Market Positioning and Pricing Analysis...Marcus & Millichap has been chosen to exclusively market...
Transcript of Market Positioning and Pricing Analysis...Marcus & Millichap has been chosen to exclusively market...
Market Positioning and Pricing Analysis
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VERO BEACH REDEVELOPMENT
965 E Causeway Blvd • Vero Beach, FL 32963
VERO BEACH REDEVELOPMENT
Vero Beach, FL
ACT ID Y0391019
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Non-Endorsements Marcus & Millichap Real Estate Investment Services of Florida, Inc. ("Marcus & Millichap") is not affiliated with,
sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of
any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by,
said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial
listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this
listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Disclaimer THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE
CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we
make no representations or warranties, express or implied, as to the accuracy of the information. References to
square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus &
Millichap. All rights reserved.
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P R E S E N T E D B Y
Ahmed Kabani
First Vice President Investments
Senior Director - National Hospitality
Group
Miami Office
Tel: (786) 522-7000
Fax: (786) 522-7010
License: FL SL3115103
Garrick Benabe
Agent Candidate
Miami Office
Tel: (786) 522-7000
Fax: (786) 522-7010
License: FL SL3385321
Jesse Bajaj
SIP
Member - National Hospitality Group
Miami Office
Tel: (786) 522-7026
Fax: (786) 522-7010
License: FL SL3385910
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TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01 Property Overview
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02 STR
Historical P&L
5 Year Pro Forma
5 Year Return
MARKET COMPARABLES 03 Sales Comparables
MARKET OVERVIEW 04 Market Analysis
Demographic Analysis
VERO BEACH REDEVELOPMENT
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VERO BEACH REDEVELOPMENT
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INVESTMENT
OVERVIEW
PROPERTY DETAILS
VERO BEACH REDEVELOPMENT
PROPERTY DETAILS
Steps From the Ocean
Upside in Room Revenue by Adding 8-10 Rooms
Walkable Vero Beach Neighborhood
Unencumbered by Brand and Management
Rare Opportunity, Ideal for Owner-Operators
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• Name: Sea Spray Inn
• Price: $3,400,000
• Cap Rate: 8.58%
• Address: 965 E Causeway Blvd. Vero Beach, FL 32963
• APN: 33-40-05-00009-0040-00003.0
• County: Indian River County
• Number of Rooms: 17
• Building Area: 9,042 SF
• Lot Area: 14,810 SF (0.34 Acres)
• Building/Lot Ratio: 0.61
• Year Built: 1987
• Zoning: RM-13
• Property Taxes: $13,414 (2016)
PROPERTY OVERVIEW
VERO BEACH REDEVELOPMENT
PROPERTY OVERVIEW
Marcus & Millichap has been chosen to exclusively market for sale the Sea Spray Inn Vero Beach, a charming 17 room motel located just a block from one of the best
beaches in Florida. The Inn consists of 17 exterior-corridor studio and one bedroom suites, and is conveniently located right between A1A and Ocean Drive. Amenities include
a heated pool, large rooftop deck, tropical courtyard, fully equipped kitchens, barbecue grill, complimentary WiFi and HBO, and guest laundry facilities.
The Sea Spray Inn is ideally located in a very walkable Vero Beach neighborhood, just a short distance from boutique shops as well as plenty of dining options. Vero Beach,
known for its beautiful beaches and water sport activities, also attracts tourists because of the town's unique dining and boutique shopping options. Tourists also have the
opportunity to see a show at the nearby Riverside Theater, visit the Vero Beach Museum of Art, or stop by a number of local art galleries filled with famous and local artists
alike.
The Sea Spray Inn is unencumbered by brand and management, making it ideal for an owner-operator. In addition, an owner has the opportunity to significantly boost the
Sea Spray's room revenue by adding 8 to 10 more rooms, without completely redeveloping the entire motel itself.
PROPERTY OVERVIEW
Steps From the Ocean
Upside in Room Revenue by Adding 8-10 Rooms
Walkable Vero Beach Neighborhood
Unencumbered by Brand and Management
Rare Opportunity, Ideal for Owner-Operators
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REGIONAL MAP
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LOCAL MAP
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AERIAL PHOTO
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PROPERTY PHOTOS
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ROOM PHOTOS
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Vero Beach Photo
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VERO BEACH REDEVELOPMENT
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FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
VERO BEACH REDEVELOPMENT
STR
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FINANCIAL ANALYSIS
VERO BEACH REDEVELOPMENT
HISTORICAL P&L
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FINANCIAL ANALYSIS
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HISTORICAL P&L
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FINANCIAL ANALYSIS
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5 YEAR PRO FORMA
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FINANCIAL ANALYSIS
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5 YEAR PRO FORMA
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VERO BEACH REDEVELOPMENT
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MARKET
COMPARABLES
VERO BEACH REDEVELOPMENT
SALES COMPARABLES MAP
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VERO BEACH REDEVELOPMENT
(SUBJECT)
Blue View Resorts
SeaGlass Inn B & B
Sea View Inn
Delmar Motel
The Nevada
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PROPERTY NAME
VERO BEACH REDEVELOPMENT
SALES COMPARABLES
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SALES COMPARABLES
Avg. $181,626
$0
$30,000
$60,000
$90,000
$120,000
$150,000
$180,000
$210,000
$240,000
$270,000
$300,000
Sea Spray
Inn
Blue View
Resorts
SeaGlass
Inn B & B
Sea View
Inn
Delmar
Motel
The Nevada
Average Price Per Room
PROPERTY NAME
MARKETING TEAM
VERO BEACH REDEVELOPMENT
SALES COMPARABLES
rentpropertyname1
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rentpropertyaddress1
Interest Fee Simple
Total No. of Rooms 17
Year Built / Renovated 1987
Underwriting Criteria
Room Revenue $587,505 Occupancy 58%
Total Revenue $587,505 ADR $162.00
NOI $291,821 Rev PAR $9,396
SEA SPRAY INN 965 E Causeway Blvd, Vero Beach, FL, 32963
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Close of Escrow 4/11/2017
Asking Price $2,100,000
Price/Room $140,000
Price/SF $224.74
Total No. of Rooms 15
Year Built / Renovated 1978
BLUE VIEW RESORTS 5815 S Highway A1A, Melbourne Beach, FL, 32951
Close of Escrow 5/1/2017
Asking Price $1,330,000
Price/Room $147,778
Price/SF $323.44
Total No. of Rooms 9
Year Built / Renovated 1915
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SEAGLASS INN B & B 514 Ocean Ave, Melbourne Beach, FL, 32951
PROPERTY NAME
MARKETING TEAM
VERO BEACH REDEVELOPMENT
SALES COMPARABLES
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Close of Escrow 4/20/2016
Asking Price $1,042,800
Price/Room $130,350
Price/SF $309.07
Total No. of Rooms 8
Year Built / Renovated 1950
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SEA VIEW INN 4215 S Highway A1A, Melbourne Beach, FL, 32951
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Close of Escrow 5/2/2017
Asking Price $3,850,000
Price/Room $256,667
Price/SF $515.67
Total No. of Rooms 15
Year Built / Renovated 1955
DELMAR MOTEL 315 Arthur St, Hollywood, FL, 33019
Close of Escrow 3/4/2017
Asking Price $3,500,000
Price/Room $233,333
Price/SF $272.29
Total No. of Rooms 15
Year Built / Renovated 1970
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THE NEVADA 322 Nevada St, Hollywood, FL, 33019
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MARKET
OVERVIEW
MARKET OVERVIEW
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FLORIDA
Occupancy Rises in Florida Hotels, Bolstering Growth in Revenue Metrics
Orlando drives occupancy and revenue metric growth in Sunshine State. Healthy tourism in the state of Florida and job growth in many of the major metros have
benefited occupancy and spurred increases in statewide revenue metrics during the year ending in June. Nearly all of the state’s largest metros contributed to
occupancy increases, with the Orlando market posting the largest gains. The metro is one of the largest tourist destinations in the United States and received a record
68 million visitors in 2016, underpinning hotel room demand. Additionally, above-average hiring in professional sectors has driven business travel to the area, benefiting
occupancy rates during the workweek. Hiring in office-using sectors rose 4.1 percent during the last 12 months as 12,500 positions were created in Orlando. Healthy
room demand and limited completions not only boosted occupancy rates but accelerated growth in revenue metrics. As a result, investors remained interested in
Orlando’s hotel assets, targeting properties in the Tourist Corridor submarket and near major attractions including Disney World. Many of the hotels that changed hands
are independent or in the upper midscale segment.
Residents take shelter in hotels after hurricane evacuations. Hurricane Irma impacted the entire state of Florida and caused residents and visitors to seek shelter,
elevating occupancy levels in the short term in areas outside of the evacuation zones. Roughly 6.4 million people were ordered to evacuate parts of southeast Florida,
plummeting hotel occupancies and revenue metrics in metros including Miami-Hialeah and Fort Lauderdale as the hurricane made landfall. Occupancy in hotels in
Orlando rose considerably during this time as residents sought shelter farther north and inland. As evacuation orders were lifted, many residents may turn to hotels as
they assess damage or wait for power to be restored, increasing occupancy levels and generating RevPAR growth. FEMA workers and volunteers will also occupy
available hotel rooms as rebuilding occurs, further helping occupancy and revenue growth. Hotel investors will begin assessing their portfolios and determining next
steps. Some owners may elect to place their property on the market in hopes of capturing a higher price amid higher occupancy and revenue growth. Several buyers
will seek damaged properties in hopes of restoring and renovating to capture higher average daily rates.
MARKET OVERVIEW
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FLORIDA
2017 Forecast
Revenue jumps in short term. In the aftermath of Hurricane Irma, statewide occupancy will move up
amid recovery efforts. As a result, the average daily rate will climb 5.6 percent to $140.88 and drive a 10
percent increase in RevPAR to $105.04. Occupancy and revenue metrics should adjust back to normal
levels by next year.
Office-using job growth persists. Many of the major Florida markets registered employment gains in
professional sectors above the national rate of growth. Job growth can spur occupancy gains during
weekdays as individuals attend business meetings and interviews. Fort Lauderdale registered the largest
increase in office-using hiring during the last four quarters, rising 5.4 percent as 12,000 positions were
created. Tampa also posted strong growth, climbing 4.2 percent with the addition of 15,300 workers.
Construction rises in Miami. Nearly 12,500 rooms are under construction in Florida and another 15,600
are making their way through the planning stage and expected to break ground in the next 12 months. Of
these deliveries, the Miami-Hialeah metro has 4,900 rooms under construction.
* Forecast
Sources: Marcus & Millichap Research Services; STR, Inc.
Metrics 2016 2017*
Occupancy 71.6% 74.6%
Demand Growth -0.9% 5.9%
Supply Growth 1.5% 1.6%
Average Daily Rate $133.37 $140.88
Annual Change 2.2% 5.6%
RevPAR $96.35 $105.04
Annual Change 1.6% 10.0%
Revenue Growth -2.9% 11.8%
MARKET OVERVIEW
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FLORIDA
Occupancy Trends
After a 20-basis-point decrease in the prior year, occupancy in Florida climbed 130 basis points during
the last 12 months to 73.2 percent in June. Room nights in the state rose 3.8 percent during this time,
outpacing a supply increase of 1.8 percent.
The majority of major metros in Florida registered occupancy increases during the last four quarters.
Orlando posted the largest gain, with occupancy in the metro rising 330 basis points during the year to
78.9 percent at the end of the second quarter, the highest rate among the major markets. Limited
completions and a 5.2 percent increase in room nights contributed to the spike in year-over-year
occupancy.
Occupancy in Miami-Hialeah and Fort Lauderdale climbed more than 100 basis points in each metro. In
June, occupancy in Miami-Hialeah rested at 72.8 percent while Fort Lauderdale had a 73.9 percent
occupancy rate. The Tampa-St. Petersburg market registered the only decline as the rate fell 110 basis
points to 71.8 percent. Supply additions of 2.9 percent outpaced a room nights increase of 1.6 percent.
Revenue Trends
The average daily rate in Florida rose 3.4 percent during the last four quarters to $125.59 in June. The
increase in ADR coupled with rising occupancy lifted statewide RevPAR up 5.4 percent during this same
time period to $91.98.
The significant jump in occupancy in Orlando aided in a 6.8 percent increase in the metro’s ADR to
$115.85. As a result, RevPAR in Orlando soared 11.5 percent year over year to $91.39. In Fort
Lauderdale, the average daily rate ticked up slightly to $112.78 while RevPAR climbed 3.0 percent
during the last four quarters to $83.34.
Declining occupancy in the Tampa-St. Petersburg metro did not hamper improvement in the area’s
revenue metrics. ADR in the market rose 3.3 percent during the previous 12 months to $117.95 in June.
The increase in the rate drove a 1.8 percent advance in RevPAR to $84.64. In Miami/Hialeah, ADR ticked
down 0.7 percent but rising occupancy led to a 1.2 percent increase in RevPAR to $106.92.
* Forecast
Sources: CoStar Group, Inc.; STR, Inc.; Real Capital Analytics
MARKET OVERVIEW
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FLORIDA
Sales Trends
Transaction velocity fell 9 percent in Florida during the year ending in the second quarter as fewer
listings were available. The competitive bidding environment for available properties during this time
lifted the average price up 15 percent to approximately 143,000 per key.
Independent hotels comprised a significant chunk of all transactions, particularly in coastal locations
including Miami Beach and oceanside hotels in Tampa-St. Petersburg. Increased competition for
independent hotels lifted the average price up 14 percent statewide to $180,000 per key.
During the last four quarters, transaction volume for hotels in Jacksonville rose notably from the prior
year. Limited service assets were a primary target for investors in the Jacksonville metro.
* Forecast
Sources: Marcus & Millichap Research Services; STR, Inc.
MARKET OVERVIEW
VERO BEACH REDEVELOPMENT
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HOSPITALITY RESEARCH
Investors Maintain Confidence in Hospitality Market
As Occupancy and Revenue Metrics Improve
Hotel room demand persists. The U.S. hospitality sector has recorded increases in occupancy and revenue
metrics during the year ending in June as room demand remained healthy. Employment growth nationwide and
the rising median household income will support travel in the near future. Both domestic and international travel
continue to rise, further benefiting room demand. Potential headwinds do exist including the growing construction
pipelines in many major markets that may place downward pressure on occupancy, the average daily rate and
RevPAR this year and into 2018.
• During the last 12-month period, hiring in office-using sectors rose 2.4 percent nationwide as 734,000 workers
were added to staffs. Healthy job growth and a tight employment rate of 4.4 percent bolstered medium
household incomes by 2.8 percent during this time. The rising incomes may spur additional leisure travel while
increased jobs may further business travel.
• Domestic and international passenger travel in the United States rose 3.8 percent during 2016. In particular,
international travel provides hotel operators opportunities for stronger demand drivers as passengers more
than doubled in the last three years.
• Texas and California have more than 20,000 rooms each that are expected to break ground in the next 12
months. The increased supply may place downward pressure on occupancy in the coming years.
MIDYEAR 2017
MARKET OVERVIEW
VERO BEACH REDEVELOPMENT
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HOSPITALITY RESEARCH
Investors increasingly targeting hotels as demand drivers improve. Hotel operations that spur revenue growth
have kept buyers active in this sector. Transaction velocity rose roughly 10 percent nationwide as demand picked
up for properties in many of the country’s smaller markets. On average, hotel assets changed hands for nearly
$100,000 per key, down slightly year over year as fewer properties in upper chain scales changed hands.
Among chain scales, lower-tier hotels garnered significant investor attention. Trades increased considerably
for economy and upper midscale assets during the previous four quarters. Demand for upscale assets held
steady with the majority of trades in Marriott and Hilton branded properties.
Several regions posted significant increases in transaction volume during the last 12 months. The Carolinas
and the Central Midwest region led the nation, with the Mid Atlantic, Mid South and Southwest regions
following. In prior years, coastal regions typically led sales volume.
Sales velocity picked up for independent properties during the year ending in June as buyers widened their
acquisition expectations. The increased demand for soft brand hotels may further intensify bidding for their
properties moving forward as visitors seek experience oriented hotels.
MIDYEAR 2017
MARKET OVERVIEW
HOSPITALITY RESEARCH
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Hotel construction pipeline on the rise. Roughly 111,000 rooms in more than 950 hotel projects were
completed nationwide during the last 12 months up to June. Moving forward, nearly 187,000 rooms are under
development and an additional 222,000 are expected to break ground in the next four quarters. The growing
supply additions may place downward pressure in occupancy over the coming year.
The metros of Houston and New York City received the largest number of rooms as 4,200 and 5,400 rooms
were completed within July to June, respectively.
Hilton Worldwide and Marriott International boosted their inventory during the last 12 months. Both companies
averaged between 27 percent and 28 percent increases of new hotel rooms over all supply additions.
Among chain scales, the bulk of new completions were in the upscale and upper midscale segments with a
combined total of 77,000 rooms. Roughly 10,500 unaffiliated rooms were also constructed during this time. * Trailing 12 months through 2Q
MIDYEAR 2017
MARKET OVERVIEW
HOSPITALITY RESEARCH
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Occupancy climbs amid healthy room demand. Since last June, demand for hotel rooms continued to outpace
supply growth, lifting occupancy in the United States 50 basis points to 73.4 percent at the end of the second
quarter. First half occupancy rose 40 basis points from the same time period last year to 65.3 percent.
Large markets that demonstrated significant occupancy increases from last year include Norfolk-Virginia
Beach, Orlando and Atlanta. On the other hand, mounting supply pressures in metros including Dallas,
Houston and Nashville weighed on vacancy improvement in the last 12 months.
Nearly all hotel chain scales posted occupancy improvements over the year ending in June. Economy chains
boasted the greatest improvement with occupancy increasing 90 basis points to 65.4 percent. The upscale
segment posted the only occupancy decrease as the rate ticked down 20 basis points year over year to 80.5
percent.
Based on location, occupancy in properties in proximity to major thoroughfares climbed 100 basis points
during the previous four quarters to 66.6 percent. Room demand in these hotels typically comes from travelers
passing by. The highest occupancy rate remains in urban hotels at 80.4 percent, up 50 basis points year over
year.
MIDYEAR 2017
MARKET OVERVIEW
HOSPITALITY RESEARCH
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Room demand drives increases in revenue metrics. Rising occupancy nationwide is driving growth in revenue
metrics. During the year ending in the second quarter, the average daily rate advanced 2.1 percent to $129.12.
The increase in ADR and occupancy generated a 2.8 percent rise in RevPAR during this time to $94.73.
ADR and RevPAR in independent hotels outperformed all other chain scales, rising 2.7 percent and 3.9
percent, respectively. Economy hotels followed as strong occupancy improvement and a 2.2 percent increase
in ADR drove a 3.5 percent climb in RevPAR during the last 12 months.
Despite higher occupancy in urban areas, suburban hotels outperformed their counterparts in ADR and
RevPAR growth during the previous four quarters. ADR in urban hotels rose 0.3 percent while RevPAR inched
up 0.9 percent during this time. In the suburbs, ADR climbed 2.3 percent and RevPAR posted a 2.8 percent
advance.
Major markets with RevPAR growth near or above 10 percent include Norfolk-Virginia Beach, Orlando, and
San Diego.
MIDYEAR 2017
* Trailing 12 months through 2Q
MARKET OVERVIEW
HOSPITALITY RESEARCH
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Total Airport Passengers in Major Markets
MIDYEAR 2017
2016 International Visitation
Passenger travel in the many of the nation’s largest
airports can highlight up-and-coming travel
destinations and the potential for improvement in hotel
occupancy and revenue metrics. The Los Angeles
International Airport registered an 8 percent increase in
passenger volume in 2016 from the prior year, making it
the second most traveled airport in the nation. During
this same time, hotel occupancy increased 100 basis
points in the Los Angeles metro while RevPAR jumped
10.9 percent year over year. Additionally, hotels located
near airports tend to have some of the highest
occupancy rates, compared with interstate, resort,
suburban and small metro hotels.
One of U.S. largest contributors to international
visitation, Brazil, was battered with political turmoil and
a recession leading to a 24 percent drop in arrivals in
2016. Many Florida markets are impacted from fewer
tourists visiting from the country and several of these
metros, including Orlando, registered occupancy
declines last year. On the other hand, the number of
tourists from China grew 15 percent in 2016 from the
prior year and that number is expected to increase. As
a result, many hotels are customizing amenities to
entice these travelers, including a hotel chain in
California that will now accept Chinese mobile
payments.
Travel Highlights
MARKET OVERVIEW
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HOSPITALITY RESEARCH
Monetary policy in transition. Despite the Fed raising its benchmark short-term rate three times in seven months and signaling another rise before the end of the year,
long-term rates have remained stable. The yield on the 10-year U.S. Treasury bond remained in the low- to mid-2 percent range throughout the third quarter of 2017.
The Federal Reserve wants to normalize monetary policy and, in addition to raising its funds (or overnight lending) rate, has announced it will begin to taper its
balance sheet by allowing an initial $10 billion in securities to mature without reinvestment. By reducing its acquisitions of securities, 10-year Treasury rates should
drift upward, thereby widening the spread between short- and long-term rates.
Increase in interest rates over the course of the year, pushing up the cost of capital. While commercial real estate fundamentals remain strong, rising costs
associated with debt financing will tighten the spread between cap rates and lending benchmarks. This environment could weigh on transaction activity as investors
evaluate their yield options. Cap rates have remained relatively stable over the last year, but upward movement in Treasury rates has amplified the expectation gap
between buyers and sellers.
Capital markets remain highly competitive, with a broad assortment of fixed-rate products available. Year to date, CMBS market share has moved from a quarter of
the market up to comprising one-third of hotel lending. Loan-to-value for CMBS typically is in the low-60 percent range. Lending by national and regional/local banks
comprises a quarter of the lending activity this year with smaller loan sizes and LTV averaging from 60 percent to upwards of 90 percent for SBA products.
Capital Markets
MIDYEAR 2017
MARKET OVERVIEW
VERO BEACH REDEVELOPMENT
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HOSPITALITY RESEARCH
Name State Rooms
Wyndham Garden Hotel Newark NJ 349
Clarion Orlando International Airport FL 330
Surfside Marina TX 281
Clarion Conversion KS 257
Holiday Inn & Suites Beaumont TX 253
Atrium Hotel & Conference Center KS 216
Cabot Lodge Jackson North MS 200
Crowne Plaza OH 200
A2B Budget Hotel GA 196
Fontana Village Resort NC 194
Denver’s Best Inn & Suites CO 190
Ramada Florence Center SC 190
Days Inn Birmingham South AL 159
Red Roof Inn St. Louis Westport MO 158
Holiday Inn & Suites WI 146
Clarion Inn & Suites Syracuse NY 143
Days Inn New Orleans LA 138
The Hotel Blue NM 140
Best Western Plus Westbank LA 138
Roadway Inn FL 125
Suburban Extended Stay South Bend IN 117
Days Inn Knoxville East TN 116
Holiday Inn Yakima WA 114
Motel 6 Tulsa South OK 114
2017 Marcus & Millichap Transactions
MIDYEAR 2017
PROPERTY NAME
MARKETING TEAM
VERO BEACH REDEVELOPMENT
DEMOGRAPHICS
Source: © 2016 Experian
Created on November 2017
POPULATION 1 Miles 3 Miles 5 Miles
2021 Projection
Total Population 2,283 20,929 59,326
2016 Estimate
Total Population 2,255 20,251 56,846
2010 Census
Total Population 2,159 19,540 54,722
2000 Census
Total Population 2,343 20,784 52,566
Daytime Population
2016 Estimate 2,544 33,177 71,395
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
2021 Projection
Total Households 1,133 10,968 27,924
2016 Estimate
Total Households 1,108 10,577 26,598
Average (Mean) Household Size 2.08 1.91 2.10
2010 Census
Total Households 1,050 10,118 25,430
2000 Census
Total Households 1,086 10,866 24,166
HOUSING UNITS 1 Miles 3 Miles 5 Miles
Occupied Units
2021 Projection 1,133 10,968 27,924
2016 Estimate 1,521 14,170 33,649
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2016 Estimate
$200,000 or More 25.56% 8.11% 7.03%
$150,000 - $199,000 10.04% 3.51% 3.60%
$100,000 - $149,000 19.39% 10.72% 10.99%
$75,000 - $99,999 7.69% 7.17% 8.50%
$50,000 - $74,999 13.80% 14.18% 16.87%
$35,000 - $49,999 6.68% 11.77% 12.79%
$25,000 - $34,999 3.64% 12.58% 12.23%
$15,000 - $24,999 7.43% 17.11% 15.39%
Under $15,000 5.77% 14.84% 12.60%
Average Household Income $175,754 $83,706 $81,531
Median Household Income $111,948 $41,375 $46,069
Per Capita Income $86,356 $43,893 $38,250
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population 25+ by Education Level
2016 Estimate Population Age 25+ 1,859 16,349 43,958
Elementary (0-8) 0.07% 2.24% 2.47%
Some High School (9-11) 0.77% 6.26% 7.31%
High School Graduate (12) 10.52% 24.64% 25.74%
Some College (13-15) 19.90% 22.36% 23.50%
Associate Degree Only 4.84% 6.75% 7.82%
Bachelors Degree Only 39.06% 23.06% 20.35%
Graduate Degree 24.75% 13.64% 11.66%
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Income
In 2016, the median household income for your selected geography is
$111,948, compare this to the US average which is currently $54,505.
The median household income for your area has changed by 5.91%
since 2000. It is estimated that the median household income in your
area will be $124,578 five years from now, which represents a change
of 11.28% from the current year.
The current year per capita income in your area is $86,356, compare
this to the US average, which is $29,962. The current year average
household income in your area is $175,754, compare this to the US
average which is $78,425.
Population
In 2016, the population in your selected geography is 2,255. The
population has changed by -3.76% since 2000. It is estimated that
the population in your area will be 2,283.00 five years from now,
which represents a change of 1.24% from the current year. The
current population is 49.58% male and 50.42% female. The median
age of the population in your area is 60.53, compare this to the US
average which is 37.68. The population density in your area is 718.58
people per square mile.
Households
There are currently 1,108 households in your selected geography. The
number of households has changed by 2.03% since 2000. It is
estimated that the number of households in your area will be 1,133
five years from now, which represents a change of 2.26% from the
current year. The average household size in your area is 2.08 persons.
Employment
In 2016, there are 709 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
89.27% of employees are employed in white-collar occupations in
this geography, and 15.14% are employed in blue-collar occupations.
In 2016, unemployment in this area is 1.18%. In 2000, the average
time traveled to work was 16.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
97.79% White, 0.20% Black, 0.00% Native American and 0.88%
Asian/Pacific Islander. Compare these to US averages which are:
70.77% White, 12.80% Black, 0.19% Native American and 5.36%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 3.07% of the current year
population in your selected area. Compare this to the US average of
17.65%.
PROPERTY NAME
MARKETING TEAM
VERO BEACH REDEVELOPMENT
Housing
The median housing value in your area was $450,267 in 2016,
compare this to the US average of $187,181. In 2000, there were 959
owner occupied housing units in your area and there were 126 renter
occupied housing units in your area. The median rent at the time was
$677.
Source: © 2016 Experian
DEMOGRAPHICS
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8
VERO BEACH REDEVELOPMENT
DEMOGRAPHICS
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www.MarcusMillichap.com
Ahmed Kabani
First Vice President Investments
Senior Director - National Hospitality Group
Miami Office
Tel: (786) 522-7000
Fax: (786) 522-7010
License: FL SL3115103
Garrick Benabe
Agent Candidate
Miami Office
Tel: (786) 522-7000
Fax: (786) 522-7010
License: FL SL3385321
Jesse Bajaj
SIP
Member - National Hospitality Group
Miami Office
Tel: (786) 522-7026
Fax: (786) 522-7010
License: FL SL3385910
P R E S E N T E D B Y
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