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<br />MARKET STUDY WITH
<br />PROSPECTIVE FINANCIAL ANALYSIS
<br />PROPOSED 250-ROOM
<br />SYLVAN BEACH HOTEL
<br />lA PORTE, TEXAS
<br />
<br />TABLE OF CONTENTS
<br />
<br />I - EXECUTIVE SUMMARY Page
<br />
<br />Scope and Methodology....................................................................................,........... 1-1
<br />
<br />Conclusions......................................................................................,............................ 1-2
<br />
<br />II - AREA OVERVIEW
<br />
<br />Introduction........................................................................................,......................... 11-1
<br />
<br />Demographic and Economic Trends......... ,.................................................................. 11-1
<br />
<br />Transportation .............,......... ....,. .......... ...... ............ ................ ... ... ... .......... ... ... ............11-7
<br />
<br />Office Market..............................,...............................................,................................. 11-9
<br />
<br />Convention Center...................................................................................................., 11-10
<br />
<br />Tourism........................,.......................................................................,..,.................. 11-11
<br />
<br />Texas Medical Center........................... ,.................................................,..,..........,.... 11-12
<br />
<br />Museum District ....................,........... ...... ...... ...... .... ...... ....... ... .......,......... ... ......,........11-12
<br />
<br />La Porte Area Overview.......................................................................................,...., 11-14
<br />
<br />Conclusion ,.................................,.....................................................................,........ 11-21
<br />
<br />III - PROPERTY DESCRIPTION
<br />
<br />Location........................,....,..............................................................................,.......... 111-1
<br />
<br />Site Description........................................................................................................... 111-1
<br />
<br />Recommended Facilities...................................................................,......................... 111-2
<br />
<br />Conclusion.....................................................................................................,...... ,..... 111-4
<br />
<br />IV - HOTEL MARKET ANALYSIS
<br />Hotel Market Overview............................................................................................... .IV-1
<br />
<br />Historic Performance.................................................................................................. .IV-3
<br />
<br />Market Demand Segmentation ...,.......... ...... ........ .... ........ ........ ... .............,..... ...,.... .... ..IV-5
<br />
<br />Additions to Supply...................................,...............................................,................. .IV-5
<br />
<br />Hotel Demand Overview.. ,...........................................................................,......,...... .IV-6
<br />Subject Hotel Performance ..,........... ...... ...... ........... ...... .......... .......,..,... ... ... ........ .......,IV-9
<br />
<br />VI - PROSPECTIVE FINANCIAL ANALYSIS
<br />
<br />Bases of Estimations...............................,.................................................,................. VI-1
<br />
<br />Departmental Revenues........,.........................................................................,........... VI-1
<br />
<br />Departmental Expenses.............................................................................................. VI-2
<br />
<br />Undistributed Operating Expenses. ...... ..... ...................... ............. ....... ...... .......... ..... ... VI-3
<br />
<br />Fixed Expenses.. ..................,...... ..... ..... ...... ........ ... ....,............ ... ... ... ... .......... ........ ...... VI-3
<br />
<br />Reserve for Replacement..,..........................................................................,..........,... VI-3
<br />
<br />Schedule of Prospective Cash Flow before Debt Service........................................... VI-3
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