2025_12_02 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID: B280D705-EADF-4415-899E-F125316E835B on block. Any reasonable market participant would expect to be compensated or pay for the effort required to gain this approval and the time involved. • The appellant has provided a pieces and parts equity argument based on six comparable properties. Three of the comparables provided include allocated values of improved property, while two do not have zoning/entitlements consistent with those of the subject property. The remaining comparable is that of 19 Maxwell Rd,which is under the same master plan as the subject property and is assessed at a similar value. This poor equity argument is then combined with sales of the same properties,two of which occurred after the lien date(201 Village Centre Dr& 1708-1712 Legion Rd)and one of which(19 Maxwell Rd) appears to have been a related party transaction between companies owned by the owner of the subject property in question. • The result of a reconciliation of such inconsistent data cannot sustain a consistency argument such as that being presented by the appellant. Consequently,no adjustment can be supported. • GIS Map of Subject • Current Property Record Card (24 pages) • Comparable Sales Analysis Motion of the Board Accept Coun 's Proposed Value: $5,896,300 No change in value Made the motion Shannon Julian Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against Property Identification: Property Owner CHI 54 LLC Appellant(if different) Property Address 100 Marriott Way Parcel ID or Abstract 9798730033 Statement of Appeal: Request reduction in value based on condition, parking location, and comparable property values. Current Assessed Value $19,223,100 ounty Opinion $19,233,100 Time of Hearin 1:51 PM Appellant Opinion $12,633,336 County Representative Roger Gunn Board Decision $19,233,100 No change in value Evidence submitted by the appellant: • The property needs to be fully renovated to meet Marriott requirements but at this point has not been renovated due to lack of business caused by Covid and the disruptions at the Friday Center which provide a significant portion of the demand for this property. • The value placed on the property is inconsistent with other similarly situated hotels in Chapel Hill. The Marriott Aloft located at 1001 Hamilton Road,Chapel Hill,NC, which is much newer than the subject property is valued at$87,349 per room but somehow the subject property is valued at$113,807 per room. Similarly,the newly built Tru by Hilton located at 1742 Fordham Blvd is valued at $87,306 per room. Using the higher of these two numbers the Courtyard would be valued at$14,762,020. However, this value still overstates the value of the hotel because both the Aloft and Tru have all their parking in Orange County and the tax value