entering <br /> or leaving the market <br /> • Examine current entertainment and sports venue real estate supply and review the <br /> impact of any recent facility openings on the existing market and their projections for <br /> future demand <br /> • Analyze the respective site size, access, exposure, and other salient issues as they <br /> relate to the proposed components <br /> • Recommend types of development and/or appropriate repurposing for the subject <br /> site, including use, sizing, and major components <br /> • Analyze a projected range of costs for the proposed developments <br /> • Project a range of usage and revenues for each of the major potential components of <br /> the property <br /> • Rank the potential highest and best use options and recommend which ones would <br /> be superior for the subject property <br /> Narrative Report:The highest and best use report will provide statistical data concerning <br /> each of the major components being studied, including performance statistics at a national, <br /> regional, and local level to show the potential for success. We will communicate our findings <br /> and recommendations in a narrative report presentation that will describe H&LA's <br /> methodology and analysis of the maximally productive and financially feasible components, <br /> including the recommended four or five best components.The report will include a range of <br /> development costs and revenue forecasts for the major components. We will rank the <br /> components and indicate which ones should be considered first and which ones are less <br /> suitable for the subject site.The conclusion and recommendations of the narrative report will <br /> take into consideration likely impacts and opportunities related to COVID-19's impact on <br /> this market sector. <br /> Preparation of Presentation: After the completion of our report, consultants from our <br /> offices will present our findings through a video conference to the City Council and answer <br /> questions about our research. <br /> ADDITIONAL SERVICES <br /> Hotel &Leisure Advisors will provide a proposal to prepare a more detailed market feasibility <br /> and financial analysis study for specific attractions/amenities(such as a hotel, sports venue, <br /> aquarium, entertainment venue, etc.) after you have reviewed our initial report and <br /> identified those that merit further analysis. Please contact me or refer to our website, <br /> hladvisors.com, for more information about our additional services. <br /> I'IOTEL G I_FISIIRP.r1D\'ISQKS 1 &LA <br /> ti.rw•rr�a/ <br />