HomeMy WebLinkAbout4.3a Hotel Study Memo
TO: Economic Development Authority
Jennifer Levitt, EDA Executive Director
FROM: Gretchen Larson, Economic Development Director
DATE: August 5, 2022
RE: Hotel Feasibility Study
Background
A hotel feasibility study was commissioned by the city in 2014 and was the basis for numerous
discussions with hotel/motel site selectors over the past several years. At the May ICSC deal
making event this year, the team met with five hoteliers, three of whom were very interested in
exploring the city as a possible location for expansion. Each requested an updated hotel feasibility
study and each of the hoteliers recommended that we evaluate the services of the team at HVS.
HVS also came highly recommended by their peers in the industry. Staff reached out to the team
at HVS to learn more and determine their interest in completing a study.
Subsequently, the team at HVS did submit a proposal a copy of which is attached to this report.
The process proposed by HVS would consist of five phases, including a site visit or visits to the
city, as may be needed. Total costs for all five phases, which will include a final written report is
$14,000. The team at HVS anticipates that the process will take approximately 45 days from date
of possible approval. The Executive Director and staff have undertaken a thorough review of the
proposal and would recommend engaging the services of HVS to complete a comprehensive
Hotel Feasibility Study.
Recommendation
Approve the proposal from HVS, LLC to complete a Hotel Feasibility Study in an amount not to
exceed $14,000.
Attachment
HVS Hotel Market Study Proposal