North Kohala Big Island Resort

The extreme north tip of the Big Island of Hawaii comprises the North Kohala District. Portion of this historic country, the birthplace of Kamehameha the Great, were acquired by a Japanese railroad magnate with the intention of creating a large-scale, master-planned destination resort and retirement community.

Market studies, product concepts, financial feasibility, and other pre-development matters were integrated in an initial land use and development plan for the property.

Location:  Big Island, Hawaii, USA
Client:         North Kohala Ranch Co.

Greenspot Ranch Planned Community

Master-Planned Residential Community

A 1,000 acre planned community featuring 3,200 units of single family, condominium, and detached residential, commercial and 27 hole golf.

Ultimately purchased by Landmark Corporation, a New Orleans land developer.

Originally called the East San Bernardino County Water District, the name was changed to East Valley Water District in 1982. An annexation in September 2000 increased the District’s service area by 3,228 acres and included the Greenspot Ranch Area.

Loocation:   Highland, San Bernardino County, California USA
Client:            Landmark Corporation



Universal Studios CityWalk Florida

Themed Entertainment / Retail Ideation
Product Concepting
Retail Master Plan
Tenant Mix and Leasing Plan

StoneCrek Partners  worked with Jim Garber & Associates in providing pre-development technical advisory services to MCA Recreation Services management in charge of the Universal Studios CityWalk Orlando planning effort.

At that time, MCA was partnered with The Rank Organisation Plc in developing Universal City Florida (UCF), and the working name for CityWalk Orlando was “The Entertainment Zone at UCF” or the “E-Zone.”

Through a series of technical memoranda, recommenations were offered as to design strategy, “best practices” retail entertainment tenant leasing strategies, lease deal structuring and related lease bond yields, all-in development cost “not to exeed” considerations, food and beverage sensibilities, among other matters.

At that time, the facility was being prepared for direct competition with Disney’s Pleasure Island / Disney Village Marketplace, the Church Street Station project in downtown Orlando, and the Mercado shopping village on International Drive.

Location:   Orlando, Florida, USA
Client:         MCA Recreation Services (now Universal Studios Recreation Group).



Marne La Valle Golf Village

Financial analysis assignment to support client’s Strategic Planning Dept. oversight of master-planning efforts for this large-scale themed entertainment and master-planned destination resort, in this instance, for a golf village planning area as part of overall Marne La Valle master planning at lands dedicated for Euro Disney (now Paris Disneyland).

Work included a market study to evaluate and recommend various homebuilding product types for this residential golf village, including potential integration of American homebuiding product types for this French project. Residential products types, both attached and detached, were included with master planning efforts of the land planning and civil engineering team. Financial analysis of resulting builder residuals (assuming sale of pads to third-party homebuilding firms), and planning area profitability yield was then added to overall Marne La Valle bottom-line implied land valuation.

Marne-la-Valee is home to The Disneyland Resort Paris, situated 20 miles to the east of Paris. The site includes hotels, restaurants, a campsite, shops, the golf course noted here, and the Disneyland Paris Theme Park and Walt Disney Studios.

Location:   Marne la Valle (Paris Region), France
Client:         Walt Disney Co., Strategic Planning Dept.


Hotel Feasibility Studies

Feasibility studies for hotel projects, whether involving a destination resort, a condotel, a commercial hotel, or other form of lodging, are based on analysis of a series of essential aspects of the underlying business operation.


In the following, parts of a typical hotel feasibility are described:


 Project Site Plan and Design Review – The hotel project site plan and facilities program and design are reviewed, for reasonableness for development.


 Project Development Costs – The hotel project development budget is reviewed, including direct (hard) construction costs, and indirect (soft) development costs. Off-site master infrastructure requirements may also be included in tallying Project development costs.


 Market Demand Factors – Historical, current and estimated future demand for room-nights at the project site, based on market area-wide factors, are evaluated. Room-night demand generators as well supply-pull considerations are usually reviewed. Supply-pull refers to the phenomenon of new hotel facilities being placed in markets that have little or no historical basis for their demand – and essentially meet previously unmet demand. Room-nights of demand by guest market segments – including Free and Independent Travelers (FIT), Group Tour, Association, and any other relevant sub-segments that may exist in the Norfolk marketplace, are included.


 Market Rooms Supply – The existing stock of competitive hotel facilities in the competitive market area is reviewed, as well as proposed facilities, and areas of likely development of new facilities should the area prosper as a location for new hotel development. Various barriers to entry for other competitive hotel projects, including entitlement, location, and historical development direction-of-growth factors, are evaluated.


 Economic Demand Factors – Outside the specifics of room-night supply and demand, overall regional economic factors that may impact hotel development at the Project site are studied. Such factors can include major employer downsizing (or upsizing), new regional developments that may impact local business, and other such factors.


 Fractional Ownership, Second Home, Timeshare, Condotel, and other Project Land Uses – There are alternative forms of ownership and operation for a lodging product. A best product and financing strategy for a project, including both transient visitors (hotel guests) and buyers of individual homes and fractional interests is important.


 Opportunities and Constraints – all issues that may impact Project feasibility – these typically include project site build-ability issues, any known environmental issues, soils, or such other factors that become apparent to Consultant in the course of the assignment. Important to any enterprise, as well, is what Peter Drucker has called “sustaining competitive advantages” – factors that may provide a unique competitive posture for a subject hotel facility over and above its competition.


 Estimated Operating and Financial Performance – estimates of hotel operating performance (EBITDA), including gross sales and operating costs of fractional ownership or timeshare programs if included in the Project program. The detailed results of each operated hotel department are included, using the Unified System of Accounts for Hotels, as promulgated by various accounting and hotel associations. By definition EBITDA is a pre-finance, pre-tax estimate of operating earnings for a facility.


Other factors typically reviewed during feasibility, are attractiveness to the hotel as planned, to investors and tour operators, as well as hotel management companies.