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<br />~;r . <br />./. <br /> <br />HORWATH HOSPITALITY <br />CONSULTING-CHARIillTE <br /> <br />April 3, 1997 <br /> <br />NationsBank Plaza Suite 3500 <br />Charlotte, NC 28280 <br /> <br />Telephone (704) 377-8466 <br />Telefax (704) 377-9562 <br /> <br />A Division of <br />Kirkland & Associates, Ltd. <br /> <br />I~,,:. <br /> <br />Mr. Robert T. Herrera, City Manager <br />City of La Porte <br />LaPorte, Texas <br /> <br />Dear Mr. Herrera: <br /> <br />At your request and in accordance with our engagement letter dated November 11, 1996, we <br /> <br />have completed our analysis of the market conditions relating to the planned development of a hotel <br /> <br />and conference center ("The Center") at Sylvan Beach Park on the shores of Galveston Bay. This <br /> <br />report provides our findings, conclusions, recommendations and estimated results. <br /> <br />Our report and estimated results are based on estimates, assumptions and other information <br /> <br />developed from our research of the market, knowledge of the industry, and meetings with you and <br /> <br />representatives of Benchmark Hospitality, during which we were provided with certain information. <br /> <br />The sources of information and bases of the estimates and assumptions are stated in the report. No <br /> <br />effort has been made to determine the legal and regulatory requirements applicable to this project, <br /> <br />including zoning, other state and governmental regulations, pennits and licenses. Furthermore, no <br /> <br />effort has been made to determine the possible effect on this project of present or future governmental <br /> <br />legislation relating to environmental or ecological matters or interpretations thereof. <br /> <br />The terms of this engagement are such that we have no obligation to revise the report or the <br /> <br />estimated results to reflect events or conditions which occur subsequent to April 3, 1997, the date of <br /> <br />substantial completion of our field work. However, we will be available to discuss the necessity for <br /> <br />An Independent North Carolina corporation, licensed by Horwath Hospitality Consulting USA, Inc., <br />a Member of Horwath International <br />