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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HOTEL MARKET ANALYSIS IV-2 Comparable Hotels Comparable hotels are defined as hotels that are located in similar markets. For the proposed hotel, a comparable hotel would be a full-service hotel located on or near a bay, lake or beach but also proximate to corporate demand. The following table shows the properties that we have identified as comparable to the subject property. Comparable Hotels Hotel Galvez Galveston 226 1911 14,025 4,550 62 Hilton NASA/Clear Lake 243 1983 13,894 5,000 57 Omni Corpus Christi (2 hotels) 821 1985 36,000 10,050 44 San Luis Resort Galveston 246 1985 40,000 6,000 163 Tremont House Galveston 119 1985 13;473 7,946 113 Hilton Resort Galveston 239 1986 6,284 3,500 26 Moody Gardens Galveston 428 1998 40,000 14,560 93 Total 2,322 * Meeting space does not include prefunction space. Source: PKF Consulting Five of these properties are located in Galveston, one on Clear Lake and two in Corpus Christi. Although comparable in facilities and rate, the Galveston and Corpus Christi properties have a much larger leisure and group component and a much smaller corporate market than the primary market area for the proposed Sylvan Beach hotel. The most comparable property is the Hilton NASA/Clear Lake, which is located approximately 10 miles south of the proposed site in a market that overlaps with the primary market for the subject property. Competitive Hotels Outside the Market Area As part of our market analysis, a survey was conducted of the major corporations located in the two major business parks within the primary market area for the proposed hotel. The respondents were asked to identify the hotels that they use for their hotel and meeting needs. The hotels which were identified are considered to be the competitive hotels located outside the market area, as follows: