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<br />P<F' <br /> <br />CONSULTING <br /> <br />November 22,2002 <br /> <br />425 California Street <br />Suite f650 <br />San Francisco CA 94104 <br /> <br />Mr. John Jermanis <br />City Manager <br />City Manager's Office <br />City of San Leandro <br />Civic Center <br />835 East 14th Street <br />San Leandro, California 94577 <br /> <br />Telephone (415) 421.5378 <br />Telefax (415) 956-7708 <br /> <br />Re: City of San Leandro Marina Development <br /> <br />Dear Mr. Jermanis: <br /> <br />In accordance with the terms of our engagement with the City of San Leandro, PKF <br />Consulting is pleased to submit this summary of our findings with regard to the <br />potential market and economic feasibility for a hotel, conference/meeting facility, <br />restaurant(s), and other public amenities to be located at the existing Marina area in <br />San Leandro, California. <br /> <br />The conclusions set forth in this report are based on an analysis of the existing and <br />potential future supply and demand for lodging properties, conference/meeting <br />facilities, and restaurants located in the San Francisco Bay Area as of the completion <br />of our fieldwork and research in October 2002. <br /> <br />Our findings and conclusions are presented in the attached summary report. This <br />report has been prepared for the use of you and your staff in determining the <br />feasibility of the recommended project, particularly with regard to the City <br />participation that we have determined would be required. Due to the abbreviated <br />nature of this report, reader familiarity with the project and the surrounding area has <br />been assumed. <br /> <br />As in all studies of this type, the projected financial results are based on competent and <br />efficient management and presume no significant change in the status of the <br />competitive lodging and restaurant markets from that set forth in this report. Since <br />projected performance is based on estimates and assumptions that are subject to <br />uncertainty and variation, we do not represent them as results that will actually be <br />achieved; however, they have been conscientiously prepared on the basis of <br />. information obtained during the course of this assignment and our experience in the <br />lodging and real estate industries. <br /> <br />A wholly owned subsidiary of Hospitality Asset Advisors International, Inc. <br />