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Phase Two: Fieldwork typically includes the following steps: <br />Fieldwork <br />1. An onsite inspection of the subject site will be made. The physical <br />orientation of the subject site with respect to access and visibility to <br />highways, other forms of transportation, and the local demand for <br />accommodations will be analyzed. We will also review the supportive <br />nature of surrounding land uses as they relate to the subject site. <br />2. The demand for transient accommodations will be investigated to identify <br />the various generators of visitation operating within the local market. The <br />current and anticipated potential of each of these market segments will be <br />evaluated to determine the extent of existing and future demand. <br />Interviews with officials of business and government, as well as statistical <br />data collected during the fieldwork, are useful in locating and quantifying <br />transient demand. In conjunction with the identification of potential <br />demand, an investigation will be made of the respective strengths of these <br />markets in terms of seasonality, weekly demand fluctuations, vulnerability <br />to economic trends and changes in travel patterns, and other related <br />factors. Similar market -research procedures are utilized in estimating the <br />demand for food and beverage (F&B), banquet, and other facilities, as <br />applicable. <br />3. The market orientation of nearby lodging facilities will be evaluated to <br />determine their competitive position with respect to the subject site. Those <br />properties displaying similar market attributes will receive a physical <br />inspection, along with selective management interviews, to estimate levels <br />of occupancy, room rates, market segmentation, and other pertinent <br />operational characteristics. Some of the competitive factors that will be <br />specifically reviewed include location, type and quality of facilities, <br />physical condition, management expertise, and chain affiliation. <br />4. Statistical data relating to general economic and demographic trends often <br />foreshadow future potential for market areas and neighborhoods. <br />Interviews with local Chambers of Commerce, economic development <br />agencies, and other related organizations, along with an investigation of <br />the proposed subject property's primary market area, will reveal patterns <br />reflecting growth, stability, or decline. <br />HVS Consulting and Valuation Services Proposal 3 <br />