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Hotel/Motel New Construction

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Jim Mallon

Thread Starter
Member
Joined
Dec 9, 2004
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
California
I am looking for cost information on new construction of a large pool and two "fitness rooms" at a local motel. The improvements are certainly of superior quality, but the reported costs are out of this world, largely unsupportable by any data sources I have available.

Does anybody have any data sources for superior quality commercial grade amenities such as pools and outbuildings? I'm thinking "Vegas-quality" if you know what I mean. I am valuing for assessment purposes and so will be adding value to the existing assessment for the new construction (as opposed to estimating total property value).
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
If your purpose is for assessment and the property owner provided development costs that may appear above normal, I am not clear on why this is an issue.
 

Joker

Elite Member
Joined
May 28, 2002
Professional Status
Certified General Appraiser
State
Ohio
Yeah, that one threw me too. Normally those guys pad their estimates to lenders. In any event, cost does not necessarily equal value. I wish I could help you further but I've not done anything beyond "very good" quality.
 

Jim Mallon

Thread Starter
Member
Joined
Dec 9, 2004
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
California
They provided me with their complete Invoice Breakdown.

Normally we look to enroll reported costs, but typically that's if they can be supported by some market evidence (i.e. other reported costs on "similar" projects, M&S, that sort of thing). This method works well with $/sf additions, regular backyard pools, AG imps, even typical commercial improvements like clubhouses, waterscapes etc, but in this instance the work is exceptional... yet still significantly above anything I can find (hence the "Vegas-like" reference).

Thanks for the replies, this is a tough one that may leave me with little recourse but to go with reported.
 
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