In the first 6 months of 2016, IRR-San Diego’s Hospitality Valuation Group has completed 40 hospitality appraisal assignments, ranging from small, independently owned bed & breakfast motels, to full service, major chain luxury hotels. These 40 appraisal assignments have a combined real estate value of over $282 million, and a combined gross building area of 1.7 million square feet. The hotels were located throughout San Diego, Orange and Los Angeles counties, and other California locations, including Fresno, Santa Barbara and Santa Cruz. IRR-San Diego’s principal and Sr. Managing Director, Jeff Greenwald, MAI, SRA, ASA, AI-GRS, FRICS, is also licensed in Washington, Oregon, Arizona, Texas, New Mexico, and Georgia. Several of the 40 appraisal assignments completed were located in those states.
For further information on IRR-San Diego’s Hospitality Valuation Group or a copy of their brochure, please email email@example.com.
IRR-San Diego recently valued market value as is of the total assets of the business (MVTAB). This was a fee simple/leasehold interest, a going concern interest, specifically excluding monetary assets of cash and inventory of a 395-room full service hotel, with a site area of 10.41 acres, located adjacent to a major regional international airport. The appraisal was done for internal valuation purposes prior to a potential sale.
We are pleased to present copies of our recently released IRR Viewpoint 2015, Integra Realty Resources’ signature publication. In this annual edition, we provide market value trends for investment-grade real estate across the San Diego market. Read More
IRR San Diego’s Hospitality Practice Group has completed a commercial appraisal of a hotel property located in the community of Pacific Beach in San Diego. The property consists of a non-franchised, limited service hotel that has 24 rooms. The improvements were constructed in 1952, and each room includes a fully equipped kitchens. The subject site area is 0.36 acres. The purpose of this commercial valuation was for loan underwriting purposes for a lender.
If you have any hotel valuation questions or needs, please contact us today at 858.259.4900 or firstname.lastname@example.org. Also, please be sure to check out our Hospitality page for more information on our hotel appraisal practice.
Integra San Diego has completed a commercial appraisal of a hotel property located in Escondido in San Diego County. The property is an existing limited-service hotel that contains almost 70 rooms. The improvements were constructed in 1985 and are situated on 1.15 acres of land. The purpose of this commercial valuation was for loan underwriting purposes for a lender.
If you have any hotel valuation questions or needs, please contact us today at 858-259-4900 or at email@example.com. Also, please be sure to check out our hospitality appraisal page for more information on our specialty practice.
IRR San Diego attended Bisnow’s Hospitality Summit, where developers, investors, and even Padres management shared their views on the San Diego Hotel market. Here is a recap of the event.
The San Diego tourism market is climbing quickly out of the recession, with occupancy rates above 78% according to Joe Terzi of the San Diego Tourism Authority. With such a strong recovery and a forecast of ever-improving market conditions, hotel owners are holding on to their investments, which is leading to a lack of inventory. Like other property types where money is chasing few deals, it is a difficult time to buy hotels in San Diego (despite the low cost of capital), which is leading some to believe that San Diego hotels may reach the $1 million per room threshold.
Another trend for hotel properties is to buy in Downtown San Diego, one of the hotter submarkets in the area (which is a similar trend for apartment developers and investors that spoke at the last Bisnow summit). While the panelists agree that it is difficult to build downtown (see below for challenges), this consequently creates no oversupply, but rather opportunities for infill projects. Read More
As one of the leading hotel appraisal firms in the Western United States, Integra San Diego has completed hospitality valuations both inside and outside of California. Recently, we completed two hotel valuations in Arizona.
The first is a an independent hotel property located in Sierra Vista in Cochise County. The property consists of five buildings built in 1987 that have a total gross building area of over 33,000 square feet. Three of the buildings contain 56 rooms, while the other two buildings are built out as a lobby and a clubhouse. The site area is 2.32 acres.
The other hotel property is located in Kingman, Mohave County, Arizona. This independent motel property contains 36 rooms and has special features such as a manager’s apartment and a basement storage area. The improvements were built in 1957 and added onto in 1963. The subject site consists of 1.13 acres on three non-contiguous parcels. Both this motel appraisal and the Sierra Vista hotel valuation were performed for loan underwriting purposes for a lender.
For additional information on our hotel specialty practice, please visit the hospitality section of our website. Also, please contact us directly with any hotel valuation questions or needs.
IRR San Diego has completed a commercial appraisal of a proposed hotel property located in San Diego. The property is a 0.63 acre site currently developed with an limited-service hotel, but the owners plan to redevelop the property as a multi-occupancy structure with a hotel, residential condominiums, retail, and a restaurant. The project is expected to be delivered in approximately two years. The purpose of this commercial valuation was for loan underwriting purposes for a lender.