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Elaine Sahlins, Director HVS International San Francisco - page 6 / 8





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HVS International, San Francisco, California

Hotel Development Cost Survey 2004

equipment installation and construction finish work can overlap. Accounting for these items is not always the same from one project to another.

In addition, we recommend that users of the HVS International Development Cost Survey should consider the per-room amount in the individual cost categories only as a general guide for that category. The totals for low and high ranges in each cost categories do not add up to the high and low range of the sum of the categories. None of the data used in the survey showed a project that was either all at the low range of costs or all at the high range of costs. A property that has a high land cost may have lower construction costs and higher soft costs. The total costs shown in the table below are from per-room budgets from hotel developments and are not a sum of the individual components.

All material used by HVS International for the development cost survey is provided on a confidential basis and is believed to be reliable. Data from

individual sources is not disclosed



About the Author: Elaine Sahlins holds an undergraduate degree from Barnard College, Columbia University in New York City and an MPS degree in Hotel Administration from Cornell University. After graduating from Cornell, she worked for VMS Realty in Chicago analyzing hotel investments, and then went on to become a review appraiser in San Francisco at Security Pacific, which was subsequently acquired by Bank of America. She joined HVS International in 1987 as a Director in the San Francisco office. Elaine assumed responsibility for the Hotel Development Cost Survey in 1998.

Elaine can be contacted by E-mail at esahlins@hvsinternational.com, or by telephone at (415) 268-0347.


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