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Home My WebLink About20222025.tiffFrom: Millie Channell To: CTB-County Board of Eaualization Cc: Courtney Anava Subject: FW: R4697207 FIRESTONE HOSPITALITY LLC; 11292 BUSINESS PARK CIR, FIRESTONE Date: Monday, July 18, 2022 1:49:41 PM Attachments: image869120.onq Good afternoon, Please see the following withdrawal. Thanks, Millie Channett t Property Appraiser Commercial Division Weld County Assessor's Office (970) 400-3685 Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Peter Bach <PBach@poconnor.com> Sent: Monday, July 18, 2022 12:46 PM To: Millie Channell <mchannell@weldgov.com> Subject: RE: R4697207 FIRESTONE HOSPITALITY LLC; 11292 BUSINESS PARK CIR, FIRESTONE Caution: This email originated from outside of Weld County Government.; Do not click links or open attachments unless you recognize the sender and know the content is safe. Hi Millie — thank you for the information this morning, if you can please forward this email to the Clerk of the Board, I would like to withdraw our appeal to the OBOE. Peter Bach National Hotel Property Tax Consultant O �paa- aOa5 ASO la Tel: 817-505-8497 Hotel Helpline: 888.666.1876 Corporate Office: 2200 North Loop West, Ste 200 Houston TX 77018 Web: wti-rtitiv.hotelpropertvtaxconsultant.corn HOHSTON*'CHRONICLE From: Millie Channell <mchannell@weldgov.com> Sent: Monday, July 18, 2022 9:26 AM To: Peter Bach <PBach@poconnor.com> Subject: R4697207 FIRESTONE HOSPITALITY LLC; 11292 BUSINESS PARK CIR, FIRESTONE Hi Peter, Thank you for speaking with me this morning. If you wish to withdraw your appeal then please send an email to weld-cboe@co.weld.co.us or reply to this email and I will forward your intent to the Clerk to the Board. Thank you for working with us. Millie Streeie Channeee Property Appraiser Commercial Division Weld County Assessor's Office (970) 400-3685 mchannell@weldgov.com INEW Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. Disclaimer The information contained in this communication from the sender is confidential. It is intended solely for use by the recipient and others authorized to receive it. If you are not the recipient, you are hereby notified that any disclosure, copying, distribution or taking action in relation of the contents of this information is strictly prohibited and may be unlawful. This email has been scanned for viruses and malware, and may have been automatically archived by Mimecast, a leader in email security and cyber resilience. Mimecast integrates email defenses with brand protection, security awareness training, web security, compliance and other essential capabilities. Mimecast helps protect large and small organizations from malicious activity, human error and technology failure; and to lead the movement toward building a more resilient world. To find out more, visit our website. Thank you for submitting an appeal to the Weld County Board of Equalization. We will review the information submitted and you will receive a date to appear before the board. Contact Information: Contact Name: Peter Bach Contact Email: pbach@poconnor.com Contact Phone: 817-505-8497 Appeal Submitted: 04:05 PM July 14, 2022 Appeal submitted for: R4697207 - FIRESTONE HOSPITALITY LLC 11292 BUSINESS PARK CIR, FIRESTONE Legal: FIR 3DCBP L7 DEL CAMINO JUNCTION BUSINESS PARK 3RD MINOR Reason: Value Too High - Income approach supports a lower value. Estimate of Value: $3,420,000.00 Document(s) Submitted: Account: All Accounts - R4697207 LOA1.pdf Account: All Accounts - Tax Year 2022 Analysisl.pdf You have selected the following Date Preferences: Monday, August 1, 2022, from 10:30 a.m. - 12:00 p.m. Monday, August 1, 2022, from 1:30 p.m. - 4:00 p.m. Wednesday, August 3, 2022, from 1:30 p.m. - 4:00 p.m. The Appeal process can take several weeks for us to complete. You will receive a written decision on your appeal within five (5) working days of your hearing. We thank you for your submittal. Weld County Board of Equalization 2022-2025 A3O11 9 AUTHORIZATION OF PROPERTY TAX AGENT State of Colorado County of Weld This letter serves as authorization for O'Connor & Associates of 2200 North Loot) West Suite 310. Houston. TX 77018 to act in our behalf as Agent in regard to Property Taxes in the County of Weld and has full permission to represent us in returns containing information for the purpose of assessing property owned or managed by this firm, examining records, and discussing with the appropriate governmental authority the assessment of the property designated below. Account Number: R4697207 Owner: FIRESTONE HOSPITALITY LLC Pro:iertw Address: 11292 BUSINESS PARK CIR, FIRESTONE This authorization is in effect until 3 years, or until written notice of termination is issued by an officer of this company. It is requested that all communications regarding any matter in which this Agent is authorized to act is addressed to: O'Connor & Associates of 2200 North Loop West Suite 310, Houston, TX 77018 Executed this / day of .,7l/ti e _ , 20 . OWNER OF RECORD By: Fk. Xioaluerwa*, Printed Name: Pranav Gandhakwala INCOME ANALYSIS - Industry Income Model PROPERTY DESCRIPTION: LOCATION: ACCT ## of ROOMS YEAR BUILT Class Copyright 0 Reserved by O'Connor & Associates Comfort Suites 1542389 72 1998 Upper Midscale Room Revenue OCCUPANCY Average Daily Rate (ADR) REVENUE PER AVAILABLE ROOM (RevPAR) INCOME Average Income from 2017-2018 Less Hotel Occupancy Taxes (if included in revenue) Plus Other Income Effective Gross Rental Income 11292 Business Park 2021 Final Value 2022 Noticed Value Gross Revenue Multiplier Value per room 2020 $1,223,590 62.8% $74.44 $46.75 Less intangible Business Value (Net Gain after deducting franchise fees - see attached) Adjusted taxable portion of revenue EXPENSES (Sources - HVS and STR Analytics survey of 5400+ hotels, and various CAD manuals' 2019 $1,$91,372 54.3% $132.58 $71.97 Tax Year 2022 Weld County $3,715,000 $3,715,000 � 3.02 $51,597 2018 $1,845,907 54.3% $129.33 $7Q.24 1,6551290 a I' Rooms, Food & Beverage, telephones, others Administrative & General Marketing Utilities Property Operation & Maintenance Management Fees Franchise Fees - Royalties portion (per flag) Insurance (depends on area) Property Taxes (per location) Total expenses excluding tax & reserves Reserves for Replacement & FF&E (depends on age) TOTAL EXPENSES NET OPERATING INCOME CAP RATE (unloaded) MARKET VALUE (Rounded) DEFERRED MAINTENANCE BUSINESS PERSONAL PROPERTY (Included in income model) ADJUSTED MARKET VALUE I $3,420,000 9.14% $ 1,655,290 $151,293 $1,503,996 $1,191,809 $4,539 $1,196,347 $307,649 9.00% $3,420,000 CBRE 72.00% 3.00% 9.00% I ndustry 38.4% to 45.2% Industry 7.8% to 7.9% Industry 4.7% to 6.6% Industry 3.2% to 4.5% Industry 4.2% to 4.9% Industry 3.0% to 3.3% Industry average 4.8% Industry 0.9% to 1.0% Industry 67% to 78.2% Industry 2% to 6% excluding tax 0.00% A significant portion of a hotel's value lies in its flag which provides name recognition, national marketing campaign, reservation system, management, and quality control. These are Intangible Business Enterprise Value (BEV) that must be deducted in order to derive at the taxable real property value. BEV is the Net increase in revenue derived from the flag, less fees paid to the franchise. The Rushmore Approach deducts franchise fees but not additional BEV is under the misconception that intangible Business Value is equal to the fees paid to the franchise. No one would purchase a franchise to have a Net Zero Gain! July 18, 2022 Petitioner: FIRESTONE HOSPITALITY LLC 11292 BUSINESS PARK CIR FIRESTONE, CO 80504-9540 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): O'CONNOR & ASSOCIATES 2200 NORTH LOOP W STE 200 HOUSTON, TX 77018-1754 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2022-2025, AS0109 Appeal 2008231031 Hearing 8/1/2022 1:30 PM Account(s) Appealed: R4697207 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 1, 2022, at or about the hour of 1:30 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2022, and mailed to you within five (5) business days. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to discuss your value with the Assessor's Office, please call them at (970) 400-3650. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by emailing assessor@weldgov.com or sending a fax to (970) 304-6433. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor July 18, 2022 Agent: Petitioner: O'CONNOR & ASSOCIATES 2200 NORTH LOOP W STE 200 HOUSTON, TX 77018-1754 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150O STREET P.O. BOX 758 GREELEY CO 80632 FIRESTONE HOSPITALITY LLC 11292 BUSINESS PARK CIR FIRESTONE, CO 80504-9540 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2022-2025, AS0109 Appeal 2008231031 Hearing 8/1/2022 1:30 PM Account(s) Appealed: R4697207 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 1, 2022, at or about the hour of 1:30 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2022, and mailed to you within five (5) business days. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to discuss your value with the Assessor's Office, please call them at (970) 400-3650. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request to assessor@weldgov.com. Upon receipt ofyour written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION 4Lls. �IG"l. Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor July 18, 2022 Agent: O'CONNOR & ASSOCIATES 2200 NORTH LOOP W STE 200 HOUSTON, TX 77018-1754 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Petitioner: FIRESTONE HOSPITALITY LLC 11292 BUSINESS PARK CIR FIRESTONE, CO 80504-9540 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2022-2025, AS0109 Appeal 2008231031 Hearing 8/1/2022 1:30 PM Account(s) Appealed: R4697207 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 1, 2022, at or about the hour of 1:30 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2022, and mailed to you within five (5) business days. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to discuss your value with the Assessor's Office, please call them at (970) 400-3650. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request to assessor@weldgov.com. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor August 4, 2022 Petitioner: FIRESTONE HOSPITALITY LLC 11292 BUSINESS PARK CIR FIRESTONE, CO 80504-9540 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.corn 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): O'CONNOR & ASSOCIATES 2200 NORTH LOOP W STE 200 HOUSTON, TX 77018-1754 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO CONFIRMATION OF WITHDRAWAL REQUEST Docket #: 2022-2025 Appeal #: 2008231031 Dear Petitioner: Based upon information furnished to the Weld County Board of Equalization, we understand that you have withdrawn the petition challenging the valuation of the below account number(s). Please be informed that a withdrawn petition precludes any further challenge to the valuation of the below account number(s) for this assessment period. Therefore, the Board of Equalization took no action on your petition and the assessed value remains as set by the Assessor. Actual Value as Account # Decision Determined by Assessor R4697207 Withdrawn $3,715,000 Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor August 4, 2022 Agent: Petitioner: O'CONNOR & ASSOCIATES 2200 NORTH LOOP W STE 200 HOUSTON, TX 77018-1754 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 FIRESTONE HOSPITALITY LLC 11292 BUSINESS PARK CIR FIRESTONE, CO 80504-9540 RE: THE BOARD OF EQUALIZATION 2022, WELD COUNTY, COLORADO CONFIRMATION OF WITHDRAWAL REQUEST Docket #: 2022-2025 Appeal #: 2008231031 Dear Petitioner: Based upon information furnished to the Weld County Board of Equalization, we understand that you have withdrawn the petition challenging the valuation of the below account number(s). Please be informed that a withdrawn petition precludes any further challenge to the valuation of the below account number(s) for this assessment period. Therefore, the Board of Equalization took no action on your petition and the assessed value remains as set by the Assessor. Actual Value as Account # Decision Determined by Assessor R4697207 Withdrawn $3,715,000 Very truly yours, BOARD OF EQUALIZATION erLG Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor Hello