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Home My WebLink About20211990.tiffCOUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number: R8943247 STIPULATION (As To Tax Year 2021 Actual Value) RE PETITION OF : NAME: LOVES HOSPITALITY LLC ADDRESS: C/O MEGAN STEPHENS, PO BOX 26210 OKLAHOMA CITY OK 73126-0210 Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2021 valuation of the subject property, and jointly move the Board of Equalization to enter its order based on this Stipulation. Petitioner (s) and Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: 301 E Bison, LOT 1 HUDSON VILLAGE SQUARE AMD 2 2. The subject property is classified as commercial. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2021 : Total: $4,516,257 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year 2021 actual value for the subject property: Total: $4,002,000 5. The valuation, as established above, shall be binding only with respect to tax year 2021. 6. Brief narrative as to why the reduction was made: Further review of all approaches to value indicated an adjustment. 7. Both parties agree that: l7lThe hearing scheduled before the Board of Equalization on 08/04/2021 at 1:00 PM be vacated. PIA hearing has not yet been scheduled before the Board of Equalization. R8943247 1 Q0@1 -1990 ASoIe9 DATED this 19th day of July Michelle Tarbell Michelle Tarbell (Jul 21, 2021 11:04 MDT) Petitioner(s) or Agent or Attorney , 2021. Address: Ryan, LLC 4100 Broadway, Suite 4100 Denver, CO 80202 Telephone: 303-222-1861 R8943247 (Assistant) County Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone:(970) 336-7235 County Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 400-3650 2 R8943247/LOVES HOSPITALITY LLC Final Audit Report 2021-07-21 Created: 2021-07-19 By: TIM REDDICK (treddick@co.weld.co.us) Status: Signed Transaction ID: CBJCHBCAABAAMvGjgjWxktYrmPg9ow3aJpjEIFPy1btO "R8943247/LOVES HOSPITALITY LLC" History ,n Document created by TIM REDDICK (treddick@co.weld.co.us) 2021-07-19 - 9:05:52 PM GMT- IP address: 204.133.39.9 C-, Document emailed to TIM REDDICK (treddick@co.weld.co.us) for approval 2021-07-19 - 9:05:54 PM GMT 6® Document approved by TIM REDDICK (treddick@co.weld.co.us) Approval Date: 2021-07-19 - 9:09:31 PM GMT - Time Source: server- IP address: 204.133.39.9 E7-, Document emailed to Jason Marini (jmarini@co.weld.co.us) for approval 2021-07-19 - 9:09:32 PM GMT n Email viewed by Jason Marini (jmarini@co.weld.co.us) 2021-07-20 - 2:40:51 AM GMT- IP address: 204.133.39.9 6© Document approved by Jason Marini (jmarini@co.weld.co.us) Approval Date: 2021-07-20 - 2:46:22 AM GMT - Time Source: server- IP address: 204.133.39.9 "-, Document emailed to Brenda Dones (appeals@weldgov.com) for signature 2021-07-20 - 2:46:24 AM GMT tJ Email viewed by Brenda Dones (appeals@weldgov.com) 2021-07-20 - 1:23:35 PM GMT- IP address: 204.133.39.9 6© Document e -signed by Brenda Dones (appeals@weldgov.com) Signature Date: 2021-07-20 - 10:38:34 PM GMT - Time Source: server- IP address: 204.133.39.9 E, Document emailed to Michelle Tarbell (michelle.tarbell@ryan.com) for signature 2021-07-20 - 10:38:36 PM GMT in Email viewed by Michelle Tarbell (michelle.tarbell@ryan.com) 2021-07-21 - 0:45:09 AM GMT- IP address: 172.58.69.246 POWERED 9, Adobe Sign C5*() Document e -signed by Michelle Tarbell (michelle.tarbell@ryan.com) Signature Date: 2021-07-21 - 5:04:04 PM GMT - Time Source: server- IP address: 165.225.10.236 E Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature 2021-07-21 - 5:04:06 PM GMT t Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2021-07-21 - 6:52:08 PM GMT- IP address: 204.133.39.9 6Q Document e -signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date: 2021-07-21 - 6:52:27 PM GMT - Time Source: server- IP address: 204.133.39.9 ® Agreement completed. 2021-07-21 - 6:52:27 PM GMT l +CJ,EgEJ 9Y Adobe Sign 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: Michelle Tarbell Contact Email: michelle.tarbell@ryan.com Contact Phone: 303-222-1861 Appeal Submitted: 11:29 AM July 13, 2021 Appeal submitted for: R8943247 - LOVES HOSPITALITY LLC 301 E BISON , HUDSON Legal: LOT 1 HUDSON VILLAGE SQUARE AMD 2 Reason: Value Too High - The subject property is valued in excess of fair market value based on the three approaches to value; cost, market and income. In addition, the property is valued in excess of other similarly situated properties. Estimate of Value: $3,250,000.00 Document(s) Submitted: Account: All Accounts - Loves CO PT Best Western Weld 500377 Appeal Filing 2021-05-20.pdf You have selected the following Date Preferences: 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 2021-1990 Weld County: Assessor https://www.co.weld.co.us/apps llassessorlappeal/?process=complete&... CONTACT INFO so o Real/Business Personal Property Appeal Appeal his been submitted Successfully! You will receive a n email i _ confirmation i rmation of your su _ _ ission.. Please remember _ er to check your junk mail. You may submit another appeal or return to the Assessor's Ho epage. Between May 1 and June 2, per CURS. §39-5-122(1), you may appeal your real property value. Between June 15 and June 30, per C.R.S. §39-5-122(1), §39-5-122(4), §39-6-111.5, §39-7-102.5, you may appeal your business personal property and/or oil and gas value. To appeal the value of your property online, please have the following information available prior to beginning your appeal: • Owner Name • Contact Phone Number • Email Address • Account/Schedule Number (found on Notice of Valuation) • Reason for Appeal • Supporting Documentation in an electronic format to be attached • Agent Authorization in an electronic format to be attached (This is required if you are acting as an agent and you are appealing an account that is not under your name as ownership) once you have the required documentation, you can begin the appeal process by entering your email address below. Upon submission of your appeal, you will receive an email confirmation that your appeal has been received. 1 of 2 5/20/2021, 11:16 AM Weld County: Assessor https://www.co.weld.co.us/apps llassessorlappeal/?process=complete&... Weld County Assessors Office (970) 400-3650 Email Address: Contact Information Weld County Offices: Weld County Colorado 1150 O ST. Greeley, Co 80631 Mailing Address: Weld County Colorado PO Box 758, Greeley, CO 80632 Phone: (970) 400-4000 ir CI Useful Links • Elected Officials • Discover Weld County • Pay My Taxes • Weld County Budget • Sign Up for Emergency Alerts • Property Information • Contact Weld County • Weld County Code Privacy Policy & Disclaimer I Accessibility Information I Social Media Commenting Policy 2 of 2 5/20/2021, 11:16 AM #500377 - Best Western Valuation Analysis 301 E. Bison Hwy Hudson, CO Weld County Tax Parcel Number(s): R8943247 Ryan° Solutions to Taxing Problems. Michelle Tarbell Michelle.Tarbell@Ryan.com 2021 1 2021 Property Tax Assessment Appeal Weld County Property Summary Tax Year: Property Name: Property Owner: Assessee Name: Parcel Number: Site Address: City, State: Site Class: Land AC: Year Built: Occupancy - June 2020 Occupancy - December 2020 Keys (Room Count): 2021 #500377 - Best Western Love's Travel Stops & Country Stores Loves Hospitality LLC R8943247 301 E. Bison Hwy Hudson, CO Hospitality - Hotel 3.28 2016 47.9% 37.4% 87 P910256 2020 County Value: Value Per Key: $6,090',000 $70,000 2021 County Value: 2021 Assessed Value Value Per Key: $4,516,257 $1,309,720 $51,911 -25.8% 29.0% Taxpayer Opinion of Value: Value Per Key: $3,2.50,000 $37,356 Primary Issues of Concern ■ Hospitality properties have been devastated by the impact of Covid-19. Please see financials. 3 Ryan 0) #500377 - Best Western Income Analysis Site Address: Parcel N urn ber: Site Class: 301 E. Bison Hwy R8943247 Hospitality - Hotel Keys (Room Count): 87 .n A !! Occupancy Rate ADR RevPar 54.0840 $95.83 $51.82 -5.5,O 0.5/0 -4.840 Occupancy Rate ADR RevPar 57.24 $95.05 $4.41 -29.3, -9.844 -36.2,4 Occupancy Rate ADR RevPar 80.96►33 $105.39 $85.32 Current Historical Historical Budget 2021 Per Key Revenues a YE 2020 Per Key 40 Revenues • a YE 2019 Per Key 40 Revenues Revenues Room Revenues Other Operating Rev $1,645,621 $23,053 $18,915 $265 98.62/0 1.38/0 -5.0,O -5.5/0 $1/32,466 $24,392 $19,913 $280 98.61/0 1.39,/0 -36.1/0 -15.4/4 $2,709,470 $28,835 $31,143 $331 98.95/0 1.05/0 Total Revenues $1,668,674 $19,180 100.0k -5.0 0 $1,756,858 $20,194 100.0/ -35.84b $2,738,305 $31,475 100.040 Departmental Expenses Rooms Telephone exp Misc exp Other Operating Exp $579,877 $64,258 $23,053 $9,660 $6,665 $739 $265 $111 -1.440 -86.9k $588,327 $0 $0 $73,790 $6,762 $0 $0 $848 -18.5/0 -6.110 $721,482 $0 $0 $78,555 $5,293 $903 4 Revenues 40 Revenues in Revenues 34.75/0 3,85/0 1.38/0 0.58/0 33.49/0 0.00k 0.00/4 4.2% 26.35/4 2.87/0 Subtotal $676,848 $7,780 40.640 2.240 $662,117 $7,611 37.7/0 -17.0 $800,037 $9,196 29.2,0 Undistributed Departments Admin & General Sales & Marketing Repairs & Maintenance Utilities Insurance Management Fee : * Property Repair $181,047 $150,042 $113,934 $138,173 $8,796 $58,404 $26,000 $2,081 $1,725 $1,310 $1,588 $101 $571 $299 -.29.6/4 3.240 0.440 1.9k 15.4/0 -5.040 -40.000 $257,229 $145,418 $113,462 $135,542 $7,625 $61,490 $43,329 $2,957 $1,671 $1,304 $1,558 $88 $707 $498 6.144 -30.2/4 -6.2/o -9.6/4 15.5/4 -35.8/4 264.4/0 $242,421 $208,325 $120,934 $149,970 $6,603 $95,841 $11,890 $ 2,786 $2,395 $1,390 $1,724 $76 $1,102 $137 40 Revenues Jo Revenues , '0 Revenues 10.85/0 8.99/0 6.83/0 8,28/0 0.53/0 3.5% 1,56/0 14,64/0 8.28/'0 6.46/0 7.724 0.43/4 3.54/0 2.47/0 8.85,O 7.61/0 4.42/0 5.48/0 0.24/0 3.50/ 0.43,O Total Expenses $676,396 $7,775 40.540 -11.54 $764,095 $8,783 43.54 -8.64, $835,954 $9,609 30.5j, Reserve Allocation $66,747 $767 4.00, -5.0,O $70,274 $808 4.004 -35.84 $109,532 $1,259 4.00, Total l Expenses $1,419,991 $16,322 85.14 -5.140 $1,496,486 $17,201 85.2/0 -14.34, $1,745,553 $20,064 63.7O NET OPERATING INCOME $248,683 $2,858 14.940 -4.50 $260,372 $2,993 14.$44 -73.04 $992,752 $11,411 36.34 Capitalization Rate Effective Tax Rate Loaded Rate Going Concern Value: Less Personal Property Value: 10.00, 2.460 12.46/o $1,996,340 $1,115,321 P910256 Real Property Value: $880,000 $10,115 2021 County Value: $4,516,257 $51,911 NOTES: * See attached financials for detail. * Real Estate Taxes are excluded and incorporated through the Effective Tax Rate ** Added 3.544 Management Fee 10.00k 2.46k 12.46/0 $2,090,169 $1,115,321 P910256 $970,000 $11,149 $4,516,257 $51,911 TAXPAYER OPINION OF VALUE $3,250,000 10.00, 2.460 12.46/0 $7,969,453 $1,115,321 P910256 $61,850,000 $78,736 I $4,516,257 $51,911 REPORT: HOSPITALITY P&L DETAIL ROLL 12 PERIOD: BUDGET 2021 JAN 2021 FEB 2021 MAR 2021 APR 2021 MAY 2021 JUN 2021 JUL 2021 AUG 2021 SEP 2021 OCT 2021 NOV 2021 DEC 2021 2021 BUDGET 0377 - HUDSON, CO BEST WESTERN AVAILABLE ROOMS OCCUPIED ROOMS OCCUPANCY ADR REVPAR 2,697 2,436 2,697 2,610 2,697 2,610 Z697 2,697 2,610 2,697 2,610 2,697 31,755 940 991 1,164 1,280 1,534 1,698 1,754 1,758 1,681 1,742 1,387 1,245 17,173 34.85% 40.67% 43.17% 49.03% 56.86% 65.04% 65.04% 65.18% 64.41% 64.60% 53.15% 46.14% 54.08% 86.92 89.76 90.94 91.29 99.47 103.78 101.64 97.75 97.22 96.79 93.23 90.04 95.83 30.29 36.50 39.26 44.76 56.56 67.50 66.11 63.71 62.62 62.53 49.55 41.55 51.82 ROOMS DEPARTMENT REVENUE ROOM REVENUE MISC OTHER OPERATING REVENUE TELEPHONE REVENUE TOTAL BEVERAGE REVENUE 81;700 88;9.24 105881 116,819 152;547 176;178 178;292 171;824 163442 168,635 129;328 112;052 1;645;621 1,288 1,353 1,577 1,726 2,053 2,265 2,338 2,343 2,244 2,323 1,864 1,680 23,053 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL ROOM REVENUE 82,988 90,277 107,458 118,545 154,601 178,442 180,629 174,167 165,685 170,957 131,192 113,732 1,668,674 ROOM DEPARTMENT EXPENSES PAYROL L GUEST SERVICE REP HOUSEPERSON ROOMS CONTRACT LABOR 11;583 10,678 9,675 9,777 12,327 12,470 11,319 12,297 13;418 13,336 14,386 15,784 13;864 13;869 16,310 16,338 13,392 13,846 12;289 12;590 153;662 15,658 16,099 13,115 12,141 162,900 0 TOTAL ROOMS PAYROLL 21,258 TAXES AND BENEFITS ROOMS PAYROLL TAXES ROOMS BONUSES & INCENTIVES ROOMS WORKERS COMPENSATION ROOMS BENEFITS 20,455 23,645 24,767 27,804 29,121 30,173 30,207 29,050 29,946 25,404 24,731 318,562 2,037 1,960 2,266 2,374 2,665 2,791 2,892 2,895 2,784 2,870 2,435 2,370 30,339 708 682 788 825 926 970 1,005 1,007 968 998 847 824 10,548 277 266 308 323 362 379 393 393 378 390 331 322 4;123 3,161 3,042 3,516 3,683 4,135 4,330 4,487 4,492 4,320 4,453 3,778 3,678 47,073 TOTAL ROOMS TAXES & BENEFITS TOTAL ROOMS PAYROLL AND RELATED COSTS 6,184 5,950 6,878 7,204 8,088 8,471 8,777 8,787 8,450 8,711 7,390 7,194 92,084 27,442 26,405 30,523 31,971 35,892 37,591 38,951 38,994 37,501 38,656 32,794 31,925 408,646 OTHER EXPENSES CABLE/SATELLITE TV CLEANING SUPPLIES COMMISSIONS EXPENSE ROOMS COMPLIMENTARY SERVICES GUEST SUPPLIES GUEST RELATIONS LAUNDRY & DRY CLEANING EXPENSE LINEN ROOMS OPERATING SUPPLIES ROOMS PRINTING & STATIONERY RESERVATIONS ROOMS UNIFORMS GUEST RELOCATION ROOMS CONTRACT SERVICES ROOMS DECORATIONS ROOMS TRAINING ROOMS MISCELLANEOUS WALK EXPENSE 1,361 1;.361 1,361 1,361 1;361 1,361 1,361 1,361 1,361 1;.361 1,361 1,361 16,332 423 446 524 576 690 764 789 791 757 784 624 560 7,728 1,457 1,536 1,805 1,983 2,377 2,631 2,719 2,725 2,606 2,701 2,150 1,929 26,618 4;747 5,003 5,880 6;462 7;745 8;573 8;858 8,877 8,490 8;799 7;005 6;285 86;723 874 921 1,083 1,190 1,426 1,579 1,631 1,635 1,563 1,620 1,290 1,157 15,971 0 0 0 0 0 0 0 0 0 0 0 0 0 216 228 268 294 353 390 403 404 387 401 319 286 3,950 470 495 582 640 767 849 877 879 841 871 694 622 8,586 226 238 279 307 368 407 421 422 403 418 333 299 4,121 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 66 69 82 90 107 119 123 123 118 122 97 87 1,202 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL ROOMS DEPT OTHER EXPENSES ROOMS DEPARTMENT PROFIT (LOSS) OTHER OPERATING DEPARTMENT TELEPHONE REVENUE 9,839 10,297 45,706 53,574 11,863 12,903 65,071 73,670 15,194 103,514 16,673 124,178 17,183 124,496 17,216 117,956 16,525 111,659 17,077 115,224 13,874 12,586 84,525 69,221 171,231 1,088,796 LONG DISTANCE REVENUE 0 TOTAL TELEPHONE REVENUE 0 0 0 0 0 0 0 0 0 0 0 0 0 REPORT: HOSPITALITY P&L DETAIL ROLL 12 PERIOD: BUDGET 2021 JAN 2021 FEB 2021 MAR 2021 APR 2021 MAY 2021 JUN 2021 JUL 2021 AUG 2021 SEP 2021 OCT 2021 NOV 2021 DEC 2021 2021 BUDGET 0377 - HUDSON, CO BEST WESTERN TELEPHONE EXPENSES COST OF LONG DIST GALLS BASIC PHONE LINE RENT INTERNET COST OF SALES 42 42 42 42 42 42 42 42 42 42 42 42 506 781 781 781 781 781 781 781 781 781 781 781 781 9,368 4,532 4,532 4,532 4,532 4,532 4,532 4,532 4,532 4,532 4,532 4,532 4,532 54,384 TOTAL TELEPHONE EXPENSES 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 5,355 64,258 TOTAL TELEPHONE PROFIT (LOSS) (5,355) (5,355) (5,355) (5,355) (5,355) (5,355) (5,355) (5,355) (5,355) (5,355) (5,355) (5,355) (64,258) MISC OTHER OPERATING REVENUE OTHER REVENUE SPACE RENTAL AND CONCESSIONS COMMISSIONS REVENUE GUEST LAUNDRY AND DRY CLEANING REVENUE SUITE SHOP REVENUE SAFE REVENUE 47 50 58 64 77 85 88 88 84 87 69 62 859 75 75 75 75 75 75 75 75 75 75 75 75 900 0 0 0 0 0 0 0 0 0 0 0 0 0 461 485 571 627 751 832 860 861 824 854 680 610 8,415 705 743 873 960 1,150 1,273 1,316 1,318 1,261 1,307 1,040 933 12,880 0 TOTAL MISC OTHER OP DEPT REVENUE 1,288 1,353 1,577 1,726 2,053 2,265 2,338 2,343 2,244 2,323 1,864 1,680 23,053 MISC OTHER OPERATING EXPENSES SUITE SHOP EXPENSES 529 557 655 720 863 955 987 989 946 980 780 700 9,660 TOTAL MISC OTHER OP DEPT EXPENSES 529 557 655 720 863 955 987 989 946 980 780 700 9,660 TOTAL MISC OTHER OPERATING DEPT PROFIT (LOSS) 759 796 922 1.006 1,191 1,310 1,351 1,354 1,298 1,343 1,084 980 13,393 ADMINISTRATIVE & GENERAL PAYROLL GENERAL MANAGER 5,483 4,953 5,483 5,307 5,483 5,307 5,483 5,483 5,307 5,483 5,307 5;483 64,563 TOTAL A&G PAYROLL 5,483 4,953 5,483 5,307 5,483 5,307 5,483 5,483 5,307 5,483 5,307 5,483 64,563 TAXES AND BENEFITS A&G PAYROLL TAXES A&G BONUSES & INCENTIVES A&G BENEFITS 535 483 535 518 535 518 535 535 518 535 518 535 6,301 1;221 1 103 1,221 1;181 1;221 1;181 1;221 1;221 1,181 1;221 1;181 1;221 14;374 556 502 556 538 556 538 556 556 538 556 538 556 6,544 TOTAL A&G TAXES & BENEFITS 2,312 TOTAL A&G PAYROLL AND RELATED COSTS 7,795 2,088 2,312 2,237 2,312 2,237 2,312 2,312 2,237 2,312 2,237 2,312 27,220 7,041 7,795 7,544 7,795 7,544 7,795 7,795 7,544 7,795 7,544 7,795 91,783 OTHER EXPENSES HOTEL EXPENSE-A&G AIRFARE EXPENSE-A&G CAR RENTAL EXPENSE-A&G BANK CHARGES CASH OVERAGES/SHORTAGES CREDIT CARD COMMISSION EMPLOYEE RELATIONS & COST RECRUITMENT EXPENSE INFORMATION SYSTEMS LICENSES & PERMITS A&G OPERATING SUPPLIES A&G POSTAGE A&G PRINTING & STATIONERY A&G TELECOMMUNICATIONS A&G TRAINING A&G TRAVEL -MEALS A&G TRAVEL -OTHER A&G UNIFORMS A&G MISCELLANEOUS A&G DONATIONS A&G CONTRACT SERVICES PROVISION FOR DOUBTFUL ACCTS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 55 55 55 55 55 55 55 55 55 55 55 55 665 0 0 0 0 0 0 0 0 0 0 0 0 0 1,743 1,896 2,257 2,489 3,247 3,747 3,793 3,658 3,479 3,590 2,755 2,388 35,042 0 0 0 0 0 0 0 0 175 0 100 175 450 0 1,422 0 0 0 0 0 0 0 0 0 0 1,422 3,568 3,568 3,568 3,568 3,568 3,568 3,568 3,568 3,568 3,568 3,568 3,568 42,812 0 0 0 0 0 0 0 0 0 0 390 65 455 150 150 150 150 150 150 150 150 150 150 150 150 1;800 15 15 15 15 15 15 15 15 15 15 15 15 180 0 0 0 0 300 0 0 0 0 0 0 0 300 50 50 50 50 50 50 50 50 50 50 50 50 600 0 0 0 0 0 0 0 0 0 0 0 0 0 50 50 50 50 50 50 50 50 50 50 50 50 600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 300 300 300 300 300 300 300 300 300 300 300 300 3,600 REPORT: HOSPITALITY P&L DETAIL ROLL 12 PERIOD: BUDGET 2021 JAN 2021 FEB 2021 MAR 2021 APR 2021 MAY 2021 JUN 2021 JUL 2021 AUG 2021 SEP 2021 OCT 2021 NOV 2021 DEC 2021 2021 BUDGET 0377 - HUDSON, CO BEST WESTERN A&G CREDIT CARD CHARGE BACKS 112 112 112 112 112 112 112 112 112 112 112 112 1,338 TOTAL OTHER A&G EXPENSES 6,042 TOTALA&G EXPENSES 13,838 7,617 6,556 14,658 14,351 6,789 7,846 14,333 15,641 8,047 8,093 15,591 15,888 7,957 7,954 15,752 15,498 7,890 7,545 15,685 15,088 6,928 89,264 14,723 181,047 SALES & MARKETING PAYROLL SALES ACCT REP 1,260 1,138 1,260 1,720 1,260 1,220 1,260 1,260 1,220 1,298 1,294 1,377 15,069 TOTAL SALES PAYROLL 1,260 TAXES AND BENEFITS SALES BONUSES & INCENTIVES SALES PAYROLL TAXES SALES BENEFITS 1,138 1,260 1,220 1,260 1,220 1,260 1,260 1,220 1,298 1,294 1,377 15,069 332 300 332 321 332 321 332 332 321 342 341 363 3;971 (34) (31) (34) (33) (34) (33) (34) (34) (33) (35) (35) (37) (409) 83 75 83 81 83 81 83 83 81 86 86 91 996 TOTAL SALES TAXES & BENEFITS 381 OTHER EXPENSES SALES EXPENSES ENTERTAINMENT -SALES HOTEL EXPENSE -SALES AIRFARE EXPENSE -SALES CAR RENTAL EXPENSE -SALES SALES COMPLIMENTARY SERVICES DUES & SUBSCRIPTIONS SALES OPERATING SUPPLIES OUTSIDE SALES REP SALES POSTAGE SALES PRINTING & STATIONERY PROMOTION TRADE SHOWS SALES TRAVEL -MEALS SALES TRAVEL -OTHER SALES TELECOMMUNICATIONS SALES TRAINING SALES E COMMERCE SALES MISCELLANEOUS 344 381 369 381 369 381 381 369 393 391 417 4,559 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 240 0 0 0 1,088 0 0 0 0 0 0 0 1,328 0 0 0 0 0 0 0 0 0 0 0 0 0 498 498 995 995 995 995 995 995 995 995 995 995 10,946 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 58 58 58 58 58 58 58 58 58 58 58 58 697 o a o 0 0 0 0 0 0 0 0 0 0 75 0 0 75 0 0 75 0 0 75 0 0 300 0 0 0 0 0 0 0 0 0 0 0 0 0 50 50 50 50 50 50 50 50 50 50 50 50 600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL SALES EXPENSES 921 MARKETING EXPENSES FRANCHISE ADVERTISING FRANCHISE FEES FRANCHISE SERVICES LOYALTY PROGRAM FEES OUTDOOR MARKETING MEDIA MARKETING COLLATERAL MATERIAL LOYALTY PROGRAM -GUEST RELATION 606 1,103 1,178 2,191 1,103 1,178 1,103 1,103 1,178 1,103 1,103 13,871 980 1,067 1,271 1,402 1,831 2,114 2,140 2,062 1,961 2,024 1,552 1,345 19,747 1,797 1956 2;329 2.570 3;356 3;876 3,922 3,780 3596 3,710 2,845 2,465 36,204 1,150 741 741 741 741 741 741 5,641 741 741 741 741 14,203 2,288 2,490 2,965 3,271 4,271 4,933 4,992 4,811 4,576 4,722 3,621 3,137 46,077 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 26 26 26 26 26 26 26 26 26 26 26 26 312 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL MARKETING EXPENSES TOTAL OTHER EXPENSES 6,241 6,281 7,162 6,887 7,332 8,010 10,225 11,690 11,822 16,320 10,900 11,222 8,785 7,714 116,544 8,435 9,188 12,416 12,794 13,000 17,423 12,003 12,400 9,888 8,817 130,415 TOTAL SALES & MARKETING EXPENSES 8,804 8,370 10,077 10,777 14,058 14,382 14,641 19,065 13,592 14,091 11,574 10,611 150,042 PROPERTY OPERATIONS MAINTENANCE PAYROLL GEN MINT ENG 2,332 2,106 2,332 2;821 2,915 2,877 2,973 2.973 2.877 2,973 2,877 2,973 33,030 TOTAL POM PAYROLL 2,332 2,106 2,332 2,821 2,915 2,877 2,973 2,973 2,877 2,973 2,877 2,973 33,030 TAXES AND BENEFITS POM PAYROLL TAXES 218 197 218 264 273 269 278 278 269 278 269 278 3,090 REPORT: HOSPITALITY P&L DETAIL ROLL 12 PERIOD: BUDGET 2021 JAN 2021 FEB 2021 MAR 2021 APR 2021 MAY 2021 JUN 2021 JUL 2021 AUG 2021 SEP 2021 OCT 2021 NOV 2021 DEC 2021 2021 BUDGET 0377 - HUDSON, CO BEST WESTERN POM BENEFITS POM BONUSES & INCENTIVES 409 369 409 54 49 54 495 511 66 68 505 521 67 69 521 505 69 67 521 505 69 67 521 5,792 69 768 TOTAL POM TAXES & BENEFITS 681 TOTAL POM PAYROLL AND RELATED COSTS 3,013 615 681 2,722 3,013 824 852 3,645 3,766 841 869 869 841 869 841 869 9,649 3,718 3,842 3,842 3,718 3,842 3,718 3,842 42,679 OTHER EXPENSES BUILDING PONT CONTRACT SERVICES ELEC & MECH ELEVATORS & ESCALATORS ENGINEERING SUPPLIES FURNITURE & EQUIPMENT GROUNDS M&L HVAC EQUIP LAUNDRY EQUIP LIFE/SAFETY LOCKS & KEYS LIGHT BULBS POM OPERATING SUPPLIES PEST CONTROL PLUMBING REMOVAL OF WASTE POM PAINTING & DECORATING POM SWIMMING POOL POM KITCHEN EQUIPMENT POM FLOOR COVERING POM SIGNAGE & REPAIR POM SNOW REMOVAL POM FITNESS EQUIPMENT POM TELEPHONE SYSTEMS 193 193 193 193 193 193 193 193 193 193 193 193 2,317 0 0 0 0 0 0 0 0 0 0 0 0 0 149 149 149 149 149 149 149 149 149 149 149 149 1,792 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 1,225 14,700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,500 0 0 3,500 880 880 880 880 880 880 880 880 880 880 880 880 10,560 350 350 350 800 800 800 350 350 350 350 350 350 5;550 75 75 75 75 75 75 75 75 75 75 75 75 900 384 470 0 0 0 0 0 0 0 0 0 3,250 4,104 75 75 75 75 75 75 75 75 75 75 75 75 900 75 75 75 75 75 75 75 75 75 75 75 75 900 500 500 500 500 500 500 500 500 500 500 500 500 6,000 150 150 150 150 150 150 150 150 150 150 150 150 1;800 480 480 480 480 480 480 480 480 480 480 480 480 5,760 759 759 759 759 759 759 759 759 759 759 759 759 9,112 0 0 0 0 0 0 0 0 0 0 0 0 0 180 180 180 180 180 180 180 180 180 180 180 180 2,160 100 100 100 100 100 100 100 100 100 100 100 100 1,200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL OTHER POM EXPENSES TOTAL POM EXPENSES 5,576 5,662 8,589 8,383 5,192 5,642 8,205 9,287 5,642 5,642 9,408 9,360 5,192 5,192 9,033 9,033 5,192 8,692 8,91D 12,533 5,192 8,442 8,910 12,283 71,255 113,934 UTILITIES ELECTRICITY GAS WATER & SEWER WATER TREATMENT 10,987 10,725 9,990 8,640 9,769 8,737 6,989 7,069 6,407 6,438 7,018 9,426 102,196 1,312 1,451 1,376 919 670 495 441 440 418 543 687 655 9,407 1,578 1,500 1;622 1,630 1,404 1,744 2,362 3,525 3,049 3,040 2,876 2,240 26,570 0 TOTAL UTILITIES 13,878 13,675 12,987 11,190 11,842 10,976 9,792 11,034 9,874 10,021 10,582 12,322 138,173 FIXED COSTS INSURANCE DEPRECIATION/AMORTIZATION INTEREST RENT PROP TAX/BUS LICENSES & FEES PROPERTY REPAIR 733 733 733 733 733 733 733 733 733 733 733 733 8;796 55,842 55;842 55,842 55,842 55,842 55,842 55;842 55,842 55,842 55;842 55,842 55,842 670,108 13,611 13,611 13,611 13,611 13,611 13,611 13,611 13,611 13,611 13,611 13,611 13,611 163,336 0 0 0 0 0 0 0 0 0 0 0 0 0 17,271 17,271 17,271 17,271 17,271 17,271 17,271 17,271 17,271 17,271 17,271 17,271 207,248 1,000 1,000 1,000 15,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 26,000 TOTAL CAPITAL EXPENSES 88,457 NET OPERATING INCOME (93,742) 88457 88,457 (85,882) (75,016) 102,457 88,457 (80,448) (42,111) 88,457 88,457 (20,897) (19,658) 88,457 88,457 (31,730) (30,972) 88,457 88,457 (31,899) (56,221) 88,457 1,075,488 (75,231) (643,805) NET INCOME (93,742) (85,882) (75,016) (80,448) (42,111) (20,897) (19,658) (31,730) (30,972) (31,899) (56,221) (75,231) (643,805) EBIT DA (24,289) (16,428) (5,562) (10,994) 27,343 48,556 49,796 37,724 38,482 37,555 13,233 (5,777) 189,638 PROPERTY: 0377 - HUDSON, CO BEST WESTERN (12/16/16) DIVISION: 7900 DISTRICT: 7901 MANAGER: LORI COOK REPORT: HOSPITALITY P&L ROLL 12 PERIOD: DEC 2020 REVENUE ROOM REVENUE OTHER OPERATING DEPT REVENUE DEC 2019 JAN 2020 FEB 2020 MAR 2020 APR 2020 MAY 2020 JUN 2020 JUL 2020 AUG 2020 SEP 2020 OCT 2020 NOV 2020 DEC 2020 ROLL 12 1113 Actuals 162,354 1;923 164,277 186,377 199,330 207,496 124,669 171,379 140,116 130,658 142,566 148,684 123,390 91,939 90,255 1,756,857 1,756,857 184,138 2,239 196,282 3,048 204,795 2,701 122,965 1,704 169,496 1,883 137,934 2,182 128,395 2.26;, 140,604 1,962 146,855 1,829 121:446 1,943 90,561 88,996 1,732.466 1,378 1,259 24,392 1732,466 24,392 TOTAL REVENUE DEPARTMENTAL EXPENSES ROOMS DEPARTMENT EXPENSES OTHER OPERATING DEPARTMENT EXPENSES TOTAL DEPARTMENTAL EXPENSES TOTAL DEPARTMENTAL INCOME (LOSS) UNDISTRIBUTED OPERATING EXPENSES ADM IN ISTRATIVE & GEN ERAL SALES & MARKETING PROPERTY OPERATIONS MAINTENANCE UTILITIES 64.225 52,503 54,502 65,483 48,724 44,629 49,609 44:526 53,753 49,716 45:1661 38,853 40,868 588:327 588,327 6.314 6,591 7,068 6,223 5,882 6,830 6,781 6,516 5,157 5,873 5:907 5,280 5,883 73.790 73,790 70,539 59,094 61,570 71,706 54,606 51,459 556,390 51.042 58,910 55,389 51,068 44,133 46,751 662,117 662,117 93,738 127,283 137,760 135,790 70,063 119,920 83,726 79,615 83,656 93,295 72,322 47,806 43,504 1,094,740 1,094,740 18.141 18,802 20,153 19.990 17,657 17,418 24.181 25:751 22,284 22,142 28:470 23,838 16,533 257.229 257,229 15422 15,695 17,185 12.316 7:767 12,328 9.061 9.410 16,695 11.366 11:606 9,073 12,918 145:418 145,418 9:636 5,504 19,583 14,579 9,296 9,336 5.850 9:050 9,128 9,192 6:653 7,069 6,223 113:462 113,462 21.841 15,270 14,394 18,094 10,087 12,565 10.656 8,245 9,742 9.198 9:244 9,886 8,181 135:542 135,542 TOTAL UN DISTRIBUTED EXPENSES GROSS OPERATING PROFIT (LOSS) INCOME BEFORE FIXED CHARGES CAPITAL EXPENSES INSURANCE DEPRECIATION}AMORTIZZATION INTEREST PROP TAX/BUS LICENSES & FEES PROPERTY REPAIR 65,040 55,270 71,323 64,979 44,807 51,647 49,748 52,456 57,847 51,898 55,974 49,866 45,834 651,651 651,651 28,697 72,013 66,436 70,810 25,255 68,273 33,978 27.159 25,810 41,398 16,348 (2.060) (2,330) 44.3,090 443,090 28,697 72,013 66,436 70,810 25,255 68,273 33,978 27,159 25,810 41,396 16,348 (2,060) (2,330 i 44,3,090 443,090 1,124 616 845 860 655 655 655 655 655 634 397 397 397 7:625 7,625 57.936 53,875 53,878 53.878 53:878 53,878 53.878 53:878 53,878 53.878 53:878 53,878 53,986 646:640 646,640 20:621 15,097 15,097 15,097 15:097 15,097 15,097 15:097 15,097 15,097 15:097 15,097 15,097 181:169 181,169 16,484 16,484 15,392 15,938 15,938 15,938 15.938 15,938 15,938 15,938 15:938 15,938 15,938 191,253 191,253 0 0 0 0 5,017 3,888 2,635 3.706 4,027 7,885 4:290 8,005 4,075 43,329 43,329 TOTAL CAPITAL EXPENSES NET OPERATING INCOME NET INCOM E EBITDA TOTAL INVESTMENT ANNUALIZED EBITDA ROI 1 LOVE SHARE VALUE KPI AVAILABLE ROOMS OCCU PIED ROOMS OCCU PANCY ADR REVPAR 96,165 (67,468) (67,468) 11,090 11,013,064 430 86,277 85,212 85,773 90,585 89,456 88,203 89.274 89,594 93,232 89,600 93,315 89,494 1,070,016 1,070,016 (14,264) (18,776) (14,963) (65,330) (21,183) (54,225) (62,115) (63,785) (51,836) (73,252) (95.375) (91,824) (626,926) (626,926) (14,264) (18,776) (14,963) i 65,330) (21,183) (54,225) 162,115) (63,785) (51,836) (73,252) (95,375) (91,824i (626,926) (626,926) 54,711 50,199 54,012 3,645 47,792 14,750 6,860 5,190 17,139 14,277) (26,400) (22,740 i 200,883 200,883 11,013,064 11,013,064 11,013,064 11,013,064 11,013,064 11,013,064 11,013,064 11,013,064 11,013,064 11,013,064 11,013,O64 11,045,564 11,045,564 11,045,564 1.82% 1.82% 1,080 997 1,062 379 1,024 510 407 387 621 245 (31) (35) 6,646 6,646 2.697 2,697 2,523 2,697 2,610 2,697 2,610 2:697 2,697 2,610 2,697 2,610 2,697 31,842 31,842 1.629 1,843 2.012 2.117 1,347 1.704 1,369 1,339 1,496 1,586 1,330 1,020 1.064 18.227 18,227 60.40% 68.34% 79.75% 78.49% 51.61% 63.18% 52.45% 49.65% 55.47% 60.77% 49.31% 39.08% 39.45°/0 57.24% 57.24% 99.66 99.91 97.56 96.74 91.29 99.47 100.76 95.89 93.99 92.59 91.31 88.79 53.64 95.05 95.05 60.20 68.28 77.80 75.93 47.11 62.85 52.85 47.61 52.13 56.27 45.03 34.70 33.00 54.41 54,41 PROPERTY: 0377 - HUDSON, CO BEST WESTERN (12116116) DIVISION: 7900 DISTRICT: 7901 MANAGER: LORI COOK REPORT: HOSPITALITY P&L ROLL 12 PERIOD: DEC 2019 REVENUE ROOM REVENUE OTHER OPERATING DEPT REVENUE TOTAL REVENUE DEPARTMENTAL EXPENSES ROOMS DEPARTMENT EXPENSES OTHER OPERATING DEPARTMENT EXPENSES DEC 2018 JAN 2019 FEB 2019 MAR 2019 APR 2019 MAY 2019 JUN 2019 JUL 2019 AUG 2019E SEP 2019 OCT 2019 NOV 2019 DEC 2019 ROLL 12 YTD Actuals 147,040 166,630 155,567 187,362 206,605 251,188 270,808 296,065 280,640 257,025 261:451 213,774 162,354 2,709:470 2,709,470 1342 1,955 1,067 1,673 2,069 2,762 2,200 2.585 3,010 3,078 3,781 2,732 1,923 28,835 28,835 148,381 168,585 156,634 189,035 208,674 253,950 273,1}08 298,650 283,650 260,103 265,232 216,506 164,277 2,738,305 2,738,305 48,960 54,803 55,006 52,252 55,287 57,810 55,520 69:839 59,040 62,953 72:924 61,822 64,225 721,482 721,482 4947 5,583 5,409 6,460 5,627 6,788 7,132 5,996 8,033 7,066 6663 7,502 6,314 78:555 78,555 53,907 60,366 60,415 58,712 60,914 64,598 62,652 75.835 67,074 70,019 79,588 69,324 70,539 800,037 800,037 TOTAL DEPARTMENTAL EXPENSES TOTAL DEPARTMENTAL INCOME (LOSS) UNDISTRIBUTED OPERATING EXPENSES ADM IN ISTRATIVE & GEN ERAL SALES & MARKETING PROPERTY OPERATIONS MAINTENANCE UTILITIES 94,474 108,219 96,219 130,323 147,761 189,352 210,356 222.815 216,576 190,084 185,644 147,182 93,738 1,938,268 1,938,268 10.594 11,514 17,728 12,539 18,394 16,620 19,085 17,078 33,454 30,938 28:125 18,805 18,141 242.421 242,421 17:032 16,974 14,389 13,199 12:485 15,992 19,372 17,002 24,225 21.134 17,271 20,860 15,422 208:325 208,325 5407 7,239 7,137 11.238 7.005 14,169 8.324 11:120 7,485 8,284 17:364 11,864 9,636 120:934 120,934 21.451 16,419 16,703 18,852 12,962 6,457 8.151 8:530 10,114 9.052 12:157 8,710 21,841 149:970 149,970 54,483 52,196 55,957 53,828 50866 55,257 54,933 53,730 75,279 69,407 74,917 60,239 65,040 721,650 721,650 39,990 56,023 40,262 76,495 96,895 134,094 155,423 169.085 141,298 120,678 110,727 86,943 28,697 1,216,619 1,216,619 39,990 56,023 40,262 76,495 96,895 134,094 155,423 169,085 141,298 120,678 110,727 86,943 28,697 1,216,619 1,216,619 TOTAL UN DISTRIBUTED EXPENSES GROSS OPERATING PROFIT (LOSS) INCOME BEFORE FIXED CHARGES CAPITAL EXPENSES INSURANCE DEPRECIATION}A.MORTIZZATION INTEREST PROP TAX/BUS LICENSES & FEES PROPERTY REPAIR 290 325 339 355 373 373 373 373 359 362 1,124 1,124 1,124 6:603 6,603 58.069 57,761 57,781 57.781 57,781 57,781 57.781 57,781 57,781 57.781 57:936 57,936 57,936 693:839 693,839 0 20,621 20,621 20,8121 20:621 20,621 20.621 20:621 20,621 20,621 20:621 20,621 20,621 247,456 247,456 15.382 15,382 17,585 16,484 16,484 16,484 16,484 16:484 16,484 16.484 16.484 16,484 16,484 197,803 197,803 11,195 0 0 0 0 0 0 0 0 0 11,890 0 0 11:890 11,890 TOTAL CAPITAL EXPENSES NET OPERATING INCOME NET INCOME EBITDA TOTAL INVESTMENT ANNUALIZED EBITDA ROI 1 LOVE SHARE VALUE KPI AVAILABLE ROOMS OCCU PIED ROOMS OCCU PANCY ADR REVPAR 84,935 94,109 96,327 95,241 95,259 95,259 95,259 95.259 95,246 95,248 108,055 96,165 96,165 1,157,591 1,157,591 (44,945) (38,086) (56,065) (18,746) 1,636 38,836 60,164 73,826 46,052 25,430 2,671 (9,223) (67,468) 59,027 59,027 (44,945) 138,086) (56,065) (18,746) 1,636 38,836 60,164 73,826 46,052 25,430 2,671 (9,223) [67,468 i 59,027 59,027 13,124 40,316 22,338 59,656 80,039 117,238 138,567 152,229 124,455 103,832 81,229 69,335 11,090 1,000,323 1,000,323 10,966,569 10,966,569 10,966,569 10,966,569 10,966,569E 10,966,569 10,966,569 10,966,569 10,966,569 10,966,569 11,013,064 11,013,064 11,013,064 11,013,064 11,013,064 9.08% 9.08% 600 840 604 1,147 1,453 2,011 2,331 2,536 2,119 1,810 1,661 1,304 430 18,249 18,240 2.697 2,697 2,436 2,697 2,610 2,697 2,610 2:697 2,697 2,610 2,697 2,610 2,697 31,755 31,755 1.573 1,782 1.622 1.974 2,035 2.341 2.431 2,570 2,467 2,282 2,462 2,113 1.629 25.708 25,708 58.32% 66.07% 66.58% 73.19% 77.97% 86.80% 93.14% 95.29% 91.47% 87.43% 91.29% 80.96% 60.40% 80.96% 80.96% 93.48 93.51 95.91 94.91 101.53 107.30 111.40 115.20 113.7E 112.63 106.19 101.17 99.66 105.39 105.39 54.52 61.78 63.86 69,47 79.15 93.14 103.76 109.78 104.06 98.48 96.94 81.91 60.20 85.32 85.32 CHLA COLORADO HOTEL AND LODGING ASSOCIATION ROCKY MOUNTAIN LODGING REPORT Colorado Edition June 2020 LOCATION DENVER COLORADO SPRINGS LEVEL I LEVEL II TOTAL ROOM NIGHTS OCC AVAILABLE OCCUPIED °fa ADR REV PAR 932,519 332,690 35.7% 37.6% 61.5% 46.6% 93,930 56,443 150,373 35,323 34,695 70,018 $91.85 $32.77 $113.05 $95.34 $104.27 $42.51 $58.60 $48.55 • 2020 YEAR-TO-DATE OCC °Ia ADR REVPAR 42.0% $116.06 $48.75 37.2% $ 108.00 $40.14 48.5% $87.35 $42.40 41.3% $99.23 $40.96 2019 YEAR-TO-DATE OCC ADR REV PAR 72.7% $141.19 $102.62 68.3% $120.48 $82.30 70.8% $106.11 $75.15 69.2% $115.06 $79.66 RESORTS VAIL 27,075 4,944 18.3% $165.66 $30.25 53.4% $476.69 $254.58 55.6% $407.91 $226.69 ASPEN 16,355 5,715 34.9% $427.57 $149.41 65.7% $699.71 $459.77 68.4% $580.32 $396.66 TELLURIDE 8,338 2,590 31.1% $286.29 $88.93 55.8% $458.00 $255.59 53.4% $414.30 $221.20 BRECKENRIDGE D G E 26,838 4,748 17.7% $138.13 $24.44 60.4% $303.60 $183.30 58.8% $247.98 $145.89 STEAMBOAT SPRINGS 20,318 7,968 39.2% $1 14.70 $44.98 56.2% $190.67 $107.08 65.0% $194.99 $126.68 OTHER RESORTS 70,480 21,527 30.5% $202.02 $61.70 50.0% $333.31 $ 166.67 55.6% $310.98 $172.80 TOTAL RESORTS 169,404 47,492 28.0% $208.93 $58.57 54.3% $383.43 $208.30 58.0% $345.20 $200.07 DURANGO 17,160 10,364 60.4% $1 15.63 $69.84 43.6% $97.06 $42.31 62.3% $1 18.01 $73.56 GRAND JUNCTION 27,000 15,263 56.5% $67.04 $37.90 43.8% $63.84 $27.95 60.4% $83.30 $50.28 GLENVVOOD SPRINGS 30,171 19,738 65.4% $1 18.51 $77.53 49.2% $120.74 $59.42 62.7% $135.65 $85.06 ESTES PARK 37,830 14,911 39.4% $187.49 $73.90 24.6% $160.97 $39.67 42.6% $179.52 $76.44 LONGMONT 22,530 6,495 28.8% $88.58 $25.54 29.5% $96.04 $28.35 55.5% $1 16.94 $64.90 FT. COLLINS 56,330 23,190 41.2% $92.10 $37.92 38.7% $96.13 $37.19 64.8% $1 18.87 $77.06 LOVELAND 28,080 12,010 42.8% $93.67 $40.06 40.7% $105.41 $42.88 70.3% $121.85 $85.6 I GREELEY 20,730 9,516 45.9% $80.03 $36.74 49.3% $89.57 $44.13 75.9% $104.21 $79.05 CRAIG 13,230 6,691 50.6% $77.69 $39.29 37.8% $72.84 $27.54 41.6% $78.60 $32.70 OTHER COLORADO 53,351 29,104 54.6% $82.08 $44.78 39.9% $83.08 $33.15 55.9% $95.51 $53.35 TOTALS 1,5 58,708 597,482 38.3% $104.85 $40.19 42.7% $145.37 $62.10 68.1% $160.19 $109.11 PANDEMIC IMPACT ON ROOMNIGHT AVAILABILITY Due to the COVID-19 pandemic, some hotels have elected to temporarily close their doors. To be consistent with past methodology for when hotels close, either temporarily or permanently, closed rooms and hotels are removed from inventory so that calculated occupancies and average daily rates shown in the report reflect data only for those rooms that are available for occupancy. Hotels open for a portion of the month are included in the survey, and rooms available reflect the portion of the month that the hotel was open. As hotels reopen or make some of their rooms available for occupancy in the future, that supply will be added to the rooms survey when available for occupancy. The Rocky Mountain Lodging Report is compiled by Plante Moran, in cooperation with the Colorado Hotel & Lodging Association, Robert S. Benton & Associates, Inc. and W. R. Hopping & CO. Readers are advised that the above do not represent the data contained herein to be definitive. Neither should the contents of this publication be construed as a recommendation on policies or actions. This report is subject to copyright laws. Reproduction of this report, in whole or in part, without written permission, is prohibited. For additional information, please contact Robert Benton at (303) 840-1666, Bill Hopping, MAI (303) 798-4045 or Bob Hottman at iO3) 740-9400 The Rocky Mountain Lodging Report • P.O. Box 632242 • Littleton, CO 80163 • rockymountainlodgingreport@comcastnet • www.rockymountainlodgingreport.com Colorado Hotel & Lodging Association 1701 California Street, Suite LL -1061 Denver, Colorado 80202 (303) 297-8335 FAX: (303) 297-8104 www.coloradolodging.com AFFILIATED Vs1TII AMERICAN HOTEL AND LODGING ASSOCIATION 11 ROCKY MOUNTAIN LODGING REPORT Summary of Occupancy and Average Daily Room Rates for the Colorado 90 75 60 45 30 IS COLORADO PERCENTAGES OF OCCUPANCY 2020 vs. 2019 JAN MAR MAY JUL SEPT NOV FEB APRIL JUN AUG OCT DEC +* 2020 OCCUPANCY ■ 2019 OCCUPANCY ISO 160 140 110 100 80 60 COLORADO AVERAGE ROOM RATES 2020 vs. 2019 JAN MAR MAY JUL SEPT NOV FEB APRIL JUN AUG OCT DEC S 2020 AVERAGE RATE ■ 2019 AVERAGE RATE OCCUPANCY PERCENTAGE 2020 JANUARY 58.1% FEBRUARY 63.5% MARCH 38.8% APRIL 16.8% MAY 26.5% JUNE 38.3% JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER YEAR TO DATE 42.7% 2019 58.7% 64.1 69.3% 66.3% 69.5% 80.5% '68.10/0 AVERAGE DAILY RATE 2020 2019 $167.32 $172.18 $151.15 $82.23 $83.27 $104.85 $145.37 $169.79 $174.87 $169.00 $139.00 $142.94 $166.65 $160.19 REVENUE PER AVAILABLE ROOM 2020 2019 $97.15 $109.28 $58.65 $13.80 $22.07 $40.19 $62.10 $99.69 $112.15 $117.05 $92.16 $99.30 $134.17 $109.11 12 ROCKY MOUNTAIN LODGIN Tracking Colorado's Recovery January 2020 - December 2020 From the Coronavirus Pandemic QUESTIONS OR COMMENTS, PLEASE CONTACT: Robert Benton, ISHC Robert S. Benton & Associates, Inc. Rocky Mountain Lodging Report 303-840-1666 rsbenton11@comcast.net w.rsbentan.com rockymountainlodgingreport@comcastanet www.rockymountainlodgingreport.com Bill Hoppfing,MI, ISHC W.R. Hopping & CO Rocky Mountain Lodging Report (303) 798-4045 WRHotel@aol.com ww.Hopping ompan .corn TRACKING STATE OF COLORADO'S LODGING MARKET RECOVERY ROCKY MOUNTAIN LODGING REPORT DENVER Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 60.9% 65.4% 37.5% 15.7% 24.8% 35.7% 43.0% 45.6% 47.0% 46.7% 33.2% 33.1% COLORADO SPRINGS LEV I Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEM BER OCTOBER NOVEMBER DECEMBER Occ% 49.8% 55.9% 36.3% 16.2% 24.3% 37.6% 57.5% 65.1% 61.2% 58.6% 41.5% 31.4% 2020 ADR RcvPAR $127.43 $77.63 $127.81 $83.63 $122.54 $45.96 $84.38 $13.24 $83.76 $20.74 $91.85 $32.77 $97.49 $41.94 $100.97 $46.00 $96.14 $45.21 $94.96 $44.38 $87.36 $29.04 $84.04 $27.81 2020 ADR RcvPAR $107.09 $53.38 $113.44 $63.38 $108.98 $39.58 $98.99 $16.01 $93.55 $22.70 $113.05 $42.51 $118.83 $68.39 $120.20 $78.20 $107.66 $65.85 $106.97 $62.72 $100.84 $41.80 $95.28 $29.96 COLORADO SPRINGS LEVEL II Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 53.0% 64.3% 43.1% 21.8% 43.2% 61.5% 79.2% 81.4% 74.9% 73.9% 55.1% 44.1% 2020 ADR RevPAR $87.96 $46.64 $94.22 $60.58 $82.44 $35.56 $73.42 $16.00 $75.55 $32.66 $95.34 $58.60 $105.51 $83.60 $108.53 $88.32 $101.13 $75.80 $91.80 $67.88 $84.74 $46.67 $80.53 $35.48 TOTAL COLORADO SPRINGS Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 51.0% 58.9% 38.8% 18.1% 31.2% 46.6% 66.0% 70.9% 66.1% 63.9% 46.3% 36.2% 2020 ADR RcvPAR $99.97 $50.97 $105.93 $62.38 $98.21 $38.11 $88.28 $16.01 $84.48 $26.32 $104.27 $48.55 $112.62 $74.29 $115.38 $81.84 $105.00 $69.43 $100.89 $64.51 $94.01 $43.54 $88.56 $32.02 2019 Oce% ADR RcvPAR 60.5% $126.48 $76.57 65,2% $129.65 $84.56 70.9% $131.89 $93.50 75.0% $141.62 $106.18 77.6% $145.60 $112.99 86.2% S162.84 $140.40 89.1% $165.05 $147.06 85.7% $158.27 $135.68 81.5% $157.91 $128.72 79.3% $158.15 $125.47 64.6% $133.13 $86.03 55.7% $115.66 $64.39 2019 Oct% ADR RcvPAR 55.3% $105.16 $58.18 63.3% $109.50 $69.33 65.3% $109.37 $71.40 66.1% $124.62 $82.37 72.8% $121.61 $88.51 86.7% S142.18 $123.21 86.2% $152.09 $131.15 82.9% $143.45 $118.91 75,1% $130.98 $98.32 71.7% $120.96 $86.77 54.0% $113.12 $61.14 43.6% $103.70 $45.18 2019 Oce% ADR RcvPAR 55.6% $84.81 $47.15 63.7% 591.49 $58.30 73.3% $90.55 $66.38 70.4% $110.13 $77.50 75.1% $112.70 $84.61 86.7% 5134.74 $116.82 91.1% $139.93 $127.48 89.2% $130.71 $116.55 80.3% $110.57 $88.78 75.4% $99.65 $75.17 61.8% 890.31 $55.82 50.1% 584.29 $42.24 2019 Oee% ADR RcvPAR 55.4% $97.50 $54.05 63, 5% $102.80 $65.24 68.2% $101.91 $69.54 67.7% $119.04 $80.57 73,6% $118.35 $87.11 86.7% 5139.43 $120.85 88.0% $147.45 $129.80 85.1% $138.74 $118.07 77.0% $123.11 $94.79 73.1% $112.74 $82.43 56.8% $104.36 $59.26 45.9% 896.22 $44.14 PERCENT CHANGE Occ% ADR RcvPAR 0.6% 0.8% 1.4% 0.3% -1.4% -1.1% - 47.1% -7.1% -50.8% - 79.1% -40.4% -87.5% -68.1% -42.5% -81.6% - 58.6% -43.6% -76.7% - 51.7% -40.9% -71.5% - 46.9% -36.2% -66.1% - 42.3% -39.1% -64.9% - 41.1% -40.0% -64.6% - 48.6% -34.4% -66.2% - 40.6% -27.3% -56.8% PERCENT CHANGE Occ% ADR RcvPAR - 9.9% 1.8% -8.3% - 11.8% 3.6% -8.6% - 44.4% -0.4% -44.6% - 75.5% -20.6% -80.6% - 66.7% -23.1% -74.4% - 56.6% -20.5% -65.5% - 33.3% -21.9% -47.9% - 21.5% -16.2% -34.2% - 18.5% -17.8% -33.0% - 18.3% -11.6% -27.7% - 23.3% -10.9% -31.6% - 27.8% -8.1% -33.7% PERCENT CHANGE Occ% ADR RcvPAR -4.6% 3.7% -1.1% 0.9% 3.0% 3.9% -41.2% -9.0% -46.4% - 69.0% -33.3% -79.3% - 42.4% -33.0% -61.4% - 29.1% -29.2% -49.8% - 13.0% -24.6% -34.4% - 8.7% -17.0% -24.2% - 6.7% -8.5% -14.6% - 2.0% -7.9% -9.7% -10.9% -6.2% -16.4% - 12.1% -4.5% -16.0% PERCENT CHANGE Oee% ADR RcvPAR - 8.0% 2.5% -5.7°1n - 7.2% 3.0% -4.4% - 43.1% -3.6% -45.2% - 73.2% -25.8% -80.1% - 57.7% -28.6% -69.8% - 46.3% -25.2% -59.8% - 25.1% -23.6% -42.8% - 16.7% -16.8% -30.7% - 14.1% -14.7% -26.8% - 12.6% -10.5% -21.7% - 18.4% -9.9% -26.5% - 21.2% -8.0% -27.5% DURANGO Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 47.7% 46.4% 40.5% 20.8% 41.5% 60.4% 83.8% 74.6% 77.3% 65.3% 31.7% 39.4% GRAND JUNCTION Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 43.6% 51.4% 42.8% 26.4% 42.3% 56.5% 63.8% 70.2% 65.2% 70.8% 45.7% 40.1% GLENWOOD SPRINGS Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER ESTES PARK Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 54.8% 59.1% 36.3% 16.9% 39.4% 65.4% 81.7% 58.8% 72.0% 69.9% 43.1% 51.7% Occ% 21.9% 24.3% 22.4% 7.0% 12.1% 39.4% 71.1% 70.4% 51.8% 60.3% 27.0% 36.3% 2020 ADR 896.76 $94.24 $89.14 $76.34 $86.59 $115.63 $145.01 $143.53 $142.23 $128.69 $91.40 $103.70 2020 ADR $66.78 $69.08 $64.25 $52.48 $57.12 $67.04 $72.89 $79.05 $79.25 $78.95 $64.03 $60.44 2020 ADR $131.47 $130.99 $121.86 $91.13 $82.06 $118.51 $155.77 $146.83 $133.73 $128.87 $113.46 $138.23 2020 ADR $150.36 $144.88 $136.80 $132.17 $150.01 $187.49 $236.54 $216.99 $209.18 $190.44 $134.44 $178.19 RcvPAR $46.13 543.71 S36.08 515.86 835.97 $69.84 8121.45 $107.06 $109.92 $84.04 $28.95 $40.91 RcvPAR $29.11 835.51 S27.51 513.86 S24.16 837.90 S46.54 $55.49 $51.66 855.86 $29.29 S24.23 RevPAR $71.98 $77.42 S44.26 515.39 S32.32 S77.53 8127.23 $86.33 $96.30 $90.04 $48.92 $71.45 RcvPAR $32.99 $35.18 S30.58 $9.31 518.21 873.90 8168.08 $152.76 $108.33 $114.91 $36.30 $64.65 Occ% 42.1% 50.7% 57.2% 59.6% 76.8% 86.6% 92.7% 90.4% 91.5% 78.6% 49.7% 58.6% Occ% 43.6% 45.0% 58.7% 62.7% 76.4% 74.8% 69.8% 68.7% 69.8% 64.3% 47.4% 42.5% Occ% 52.6% 58.7% 70.1% 53.7% 62.1% 79.8% 87.9% 79.7% 77.4% 64.9% 44.4% 49.0% Occ% 21.4% 28.9% 35.2% 32.9% 49.6% 77.7% 89.1% 80.9% 83.6% 63.4% 35.9% 27.9% 2019 ADR $92.07 $94.42 $95.22 $99.45 $130.22 $159.91 $168.03 $154.63 $166.40 $132.87 $90.69 $118.73 2019 ADR $65.56 $68.35 $72.43 $80.25 $97.12 $99.17 $92.56 $89.38 $94.32 $81.12 $71.54 $68.42 2019 ADR $126.71 $128.32 $140.67 $119.21 $131.78 $157.69 $173.71 $166.93 $147.10 $130.16 $121.14 $141.32 2019 ADR $161.70 $159.23 $146.90 $135.61 $169.63 $223.14 $238.17 $220.98 $206.77 $179.26 $142.56 $162.79 RcvPAR $38.73 $47.89 $54.47 $59.26 $99.97 $138.44 $155.83 $139.78 $152.31 $104.40 $45.11 $69.55 RcvPAR $28.57 $30.74 $42.53 $50.31 $74.19 $74.23 $64.59 $61.37 $65.84 $52.15 $33.88 $29.07 RevPAR $66.65 $75.38 $98.56 $64.07 $81.88 $125.79 $152.64 $132.99 $113.84 $84.53 $53.75 $69.18 RcvPAR $34.62 $46.08 $51.67 $44.61 $84.07 $173.28 $212.10 $178.74 $172.90 $113.72 $51.17 $45.39 PERCENT CHANGE Occ% ADR RcvPAR 13.3% 5.1% 19.1% - 8.6% -0.2% -8.7% - 29.2% -6.4% -33.8% - 65.1% -23.2% -73.2% - 45.9% -33.5% -64.0% - 30.2% -27.7% -49.6% -9.7% -13.7% -22.1% - 17.5% -7.2% -23.4% - 15.6% -14.5% -27.8% - 16.9% -3.1% -19.5% - 36.3% 0.8% -35.8% - 32.7% -12.7% -41.2% PERCENT CHANGE Occ% ADR RcvPAR 0,0`.10 1.9°%a 1.9% 14.3% 1.1% 15.5% - 27.1% -11.3% -35.3% - 57.9% -34.6% -72.4% - 44.6% -41.2% -67.4% - 24.5% -32.4% -48.9% - 8.5% -21.3{0 -27.9% 2.2% -11.6% -9.6% - 6.6% -16.0% -21.5% 10.1% -2.7% 7.1% - 3.4% -10.5% -13.5% - 5.7% -11.7% -16.7% PERCENT CHANGE Occ% ADR RcvPAR 4.1% 3.8% 8.0% 0.6% 2.1% 2.7% -48.2% -13.4% -55.1% - 68.6% -23.6"1, -76.0% - 36.6% -37.7% -60.5% - 18.0% -24.8% -38.4% - 7.0% -10.3% -16.6% - 26.9% -12.0% -35.1% - 6.9% -9.1% -15.4% 7.6% -1.0% 6.5% - 2.8% -6.3% -9.0% 5.6% -2.2% 3.3% PERCENT CHANGE ©cc% ADR RcvPAR 2.5% -7.0% -4.7% - 16.1% -9.0% -23.7% - 36.4% -6.9% -40.8% - 78.6% -2.5% -79.1% - 75.5% -11.6% -78.3% - 49.2% -16.0x+0 -57.4% - 20.2% -0.7% -20.8% - 13.0% -1.8% -14.5% - 38.1% 1.2% -37.3% - 4.9% 6.2% 1.0% - 24.8% -5.7% -29.1% 30.1% 9.5% 42.4% TRACKING STATE OF COLORADO'S LODGING MARKET RECOVERY ROCKY MOUNTAIN LODGING REPORT VAIL Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER ASPEN Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Telluride Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 65.2% 75.7% 49.8% 6.7% 2020 ADR $498.24 $536.81 $436.84 $94.01 Data Suppersscd 18.3% 35.8% 41.2% 34.9% 24.9% 22.5% 45.5% Occ% 79.8% 82.3% 50.7% $165.66 $242.04 $219.05 $203.93 $179.87 $224.54 $466.73 2020 ADR $735.90 $770.42 $631.96 Data Suppersscd Data Suppersscd 34.9% 51.8% 63.3% 62.4% 52.8% 29.0% 39.1% Occ% 58.4% 64.6% 54.5% $427.57 $550.92 $560.77 $482.15 $362.74 $281.96 $807.62 2020 ADR $441.80 $504.86 $473.78 Data Suppersscd Data Suppersscd 31.1% 55.5% 49.6% 49.0% 46.4% 24.6% 31.2% $286.29 $396.33 $436.88 $337.76 $286.78 $210.73 $609.95 RevPAR 5324.99 5406.32 5217.44 $6.28 $30.25 $86.73 $90.21 $71.23 $44.85 $50.45 5212.45 RevPAR 558'7.32 $634.09 5320.20 5149.41 S285.65 5354.97 5300.85 S191.57 $81.85 5316.14 RcvPAR 5258.01 5326.27 5258.28 $88.93 5219.98 5216.48 5165.34 5133.19 $51.75 5190.56 2019 Occ°/0 ADR RcvPAR 69.3% $487.95 $338.39 78.7% $539.28 $424.51 74.5% $484.24 $360.70 33.6% $229.06 $77.01 18.7% $142.08 $26.52 54,5% 5198.47 $108.26 68.0% $234.48 $159.51 56.9% $228.10 $129.87 48.7% $200.66 $97.65 32.5% $162.17 $52.67 28.2% $190.62 $53.76 59.6% $551.05 $328.44 2019 Occ°/o ADR RcvPAR 81.2% $727.52 $590.86 83.6% $719.17 $601.24 82.6% $650.30 $537.02 45.1% $232.62 $105.02 42.3% $213.72 $90.45 68.1% 5539.23 $367.37 83.4% $624.69 $521.14 79.7% $546.57 $435.88 65.8% $422.02 $277.88 50,4% $261.24 $131.71 30.5% x $256.61 $78.2n6y 68.2% $936.41 $639.09 2019 Ott% ADR RcvPAR 51.6% $488.26 $251.87 67.9% $462.17 $314.01 63.2% $531.12 $335.57 34.3% $162.58 $55.74 34.9% $187.23 $65.34 50.9% 5293.34 $149.31 67.1% $326.05 $218.63 67.6% $281.88 $190.49 57.1% $290.36 $165.65 34.6% $187.33 $64.89 28.4% $173.49 $49.35 42.7% $577.41 $246.30 PERCENT CHANGE Occ% - 5.9% - 3.8% - 33.2% - 80.1% ADR - 0.5% - 9.8% -59.0% Data Suppersscd -66.5% - 47.3% - 27.7% - 28.2% - 23.2% - 20.3% - 23.6% - 16.5% 3.2% - 4.0% 1.6% 10.9% 17.8% - 15.3% RcvPAR -4.0% - 4.3% - 39.7% - 91.8% - 72.1% - 45.6% - 30.5% - 27.1% - 14.9% - 6.2% - 35.3% PERCENT CHANGE Occ% - 1.7% - 1.6% - 38.6% ADR 1.2% 7.1% - 2.8% Data Suppersscd Data Suppersscd - 48.7% - 37.8% - 20.6% - 5.2°/0 4.7% - 4.8% -42.6% -20.7% - 11.8% 14.2% 38.9% 9.9% - 13.8% RcvPAR - 0.6% 5.5% - 40.4% - 59.3% - 45.2% -18.6% 8.3% 45.4% 4.6% - 50.5% PERCENT CHANGE Oct% ADR RcvPAR 13.2% -9.5% 2.4% - 4.9% 9.2% 3.9% - 13.7% -10.8% -23.0% Data Suppersscd Data Suppersscd - 39.0% - 17.2% - 26.7% - 14.2% 34.1% - 13.7% - 26.8% - 2.4% 21.6% 55.0% 16.3% 53.1% 21.5% 5.6% - 40.4% 0.6% 13.6% - 0.2% 105.2% 4.9% - 22.6% STEAMBOAT SPRINGS Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 80.4% 88.9% 48.3% 15.'7% 23.4% 39.2% 55.4% 60.2% 66.8% 63.5% 29.3% 45.7% BRECKENRIDGE Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 69.2% 78.4% 65.5% 2020 ADR $210.08 $222.77 $196.69 $87.66 $95.33 $114.70 $151.17 $150.24 $144.66 $122.97 $105.14 $188.39 2020 ADR $310.75 $321.27 $308.14 Data Suppersscd Data Suppersscd 17.7% $138.13 42.4% $168.03 41.4% $157.10 37.4% 5144.93 33.0% $133.64 28.8% $148.52 OTHER RESORTS Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 59.3% 65.0% 51.2% 10.1% 18.1% 30.5% 49.1% 48.3% 41.6% 37.4% 25.8% 36.8% TOTAL RESORTS Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER OCc% 65.3% 72.3% 52.6% 10.9% 19.6% 28.0% 46.9% 48.5% 44.4% 38.8% 26.2% 41.3% 2020 ADR $345.24 $365.52 $355.16 5112.71 5147.80 $202.02 5310.79 5308.59 $273.85 $238.00 5210.01 $394.77 2020 ADR $403.72 $427.70 $377.61 $101.16 $125.98 $208.93 $299.08 $298.39 $266.16 $220.43 $197.47 $425.49 RcvPAR $168.80 $198.00 594.92 513.72 $22.33 544.98 583.70 $90.52 $96.67 $78.12 $30.78 $86.12 RcvPAR $214.89 $252.00 $201.94 524.44 871.16 $65.10 $54.16 $44.04 $42.84 RcvPAR $204.77 $237,52 $181.77 $11.40 $26.70 561.70 $152.59 $149.06 $113.81 $89,08 $54.14 $145.14 RCvPAR $263.62 $309 .04 $198.72 $11.03 524.73 558.57 5140.14 $144.77 $118.08 $85.52 $51.72 $175.78 Occ% 79.7% 83.9% 87.2% 38.5% 34.9% 69.5% 81.8% 76.7% 71.9% 59.8% 43.4% 64.9% Occ% 76.1% 78.5% 81.8% 40.9% 23.5% 48.6% 62.3% 57.9% 51.4% 33.8% 39.6% Occ% 61.1% 66.1% 69.1% 38.2% 39.5% 57.1% 67.4% 62.1% 57.8% 48.3% 40.8% 53.3% Occ% 67.5% 73.3% 74.2% 38.4% 33.1% 57.1% 69.5% 63.8% 57.0% 44.0% 37.2% 57.9% 2019 ADR $229.23 $236.16 $230.29 $114.98 $109.46 $157.46 $177.08 $164.69 $138.29 $111.26 $104.84 $204.28 2019 ADR $287.77 $298.14 $287.49 $161.26 $126.69 $154.89 $172.77 $162.95 $141.52 $119.85 $155.16 2019 ADR $347.69 $360.96 $350.33 $219.79 $248.05 $263.58 $290.96 $282.34 $252.37 $236.06 $197.52 $399.52 2019 ADR $407.30 $422.52 $398.69 $202.67 $204.14 $262.68 $296.95 $279.10 $241.79 $200.20 $183.73 $466.92 RevPAR $182.78 $198.12 $200.77 $44.31 $38.16 $109.41 $144.84 $126.25 $99.43 $66.56 $45.50 $132.54 RevPAR $218.86 $234.14 $235.12 $66.00 $29.75 $75.34 $107.71 $94.42 $72.68 $40.53 561.51 RcvPAR $212.53 $238.46 $242.03 $84.00 $97.98 $150.45 $196.12 $175.20 $145.81 $114.13 $80.59 $213.08 RcvPAR $274.73 $309.57 $295.81 $77.86 $67.50 $150.09 $206.32 $178.19 $137.92 $88.01 $68.31 $270.35 PERCENT CHANGE Occ% ADR RevPAR 0.8% -8.4% -7.6% 5.9% -5.7% -0.1% - 44.6% -14.6% -52.7% - 59.4% -23.8% -69.0% - 32.8% -12.9% -41.5% - 43.6% -27.2% -58.9% - 32.3% -14.6% -42.2% -21.4% -8.8% -28.3% - 7.1% 4.6% -2.8% 6.2% 10.5% 17.4% - 32.6% 0.3% -32.4% - 29.5% -7.8% -35.0% PERCENT CHANGE Occ°0 ADR - 9.1% 8.0% - 0.1% 7.8% - 19.9% 7.2% Data Suppersscd Data Suppersscd - 63.6% - 32.1% -28.5% - 27.2% - 2.6% - 27.2% -10.8% -2.7% -3.6% 2.4% 11.5% -4.3% RevPAR -1.SA 7.6% - 14.1% - 67.6% - 33.9% - 31.0% - 25.5% ^5.6°r`0 - 30.4{CY PERCENT CHANGE Occ% ADR RcvPAR - 3.0% -0.7% -3.7% - 1.6% 1.3% -0.4% - 25.9% 1.4% -24.9% - 73.5% -48.7% -86.4% - 54.3% -40.4% -72.8% - 46.5% -23.4% -59.0% - 27.2% 6.8% -22.2% - 22.2% 9.3% -14.9% - 28.1% 8.5% -21.9% - 22.6% 0.8% -21.9% - 36.8% 6.3% -32.8% - 31.1% -1.2% -31.9% PERCENT CHANGE Occ% ADR RcvPAR - 3.2% -0.9% -4.0% - 1.4% 1.2% -0.2% - 29.1% -5.3% -32.8% - 71.6% -50.1% -85.8% - 40.7% -38.3% -63.4% - 50.9% -20.5°X,-61.0`?'b - 32.6% 0.7% -32.1% - 24.0% 6.9% -18.8% - 22.2% 10.1% -14.4% - 11.7% 10.1% _2.88% - 29.6% 7.5% -24.3% - 28.6% -8.9% -35.0% TRACKING STATE OF COLORADO'S LODGING MARKET RECOVERY ROCKY MOUNTAIN LODGING REPORT LONGMONT Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER LOVELAND Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEM BER OCTOBER NOVEMBER DECEMBER CRAIG Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 35.9% 44.8% 30.0% 14.4% 19.2% 28.8% 43.6% 44.3% 43.1% 49.2% 26.6% 26.3% Occ% 53.4% 57.4% 34.4% 19.7% 28.9% 42.8% 54.4% 52.6% 64.6% 78.4% 45.3% 33.8% Occ% 40.5% 38.6% 29.9% 24.5% 42.8% 50.6% 60.5% 62.1% 69.8% 75.3% 62.3% 42.9% 2020 ADR RevPAR $102.34 $36.74 $101.25 $45.37 $98.81 $29.61 $82.45 $11.91 $84.52 $16.21 $88.58 $25.54 $83.34 $36.35 $84.84 $37.55 $81.84 $35.29 $84.48 $41.56 $77.75 $20.66 $72.13 $18.98 2020 ADR RcvPAR $111.42 $59.50 $113.92 $65.41 $114.38 $39.32 $89.13 $17.56 $84.78 $24.53 $93.67 $40.06 $100.01 $54.39 $97.72 $51.39 $94.76 $61.22 $93.86 $73.62 $90.48 $40.96 $82.18 $27.76 2020 ADR RevPAR $70.28 $28.50 $70.60 $27.23 $71.10 $21.25 $70.66 $17.32 $74.04 $31.68 $77.69 $39.29 $81.00 $48.98 $79.21 $49.19 $75.22 $52.49 $90.85 $68.40 $95.16 $59.28 $73.57 $31.57 2019 Occ% ADR RcvPAR 406% $104.00 $42.22 47.4% $105.93 $50.24 53,0% $100.89 $53.45 53,9% $111.61 $60.18 63.4% $128.33 $81.32 74.5% 5136.40 $101.58 88.4% $141.99 $125.50 80.2% $132.53 $106.33 70.9% $123.50 $87.52 63.6% $124.31 $79.06 53,8% $101.51 $54.58 44.7% 597,43 $43.59 2019 Oct% ADR RcvPAR 59.4% $110.10 $65.40 67.7% $115.29 $78.08 71.1% $116.43 $82.82 67,4% $112.19 $75.57 73.4% $134.48 $98.73 81.3% 5135.69 $110.32 90.8% $150.07 $136.21 86.7% $129.94 $112.70 78.5% $130.28 $102.28 71.0% $122.61 $87.07 55.1% $110.97 $61.09 50.0% $107.14 $53.55 Occ% 34.8% 40.0% 33.2% 34.8% 48.9% 57.6% 65.1% 62.0% 66.3% 70.0% 63.8% 44.6% 2019 ADR RcvPAR $73.03 $25.40 578.01 $31.22 $74.86 $24.84 $79.68 $27.72 $80,25 $39.21 $82.40 $47.45 $85.22 $55.50 $81.54 $50.59 583.43 $55.32 $86.01 $60.23 590.85 $57.95 575,13 $33.52 PERCENT CHANGE Occ% ADR RcvPAR - 11.6% -1.6% -13.0% - 5.5% -4.4% -9.7% - 43.4% -2.1% -44.€% - 73.2% -26.1% -80.2% - 69.7% -34.1% -80.1% - 61.3% -35.1% -74.9% - 50.7% -41.3% -71.0% - 44.8% -36.0% -64.7% - 39.1% -33.7% -59.7% - 22.7% -32.0% -47.4% - 50.6% -23.4% -62.1% - 41.2% -26.0% -56.5% PERCENT CHANGE Occ% ADR RcvPAR - 10.1% 1.2% -9.0% - 15.2% -1.2% -16.2% - 51.7% -1.8% -52.5% - 70.8% -20.6% -76.8% - 60.6% -37.0% -75.2% - 47.4% -31.0% -63.7% - 40.1% -33.4% -60.1% - 39.4% -24.8% -54.4% - 17.7% -27.3% -40.1% 10.5% -23.4% -15.4% - 17.8% -18.5% -32.9% - 32.4% -23.3% -48.2% PERCENT CHANGE Occ% ADR RcvPAR 16.6% -3.8% 12,2% - 3.6% -9.5% -12.8% - 9.9% -5.0% -14.4% -29.6% -11.3% -37.5% - 12.4% -7.7% -19.2% - 12.2% -5.7% -17.2% - 7.2% -5.0% -11.8% 0.1% -2.9% -2.8% 5.2% -9.8% -5.1% 7.5% 5.6% 13.6% - 2.3% 4.7% 2.3% - 3.8% -2.1% -5.8% FT. COLLINS Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER GREELEY Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 48.1% 61.5% 35.6% 14.8% 26.1% 41.2% 50.1% 62.1% 56.5% 68.5% 34.2% 26.0% Occ% 61.7% 68.6% 51.6% 31.9% 36.5% 45.9% 51.7% 52.0% 56.7% 63.6% 43.7% 44.0% OTHER COLORADO Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Occ% 42.6% 46.8% 35.1% 24.1% 33.0% 54.6% 70.6% 68.8% 65.'7% 61.1% 40.6% 39.5% COLORADO TOTAL Month JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER OCc% 58.1% 63.5% 38.8% 16.8% 26.5% 38.3% 48.9% 51.1% 50.8% 50.5% 34.4% 35.2% 2020 ADR $101.56 $104.42 $98.21 $76.56 $77.28 $92.10 $99.80 $109.29 $100.81 $98.80 $92.93 $87.98 2020 ADR $94.63 $100.42 $99.06 $80.67 $67.67 $80.03 $89.51 $81.42 $82.88 $77.26 $77.89 $72.24 2020 ADR $95.28 $97.30 $76.84 $58.09 $69.74 $82.08 $93.70 $93.34 $92.63 586.19 $74.94 $84.01 2020 ADR $167.32 $172.18 $151.15 $82.23 $83.27 $104.85 $132.06 $131.64 $121.04 $110.29 $99.20 $143.92 RevPAR $48.82 $64.17 534.93 511.33 520.17 537.92 550.01 $67.85 $56.91 567.70 $31.81 522.83 RcvPAR $58.37 $68.91 551.10 525.75 524.67 536.74 546.25 $42.35 $47.03 549.12 $34.03 531.76 RevPAR $40.56 545.49 526.94 513.99 523.03 544.78 566.12 $64.19 $60.84 $52.63 530.41 533.19 RcvPAR $97.15 $109.28 S58.64 513.80 522.07 540.19 564.57 $67.28 $61.50 $55.66 $34.16 $50.63 Occ% 51.4% 54.9% 64.6% 67.7% 69.8% 80.3% 89.4% 81.6% 74.8% 69.4% 56.3% 48.4% Occ% 62.6% 66.7% 77.2% 82.4% 80.9% 86.7% 91.4% 83.0% 81.5% 74.9% 65.1% 54.5% Occ% 42.1% 48.6% 55.0% 53.6% 62.1% 69.9% 75.7% 70.6% 69.5% 62.4% 49.6% 42.2% Occ% 58.7% 64.1% 69.3% 66.3% 69.5% 80.5% 85.4% 81.3% 76.6% 71.9% 58.1% 53.4% 2019 ADR $96.05 $107.18 $114.63 $114.51 $136.24 $133.13 5150.11 $138.85 $130.66 $135.56 $113.43 $104.22 2019 ADR $93.58 $101.45 $99.33 $103.27 $107.73 $117.74 8121.68 $115.62 $111.11 $104.94 $97.34 $91.04 2019 ADR $96.39 $91.71 $93.81 $84.23 $94.65 $106.63 5114.42 $111.54 $106.85 $94.15 $79.99 $94.71 2019 ADR $169.79 $174.87 $169.01 $139.00 $142.94 $166.68 $176.31 $167.13 $159.70 $151.84 $130.28 $167.38 RevPAR $49.33 $58.85 $74.02 $77.58 $95.06 $106.92 $134.16 $113.35 $97.79 $94.02 $63.90 $50.44 RcvPAR $58.61 $67.71 $76.72 $85.05 $87.11 $102.05 $111.17 $96.01 $90.53 $78.58 $63.37 $49.59 RevPAR $40.56 $44.57 $51.64 $45.11 $58.81 $74.52 $86.66 $78.76 $74.27 $58.77 $39.67 $39.93 RcvPAR $99.69 $112.15 $117.05 $92.16 $99.29 $134.20 $150.54 $135.80 $122.40 $109.14 $75.70 $89.45 PERCENT CHANGE Occ% ADR RevPAR -6.4% 5.7% -1.0% 11.9% -2.6% 9.0% - 44.9% -14.3% -52.8% - 78.2% -33.1% -85.4% - 62.6% -43.3% -78.8% - 48.7% -30.8% -64.5% - 43.9% -33.5% -62.7% -24.0% -21.3% -40.1% - 24.6% -22.8% -41.8% - 1.2% -27.1% -28.0% - 39.2 /O -18.1'!'0 -50.9% - 46.4% -15.6% -54.7% PERCENT CHANGE Occ% ADR RcvPAR - 1.5% 1.1% -0.4% 2,8% -1.0% 1.3% - 33.2% -0.3% -33.4% - 61.2% -21.9% -69.7% - 54.9% -37.2% -71.7% - 47.0% -32.0% -64.0% - 43.4% -26.4% -58.4% - 37.4% -29.6% -55.9% - 30.4% -25.4% -48.1% - 15.1% -26.4% -37.5% - 32.9% -20.0% -46.3% - 19.3% -20.7% -36.0% PERCENT CHANGE Occ% 1.2% - 3.8% -36.3% - 55.0% - 46.9% - 21.9% - 6.8% - 2.6% - 5.5410 - 2.2% - 18.2% - 6.3% ADR RcvPAR -1.2% 0.0% 6.1% 2.1% - 18.1% -47.8% - 31.0% -69.0% - 26.3% -60.8% - 23.0% -39.9% - 18.1% -23.7% - 16.3% -18.5% - 13.3% -18.1% - 8.5% -10.5% - 6.3% -23.4% - 11.3% -16.9% PERCENT CHANGE ©cc% ADR RcvPAR - 1.1% -1.5% -2.6% - 1.0% -1.5% -2.6% - 44.0% -10.6% -49.9% - 74.7% -40.8% -85.0% - 61.8% -41.7% -77.8% - 52.4% -37.1% -70.1% - 42.7% -25.1% -57.1% - 37.1% -21.2% -50.5% - 33.7% -24.2% -49.8% - 29.8% -27.4% -49.0% - 40.7% -23.9% -54.9% - 34.2% -14.0% -43.4% FOR PROPERTY TAX REPRESENTATION Property Owner Subject Property #" , '°+jib` 'T ,��1- war e Jurisdiction and State Year This letter authorizes Ryan, LLC and its affiliate, Ryan Tax Compliance Services, LLC to represent the above -named property as its property tax agent in the Jurisdiction and state named above, This authorization includes but is not limited to: filing property renditions or returns; signing and filing appeals; examining property tax records; and, appearances before the assessor, boards of equalization or review, or other governmental agencies responsible for the assessment of property. If there are any questions concerning this authorization, please contact the following: Michelle TarbeIi, (720)62400221 mlchelle.tarbell@ryan,com A copy of any application or appeal attached to this authorization has been provided to the undersigned property owner. A facsimile or scanned image of a signature below shall constitute an original signing of this authorization and the document containing the original signature will be submitted upon request, This authorization shall remain effective as long as permitted by law or until revoked in writing by the owner. The person signing below certifies that they are a duly appointed officer, representative or • agent of the owner and that they have the legal capacity to execute this authorization. Title Printed Name Date 0# Sworn and subscribed before me this , � �. day of Love's Travel Stops 8 Country Stores See Attached w a a -"NW- -•IIMMIw"-� CHRISTINA GONZALES Notary ID #11042203 My Commission Expires July 30, 2024 Notary Public My commission expires: ,1.. _ ... 2021. r 17 • Loves Host *ality LIC .Entftv Parcel l lst Site Name Parcel Account Number Parcel Address Assessor #500377 - Best Western (500010) R8943247 301 E Bison Hwy. Weld County #500644 - Fairfield Inn and Suites 55000002 526 Sg Lincoln St Kit Carson Count t ' 1 f. •{' p••' I •. c 18 July 15, 2021 Petitioner: LOVES HOSPITALITY LLC CIO MEGAN STEPHENS PO BOX 26210 OKLAHOMA CITY, OK 73126-0210 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldqov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): RYAN LLC C/O MICHELLE TARBELL 1999 BROADWAY STE 4100 DENVER, CO 80202-5719 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2021-1990, AS0109 Appeal 2008230178 Hearing 8/4/2021 1:00 PM Account(s) Appealed: R8943247 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 4, 2021, at or about the hour of 1:00 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, 2021, 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 15, 2021 Agent: RYAN LLC CIO MICHELLE TARBELL 1999 BROADWAY STE 4100 DENVER, CO 80202-5719 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: LOVES HOSPITALITY LLC C/O MEGAN STEPHENS PO BOX 26210 OKLAHOMA CITY, OK 73126- 0210 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2021-1990, AS0109 Appeal 2008230178 Hearing 8/4/2021 1:00 PM Account(s) Appealed: R8943247 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 4, 2021, at or about the hour of 1:00 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, 2021, 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 5, 2021 Petitioner: LOVES HOSPITALITY LLC C/O MEGAN STEPHENS PO BOX 26210 OKLAHOMA CITY, OK 73126-0210 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldqov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): RYAN LLC C/O MICHELLE TARBELL 1999 BROADWAY STE 4100 DENVER, CO 80202-5719 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2021-1990 Appeal 2008230178 Hearing 8/5/2021 Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2021. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R8943247 Stipulated - Approved Stipulated Value $4,516,257 $4,002,000 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2021, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2021, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the County Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subsection (5)(a)(I) of this paragraph (a) within ninety days after the appeal has been filed with the Board of Assessment Appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) The primary method used by the county to determine the value of the subject property; and (B) The rates used by the county to determine the value of the subject property under the method identified in accordance with subsection (5)(b)(l)(A) of this section. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of $101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado appellate review and C.R.S. §24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization within 30 days that you will pursue arbitration. You and the Board of Equalization will select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located (i.e. Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fees may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, BOARD OF EQUALIZATION Lis¢C/lGv� `�OruG Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor August 5, 2021 Agent: RYAN LLC C/O MICHELLE TARBELL 1999 BROADWAY STE 4100 DENVER, CO 80202-5719 Petitioner: 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 LOVES HOSPITALITY LLC C/O MEGAN STEPHENS PO BOX 26210 OKLAHOMA CITY, OK 73126-0210 RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2021-1990 Appeal 2008230178 Hearing 8/5/2021 Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2021. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R8943247 Stipulated - Approved Stipulated Value $4,516,257 $4,002,000 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2021, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2021, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the county Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subsection (5)(a)(I) of this paragraph (a) within ninety days after the appeal has been filed with the board of assessment appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) The primary method used by the county to determine the value of the subject property; and (B) The rates used by the county to determine the value of the subject property under the method identified in accordance with subsection (5)(b)(l)(A) of this section. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of $101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado appellate review and C.R.S. §24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization within 30 days that you will pursue arbitration. You and the Board of Equalization will select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located (i.e. Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fess may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, BOARD OF EQUALIZATION C�Lv�• rGt Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor Hello