HomeMy WebLinkAboutC18-218 Korpacz Realty AdvisorsDocuSign Envelope ID: 0BA04BE1-F62B-42CD-B19C-815D99559173
7/25/2018
DocuSign Envelope ID: 0BA04BE1-F62B-42CD-B19C-815D99559173
EXHIBIT 1
ADDITIONAL SERVICES
A. Rebuttal Capitalization Rate Study (“Additional Services”):
Using research from the original Scope of Work set forth in the Agreement dated October 30,
2017 (executed November 11, 2017), including property data both physical and financial,
comparable sales information and verification, the results of property inspections, along with
analyzing the demographic, economic and hotel market trends in Eagle County, Consultant will:
1. consider and determine capitalization rates from appropriate real property transactions
that were under contract for sale on or before June 30, 2016;
2. to the extent appropriate, applicable, relevant and/or verifiable, consider and determine
capitalization rates from any sales utilized, relied upon and/or listed in the capitalization rate
study conducted by HVS Consulting & Valuation in the following reports, copies of which will
be delivered to Consultant by County upon execution of this First Amendment:
i. Narrative Appraisal Report of the Park Hyatt Beaver Creek Resort (dated May 8, 2018);
prepared by Rodney G. Clough and Brett E. Russell of HVS;
ii. Narrative Appraisal Report of the Ritz-Carlton Bachelor Gulch (dated May 8, 2018);
prepared by Rodney G. Clough and Brett E. Russell of HVS;
iii. Narrative Appraisal Report of the Four Seasons Resort Vail (dated May 8, 2018);
prepared by Rodney G. Clough and Brett E. Russell of HVS; and
iv. Narrative Appraisal Report of the Vail Cascade Hotel & Club (dated May 8, 2018);
prepared by Rodney G. Clough and Brett E. Russell of HVS.
3. relate the capitalization rate findings from comparable sales, investor surveys and other
sources that may be available to the following resort-hotel properties (the “Hotels”) as of June
30, 2016:
i. Park Hyatt Beaver Creek Resort
ii. Ritz-Carlton Bachelor Gulch
iii. Four Seasons of Vail; and
iv. Vail Cascade/Hotel Talisa
4. develop reports for each of the Hotels showing your analysis, opinion and conclusions, in
compliance with the requirements of the Code of Professional Ethics and the Standards of
Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of
Professional Appraisal Practice (USPAP) of the Appraisal Foundation, including compliance
with the Jurisdictional Exception Rule.
DocuSign Envelope ID: 0BA04BE1-F62B-42CD-B19C-815D99559173
B. Fees for Additional Services
Consultant’s fee for the additional work shall be billed at the hourly rates ranging from $150 to
$500 and will not exceed a budget of $15,000 without prior approval of the County.
DocuSign Envelope ID: 0BA04BE1-F62B-42CD-B19C-815D99559173
