Hotelfl

BAHIA BEACH HOTEL & APARTMENTS
FORT LAUDERDALE, FL
OFFERING MEMORANDUM
CONFIDENTIALITY AND DISCLAIMER CONFIDENTIALITYAGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenants plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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 Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Florida 2011 Marcus & Millichap S0240059
TABLE OF CONTENTS
SECTION ONE ........................................................PROPERTY DESCRIPTION SECTION TWO ...............................HOTEL PRICING & FINANCIAL ANALYSIS SECTION THREE .........................PRO FORMA APARTMENT ANALYSIS SECTION FOUR ............................................RECENT SALES SECTION FIVE ......................ON MARKET COMPARABLES SECTION SIX ............................MARKET OVERVIEW SECTION SEVEN ..................DEMOGRAPHIC ANALYSIS
PROPERTY DESCRIPTION

FORT LAUDERDALE, FL
Investment Overview
INVESTMENT HIGHLIGHTS
Excellent Fort Lauderdale Beach Rental Location Situated on Harbor Drive, One Block West of A1A Less than One Mile from 17th Street Causeway and Las Olas Boulevard 1971 Six-Story CBS Construction (New Roof in 2006) Fantastic Views of Intracoastal Waterway and the Atlantic Ocean Flexibility Operating as a Hotel and/or Apartment Building Two Renovated Penthouses on Sixth Floor (+/- 2,000 sq ft) Large Swimming Pool and Sundeck
Bahia Beach Hotel & Apartments is a 37-room boutique hotel located along Harbor Drive between the Intracoastal Waterway and the Atlantic Ocean in Fort Lauderdale Beach, Florida. The property is just a short walk to the shopping, dining and entertainment of world-famous Fort Lauderdale Beach. Additionally, local landmarks such as the Swimming Hall of Fame, South Beach Park and Las Olas Boulevard are located in close proximity. Bahia Beach Hotel & Apartments was purchased by the current ownership in June 2002. Renovations were made to the property and grounds to improve it's appeal. Amenities include a beautiful swimming pool and sundeck, wireless internet and daily housekeeping service. Floorplans include basic motel rooms, full-size efficiencies with queen beds, full-size efficiencies with double beds and penthouses/suites. Bahia Beach Hotel & Apartments represents a rare opportunity to acquire a 37-room boutique hotel in a desirable location on Fort Lauderdale Beach. It is anticipated that an investor will continue to operate the Bahia Beach Hotel as a boutique resort. As the economy stabilizes and tourism improves, the property should be well positioned for future revenue growth.
Investment Overview
Fort Lauderdale Beach - One of the World's Premier Beachfronts The City of Fort Lauderdale boasts more than seven miles of sparkling beaches that offer residents and visitors premier opportunities for recreation, relaxation and enjoyment. The Citys award-winning wavewall and signature beachfront promenade highlight Fort Lauderdales world famous coastline, which is punctuated by an array of shops, restaurants, sidewalk cafes and entertainment venues. Beachgoers can participate in a wide range of activities from boating, wind surfing, jet skiing and volleyball to snorkeling, scuba diving, deep-sea fishing and rollerblading. Or, if relaxation is what you desire, simply sit back, unwind and enjoy breathtaking views of the Atlantic Ocean. In 1986, voters approved a $47 million General Obligation Bond which paved the way for several redevelopment projects. Foremost among these was the $26 million renovation of Fort Lauderdale Beach. The renovation included the complete redesign of coastal roadway A1A, the elimination of diagonal beach front parking, the addition of landscaped medians, pullout lanes, bicycle lanes, new traffic signals, brick paved pedestrian crosswalks, expanded sidewalks and a pedestrian beachfront promenade. The most dramatic change was the construction of a beach wavewall - a flowing, swirling beach wall that extends two miles along the central portion of Fort Lauderdale Beach. Since its completion, the wavewall has become the signature attraction for locals and tourists alike. Fort Lauderdales Beach redevelopment project brought national and international recognition, instilled community pride and began to redefine the City as an international center for business, culture, leisure and recreation. The ensuing years have brought even more public and private investment in the area. Today, Fort Lauderdale Beach features an array of shops, restaurants, sidewalk cafes and entertainment venues. The area is home to the Las Olas Marina and Fort Lauderdale Aquatics Center, as well as numerous major events including the McDonalds Air and Sea Show, Greater Fort Lauderdale International Boat Show, Beachfest, Oceanfest and numerous other festivals and special events. In addition the beach offers a wide range of activities including boating, wind surfing, jet skiing, volleyball, snorkeling, scuba diving, deep-sea fishing and rollerblading. (Source: http://ci.ftlaud.fl.us/beach/index.htm)
Property Summary
THE OFFERING Property Property Address Assessor's Parcel Number Zoning SITE DESCRIPTION Year Built Number of Rooms Number of Buildings Number of Floors Lot Size Type of Ownership Parking Laundry Room ROOM BREAKDOWN Hotel Rooms Studios Large Studios One Bedroom Apartments Penthouses Bahia Beach Hotel & Apartments 3030 Harbor Drive Fort Lauderdale, FL 33316 5042-12-24-0210 RMH-60
1970 37 1 6 .39 Acres Fee Simple 28 Spaces 3 Washers & 3 Dryers
2 14 14 5 2
PROPERTY
UTILITIES Water Cable Electric Gas CONSTRUCTION/MECHANICAL Foundation Framing Exterior Parking Surface Roof Elevator HVAC Fire/Life/Safety
City of Fort Lauderdale - Paid by Owner Comcast - Paid by Owner FPL - Paid by Owner TECO - Paid by Owner
Pilings Concrete Block Painted Concrete Stucco Asphalt Flat (2006) Hydraulic Lift Wall Air Conditioning Units * Central Fire Alarm System
* Please note there is a central chiller system that was taken out of service by the current owner in favor of wall air conditioning units.
Survey
Area Maps
LOCAL MAP
REGIONAL MAP
Aerial Photo
Aerial & Bird's Eye Photos
Property Photos
Property Photos
10
Property Photos
11
Property Photos
12
Property Photos
13
Property Photos
14
Property Photos
15
Property Photos
16
Property Photos
17
Property Photos
18
Property Photos
19
Property Photos
20
Property Photos
21
Property Photos
22
Q U A R T E R L Y
U P D A T E
First Quarter 2011
JOB GROWTH TO RAISE OCCUPANCY, RESTORE RATE GROWTH IN 2011

The modest economic recovery helped to raise occupancy in 2010, and a transition to a more normal and sustainable expansion cycle will occur in 2011 as job creation and economic activity accelerates. Employers will add nearly twice as many positions this year as in 2010, spurring an increase in business travel and spending on vacations. The projected rise in the creation of full-time positions and less reliance on temporary workers will greatly benet the hospitality sector. Protability measures show considerable momentum heading into 2011, as revenue per available room (RevPAR) increased year-over-year in the nal nine months of 2010. In addition, the average daily rate (ADR) rose from year-earlier levels in each month during the years second half. Declining construction and increasing revenues will further boost RevPAR, although many markets will not reach their pre-recession peaks until 2012, when daily rates will rise more robustly. The annual ADR, meanwhile, will tick up for the rst time in two years during 2011 as property operators leverage increases in room demand, especially in periods of peak travel. Investment continues to recover as a result of the improvement in property performance. Interest in agged fullservice assets in urban locations remains intense, and sales of these properties led to a surge in transaction velocity during 2010. Buyers will continue to focus on properties in primary locations while prices remain well below the last peak. Many large investors still deploy considerable cash in deals, but expanding nancing capacity will draw smaller, leveraged investors back into the market. As the outlooks for the sector and overall economy have improved, lenders have started to underwrite deals at loan-to-value ratios ranging from 50 percent to 65 percent. Financing from the Small Business Administration, a commonly used source of capital for owner-operators, is more readily available and offers higher loan limits than one year ago. A resumption of the CMBS market could further expand nancing capacity as 2011 progresses, although defaults on hotel loans remain high, and a signicant number of distressed properties exist.
QUICK FACTS
2010* Occupancy Demand Growth Supply Growth Average Daily Rate Annual Change RevPAR Annual Change Revenue Growth 57.8% 8.1% 2.0% $98.00 0.0% $56.64 6.0% 8.1% 2011** 59.2% 3.1% 0.6% $102.09 4.2% $60.47 6.8% 7.4%

Job Creation to Accelerate. In 2011, employers will hire 2 million workers, a 1.5 percent increase and nearly two times the number of positions created in 2010. An increase in job growth will support further strengthening in room demand. Several large hospitality markets will add jobs at a more substantial pace than the national rate of growth. All Primary Measures of Property Performance to Improve. Occupancy will rise 140 basis points in 2011 to 59.2 percent as a result of a 3.1 percent increase in room demand and a 0.6 percent rise in supply that reects a net addition of about 30,000 rooms. ADR will jump 4.2 percent to $102.09, and RevPAR will spike 6.8 percent to $60.47. Downside risks to the forecast include a double-dip recession, a sharp climb in gas prices and a disruption of air travel. Strong Buy Signals for Investors. Investment activity will continue to surge as investors who have waited on the sidelines increasingly seek to capitalize on lower prices and expanded nancing capacity.
* Estimate ** Forecast Sources: Marcus & Millichap Research Services, Smith Travel Research
ECONOMY AND MARKET CONDITIONS

Top Employment Markets in 2011
Austin Washington, D.C. Dallas/Fort Worth Orange County Houston San Jose San Antonio West Palm Beach Orlando New York City*
0%
1%
2%
3%
4%
Forecast Job Growth * Five boroughs Sources: Marcus & Millichap Research Services, Economy.com
Job creation resumed in 2010, as employers nationwide added more than 1.1 million positions for the entire year. Resurgent job creation stimulated a recovery in the national hospitality sector as business and vacation travel resumed, although the hiring of a signicant number of temporary workers lessened the positive impact on property performance. Approximately 308,000 temporary positions were added during the rst 11 months of the year, accounting for a sizable 32 percent of all jobs created nationwide. While these jobs generated additional consumer spending, the effects on room demand were subdued, since many temporary jobs do not receive full employee benets such as paid vacation time. Improving business conditions in 2011 should lessen employers reliance on temporary workers and support a greater pace of hiring for full-time positions. Total employment nationwide will expand 1.5 percent, or by 2 million jobs, and several large hotel markets will grow at a faster pace. Among the 10 metros with the highest projected job growth, six are among the nations 26 largest hotel markets. As such, the performance of the hospitality sector in markets such as Washington, D.C., Dallas, Orange County and Houston could exceed national forecasts. Room Demand Recovery Continues; Construction Slowing With the economic recovery slowly gaining momentum, room demand continues to rebound from the low levels recorded during the recession. Year to date through November 2010, room demand increased 7.8 percent from the corresponding period one year earlier and was on track to rise 8.1 percent during 2010 due to a strong December. Construction of new properties, meanwhile, continues to decline sharply as projects are completed and nancing constraints prevent many planned properties from breaking ground. Through November, the number of available rooms was up 2 percent from the year-earlier period. A further rebound in room demand will occur in 2011 as employment growth accelerates, generating additional business and leisure trips. The number of rooms sold to guests appears positioned to rise 3.1 percent during the year, accompanied by a 0.6 percent increase in rooms available. Despite the nationwide drop in hotel building, several markets enter 2011 with a considerable number of rooms under construction, which may limit the extent of occupancy improvements in the months ahead. These markets include New York City, where 7,100 rooms are under way, and Orlando, where more than 3,000 rooms are being built. Room Revenue Bounces Back, but ADR Lags Rising room demand underpinned a robust increase in room revenue during the rst 11 months of 2010. Room revenues increased 7.6 percent from the corresponding period in 2009, driven by an 8 percent gain in room revenue at nationally branded full-service properties. In comparison, room revenue at branded limited-service assets rose 5.3 percent, as demand for limited-service accommodations has not yet rebounded as strongly. The increase in room revenue, combined with declining construction, yielded a 5.4 percent jump in national RevPAR to $57.61. Property owners, however, continue to make slow progress raising rates due to frugal consumers and the application of lower corporate room rates negotiated one year ago. Year to date through November, the nationwide ADR was down 0.2 percent to $98.22, as only eight of the 26 largest markets registered increases. Most of the decline in the ADR was recorded in the rst half of 2010, however, as the daily rate was on track to rise 1.7 percent in the nal six months of the year. Increases were recorded each day of the week, with relatively strong gains on Fridays and Saturdays in the fourth quarter indicating a rebound in leisure travel.
Room Demand Rebound Under Way

Rooms Sold to Guests (millions)
1,100 1,050 1,000 950 900
02 03 04 05 06 07 08 09 10* 11**
Room Revenue Climbs from Hole

Annual Room Revenue (millions)
$110 $100 $90 $80 $70
02 03 04 05 06 07 08 09 10* 11**
page 2
Marcus & Millichap
Hospitality Research Report
INDUSTRY SEGMENT PROFILE: TOP MARKETS IN 2010

Although December results were not yet available, nationwide RevPAR was certain to rise in 2010 for the rst time in three years. All but three of the 26 largest markets in the country recorded increases during the year-to-date period through November as room revenue grew at a faster pace than room supply. In many instances, growth in RevPAR marked a substantial reversal of trends from one year earlier. In New York City, for example, RevPAR rose 14 percent in the 11 months ending in November, compared with a 28.1 percent plunge in the corresponding period one year earlier. Chicago posted a similar result, with RevPAR rising 9.4 percent following a 24.2 percent decline in the preceding year. The increases in RevPAR during 2010 mark a welcome positive trend, but values in most markets remain below their pre-recession peaks. A complete recovery in RevPAR to previous highs may not occur until late 2011 as growth in room revenue continues to outpace supply increases. Recovery Picks up Speed in 2011; Protability Measures Jump Strong holiday travel and an increase in room demand related to air travelers stranded by a major East Coast snowstorm were likely to send 2010 out on a strong note. National occupancy was expected to end the year at 57.8 percent, a 330 basis point jump from the preceding year and the largest annual increase in 15 years. Occupancy will continue to improve in 2011 due to strengthening demand and minimal supply growth. During the year, occupancy will rise 140 basis points to 59.2 percent on a 3.1 percent rise in room demand and a 0.6 percent increase in rooms available. While some downside risks exist, the forecast may be surpassed easily if job growth exceeds expectations and generates additional room demand. For occupancy to rise to 60 percent, for example, room demand would have to gain 4.4 percent, the second highest annual increase in the past 10 years. Improving demand and a gradual assertion of pricing power as the year progresses will result in a 4.2 percent jump in ADR to $102.09, while RevPAR will rise 6.8 percent to $60.47. Investors Pursue Flagged, Full-Service Properties The relative out-performance of nationally branded full-service properties throughout 2010 and recent declines in prices appear to have motivated investors and stimulated additional deal ow. Fueled by an 82 percent increase in sales of these assets, the number of deals involving branded hospitality properties rose 22 percent in the 12 months ending in November. By comparison, the number of sales of branded limited-service properties fell 8 percent and accounted for half of all afliated properties sold, the smallest proportion in three years. Despite the increase in transaction velocity, the median price of branded full-service hotels declined about 4 percent in the past 12 months to $51,600 per room, approximately 41 percent less than the peak recorded in 2006. More stringent underwriting and higher equity requirements in deals will likely maintain prices well below peak for several more quarters. In the limited-service segment, the median price also continues to decrease, logging a 24 percent drop to $33,900 per key. The low price of limited-service properties in many markets, however, will likely delay the onset of a new construction cycle for such assets through the middle of 2012. Although the recovery of the investment market appears on track, some remnants remain from the recession. Specically, about $38 billion of hotel properties were in distress at the end of 2010. While a considerable portion of the total consists of large, high-priced properties in areas such as Las Vegas, Oahu and New York City, distress remains widespread and exists to some degree in every market. Large distressed assets will attract REITs, funds and institutions in the months ahead, but small investors may nd opportunities in markets such as Atlanta, Dallas and Houston.
Leading Markets in RevPAR Growth in 2010
New Orleans New York City Boston Miami Denver Chicago Atlanta Minneapolis-St. Paul Los Angeles Detroit
0%
5%
10%
15%
20%
Year-to-Date Increase Through November Sources: Marcus & Millichap Research Services, Smith Travel Research
Profitability Measures to Strengthen

2010* 2011**
$120 $100 $80 $60 $40
ADR
RevPAR
Sales Trends
Median Price per Room (thousands)
$100 $75 $50 $25 $0
Branded Full-Service Branded Limited-Service
06
07
08
09
10*
* Trailing 12-Month Period Sources: Marcus & Millichap Research Services, CoStar Group, Inc., Smith Travel Research
Marcus & Millichap
Hospitality Research Report
page 3
CAPITAL MARKETS
BY WILLIAM E. HUGHES, SENIOR VICE PRESIDENT, MARCUS & MILLICHAP CAPITAL CORPORATION
Robert B. Hicks National Director National Hospitality Group Tel: (916) 677-4100 rhicks@marcusmillichap.com
Long-term rates remain low, with the 10-year U.S. Treasury ending 2010 in the 3.3 percent range. The extension of quantitative easing by the Federal Reserve will help maintain the yield in the 3.4 percent to 4.0 percent range during most of 2011. An accelerated rate of economic growth, however, may stoke ination fears and push up long-term rates. Financing for hotel acquisitions continues to expand for solid assets and qualied borrowers. Lenders are willing to underwrite deals with loan-tovalue ratios generally ranging from 50 percent to 65 percent; an LTV of 70 percent remains possible for top-quality assets with stable operating histories. Debt-service coverage ratios typically vary from 1.3x to 1.5x, with interest rates of around 7 percent. Recently enacted legislation raises the limits on Small Business Administration 504 and 7A loans from $2 million to $5 million, which should enhance the purchasing power of owner-operators. Requirements for renancing loans coming due have also been eased.
HOTEL PROPERTY INDEX

The performance index of the largest hotel markets in the country tracks the year-to-date changes in room supply, room demand, ADR and RevPAR. A market that scores greater than 100 has improved from the corresponding period one year earlier, while a level of less than 100 indicates a weaker performance. The top-ranked market in the current index was New Orleans, which beneted from a national-best 16.6 percent jump in room demand and a 2.3 percent increase in ADR. Detroit also placed high in the index, thanks to a 13.3 percent rise in room demand and a 7.8 percent jump in RevPAR. The market, however, recorded a decline in ADR. Las Vegas was included in the index for the rst time. The markets score of 99.3, though, indicates lagging current performance. Specically, the markets 81.1 percent occupancy rate is down from one year ago, as the delivery of new properties exceeded a 3.3 percent rise in room demand.
Index Value*
112.9 109.6 108.9 108.0 107.9 107.9 107.7 107.7 107.2 106.0 105.9 105.7 105.2 104.4
Market
New Orleans Boston Detroit New York City
Prepared and edited by
Occupancy Rate
66.0% 70.6% 55.0% 81.2% 64.5% 63.3% 69.9% 58.5% 62.3% 68.0% 78.0% 68.9% 68.5% 58.7%
ADR
$116.88 $142.87 $74.81 $227.65 $95.01 $113.49 $142.57 $83.43 $91.31 $123.22 $147.94 $116.66 $108.79 $98.22
RevPAR
$77.10 $100.86 $41.14 $184.91 $61.24 $71.84 $99.72 $48.80 $56.84 $83.82 $115.45 $80.37 $74.54 $57.61
Art Gering
Senior Market Analyst Research Services For information on additional research materials, contact
Denver Chicago Miami Atlanta Minneapolis-St. Paul San Diego Oahu Los Angeles Orange County United States
John Chang
Vice President, Research Services Tel: (602) 687-6700 ext. 6803 john.chang@marcusmillichap.com
Price: $75
Marcus & Millichap 2011 www.MarcusMillichap.com
* Year to date through November 2010 Sources: Marcus & Millichap Research Services, Smith Travel Research
The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. Sources: Marcus & Millichap Research Services, CoStar Group, Inc., economy.com, Lodging Econometrics, PKF Consulting, Smith Travel Research.
HOTEL PRICING & FINANCIAL ANALYSIS

FORT LAUDERDALE, FL
PRICING & FINANCIAL ANALYSIS HOTEL PRICING & FINANCIAL ANALYSIS
Offering Summary
Price Down Payment Total Rooms Price/Room Occupancy ADR RevPAR Number of Buildings Number of Floors Year Built Lot Size Type of Ownership $2,750,000 100.0% $2,750,000 37 $74,324 50.0% $65.00 $32.50 1 6 1970 .39 Acres Fee Simple
VITAL DATA
CAP Rate - Current RRM - Current Net Operating Income - Current Total Return - Current CAP Rate - Pro Forma RRM - Pro Forma Net Operating Income - Pro Forma Total Return - Pro Forma 3.23% 13.06 $88,877 3.23% $88,877 9.52% 4.85 $261,883 9.52% $261,883
24
Financial Overview
LOCATION
3030 Harbor Drive Fort Lauderdale, FL 33316 Price Down Payment Total Number of Rooms Price/Room Occupancy ADR RevPAR Available Rentable Rooms Rooms Sold CAP Rate - Current CAP Rate - Pro Forma RRM - Current RRM - Pro Forma Year Built Lot Size Type of Ownership $2,750,000 100.0% $2,750,000 37 $74,324 50.0% $65.00 $32.50 13,505 6,753 3.23% 9.52% 13.06 4.85 1970 .39 Acres Fee Simple
ANNUALIZED OPERATING DATA INCOME

Room Revenue Other Revenue Gross Revenue Total Expenses Adjustments Net Operating Income Total Return $88,877 3.23% $88,877 34.9%
Current
$210,595 43,799 $254,394 165,517
% of GR
82.8% 17.2 65.1%
Pro Forma
$567,210 44,800 $612,010 325,647 24,480 $261,883 9.52% $261,883
% of GR
92.7% 7.3 53.2% 4.0 42.8%
25
Income & Expenses

Total Number of Rooms Available Rentable Rooms Rooms Sold 37 13,505 6,753 Pro Forma 13,505 9,454
CURRENT
% of GR
POR
PAR
PRO FORMA
70.0% $60.00 $42.00
% of GR
POR
PAR
Occupancy ADR RevPAR
50.0% $65.00 $32.50
INCOME
Room Revenue Other Revenue Telephone Other Income - Cell Total Other Revenue GROSS REVENUE Total Departmental Expenses Total Undistributed Expenses Total Fixed Expenses Total Expenses Total Adjustments NET OPERATING INCOME $88,877 34.9% $13.16 $2,402 43,799 $43,799 $254,394 5,744 82,808 76,965 $165,517 2.3 32.6 30.3 65.1% 17.2 17.2 6.49 6.49 $37.67 0.85 12.26 11.40 $24.51 1,184 1,184 $6,876 155 2,238 2,080 $4,473 800 44,000 $44,800 $612,010 57,521 183,126 85,000 $325,647 24,480 $261,883 9.4 29.9 13.9 53.2% 4.0 42.8% 0.1 7.2 7.3 0.08 4.65 4.74 $64.74 6.08 19.37 8.99 $34.45 2.59 $27.70 22 1,189 1,211 $16,541 1,555 4,949 2,297 $8,801 662 $7,078 $210,595 82.8% $31.19 $5,692 $567,210 92.7% $60.00 $15,330
26
Expenses
CURRENT % of GR
Departmental Expenses
Room Pool Elevator Telephone Fire Alarm (3.65%) TOTAL DEPARTMENTAL EXPENSES $56,721 2,346 1,800 1,598 $5,744 3.6 2.3% 0.35 0.27 0.24 $0.85 63 49 800 43 $155 $57,521 100.0 0.1% 0.08 $6.08 22 $1,555 10.0% $6.00 $1,533
POR
PAR
PRO FORMA
% of GR
POR
PAR
Undistributed Expenses
Administrative & General Sales & Marketing Property Operations & Maintenance Utilities Management Fee TOTAL UNDISTRIBUTED EXPENSES $42,841 52,021 25,000 44,904 18,360 $183,126 7.0% 8.5 4.1 7.3 3.0 29.9% $4.53 5.50 2.64 4.75 1.94 $19.37 $1,158 1,406 676 1,214 496 $4,949
48,500 34,308 $82,808
19.1 13.5 32.6%
7.18 5.08 $12.26
1,311 927 $2,238
Fixed Expenses
Property Taxes Property Insurance TOTAL FIXED EXPENSES TOTAL EXPENSES ADJUSTMENTS Reserve for Replacement TOTAL ADJUSTMENTS NET OPERATING INCOME $88,877 34.9% $13.16 $2,402 $24,480 $24,480 $261,883 4.0% 4.0% 42.8% $2.59 $2.59 $27.70 $662 $662 $7,078 59,133 17,832 $76,965 $165,517 23.2 7.0 30.3 65.1% 8.76 2.64 $11.40 $24.51 1,598 482 $2,080 $4,473 67,000 18,000 $85,000 $325,647 10.9 2.9 13.9 53.2% 7.09 1.90 $8.99 $34.45 1,811 486 $2,297 $8,801
27
Pro Forma
FINANCIAL PERFORMANCE - PRO FORMA Bahia Beach Hotel & Apartments - Fort Lauderdale, Florida Year One Amount Ratio Revenue Rooms Telephone Other Income - Cell Tower Lease Total Revenue Departmental Expenses Rooms Telephone Total Departmental Expenses Gross Operating Income Undistributed Operating Expenses Administrative & General (1) Management Fees Sales & Marketing Utilities Repairs & Maintenance Total Undistributed Operating Expenses House Profit Fixed Charges Building Insurance Property Taxes Reserve for Replacement Total Fixed Charges Net Operating Income Operating Statistics Occupancy Average Daily Rate (ADR) RevPAR Number of Rooms Days In Period Available Rooms Occupied Rooms Change in Occupancy Change in ADR Total Change in Revenue Change in Expenses $567,210 800 44,000 612,010 92.7% 0.1% 7.2% 100.0% Year Two Amount Ratio $635,599 832 44,000 680,431 93.4% 0.1% 6.5% 100.0% Year Three Amount Ratio $710,153 865 44,000 755,019 94.1% 0.1% 5.8% 100.0% Year Four Amount Ratio $752,763 900 44,000 797,662 94.4% 0.1% 5.5% 100.0% Year Five Amount Ratio $797,928 936 44,000 842,864 94.7% 0.1% 5.2% 100.0%
$56,721 800 57,521 554,489
10.0% 100.0% 9.4% 90.6%
$63,560 832 64,392 616,039
10.0% 55.0% 9.5% 90.5%
$71,015 865 71,881 683,138
10.0% 55.0% 9.5% 90.5%
$75,276 900 76,176 721,486
10.0% 55.0% 9.5% 90.5%
$79,793 936 80,729 762,136
10.0% 55.0% 9.6% 90.4%
42,841 18,360 52,021 44,904 25,000 183,126 371,363
7.0% 3.0% 8.5% 7.3% 4.1% 29.9% 60.7%
47,630 20,413 54,102 47,470 26,000 195,615 420,424
7.0% 3.0% 8.0% 7.0% 3.8% 28.7% 61.8%
52,851 22,651 56,266 50,036 27,040 208,844 474,294
7.0% 3.0% 7.5% 6.6% 3.6% 27.7% 62.8%
55,836 23,930 58,516 50,036 28,122 216,440 505,046
7.0% 3.0% 7.3% 6.3% 3.5% 27.1% 63.3%
59,000 25,286 60,857 50,036 29,246 224,426 537,710
7.0% 3.0% 7.2% 5.9% 3.5% 26.6% 63.8%
(2)
18,000 67,000 24,480 109,480 $261,883
2.9% 10.9% 4.0% 17.9% 42.8%
18,720 69,680 27,217 115,617 $304,807
2.8% 10.2% 4.0% 17.0% 44.8%
19,469 72,467 30,201 122,137 $352,158
2.6% 9.6% 4.0% 16.2% 46.6%
20,248 75,366 31,906 127,520 $377,526
2.5% 9.4% 4.0% 16.0% 47.3%
21,057 78,381 33,715 133,153 $404,557
2.5% 9.3% 4.0% 15.8% 48.0%
70.0% $60.00 $42.00 37 365 13,505 9,454
74.0% $63.60 $47.06 37 365 13,505 9,994 5.7% 6.0% 11.2% 7.3%
78.0% $67.42 $52.58 37 365 13,505 10,534 5.4% 6.0% 11.0% 7.3%
78.0% $71.46 $55.74 37 365 13,505 10,534 0.0% 6.0% 5.6% 4.3%
78.0% $75.75 $59.08 37 365 13,505 10,534 0.0% 6.0% 5.7% 4.3%
(1) Management Fee is set at proforma rate of of three percent (3%) of Total Revenue. (2) Reserve for Replacement is set at pro forma rate of four percent (4%) of Total Revenue.
28
Cash-On-Cash & Internal Rate of Return Analysis

SOURCE AND USE OF FUNDS Acquisition Price Renovation Upon Acquisition Working Capital Financing Costs Acquisition Soft Costs Total Acquisition Equity First Mortgage Number of Rooms Cost per Room $2,750,000 200,000 150,000 200,000 40,000 $3,340,000 3,340,000 100.0% 37 $90,270
FIRST MORTGAGE Mortgage Amount Interest Rate Amortization Period (years)
0.00%
Monthly Payment: Annual Payment:
$0 $0
Year 1 Beginning Balance Annual Payment Portion to Interest Portion to Principal Ending Balance YEARLY CASH FLOW SUMMARY Net Operating Income First Mortgage Annual Payment Cash Flow after Debt Service Debt Service Coverage Ratio CAPITAL GAIN CALCULATION Fifth Year Net Operating Income Terminal CAP Rate Gross Sale Price Selling Costs Net Sale Price Remaining First Mortgage Balance Return of Equity Capital Gain Sale Price per Room LEVERAGED IRR ANALYSIS Equity Cash Flow after Debt Service Net Sale Price Remaining First Mortgage Balance Net Cash Flow Cash on Cash Return Cash plus Debt Reduction Return Five-Year Leveraged IRR Average Cash on Cash Return 11.5% 10.2% Year 0 (3,340,000) Year 1 261,883 Year 1 261,883 261,883 NA -
Year 2 -
Year 3 -
Year 4 -
Year 5 -
Year 2 304,807 304,807 NA
Year 3 352,158 352,158 NA
Year 4 377,526 377,526 NA
Year 5 404,557 404,557 NA
$404,557 10.5% 3,852,924 5.0% 3,660,278 3,340,000 320,278 104,133
Year 2 304,807
Year 3 352,158
Year 4 377,526
Year 5 404,557 3,660,278 4,064,835 12.1% 12.1%
(3,340,000)
261,883 7.8% 7.8%
304,807 9.1% 9.1%
352,158 10.5% 10.5%
377,526 11.3% 11.3%
29
PRO FORMA APARTMENT ANALYSIS

FORT LAUDERDALE, FL
Unit Mix
No. of Units 2 14 14 5 2 37 Unit Type Hotel Room Studio Large Studio 1 Bdr 1 Bath Penthouse TOTAL Estimated Square Feet 300 400 450 800 2,000 25,487 Pro Forma Rents Rent/ SF $2.50 $2.13 $2.11 $1.50 $1.00 Monthly Income $1,500 $11,900 $13,300 $6,000 $4,000 $36,700
$750 $850 $950 $1,200 $2,000
UNIT MIX
Penthouse: 5% 1B1B: 14%
Hotel Room: 5%
Studio: 38%
rge Studio: 38%
31
Income & Expenses

Total Number of Units: Total Rentable Area: 37 25,487 SF
INCOME
GROSS POTENTIAL RENT Other Income Cellular Antenna Income Laundry Income Total Other Income GROSS POTENTIAL INCOME Vacancy/Collection Allowance (GPR) EFFECTIVE GROSS INCOME
PRO FORMA
$440,400
PER UNIT
$11,903
43,799 6,000 $49,799 $490,199 (7.0%) $30,828 $459,371
1,184 162 $1,346 $13,249 833 $12,415
EXPENSES
Real Estate Taxes Insurance Electricity Water & Sewer Trash Gas Landscaping Management Fee Pool Service Elevator Repairs & Maintenance Reserves & Replacements General & Administrative TOTAL EXPENSES Expenses per SF % of EGI NET OPERATING INCOME $66,000 20,000 22,200 22,200 2,376 3,630 1,200 (5.0%) $22,969 2,400 1,800 18,500 9,250 3,700 $196,225 $7.70 42.7% $263,146 $7,112 $1,784 541 600 600 64 98 32 621 65 49 500 250 100 $5,303
COMMENTS
1) Additional income is generated from a cellular antenna operated by Sprint. Amount shown is based on 2010 payment. 2) Taxes are estimated based upon the purchase price multiplied by 2.5% for millage rate and non-advalorem taxes, as well as a 4% reduction for timely payment (November 30th). 3) It is anticipated that the new owner will continue to include all utilities in the monthly rent. Averages of $50/month per unit were used to calculate electricity and water/sewer usage.
32
Financial Overview
LOCATION
3030 Harbor Drive Fort Lauderdale, FL 33316 Price Number of Units Price/Unit Rentable Square Feet Price/SF CAP Rate- Pro Forma GRM- Pro Forma Year Built Lot Size Type of Ownership $2,750,000 37 $74,324 25,487 $107.90 9.57% 6.24 1970 .39 Acres Fee Simple Net Operating Income $263,146 Effective Gross Income Less: Expenses $459,371 196,225
ANNUALIZED OPERATING DATA

INCOME PRO FORMA
Gross Potential Rent Other Income Gross Potential Income Less: Vacancy/Deductions (GPR)
$440,400 49,799 $490,199 (7.0%) 30,828
EXPENSES
Real Estate Taxes Insurance Electricity Water & Sewer Trash Gas Landscaping Management Fee Pool Service Elevator Repairs & Maintenance Reserves & Replacements General & Administrative TOTAL EXPENSES EXPENSES/UNIT EXPENSES/SF % of EGI $66,000 20,000 22,200 22,200 2,376 3,630 1,200 22,969 2,400 1,800 18,500 9,250 3,700 $196,225 $5,303 $7.70 42.72%
SCHEDULED INCOME
No. of Units 2 14 14 5 2 37 Unit Type Hotel Room Studio Large Studio 1 Bdr 1 Bath Penthouse Total/Wtd. Avg. Estimated Square Feet 300 400 450 800 2,000 25,487 Pro Forma Rents $750 $850 $950 $1,200 $2,000 Rent/ SF $2.50 $2.13 $2.11 $1.50 $1.00 Monthly Income $1,500 $11,900 $13,300 $6,000 $4,000 $36,700
33
RECENT SALES

FORT LAUDERDALE, FL
RECENT SALES
Recent Sales Map
1) 2) 3) 4) 5) 6) 7) 8) 9) 10)
Subject Property Flamingo Resort Tropi Rock Resort Angela's Beach Resort Robindale Hotel Villa Venice Rainbow Beach Resort Seagate Hotel Blue Dolphin Hotel Three Palms Resort Monte Carlo Motel
35
RECENT SALES
Recent Sales
BAHIA BEACH HOTEL & APARTMENTS 3030 Harbor Drive Fort Lauderdale, FL 33316
Total Rooms: Year Built: Occupancy: ADR: 37 1970 50.0% $65.00 $32.50 $107.90 Sale Price: CAP Rate: RRM: Rack Rate: $2,750,000 3.23% 13.06
Price/Room: $74,324
SUBJECT PROPERTY
COMMENTS
RevPAR: Price / Sq Ft
This property is currently listed for sale by Joseph Thomas & David Greenberg at Marcus & Millichap. Please call (954)245-3400 for more details.
FLAMINGO RESORT 2727 Terramar Street Fort Lauderdale, FL 33304

Close of Escrow: Total Rooms: Year Built: Price / Sq Ft 3/1/2011 12 1950 $238.44 Sale Price: Price/Room: $1,600,000 $133,333
COMMENTS
This was an arm's length transaction between private parties. ABA zoning.
TROPI ROCK RESORT 2900 Belmar Street Fort Lauderdale, FL 33304

Close of Escrow: Total Rooms: Year Built: Price / Sq Ft 2/10/2011 31 1958 $201.88 Sale Price: Price/Room: $2,812,000 $90,710
COMMENTS
This was an arm's length transaction between private parties. The adjacent lot currently used as a tennis court was also included in the sale. ABA zoning.
36
RECENT SALES
Recent Sales
3
ANGELA'S BEACH RESORT 3016 Windamar Street Fort Lauderdale, FL 33304

Close of Escrow: Total Rooms: Year Built: Price / Sq Ft 2/8/2011 19 1950 $136.08 Sale Price: $1,550,000 Price/Room: $81,579
COMMENTS
This was an arm's length transaction between private parties. NBRA zoning.
ROBINDALE HOTEL 709 Breakers Avenue Fort Lauderdale, FL 33304

COMMENTS
VILLA VENICE 2900 Terramar Street Fort Lauderdale, FL 33304

COMMENTS
37
RECENT SALES
Recent Sales
6
RAINBOW BEACH RESORT 505 Orton Avenue Fort Lauderdale, FL 33304

COMMENTS
SEAGATE HOTEL 2909 Vistamar Street Fort Lauderdale, FL 33304

COMMENTS
This was an arm's length transaction between private parties encompassing mulitple parcels (there are two parcel numbers addressed to 2909 Vistamar Street). NBRA zoning.
BLUE DOLPHIN HOTEL 725 N Birch Road Fort Lauderdale, FL 33304

COMMENTS
38
RECENT SALES
Recent Sales
9
THREE PALMS RESORT 710 N Birch Road Fort Lauderdale, FL 33304

COMMENTS
10
MONTE CARLO MOTEL 717 Breakers Avenue Fort Lauderdale, FL 33304

COMMENTS
39
ON MARKET COMPARABLES

FORT LAUDERDALE, FL
On Market Comparables Map
1) 2) 3) 4)
Subject Property Sea Beach Plaza Coconut Cove Guesthouse Rio Mar Hotel Cocobelle Resort
41
Asking Price/Room
AVERAGE REVPAR
480 440 400 360 320 280 240 200 160 120 80 40 0 Subject Sea Beach Plaza Coconut Cove Guesthouse Rio Mar Hotel Cocobelle Resort
Avg $281.93
AVERAGE PRICE/ROOM
160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Subject Sea Beach Plaza Coconut Cove Guesthouse Rio Mar Hotel Cocobelle Resort
Avg $113,219
42
On Market Comparables
BAHIA BEACH HOTEL & APARTMENTS 3030 Harbor Drive Fort Lauderdale, FL 33316
Total Rooms: Year Built: Price/Sq Ft 37 1970 $107.90 Sale Price: Rack Rate: $2,750,000 Price/Room: $74,324
SUBJECT PROPERTY
COMMENTS
This property is currently listed for sale by Joseph Thomas & David Greenberg at Marcus & Millichap. Please call (954)245-3400 for more details.
SEA BEACH PLAZA 3081 Harbor Drive Fort Lauderdale, FL 33316

Close of Escrow: Total Rooms: Year Built: Price/Sq Ft On Market 38 1970 $190.79 List Price: $2,850,000 Price/Room: $75,000
COMMENTS
This property is currently listed for sale by Joseph Thomas & David Greenberg at Marcus & Millichap. Please call (954)245-3400 for more details. RMH-60 zoning.
COCONUT COVE GUESTHOUSE 3012 Granada Street Fort Lauderdale, FL 33304

COMMENTS
This property is currently on the market for sale. ABA zoning.
43
On Market Comparables
3
RIO MAR HOTEL 2901 Rio Mar Street Fort Lauderdale, FL 33304
COMMENTS
This property is currently on the market for sale. NBRA zoning.
COCOBELLE RESORT 2831 Vistamar Street Fort Lauderdale, FL 33304

COMMENTS
This property is currently on the market for sale. NBRA zoning.
44
MARKET OVERVIEW

FORT LAUDERDALE, FL
MARKET OVERVIEW
Fort Lauderdale
MARKET HIGHLIGHTS
Strong population growth
Fort Lauderdale is growing rapidly, with inmigration accounting for a large share of new residents.
Desirable corporate location
Corporations are attracted to the MSA for its robust population growth and proximity to Latin America.
Housing affordability
Home prices are more affordable in Fort Lauderdale than in many coastal cities.
GEOGRAPHY Fort Lauderdale has little room for expansion. The MSA is bordered to the north and south by the West Palm Beach and Miami MSAs,
respectively, and the Atlantic Ocean to the east. The Everglades to the west are protected and unavailable for development. The 23 miles of shoreline and 300 miles of inland waterways in the MSA provide the means for recreation and transport. Fort Lauderdale enjoys a tropical climate and contains flat terrain.
Broward County
46
MARKET OVERVIEW
Fort Lauderdale
METRO The Fort Lauderdale MSA encompasses all of Broward County. The MSA has 31 municipalities and expands 1,197 square miles, with two-thirds of the area covered by the Everglades. Fort Lauderdale is one of the fastest growing MSAs in the nation in terms of population, despite limited land available for new development. Rapidly growing communities include Pembroke Pines and Davie.
INFRASTRUCTURE Fort Lauderdale is very accessible to motorists, with major north-south thoroughfares including Interstate 95, Interstate 75 and Floridas Turnpike. Interstate 595 and the Sawgrass Expressway serve as the primary east-west corridors.
Largest Cities: Fort Lauderdale MSA

Pembroke Pines Fort Lauderdale Hollywood Coral Springs Miramar Sunrise
2010 Estimate Sources: Marcus & Millichap Research Services, AGS
158,200 156,600 136,800 122,700 106,100 85,250
Fort Lauderdale/Hollywood International Airport provides nonstop service to cities in the United States, Canada and the Caribbean. The airport is located less than four miles from Port Everglades, one of the busiest cruise ports in the world. In addition, the port is an active cargo and container facility.
Airports

Rail
Fort Lauderdale/Hollywood International Airport Three smaller airports Interstates 75, 95 and 595 Florida's Turnpike and Sawgrass Expressway
Major Roadways
The MSA is served by the Tri-Rail commuter rail line, which connects Fort Lauderdale with West Palm Beach and Miami. CSX, Florida East Coast and Amtrak are other rail companies.
Commuter - Tri-Rail Port
Freight - CSX, Florida East Coast Passenger - Amtrak
Port Everglades 25 miles from Miami 205 miles from Orlando 250 miles from Tampa 635 miles from Atlanta
The Fort Lauderdale MSA is: Broward County Transit runs bus service throughout the county with connections to the Dade and Palm Beach County systems.
47
MARKET OVERVIEW
Fort Lauderdale
ECONOMY Tourism is a major part of the Fort Lauderdale economy, and both air traffic and hotel occupancy have begun to rebound from the recession. South Florida received a greater proportion of travelers over the past few years as visitors shied away from more costly international travel. Although activity at Port Everglades dipped through the economic downturn, the facility still generates more than $21 million in waterborne commerce annually. The number of cruise passengers should pick up in 2011 as two of the world's largest cruise ships arrive at the Port. Healthcare is another key driver in the Fort
Lauderdale economy. The MSA has a significant population of elderly residents and will likely be disproportionately affected by the aging baby boom generation. Biotechnology research has emerged as a growth industry for the area, and efforts are under way to attract these companies to the MSA. Numerous corporations have made Fort Lauderdale their headquarters or regional operations center. The mild climate, reasonable cost of living, and proximity to Miami and Latin America continue to attract companies including Citrix Systems, AutoNation and Heico.
Port Everglades Quick Facts Total Ship Calls Cruise Passengers Container Cargo (tons) Total Petroleum (tons) Total Bulk (tons) Total Break Bulk (tons) Total RO/RO-FLO/FLO (tons) 4,252 3,139,820 5,204,103 15,337,063 566,820 67,462 172,361
Sources: Marcus & Millichap Research Services, Port Everglades
48
MARKET OVERVIEW
Fort Lauderdale
LABOR Fort Lauderdale employment growth should outpace the national average over the next five years as the local economy picks up traction. Every employment sector will expand, with the most significant gain anticipated in construction. Currently, trade, transportation and utilities is the largest employment sector in Fort Lauderdale, followed by the professional and business services segment.
The growing number of corporations situating headquarters in the MSA has generated an influx of higherpaying business services employment. Though such jobs tend to be mobile in the Internet age, Fort Lauderdale is positioned for expansion in this sector, with plenty of Class A office space available to meet tenants' requirements. Additionally, the MSA's above-average pay for corporate workers will help residents afford the higher cost of living.
The education and health services sector also expanded in recent years. As the population in the MSA ages, residents will demand more workers in healthcare. At the same time, educators will likely be needed to a greater degree due to continuing migration to the MSA.
49
MARKET OVERVIEW
Fort Lauderdale
EMPLOYERS Fort Lauderdale has a diverse group of employers and many small enterprises, with the average
establishment employing 10 workers. Governments account for 14 percent of the work force. Large employers include the Broward County School Board, Broward County and the City of Fort Lauderdale, which, combined, support over 40,000 hires.
Another large employer is Memorial Healthcare System, which has more than 10,000 employees. As a percentage of total employment, the education and health services sector in Fort Lauderdale accounts for a slightly smaller share than the national average. Demographic trends will fuel stronger growth in this sector during the coming years.
Major Employers
Tenet Healthcare Nova Southern University American Express Continental Group Kaplan University
Motorola is one of the 10 largest employers in Fort Lauderdale, but the MSA also houses many smaller high-tech employers that survived the tech downturn and continue to grow. The MSA is part of the Internet Coast, considered South Floridas version of the Silicon Valley. The area is being touted as a world-class location for high-tech spirit, companies, pro-business with its
PRC BrandsMart U.S.A. JM Family Enterprises Brown Jordan International
entrepreneurial
regulatory
environment and superior information infrastructure.
50
MARKET OVERVIEW
Fort Lauderdale
DEMOGRAPHICS Fort Lauderdale had tremendous population growth over the past two decades, increasing nearly 40 percent to over 1.7 million residents and 700,000 households. With little land left for development and an aging citizenry, the population will shrink by almost 2 percent through 2015. Broward County will still attract retirees, as the percentage of people ages 65 to 74 will jump over 20 percent in the next five years. During the same time, the area will become wealthier, as the median household income, currently at $51,630 annually, will rise 7 percent to around $55,400 per year. Part of this uptick is due to an expansion in higher-paying professional jobs that will exceed the addition of lower-paying service jobs catering to the tourism industry.
An increase in education attainment has helped to boost income levels. In Fort Lauderdale, 29 percent of residents have a bachelors degree, slightly above the U.S. level of 28 percent. This is attributable to the high percentage of educated residents from outside of the United States who are attracted to job opportunities in the region. Also, Fort Lauderdale has many
institutions of higher learning, including Broward College and a satellite campus to the University of Florida.
51
MARKET OVERVIEW
Fort Lauderdale
QUALITY OF LIFE Fort Lauderdale offers one of the most desirable climates in the United States and has a wide variety of recreational opportunities and cultural amenities. The MSA boasts 300 days of sunshine annually, and the average winter temperature is 78 degrees. Fort Lauderdale is known as the "Venice of America" for its inland canals. More than 23 miles of beaches are available for sunbathing and water sports. In addition, over 145 marinas along Fort Lauderdales inland waterways cater to boating and fishing needs. Spring training baseball is available, and major professional sports are nearby in Miami. There are also more than 40 golf courses in the MSA.
The Bank Atlantic Center in Sunrise is home to the National Hockey Leagues Florida Panthers and hosts numerous other cultural and sporting events. Other attractions include the Museum of Art Fort
Lauderdale, the Broward Center for the Performing Arts, Symphony of the Americas, Flamingo Gardens and the International Swimming Hall of Fame. The MSA has many public libraries and parks. Shopping and dining are also abundant in Fort Lauderdale; Sawgrass Mills, one the worlds largest discount outlet malls, is located in Sunrise.
52
DEMOGRAPHIC ANALYSIS

FORT LAUDERDALE, FL
Summary Report
Geography: 3 Miles Population In 2010, the population in your selected geography is 56,523. The population has changed by 9.21% since 2000. It is estimated that the population in your area will be 56,251 five years from now, which represents a change of -0.48% from the current year. The current population is 55.94% male and 44.06% female. The median age of the population in your area is 42.8, compare this to the US average which is 37.1. The population density in your area is 1,999.09 people per square mile. Households There are currently 27,539 households in your selected geography. The number of households has changed by 5.31% since 2000. It is estimated that the number of households in your area will be 28,606 five years from now, which represents a change of 3.87% from the current year. The average household size in your area is 1.93 persons. Income In 2010, the median household income for your selected geography is $50,371, compare this to the $US average which is currently $51,517. The median household income for your area has changed by 24.29% since 2000. It is estimated that the median household income in your area will be $53,203 five years from now, which represents a change of 5.62% from the current year. The current year per capita income in your area is $46,671, compare this to the $US average, which is $27,867. The Race & Ethnicity The current year racial makeup of your selected area is as follows: 66.57% White, 25.12% Black, 0.19% Native American and 1.95% Asian/Pacific Islander. Compare these to US% averages which are: 73.52% White, 12.42% Black, 0.76% Native American and 4.60% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 13.51% of the current year population in your selected area. Compare this to the US% average of 15.45%. Housing The median housing value in your area was $252,767 in 2000, compare this to the $US average of $115,194 for the same year. In 2000, there were 12,701 owner occupied housing units in your area and there were 13,449 renter occupied housing units in your area. The median rent at the time was $603. Employment In 2010, there are 90,780 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 66.4% of employees are employed in white-collar occupations in this geography, and 33.6% are employed in blue-collar occupations. In 2010, unemployment in this area is 10.85%. In 2000, the median time traveled to work was 18.9 minutes.
Demographic data 2010 by Experian/Applied Geographic Solutions.
54
Demographic Report
1 Miles: 2 Miles: 3 Miles:
1990 Population 2000 Population 2010 Population 2015 Population
5,614 5,448 5,530 5,143
24,225 23,228 23,431 22,718
52,011 51,755 56,523 56,251
1990 Households 2000 Households 2010 Households 2015 Households 2010 Average Household Size
3,089 3,076 3,059 2,988 1.81
13,318 13,213 13,021 13,244 1.72
25,981 26,150 27,539 28,606 1.93
2010 Daytime Population
5,662
29,650
90,780
1990 Median Housing Value 2000 Median Housing Value 2000 Owner Occupied Housing Units 2000 Renter Occupied Housing Units 2000 Vacant 2010 Owner Occupied Housing Units 2010 Renter Occupied Housing Units 2010 Vacant 2015 Owner Occupied Housing Units 2015 Renter Occupied Housing Units 2015 Vacant
$394,377 $608,091 51.8% 13.1% 35.13% 49.5% 12.2% 38.40% 49.4% 12.2% 38.32%
$257,947 $400,047 44.5% 33.2% 22.31% 42.8% 30.9% 26.27% 41.7% 32.4% 25.85%
$147,236 $252,767 40.3% 42.6% 17.14% 37.0% 41.6% 21.43% 35.6% 43.2% 21.18%
$ 0 - $ 14,999 $ 15,000 - $24,999 $ 25,000 - $34,999 $ 35,000 - $49,999 $ 50,000 - $74,999 $ 75,000 - $99,999 $100,000 - $124,999 $125,000 - $149,999 $150,000 - $200,000 $200,000 to $249,999 $250,000 +
5.1% 7.7% 4.5% 8.5% 12.2% 6.9% 8.1% 10.7% 14.2% 7.0% 15.2%
9.0% 9.8% 7.5% 12.3% 13.6% 8.4% 7.6% 6.5% 10.2% 4.8% 10.6%
14.9% 12.3% 9.8% 12.8% 14.5% 8.4% 6.3% 4.9% 7.4% 2.8% 6.0%
Median Household Income Per Capita Income Average Household Income
$117,080 $90,325 $160,214
$70,257 $70,552 $125,225
$50,371 $46,671 $91,817

55
Population Density
Population Density
Theme High Above Average Average Below Average Low Low 172 108 68 43 less than High or more 172 108 68 43
Number of people living in a given area per square mile.
56
Employment Density
Employment Density
Theme High Above Average Average Below Average Low Low 82 52 33 21 less than High or more 82 52 33 21
The number of people employed in a given area per square mile.
57
Average Household Income
Average Household Income

Theme High Above Average Average Below Average Low Low $144,296 $90,901 $57,264 $36,074 less than High or more $144,296 $90,901 $57,264 $36,074
Average income of all the people 15 years and older occupying a single housing unit.
58
Traffic Counts
Traffic Count data 2010 by TrafficMetrix. All rights reserved.
Two-way, average daily traffic
59

FORT LAUDERDALE, FL
OFFERING MEMORANDUM
Offices Nationwide www.MarcusMillichap.com

Hotelfl

Încărcat de

Informații document

Descriere originală:

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Hotelfl

Încărcat de

Drepturi de autor:

Formate disponibile

BAHIA BEACH HOTEL & APARTMENTS

CONFIDENTIALITY AND DISCLAIMER CONFIDENTIALITYAGREEMENT

BAHIA BEACH HOTEL & APARTMENTS

1970 37 1 6 .39 Acres Fee Simple 28 Spaces 3 Washers & 3 Dryers

Aerial & Bird's Eye Photos

JOB GROWTH TO RAISE OCCUPANCY, RESTORE RATE GROWTH IN 2011

ECONOMY AND MARKET CONDITIONS

Room Demand Rebound Under Way

1,100 1,050 1,000 950 900

Room Revenue Climbs from Hole

$110 $100 $90 $80 $70

Marcus & Millichap

Hospitality Research Report

INDUSTRY SEGMENT PROFILE: TOP MARKETS IN 2010

Profitability Measures to Strengthen

$120 $100 $80 $60 $40

$100 $75 $50 $25 $0

Branded Full-Service Branded Limited-Service

Marcus & Millichap

Hospitality Research Report

HOTEL PROPERTY INDEX

Marcus & Millichap 2011 www.MarcusMillichap.com

HOTEL PRICING & FINANCIAL ANALYSIS

BAHIA BEACH HOTEL & APARTMENTS

PRICING & FINANCIAL ANALYSIS HOTEL PRICING & FINANCIAL ANALYSIS

HOTEL PRICING & FINANCIAL ANALYSIS

ANNUALIZED OPERATING DATA INCOME

HOTEL PRICING & FINANCIAL ANALYSIS

Income & Expenses

Occupancy ADR RevPAR

50.0% $65.00 $32.50

HOTEL PRICING & FINANCIAL ANALYSIS

48,500 34,308 $82,808

19.1 13.5 32.6%

7.18 5.08 $12.26

1,311 927 $2,238

HOTEL PRICING & FINANCIAL ANALYSIS

$56,721 800 57,521 554,489

10.0% 100.0% 9.4% 90.6%

$63,560 832 64,392 616,039

10.0% 55.0% 9.5% 90.5%

$71,015 865 71,881 683,138

10.0% 55.0% 9.5% 90.5%

$75,276 900 76,176 721,486

10.0% 55.0% 9.5% 90.5%

$79,793 936 80,729 762,136

10.0% 55.0% 9.6% 90.4%

42,841 18,360 52,021 44,904 25,000 183,126 371,363

7.0% 3.0% 8.5% 7.3% 4.1% 29.9% 60.7%

47,630 20,413 54,102 47,470 26,000 195,615 420,424

7.0% 3.0% 8.0% 7.0% 3.8% 28.7% 61.8%

52,851 22,651 56,266 50,036 27,040 208,844 474,294

7.0% 3.0% 7.5% 6.6% 3.6% 27.7% 62.8%

55,836 23,930 58,516 50,036 28,122 216,440 505,046

7.0% 3.0% 7.3% 6.3% 3.5% 27.1% 63.3%

59,000 25,286 60,857 50,036 29,246 224,426 537,710

7.0% 3.0% 7.2% 5.9% 3.5% 26.6% 63.8%

18,000 67,000 24,480 109,480 $261,883

2.9% 10.9% 4.0% 17.9% 42.8%

18,720 69,680 27,217 115,617 $304,807

2.8% 10.2% 4.0% 17.0% 44.8%

19,469 72,467 30,201 122,137 $352,158