2021_11_17 BOER MINUTES - Laserfiche WebLink

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DocuSign Envelope ID: D94409AB-B2D5-4E05-B3FC-26A40C01CO2F $11,467,369 for the property.As a result of this review,the County recommends increasing the economic market adjustment on the property from E20 TO E43 for a revised valuation of$11,432,100. Chris Mashburn reviewed comparable properties of the appellant versus the County's comparable properties, explained rental rates and the income approach with vacancy and collection loss. Mr. Mashburn explained properties like the subject have minimal vacancy with most being triple net leases. As no lease information has been furnished to the County, it was difficult for the County to determine accurate income and expense rates for the property. Mr. Benak stated that the County's vacancy percentage is too low as is the County's 5%expense rate. Mr. Beattie requested this appeal be continued in order to request legal advice from the County attorney and for the appellant to provide lease information to determine impact, including information on lease transactions. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr.Beattie moved that the Board continue the appeal to December 2,2022. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 Chapel Hill Hotels LLC PIN 9788276493 Hailey Garrett appeared before the Board on behalf of Chapel Hill Hotels LLC to appeal the value of the property located at 214 W. Rosemary Street, Chapel Hill. The current assessed value of the property is $15,344,400.A list of evidence follows: APPELLANT COUNTY 9788276493 Appeal 9788276493 County Ms. Garrett stated the subject property is the AC Marriott Hotel and the impact of COVID-19 and an analysis of the last three years income performance supports an opinion of value around$12,600,000. Ms. Garrett stated that comparable hotels in the market are assessed around$52,000 to $112,000 per key with an average around$87,000 a key. Ms. Garrett explained the supporting documentation provided to the Board. Kelly Wells represented the County and stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 40%and the income approach at 60% for a reconciled valuation of $14,737,870 for the property. As a result of this review,the County recommends changing the market adjustment on the land from-8%to-10% and applying an E02 economic market adjustment to the entire property, thereby reducing the valuation of the propertyfrom$15,344,400 to $14,742,100. Chris Mashburn stated that due to COVID-19 impacting hotels, data for the 2018 and 2019 revenue was used for the basis of the analysis on hotel appeals.