Sales Comparison Approach

Paseo Collier Grand Hotel Paseo Lee Resort Paseo Royal Palms

Age of hotel (yrs.) 20 15 50

Condition of property A B C

Number of rooms:
suites 50 25 150
standard 200 150 375
total 250 175 525

CoStar multiplier, price per room 218,106 218,106 218,106

Sales method value $ 54,526,614 $ 38,168,630 $ 114,505,889

Adjustments:

Condition of property $ 68,158,267 $ 1,908,431 $ 5,725,294

Property age adjustments $ - $ (57,252,945)
Adjusted value, sales approach $ 122,684,881 $ 40,077,061 $ 62,978,239

CoStar comparable data Sales price Total standard rooms Total suites Total rooms Sales price per room

Transaction 1 71,750,000 250 100 350 205,000

Transaction 2 102,930,000 350 200 550 187,145
Transaction 3 301,500,000 850 300 1,150 262,174
average 683 218,106
 CoStar data - total room adjustments

Number of Rooms -suites Average Sales Price ($/room) Number of Rooms - standard
Less than 50 $125,000 Less than 50
50 - 100 $156,250 50 - 100
100 - 150 $187,500 101 - 150
151 - 200 $250,000 151 - 200
201- 300 $312,500 201 - 300
301 - 400 $375,000 301 - 400
401 or more $437,500 401 or more

CoStar data - adjustments

Condition of property increase/decrease to value

A +125%
B +5%
C -50%

Age of property increase/decrease to value

0-20 -
21-40 -20%
over 40 -50%
m adjustments

Average Sales Price ($/room)

$100,000
$125,000
$150,000
$200,000
$250,000
$300,000
$350,000