03-05-07 Special Called Joint Meeting of the La Porte Development Corporation Board of Directors and the La Porte City Council Minutes

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EXECUTIVE SUMMARY I - 1 SCOPE AND METHODOLOGY In preparing this study, we completed the research and analysis listed below: . Conducted an inspection of the subject site and the surrounding area in order to determine their impact on the proposed hotel. . Assembled, reviewed and analyzed economic, demographic and real estate market data pertaining to the Houston market area in general and the La Porte area in particular to evaluate the present economic climate and to estimate future growth potential, particularly as it relates to lodging demand. . Interviewed representatives of area government, businesses and the community to gather data on current and future area growth and the demand for lodging and meeting facilities. . Conducted a survey of area businesses and community organizations to determine the need for an upscale, full-service hotel with meeting space. . Interviewed representatives of existing meeting facilities to assess the quality and quantity of available meeting space in the La Porte area, types of events captured, types of events turned away, and rental rates. . Evaluated the existing area hotels, comparable hotels and competitive hotels located outside the market area to determine the degree of competition that they are likely to offer the proposed hotel, size and type of facilities available, and rate structure for the proposed hotel. . Prepared a summary of historic market performance, including available rooms, occupied rooms, market occupancy, market segmentation, and average daily room rate for the period 2002 to 2006. · Identified other proposed hotels to assess their probability of completion and the degree to which they will compete with your project. · Recommended the concept, size and type of facilities, and amenities appropriate for the market for the proposed hotel. · Estimated future competitive position and rnarket performance of the subject proposed hotel for the period 2010 to 2014. · Based on the estimated future competitive position of the subject proposed hotel, prepared a schedule of prospective cash flow before debt service and income taxes for the subject hotel for the period 2010 to 2019.