Please have a look

1. 1
Today’s hospitality stakeholders face challenging terrain on the path to success.
How can you make the right decisions to navigate through?
With HVS.
© 2009 HVS

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Overview
Establish value and secure the funds to build, buy, or improve your property
The market changes every day. HVS provides stability.
You’ve heard that the present economic landscape is ominous,
unprecedented, uncertain. We assure you it is not impassible.
Investment in hotel, restaurant, shared-ownership, gaming, convention
center and other hospitality ventures can be prudent even in the current
climate. You just need the right tools and the right team by your side.
More than ever, you need to invest wisely and maximize your hospitality
assets. Our team—the most experienced in the industry—works to reward
you with the insights and conclusions you need to make sound financial
decisions and keep generating profits. We ensure the integrity of our
conclusions with methodical research and analysis, and our reputation for
credibility carries weight worldwide.
Copacabana Palace
Rio de Janeiro, Brazil
Sheraton Suites
Calgary, Canada
Arts Hotel
Barcelona, Spain
© 2009 HVS
Introduction

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Services
Four Seasons
Beirut, Lebanon
Sofitel
Bruges, Belgium
© 2009 HVS
Property Appraisals and Feasibility Studies
Hotel Owners, Builders, Buyers, and Lenders:
Do You Need an Appraisal or Feasibility Study?
As an owner or buyer, you have to convince a lender that your property is
worth what you’re asking. Otherwise, they aren’t going to release the funds—
especially now that the risks are so high.
As a lender, you have to know how a project’s value is substantiated—what’s
the potential? What are the risks?—before agreeing to a multi-million dollar
loan.
Relying only on national or international hotel market trends can produce an
unfavorable—and inaccurate—picture. We’ll create an appraisal or feasibility
report based on the unique potential for your hotel and data from your
market—specifics that prove essential to establishing an accurate value.
You can’t afford to delay investment decisions. We have the expertise to
provide you with a preliminary consultation that lets you know where you
stand even before fieldwork begins. Once you’ve commissioned a report,
expect to receive a fast turnaround to meet your needs.
Build a strategy to maximize profit from your investment

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Services
© 2009 HVS
Income Generation & Executive Search
Claridge’s
London, England
Hotel del Coronado
Coronado, California
Plaza Hotel,
New York, New York
Generate Income and Enhance Your Operation
Use our investment banking experts to help you find funds. Work with our
interior design team, which has refashioned some of the finest properties in
the world. HVS’ Sales and Marketing service brings underperforming
properties back from the brink and takes established ones to even greater
heights. HVS Eco Services can help you save millions in lost utility costs and
reduce your environmental footprint. Our experts on gaming, golf, shared-
ownership, food and beverage, and convention facilities help you streamline
operations and improve the bottom line at properties large and small.
Find the Right People to Run Your Hotel
Amid ever-shifting market dynamics, you need to have an experienced
captain and crew. HVS Executive Search has filled top positions at hospitality
companies worldwide. Our reports on CEO performance metrics and
executive compensation levels help you gauge the competitive level of your
top staff and salaries. This rewards you with stronger hiring, management,
and retention.
It’s never been more important to have the right advice. Contact us today or
visit www.hvs.com to find it.
Hire the best and use our asset management know-how to bring your strategies to life

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Services
Consulting and Valuation provides appraisals, market studies, and feasibility studies for single assets and portfolios of
hotels worldwide. For more information contact Steve Rushmore: srushmore@hvs.com +1 516-248-8828 ext. 204
Executive Search is the premier executive search and human resource consulting firm specializing in the hotel, gaming,
and restaurant/retail industries. For more information contact Keith Kefgen: kkefgen@hvs.com +1 516-248-8828 ext. 220
Investment Banking provides you with one-stop shopping for the hospitality industry's investment banking needs, including
financing, investment sales, and capital advisory. For more information contact Mike Sullivan: msullivan@hvs.com +1 303-
512-1222 in North America or Charles Human: chuman@hvshwe.com +44 20 7527 2001 in Europe.
Asset Management & Advisory offers a comprehensive range of strategic planning, asset oversight, operational and
development consulting, franchise and management company evaluation and selection, and expert witness litigation
support. For further information contact Mark Lynn: mlynn@hvs.com +1 415-268-0357
Shared Ownership Services provides strategic advice and project management services relevant to Vacation Ownership,
Residence Clubs, Condo Hotels, and Mixed-Use Resort Developments. For further information contact Kathy Conroy:
kconroy@hvs.com +1 305-378-0404 ext. 1011
Interior Design works around the globe on the new construction and renovation of hotels, restaurants, and other hospitality
projects. For further information contact Jonathan Nehmer: jnehmer@hvs.com +1 301-670-1635 ext. 115
© 2009 HVS
Services
Ensure your hospitality venture captures the interest of potential patrons

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Hotel Parking Consulting helps you maximize the value and capture the full potential of hospitality parking assets. For further
information contact Andrew Tuchler: atuchler@hvs.com +1 617-424-3003
Convention, Sports & Entertainment Facilities Consulting provides you with the specialized expertise necessary to
analyze and implement public facilities projects, including convention centers, headquarter hotels, arenas, fairgrounds, water
parks, and museums. For further information contact Tom Hazinski: thazinski@hvs.com +1 312-587-9900 ext. 11
Gaming Services’ market and feasibility studies provide comprehensive analyses of market support and financial projections
for casinos and ancillary operations. For further information contact Suzanne Mellen: smellen@hvs.com +1 415-268-0351
Golf Services assists public and private clients with economic research, analysis, valuation, and consulting within the golf and
land development industries. For further information contact Darius Hatami: dhatami@hvs.com +1 303-443-3933 ext. 299
Sales and Marketing Services provides sales, marketing, public relations, and operational strategies to boost occupancy and
generate more revenue for your hotel. For further information contact Leora Lanz: llanz@hvs.com or +1 516-248-8828 ext. 278
Hotel Management helps you maximize the return on hospitality investments with hotel management, operational consulting
services, and special services such as receivership and strategies for the repositioning and refurbishing of your property. For
further information contact Kirby Payne: kpayne@hvs.com +1 401-625-5016
Food & Beverage Services provides appraisals, market and feasibility studies, operations consulting, and litigation support
services to hotel, banquet/catering, restaurant, and private club clients. For further information contact Dick Williams:
dwilliams@hvs.com +1 303-771-4104
Services
© 2009 HVS
Services
Use the right tools to maximize the strength of your operations

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Europe
HVS London
Russell Kett
rkett@hvs.com
(44) 20 7878-7701
HVS Madrid
Philip Bacon
pbacon@hvs.com
(34) 91 781 6666
HVS Athens
Demetris Spanos
dspanos@hvs.com
(30) 210 3612085
HVS Moscow
Tatiana Veller
tveller@hvs.com
(7) 499-2300117
Asia
HVS Singapore
David Ling
dling@hvs.com
(65) 6293-4415 ext. 11
HVS Hong Kong
Mark Keith
mkeith@hvs.com
(852) 2791-5868
HVS Shanghai
David Ling
dling@hvs.com
(65) 6293-4415 ext. 11
HVS Beijing
David Ling
dling@hvs.com
(65) 6293-4415 ext. 11
HVS New Delhi
Manav Thadani
mthadani@hvs.com
(91) 124 4616000
HVS Mumbai
Manav Thadani
mthadani@hvs.com
(91) 124 4616000
North America
HVS New York
Steve Rushmore
srushmore@hvs.com
(516) 248-8828 ext. 204
HVS San Francisco
Suzanne Mellen
smellen@hvs.com
(415) 268-0351
HVS Boulder
Gregory Hartmann
ghartmann@hvs.com
(303) 443-3933 ext. 211
HVS Vancouver
Betsy MacDonald
bmacdonald@hvs.com
(604) 988-9743 ext. 25
HVS Toronto
Betsy MacDonald
bmacdonald@hvs.com
(604) 988-9743 ext. 25
HVS Miami
Kathleen Conroy
kconroy@hvs.com
(305) 378-0404 ext. 1011
HVS Dallas
Rod Clough
rclough@hvs.com
(972) 899-5400 ext. 2221
HVS Denver
Michael Sullivan
msullivan@hvs.com
(303) 512-1222
HVS Washington DC
David Fuller
dfuller@hvs.com
(202) 828-9660 ext. 101
HVS Newport, RI
Kirby Payne
kpayne@hvs.com
(401) 625-5016
HVS Chicago
Tom Hazinski
thazinski@hvs.com
(312) 587-9900 ext. 11
HVS Atlanta
Mike Brophy
mbrophy@hvs.com
(678) 628-6577
HVS Boston
Thomas Dolan
tdolan@hvs.com
(617) 424-8912
HVS Mexico City
Richard Katzman
rkatzman@hvs.com
(52) 55 5245-7590
Offices
© 2009 HVS
Offices
Middle East
HVS Dubai
Hala Matar Choufany
hchoufany@hvs.com
(971) 50-4597930
South America
HVS São Paulo
Diogo Canteras
dcanteras@hvs.com
(55) 11 3093-2743
HVS Buenos Aires
Graciana Garcia Iribarne
mggiribarne@hvs.com
(54) 11 4515-1461 ext. 207