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Market & Economic Feasibility of <br />Lodging and Related Developments <br />^ Report developed by PKF Consulting in 2002 <br />^ Conclusions included: <br />- A 200-room, full-service, conference-style, destination <br />hotel is market-justified <br />^ Main restaurant seating for 200 <br />^ Separate water-oriented restaurant for 75 <br />• 17,500 sq. ft. of meeting space <br />• Fitness center and indoor swimming pool <br />- City financial contribution in 2002 dollars was a <br />subsidized ground lease of $3m for the site and $13m <br />for development <br />- Annual TOT revenue in 2002 dollars of $lm <br />- Only one hotel is viable and the Blue Dolphin site is <br />preferred <br />Market & Economic Feasibility of Lodging <br />and Related Developments cconti~ued) <br />- 225-seat, full service restaurant with <br />., <br />private banquet rooms is also market <br />justified t <br />-The restaurant could be built on <br />either the Boatworks site or the site <br />to the North of El Torito <br />-- No financial contribution to a restaurant <br />facility would be required <br />-Annual lease income in 2002 dollars of $165k <br />7 <br />