Income e Approach h – Conve entional Hotel H Room rates r propo osed for th he subjectt for the opening o (F Fall 2008) season arre as follows. Complete e pro forma as by the owner o base ed on different occup pancy scena arios are foun nd in the Addenda. A
Projecte ed Rate Ra ange Ja anuary $595 - $1,350 $595 - $1,350 Fe ebruary $595 - $1,350 March $595 - $1,350 Ap pril $430 $650 May $250 $650 une Ju $250 $650 Ju uly $250 $650 Au ugust $250 $650 Se eptember $450 $800 October $450 $800 November $550 - $1,195 December Compettitive Marke et Discussion The Colony Hotel one e block so outh of Worth W Aven nue east of o County Road and one block k off the ocean o is ve ery similarly located to the sub bject. It co ontains 80 0 rooms including i 13 suites and three e penthouse suites and has been b opera ating for more m than n 50 years s. Amen nities are also simillar to the e subject,, with courtyard, pool, p resta aurant and d lounge. Rack rate es range from f $190 0 to $950 0 off-seas son and from f $300 0 to $1,3 300 during the season n. This property is substtantially in nferior to the subject with regard to room siz ze, ameniities, quality of interrior finish and a appointtment.
The Bra azilian Co ourt is an 80-room property located on Austrralian Ave enue at Hibiscus, H three bllocks from the ocean n. Operating as a hotel since 1926;; the prop perty unde erwent a condom minium conversion following a $20 million + renovation over the recen nt past. The hotel is now in n operation n and is an n affiliate of Lead ding Hotels s of the World. W Amenities include restaurant, lounge and spa / salon. 51