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Table of Contents <br />ix <br /> <br />Table of Contents <br />Certification ......................................................................................................................... i  <br />Executive Summary ............................................................................................................. ii  <br />Subject Photographs ............................................................................................................ vi  <br />Table of Contents ................................................................................................................ ix  <br />Introduction ........................................................................................................................ 1  <br />Area Analysis ...................................................................................................................... 5  <br />Neighborhood Analysis ....................................................................................................... 7  <br />Site Analysis ...................................................................................................................... 11  <br />Improvements Analysis ...................................................................................................... 15  <br />Zoning .............................................................................................................................. 18  <br />Tax and Assessment Data .................................................................................................. 20  <br />Market Analysis – Macroeconomic ..................................................................................... 22  <br />Market Analysis - Hotel ..................................................................................................... 26  <br />Highest and Best Use ........................................................................................................ 41  <br />Appraisal Methodology ..................................................................................................... 42  <br />Income Capitalization Approach ........................................................................................ 43  <br />Sales Comparison Approach ............................................................................................. 72  <br />Reconciliation of Value ...................................................................................................... 77  <br />Real Property Value Allocation ........................................................................................... 78  <br />Assumptions and Limiting Conditions ................................................................................ 81  <br />ADDENDA <br />A Subject Information  <br />B Improved Sale Data Sheets  <br />C Hotel Comparable Data Sheets  <br />D Operating Data  <br />E Smith Travel Research Report  <br />F Tax Statement  <br />G Client Contract Information  <br />H Qualifications