Kent Steele has prepared appraisals for hundreds of hotels over his career for any number of purposes.
These hotels have encompassed all facets of the industry, including:
- Resort Hotels
- Convention Hotels
- Airport Hotels
- Boutique Hotels
- Casino Hotels
- Limited-Service Hotels
- Waterpark Hotels
- Condominium Hotels
- Golfing Resort Hotels with Rental Apartments
The geographic scope of his practice is nationwide ranging from Southern California to Florida to New England with many stops in between. Assignments have been engaged for routine purposes such as refinancing, development loans, as well as for litigation related assignments that include a number of assessment appeals for major hotels, including full-service franchised properties, independent casino hotels with substantial retail components and limited-service properties. He serves his clients as the provider of litigation consulting services, expert witness and appraisal services in these cases. In some instances, the appraisals have been for the adaptive reuse of existing properties that have historically been under different uses.
More unusual assignments include the appraisals of condominium-hotel properties that involve both the analysis of hotel operations, as well as consideration of the condominium ownership, urban hotels that are part of larger mixed-use developments, appraisals for urban leasehold hotels for the establishment of land rent and the repositioning of existing hotels to different brands. In other cases, appraisals have been prepared for hotels that are moving from franchised brands to independents.
Recent Hotel Valuation Engagements
- Hilton Garden Inn, Bettendorf, Iowa. Mr. Steele was engaged by the county assessor to prepare an appraisal of this property in 2023.
- Wild Rose Casino and Hotel, Clinton, Iowa. Mr. Steele was hired to prepare an appraisal of this property for the Clinton County Assessor in 2023.
- La Quinta Inn, Oakbrook Terrace, Illinois. Mr. Steele was engaged by counsel representing the property owner and insurance companies in a case involving damages that were incurred to a hotel as a result of a fire. In addition to the diminution in value attributable to the physical damages, the appraisal considered the financial damages that resulted from the loss of revenue. This assignment was completed in 2023.
- Sleep Inn/Mainstay Suites, Madison, Wisconsin. Mr. Steele prepared an appraisal of a dual-branded hospitality property for an assessment appeal on behalf of the property owner in 2022. The project involved multiple years of assessments. The case was settled.
- Best Western Suites, Madison, Wisconsin. Mr. Steele prepared multi-year appraisals of this property for assessment appeals in 2022.
- AmericInn, Monona, Wisconsin. Mr. Steele prepared an appraisal of a limited-service hotel for an assessment appeal on behalf of the property owner.
- Ameristar Hotel, Holiday Inn and Hampton Inn in Council Bluffs, Iowa. Mr. Steele was engaged to prepare an appraisal of the Ameristar Hotel-Casino, which also includes a Holiday Inn and a Hampton Inn on ground lease parcels. He was hired by the Pottawattamie County Board of Review, which expects the case to be contested following completion of the appraisal, which was delivered in January 2023. A hearing is scheduled for 2024.
- Rhythm City Casino, Davenport, Iowa. Mr. Steele prepared an appraisal on a major hotel/casino for an assessment appeal. He worked closely with counsel in the application of case law relevant to the appraisal process for this owner-occupied property.