Essay on Fieldwork Guide

Fieldwork Guide
Developed and presented by Stephen Rushmore Jr.

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Typical fieldwork workflow
1.
2.
3.
4.
5.
6.
7.

Acclimate to market area
Subject property GM interviews
Convention & Visitors Bureau
Planning and Zoning Office
Local Tax Assessor
Economic Development Office or Chamber of Commerce
Competitive set GM Interviews

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Acclimate to Market Area

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Acclimation tips
 Dine at a local eatery where the community gossips with the wait-staff  Check roadfood.com for recommendations

 Drive around subject property and demand generators
 Try not to rely on GPS
 Connect with friends or family in the area
 Plan to arrive several hours before your first appointment

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The Subject Property GM Interview

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Why are GM interviews important?


Usually the most informative discussion about the property and market



To assess the subject property’s demand base and competitive positioning



Obtain an initial interpretation of lodging demand trends in the subject market area

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Pre-interview tips
 Analyze accessibility of subject property from highway and/or public transportation
 Check-in to the property
 Conduct a walk-through to familiarize yourself with facilities and condition of property
 Review market and property information collected ahead of time
 Google the GM to find information that can be used to build a rapport -7-

GM Interview Checklist - Property History




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Ownership
Management
Franchise
Ground Lease
What makes the property unique?

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GM Interview Checklist – Physical Aspects
 Do a verbal walkthrough of the property
 Go floor-by-floor, then around the property
 Ask about the condition of hotel
 Ask about renovations completed or planned

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GM Interview Checklist - Segmentation
 Commercial demand
 Top accounts
 Major feeder market
 Any government demand?

 Meeting and Group demand
 Top accounts
 SMERF, associations or corporate group
 Major feeder market
 Leisure demand
 Top accounts
 Primary attractions
 Major feeder market
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GM Interview Checklist - Property Performance
 Discuss historical occ/rate and trends (why up or down?)
 Discuss forecast of occ/rate and reasons for forecasted levels

 Ask about anomalies in the P&L statement

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GM Interview Checklist - Market
 Any new supply coming into the market?
 Do you foresee anything that will impact the market?
 Seasonality of the market? Unaccommodated demand?
 Competition
 How do you keep track of competition?
 Do you know the occupancy and rate of competitive properties?
 What is the condition of comps?
 When were they last renovated?
 SWOT of comps

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GM Interview Checklist – Closing Questions
 Anything else from an appraiser’s point of view that we need to know about the property?
 If you had $1 million, where would you spend it on the property? - 13 -

Subject Property Walkthrough

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Inspecting the subject property
 Take pictures while on tour
 Guestrooms
 Meeting space
 Public space
 F&B outlets
 Back of house
 Landscaping
 Parking lot
 View from North, South, East, West
 Note condition of all aspects of the property

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The Convention & Visitors Bureau

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Convention & Visitors Bureau Checklist
 What has been happening in the local area the past few years that has influenced the lodging industry?
 Convention center related?
 Major employer?
 City developments?
 Tourist attractions?
 What life-cycle stage has the area been in the past few years? (decline, stabilization, revitalization, growth)
 What drives convention and/or individual, group, or meeting demand in the area?
 What has happened with these demand generators in the last few years and why?
 What are the strongest months of the year for the market?
 What is done to attract visitors during the slow seasons?
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Convention & Visitors Bureau Checklist
 Are any hotels proposed / closing / expanding in the area?
 Are there any expansion or development plans

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