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<br />HOTEL MARKET ANALYSIS <br /> <br />IV-9 <br /> <br /> <br />Sylvan Beach Pavilion <br />Event Activity <br /> <br />Historical <br />2004/2005 37 26 22 2 19 106 332 <br />2005/2006 50 25 20 2 21 118 282 <br />Future Bookings <br />2006/2007 37 41 13 2 10 103 <br /> Source: City of La Porte, Parks & Recreation Department <br /> <br />More than 100 events are currently being held at the Pavilion each year. The scenic <br />location on Galveston Bay is a popular location for wedding receptions, quincenaros <br />and local banquets. However, the Pavilion has been damaged over the years by storms, <br />age and erosion and is currently in need of major repairs. Therefore, we recommend <br />that the Pavilion be replaced by and incorporated into the proposed hotel. A lot of <br />sentimental value is attached to the Pavilion because of the large number of community <br />events that have taken place there over the past 60 years. We recommend that the <br />ballroom in the proposed hotel be called liThe Pavilion" and be designed with a similar <br />shape and view of Galveston Bay to provide a link with the local community. <br /> <br />Leisure Demand <br />Leisure demand in the primary market is currently limited to passengers on the existing <br />Norwegian cruise line, participants at weekend sports events, visitors of local residents <br />and visitors to the San Jacinto Monument, Battleship Texas and Galveston Bay. <br />However, the addition of Project Stars, the new Bayport Cruise Terminal and the <br />redevelopment of Sylvan Beach should increase tourist activity in the market <br />significantly. This should provide a strong weekend occupancy for the proposed hotel. <br /> <br />SUBJECT HOTEL PERFORMANCE <br /> <br />Based on the historical performance of the existing area hotels, comparable hotels and <br />competitive hotels located outside the market area and our analysis of the existing and <br />future market demand, we have estimated the operating performance of the proposed <br />Sylvan Beach Hotel. <br /> <br />Market Demand Segmentation <br />The subject hotel is expected to capture the following mix of demand. <br />