Essay on Fieldwork Guide

Submitted By Dacheng-Liu
Words: 1310
Pages: 6

Fieldwork Guide
Developed and presented by Stephen Rushmore Jr.


Typical fieldwork workflow

Acclimate to market area
Subject property GM interviews
Convention & Visitors Bureau
Planning and Zoning Office
Local Tax Assessor
Economic Development Office or Chamber of Commerce
Competitive set GM Interviews


Acclimate to Market Area


Acclimation tips
 Dine at a local eatery where the community gossips with the wait-staff  Check for recommendations

 Drive around subject property and demand generators
 Try not to rely on GPS
 Connect with friends or family in the area
 Plan to arrive several hours before your first appointment


The Subject Property GM Interview


Why are GM interviews important?

Usually the most informative discussion about the property and market

To assess the subject property’s demand base and competitive positioning

Obtain an initial interpretation of lodging demand trends in the subject market area


Pre-interview tips
 Analyze accessibility of subject property from highway and/or public transportation
 Check-in to the property
 Conduct a walk-through to familiarize yourself with facilities and condition of property
 Review market and property information collected ahead of time
 Google the GM to find information that can be used to build a rapport -7-

GM Interview Checklist - Property History

Ground Lease
What makes the property unique?


GM Interview Checklist – Physical Aspects
 Do a verbal walkthrough of the property
 Go floor-by-floor, then around the property
 Ask about the condition of hotel
 Ask about renovations completed or planned


GM Interview Checklist - Segmentation
 Commercial demand
 Top accounts
 Major feeder market
 Any government demand?

 Meeting and Group demand
 Top accounts
 SMERF, associations or corporate group
 Major feeder market
 Leisure demand
 Top accounts
 Primary attractions
 Major feeder market
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GM Interview Checklist - Property Performance
 Discuss historical occ/rate and trends (why up or down?)
 Discuss forecast of occ/rate and reasons for forecasted levels

 Ask about anomalies in the P&L statement

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GM Interview Checklist - Market
 Any new supply coming into the market?
 Do you foresee anything that will impact the market?
 Seasonality of the market? Unaccommodated demand?
 Competition
 How do you keep track of competition?
 Do you know the occupancy and rate of competitive properties?
 What is the condition of comps?
 When were they last renovated?
 SWOT of comps

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GM Interview Checklist – Closing Questions
 Anything else from an appraiser’s point of view that we need to know about the property?
 If you had $1 million, where would you spend it on the property? - 13 -

Subject Property Walkthrough

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Inspecting the subject property
 Take pictures while on tour
 Guestrooms
 Meeting space
 Public space
 F&B outlets
 Back of house
 Landscaping
 Parking lot
 View from North, South, East, West
 Note condition of all aspects of the property

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The Convention & Visitors Bureau

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Convention & Visitors Bureau Checklist
 What has been happening in the local area the past few years that has influenced the lodging industry?
 Convention center related?
 Major employer?
 City developments?
 Tourist attractions?
 What life-cycle stage has the area been in the past few years? (decline, stabilization, revitalization, growth)
 What drives convention and/or individual, group, or meeting demand in the area?
 What has happened with these demand generators in the last few years and why?
 What are the strongest months of the year for the market?
 What is done to attract visitors during the slow seasons?
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Convention & Visitors Bureau Checklist
 Are any hotels proposed / closing / expanding in the area?
 Are there any expansion or development plans