Specifications include, but are not limited to: 1. Perform Market Analysis: Analyze the hotel market to provide insights into trends, values, and opportunities. 2. Develop a Broker’s Opinion of Value (BOV): Provide an up-to-date BOV of the hotel property asset. 3. Develop Sale Strategies: Formulate strategies and deal structures to attract potential buyers and effectively sell the City-owned hotel property, considering the property's current condition. A. Provide ways to structure the transaction from the perspective of buyers, including the pros and cons of each deal structure. B. Comment on the ability for the TDC to obtain detailed claw-back sale provisions that allow the City to reclaim the asset should prospective buyers not followthrough on their contractual obligations to renovate the hotel property. C. Provide TDC staff with feedback on potential incentives to attract an owner operator, including but not limited to IRB, tax exemption, CID, capturing of TGT increment, etc. D. The City acknowledges the current condition of the hotel property and is prepared to negotiate relevant and appropriate incentives to balance the interests of both parties. The brokerage firm should be prepared to provide input to the City to identify and implement such incentives as needed. 4. Assist in Advertising: Help advertise the sale of the hotel property. 5. Site Tours: Participate in site tours of the hotel property for potential buyers. 6. Evaluate Offers: Assess offers received for the hotel property and provide detailed narrative analyses, and recommendations to the TDC. 7. Renovation to Top Brand: The broker will review and provide feedback on the proposed plans from prospective buyers to successfully renovate and convert the hotel into a toptier, full-service brand, such as Hilton, Marriott, IHG, etc. 8. Economic Analysis: Conduct economic analysis of offers and prepare a summary and recommendations. 9. Recommend Offers: Recommend the best offer and provide necessary supporting documentation. 10. Negotiate Sale: Collaborate with TDC staff to negotiate the sale of the hotel property with buyers and prospects. A. Any sale negotiations will be conditioned upon the TDC and/or Governing Body approval. 11. Coordinate Appraisals: Arrange for hotel property appraisals as needed. 12. Coordinate Transactions: Manage transactions and oversee the closing of the hotel property sale. 13. Customary Activities: Handle all standard activities related to the hotel property transactions, including legal, survey, and title work. 14. Weekly Reports: Provide regular updates on project status, including timelines and action plans. 15. Consultation and Presentations: Consult with City staff and periodically brief the TDC Board of Directors. Presentations at public meetings may be required.
