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Hotel & Leisure Advisors

Hotel & Leisure Advisors

14805 Detroit Avenue
Suite 420

Cleveland, Ohio 44107-3921

Phone(216) 228-7000

Website https://hladvisors.com

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Hotel & Leisure Advisors is a hospitality consulting firm specializing in appraisals, feasibility studies, impact analyses, economic impact studies, and litigation support for hotels, resorts, waterparks, casinos, conference and convention centers, golf courses, ski resorts, amusement parks, and other leisure real estate.

Services

Hotel & Leisure Advisors offers the following services:

- Market Feasibility & Financial Analysis
This study is prepared for proposed projects or for existing properties being considered for significant changes. Our study makes financial projections and determines the feasibility of the project.

- Hotel and Waterpark Appraisals
H&LA utilizes sophisticated hospitality valuation models that provide detailed analysis of a market to determine the value of a property. Our analysis considers all three approaches to value.

- Impact Analysis
H&LA works with major hotel brands to examine the effects of a franchise hotel entering a market where a same brand hotel is already in operation.

- Economic Impact Study
An economic impact study analyzes temporary and permanent effects on the local economy from the development and operation of a new hotel or resort.

- Litigation Support
We provide litigation support for various disputes and court hearings related to the valuation and financial analysis of hotels, waterparks, and other leisure properties


Litigation Support Services

Hotel & Leisure Advisors offers expert witness testimony in litigation cases involving the hospitality industry. Our consultants have testified in multiple states concerning hotel, waterpark, and hospitality-related projects. As expert witnesses, we provide specialized hospitality experience and proven research strategies. Our consultants are available to testify at any state or federal court, Board of Revision, Board of Tax Appeal, zoning hearing, or other legal proceeding.

Areas of Expertise

Profile

H&LA's expertise is in the feasibility analysis, appraisal, and valuation of hotels, resorts, indoor waterpark resorts, waterparks, amusement parks, conference centers, ski resorts, casinos, land, and golf courses. We have prepared hotel studies for all chain scales, including economy, limited service, full-service, extended-stay, upper upscale, luxury, and resorts, and indoor waterpark resorts. David Sangree is President and Founder of Hotel & Leisure Advisors. David is a graduate of the Cornell University School of Hotel Administration and an MAI designated appraiser with the Appraisal Institute. In addition, he is a member of the International Society of Hospitality Consultants and is a Certified Public Accountant. As an expert in the hospitality and leisure fields, David analyzes hotels, resorts, waterparks, amusement parks, conference centers, ski resorts, casinos, and golf courses. He has prepared more than 3,000 market and financial feasibility studies, appraisals, economic impact studies, operational reviews, and site selection studies in 49 states along with Canada, Caribbean, and internationally. David is an expert in the waterpark industry, having completed over 700 studies of various waterparks since 1999. David has been an expert witness for numerous trials related to values for hotels, waterparks, and other leisure properties. David has appeared on Good Morning America, CNBC, and Fox8 on special reports about resorts and waterparks. In addition, he is a regular contributor to many industry publications and has received multiple awards from national publications.

Areas Served

All States

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Professional Experience

David J. Sangree, MAI, CPA, ISHC is President of Hotel & Leisure Advisors, Cleveland, Ohio. Previous positions include:

• Director of Hospitality Consulting and Principal, US Realty Consultants, Inc., Cleveland, Ohio, 2001-2005

• Director of Hospitality Consulting, US Realty Consultants, Inc., Columbus, Ohio, 1992-2001

• Financial & Training Consultant, Malawi National Credit Union League (US Peace Corps), Malawi, Africa, 1989-1991

• Senior Consultant in the Hospitality Group, Pannell Kerr Forster, Chicago, Illinois, 1987-1989

• Management positions with Westin Hotels and Resorts in Cincinnati, Chicago, New York, and Fort Lauderdale, 1983-1987


Licenses

Certified as a General Real Estate Appraiser in the states of Ohio, Michigan, Illinois, New York, Kentucky, Texas, Pennsylvania, and Wisconsin.
Certified as a Public Accountant in the state of Ohio.


Affiliations

• Appraisal Institute, MAI (Former President, Northern Ohio Chapter)
• Cornell Hotel Society (Past Treasurer – Chicago, IL chapter)
• Cornell University Real Estate Council
• International Association of Amusement Parks and Attractions
• International Society of Hospitality Consultants
• National Golf Foundation
• National Ski Areas Association
• Ohio Hotel and Lodging Association
• The School of Hospitality Business at MSU Real Estate & Development Advisory Council
• The Appraisal Journal Review Panel
• Urban Land Institute
• World Waterpark Association
• National Association of RV Parks and Campgrounds


Qualifications

Mr. Sangree has extensive trial experience, having testified as an expert witness on over 45 occasions, in venues including County Board of Revision and state Board of Tax Appeal hearings, jury trials, and bench trials. He has appeared in court in Ohio, Michigan, Pennsylvania, Texas, Wisconsin, Kentucky, Nevada, Nebraska, Virginia, and California. David Sangree is President and Founder of Hotel & Leisure Advisors. David is a graduate of the Cornell University School of Hotel Administration and an MAI designated appraiser with the Appraisal Institute. In addition, he is a member of the International Society of Hospitality Consultants and is a Certified Public Accountant. As an expert in the hospitality and leisure fields, David analyzes hotels, resorts, waterparks, amusement parks, conference centers, ski resorts, casinos, and golf courses. He has prepared more than 3,000 market and financial feasibility studies, appraisals, economic impact studies, operational reviews, and site selection studies in 49 states along with Canada, Caribbean, and internationally. David is an expert in the waterpark industry, having completed over 700 studies of various waterparks since 1999.


Awards & Honors

Recognizing David Sangree as an industry leader, Aquatics International twice named him, most recently in 2019, in their “Power Issue” of the most powerful people in the aquatics industry. In 2016 the World Waterpark Association honored him with their Executive Board Award. Both of these awards signify David's commitment to the waterpark industry and identify him as helping to shape some of the latest trends.


Seminars & Training

Global Valuation seminar and Waterparks Impact on Resorts Presentation,” International Society of Hospitality Consultants webinar and annual conference, 2020 and 2021

“Waterpark Resorts Market/Feasibility Analysis and Appraisal” presentations at the World Waterpark Association annual conventions in 2003 through 2022

"Water Parks: Impact from COVID-19 Pandemic in 2020 and Recovery in 2021", IAAPA Expo, 2021

“Virtual Reality Entertainment in Hotels,” InfoComm Annual Conference, 2019

“Hotel Valuation Techniques,” Institute for Professionals in Taxation annual Property Tax Symposium, 2018

“Ohio Lodging Overview,” Ohio Hotel & Lodging Association Annual Meeting, 2017

“Hotels & Waterpark Industry – Insights, Trends and Valuation Keys” May 2016 at the Appraisal Day Seminar by the International Right-of-Way Association, Columbus, OH

“Revenue Management-to Do List” Nov. 2014 at NATHIC Hotel Investment Seminar, Chicago, IL

“The Food Revolution” Nov. 2013 for NATHIC Hotel Investment Seminar, Chicago, IL

“Waterparks and Resorts Outlook” April 2013 for Aquatics International webinar

“Hotel Valuation Seminar” October 2012 at the Integra Realty Resources appraiser training, Las Vegas, NV

“Suburban Hotels Panel” July 2012 at the Midwest Lodging Investors Summit in Chicago, IL

“Overview of Cleveland Lodging Market” April 2012 at the Ohio Hotel and Lodging Association Cleveland Lodging Council Meeting, Cleveland Ohio

“Cleaning up Hotel Distress” July 2011 at the Midwest Lodging Investors Summit, Chicago, IL

“Valuation Issues Affecting Hotel Properties in the Current Real Estate Economy” August 2010 at the Institute for Professionals in Taxation in Cleveland, OH

“Indoor Waterpark Resorts: Where Are the Opportunities?” July 2010 at the Midwest Lodging Investors Summit, Chicago, IL

“Opportunities for Innovation” April 2010 at the Cornell University School of Hotel Administration's Hotel Ezra Cornell (HEC) conference, Ithaca, NY

“Case Study Presentation on Performing a Market Feasibility Study” October 2009 at the International Society of Hospitality Consultants annual conference, Québec City

“Insights into 2010 Market Performance” October 2009 – a video segment on Hotel News Network interviewing Mr. Sangree along with other leading ISHC consultants

“Hotel Financing Track – Taking Advantage of Distress: Where are the Opportunities?”, July 2009 at the Midwest Lodging Investors Summit, Chicago, IL

“Seminar on Hospitality Industry” February 2008 at the Northern Ohio Chapter of the Appraisal Institute quarterly meeting, Cleveland, OH

“Challenges of Obtaining Financing for Indoor Waterpark Resorts,” November 2007 at the World Resort Leadership and Development Conference, Orlando, FL

Port Clinton Ohio City Council Meeting, Provided description of resort feasibility study and economic impact study performed for the city council and attendees in September and October, 2007

“Water Park Wars” An in depth news segment on Good Morning America on June 23, 2007 featured Mr. Sangree as an interviewee

“Feasibility Analysis for Indoor Waterpark Resorts,” October 2006 at Cornell University's School of Hotel Administration Development Class


Publications

“Waterpark Resort Development: Successes and Pitfalls,” InPark Magazine, August 2022
“Waterparks: Riding a Recovery Wave,” World Waterpark Association, April 2022
“What's Next for Waterparks?,” World Waterpark Association, April, 2021
“COVID-19 Impact on U.S. Waterparks,” Hotel Online, August 2020
“Waterpark Financing Fundamentals,” World Waterpark Association, June 2020
“U.S. and Canada Waterpark and Resort Trends in 2020,” World Waterpark Magazine and Hotel Online, April 2020
“Diving into Waterpark Growth Trends in 2019,” World Waterpark Magazine and Hotel Online, April 2019
“Waterparks: What's on Deck in 2018?” World Waterpark Magazine and Hotel Online, April 2018
“2017 Waterpark Forecast: Continued Growth,” World Waterpark Magazine and Hotel Online, April 2017
“2016's Waterpark Forecast: Bigger is Better,” Hotel News Now and World Waterpark Magazine, March 2016
“2015 Indoor and Outdoor Waterpark Supply Continues Growth as Surf Simulators Take Center Wave,” Hotel News Now, April 2015
“2014 Waterpark Resorts Supply and Demand Update” Hotel News Now, March 2014
“Room Service more than Revenue Generator” Hotel News Now, August 2013
“Waterpark Resorts Supply and Demand 2013 Update” Hotel Online, January 2013
“Weight Loss Resorts are Boon for Developers” Hotel News Now, August 2012
“Perform Market Analysis with a Feasibility Study for Indoor Waterpark Resorts and Outdoor Waterparks” Appraisal Journal Spring 2012 and WWA Development Guide
“Top 10 Largest Hotel Brands Average Sale Prices” Hotel News Now, September 2011
“Waterpark Resorts Supply and Demand 2011 Update” Hotel News Now, August 2011
“The Lodging Market is Improving in Ohio's Big Cities” Hotel Online, September 2010
“Financing your Indoor Waterpark Resort in 2010” Hotel News Now, June 2010
“2009 Median Hotel Prices Plummet – Is it Time to Appeal Your Property Taxes?” Hotel Online, November 2009
“Outdoor Waterparks: Private vs. Municipal” Aquatics International, September, 2009
“Indoor Waterpark Resort Supply Grows and Faces Challenges in 2009” Hotel News Now February, 2009
“Dealing With the Economic Downturn: 10 Ideas for Hotels and Resorts” Hotel Online, December, 2008
“Indoor Waterparks Surfing a Wave in North America in ‘08,” Hotel Online, July 2008 and Water Leisure and Lodging, July, 2008
“Economic Impact Studies Help Land Financing” Hotel Motel Management, May 2008
“Unique Ways for Resorts to Radically Increase Revenue” Developments Magazine an ARDA Publication, April, 2008
“Indoor Waterparks Supply and Demand Growth in ‘07,” Lodging Hospitality, September 2007
“Appraisal & Market Analysis of Indoor Waterpark Resorts,” Waterpark Development and Expansion Guide '07
“Financing Your Indoor Waterpark Resort,” Waterpark Development and Expansion Guide '07 and Hotel Online, August 2007
“Ohio's Lodging Market: Historical Analysis & 2006 Forecast,” Hotel Online, March 2006
“Indoor Waterparks and Hotels, a Case Study,” Hotel Investment Issues and Perspectives Fourth Edition, January 2006 & Hotel Online, February, 2006


Professional References

Available upon request


Education

Bachelor of Science, Hotel Administration, Cornell University, 1984
Various International Society of Hospitality Consultants, Appraisal Institute, & Certified Public Accountant (CPA) continuing education courses




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