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A-1

List of Appendices

A Letter of Engagement

B 30 Yr Historical Rates of Change (Hotel)

C Hotel 15 Year Cash Flow Pro Forma (Realistic Scenario)

D Hotel 15 Year Cash Flow Pro Forma (Optimistic Scenario)

E Hotel 15 Year Cash Flow Pro Forma (Pessimistic Scenario)

F Occupancies amp ADRs All MA Hotels 05 - 07

G Hotel Sensitivity Analysis ADRs Development Costs (Realistic Scenario)

H Hotel Sensitivity Analysis ADRs Development Costs (Optimistic Scenario)

I Hotel Sensitivity Analysis ADRs Development Costs (Pessimistic Scenario)

J Financial Assumptions Made by HII (Hotel)

K HVS Hotel Development Cost Forecasted Per-Room Averages (2007)

L HVS Hotel Development Cost Actual Per-Room Cost Ranges (2004-2006)

M Hotel Discounted Cash Flow Analysis Operating Cash Flow (Realistic Scenario)

N Hotel Discounted Cash Flow Analysis Operating Cash Flow (Optimistic Scenario)

O Hotel Discounted Cash Flow Analysis Operating Cash Flow (Pessimistic Scenario)

P Hotel Break-Even (Realistic Scenario)

Q Hotel Break-Even (Optimistic Scenario)

R Hotel Break-Even (Pessimistic Scenario)

S Hotel Development Costs at Various Grade Levels

T HII Hotel 10-Year Cash Flow Pro Forma

U HII Hotel Cash Flow Supportable DebtEquity Projections

V HII Hotel Capital Costs Financial Summary

W LIFESTYLE MARKET ANALYSTreg

W-1 LMAreg

All Target DMAs

W-2 LMAreg

Boston (Manchester NH) DMA

W-3 LMAreg

Hartford amp New Haven CT DMA

W-4 LMAreg

Providence RI-New Bedford MA DMA

W-5 LMAreg

Springfield-Holyoke MA DMA

W-6 LMAreg

New York NY DMA (Fairfield County CT Subset)

X MOTT Strategic Market Research Findings

Y Vacation Spa Locations amp Area Resorts

Z Pioneer Valley Real Estate Properties

AA Former MA State School Property Redevelopments

BB Alternative Development Suggestions

CC Potential Development Partners

DD BSS SWOT

EE Expert Interview Notes

FF Bibliography

A-2

Appendix A

Letter of Engagement

University of Massachusetts

Isenberg School of Management


February 21 2008

William Terry

Belchertown Economic Development Industrial Corporation

PO Box 670

Belchertown MA 01007

Dear Mr Terry

The purpose of this letter is to verify that we intend to pursue the Isenberg School of

Management Practicum Project that we discussed with you on our recent visit We also want to

reiterate our understanding of the project we are to undertake and the major tasks related to

successful completion of this assignment Finally we would like to outline the initial information

and material that we expect will be needed to complete the project assignment We would also

like to bring to your attention the following statement concerning the nature of the student

consulting project that we are undertaking

This consulting project is possible through an agreement with your company and the Isenberg

School of Management at the University

of Massachusetts at Amherst The final presentation and report that will be presented to you in

no way reflects the views or opinions of any faculty member affiliated with the Isenberg school

of Management Rather it will contain the analysis observations research and

recommendations of the student team fro the Isenberg School of Management MBA program

that has been assigned to your company Our faculty advisorrsquos role is that of an administrator and

grader of our work and is not a member of the consulting team

1 Below is the project as the Isenberg MBA team understands it

The team will review the existing development plan for a mixed-use complex on the former

Belchertown State School Property and provide an analysis of its general feasibility This may

result in one of three recommendations

a The plan as is after minor changes and updates should be considered a ―go and the process of

pursuing a master developer should resume shortly

b The plan should be considered a ―go but only after significant changes to the plan This may

entail a phased implementation approach a revised combination of building elements or some

other alternative

A-3

c The plan as is should be considered a ―no go and alternative uses for the land should be

explored

The team will offer supporting evidence for whichever of the recommendations it ultimately

provides It will strongly consider the planrsquos feasibility in the eyes of master developers and

investors

2 Based on our discussions with you on February 11 2008 and February 20 2008 we intend to

accomplish the following tasks while completing the consulting assignment

a Review the existing feasibility study prepared by Hunter Interests to identify areas of potential

infeasibility as judged by the team Explore these sections of the study in greater detail and draw

conclusions as to whether they affect the feasibility of the overall plan

b Grow aware of significant changes (ie new hotel development)mdashand likely impending changes

(ie casino)mdashto the surrounding area and determine if they significantly affect the feasibility of

the existing plan

c Engage relevant experts and stakeholders to judge overall concept feasibility Experts and

stakeholders may include any of developers investors architects hotel and spa owners or staff

state agencies UMass educators with relevant knowledge EDIC board members outspoken

critics of the existing plan and other parties with useful insight

In performing each of these tasks the University of Massachusetts Isenberg MBA team will

consider each of the three possible recommendations identified in the project objective If areas

of infeasibility are identified the team will seek to determine alternative solutions as time

permits

We expect to generate useful recommendations as a result of completing the above tasks Most

importantly we hope that you find these recommendations to be actionable and to contribute to

the continued performance of the Belchertown Economic Development Industrial Corporation

(EDIC) Our goal is to provide you with a final written report by May 8 2008 and to have a

formal presentation of these results and recommendations by May 16 2008

Finally thank you for providing us with this experience We look forward to working with you

on the successful completion of this assignment

Sincerely

William Terry ____________________

Katherine Bloor ____________________

Pianpian Huang ____________________

Kevin Price ____________________

Ielyzaveta Zhuravska ___________________

A-4

Appendix B

30 Yr Historical Rates of Change (Hotel)

Historical Rates of Change 1978 ndash 2007

Source Smith Travel Research Bureau of Labor Statistics

Source httpwwwhospitalitynetorgnews1540003204035296html

A-5

Appendix C

Hotel 15 Year Cash Flow Pro Forma (Realistic Scenario)

Hotel 15 Year Cash Flow Pro Forma Realistic Scenario

Net Operating Income Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11 Yr12 Yr13 Yr14 Yr15

Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150

Average Occupancy 04 045 05 055 055 055 055 055 055 055 055 055 055 055 055

Annual Occupied Room Nights 21900 24638 27375 30113 30113 30113 30113 30113 30113 30113 30113 30113 30113 30113 30113

Average Room Rate $155 $163 $171 $179 $188 $197 $207 $217 $227 $238 $250 $262 $275 $289 $303 490

Average Room Revenue $3394500

$4005934

$4669139

$5387719 $5651718 $5928652 $6219156 $6523894 $6843565 $7178900 $7530666 $7899669 $8286753 $8692803 $9118751

Other Revenue

Food amp Beverage $2420266

$2856217

$3329079

$3841425 $4029654 $4227107 $4434236 $4651513 $4879437 $5118530 $5369338 $5632435 $5908425 $6197937 $6501636 3950

Telephone amp Other $312490 $368777 $429830 $495981 $520284 $545778 $572522 $600575 $630003 $660873 $693256 $727226 $762860 $800240 $839452 510

Total Gross Revenue $6127256

$7230928

$8428049

$9725125

$10201657

$10701538

$11225913

$11775983

$12353006

$12958303

$13593260

$14259330

$14958037

$15690981

$16459839

Annual Expenses

Departmental Expenses

Rooms $1145797

$1352184

$1576045

$1818598 $1907710 $2001188 $2099246 $2202109 $2310012 $2423203 $2541940 $2666495 $2797153 $2934213 $3077990 1870


$1670344

$1946879

$2246504 $2356583 $2472055 $2593186 $2720252 $2853544 $2993368 $3140043 $3293905 $3455307 $3624617 $3802223 2310


Total Dept Expenses $2800156

$3304534

$3851618

$4444382 $4662157 $4890603 $5130242 $5381624 $5645324 $5921945 $6212120 $6516514 $6835823 $7170778 $7522146 4570

Other Expenses

General amp Admin $533071 $608362 $733240 $846086 $887544 $931034 $976654 $1024511 $1074712 $1127372 $1182614 $1240562 $1301349 $1365115 $1432006 870

Sales amp Marketing $471799 $556781 $648960 $748835 $785528 $824018 $864395 $906751 $951181 $997789 $1046681 $1097968 $1151769 $1208206 $1267408 770

Repairs amp Maintenance $453417 $535089 $623676 $719659 $754923 $791914 $830718 $871423 $914122 $958914 $1005901 $1055190 $1106895 $1161133 $1218028 740

Utilities $349254 $412163 $480399 $554332 $581494 $609988 $639877 $671231 $704121 $738623 $774816 $812782 $852608 $894386 $938211 570

Fees amp Services $214454 $253082 $294982 $340379 $357058 $374554 $392907 $412159 $432355 $453541 $475764 $499077 $523531 $549184 $576094 350

Insurance $85782 $101233 $117993 $136152 $142823 $149822 $157163 $164864 $172942 $181416 $190306 $199631 $209413 $219674 $230438 140

Total Other Expenses $2107776

$2466710

$2899249

$3345443 $3509370 $3681329 $3861714 $4050938 $4249434 $4457656 $4676081 $4905209 $5145565 $5397697 $5662185 3440

Replacement Reserve $- $- $- $- $- $- $- $- $- $- $- $- $- $- $-

Real Estate Property Tax $424969 $424969 $424969 $424969 $424969 $424969 $424969 $424969 $424969 $424969 $424969 $424969 $424969 $424969 $424969 151

Total Expenses $5332901

$6196213

$7175836

$8214794 $8596496 $8996900 $9416925 $9857531

$10319727

$10804570

$11313170

$11846692

$12406356

$12993444

$13609300

Net Operating Income

Total Annual Revenues $6127256

$7230928

$8428049

$9725125

$10201657

$10701538

$11225913

$11775983

$12353006

$12958303

$13593260

$14259330

$14958037

$15690981

$16459839

Total Annual Expenses $5332901

$6196213

$7175836

$8214794 $8596496 $8996900 $9416925 $9857531

$10319727

$10804570

$11313170

$11846692

$12406356

$12993444

$13609300

Net Operating Income $794355 $1034715

$1252213

$1510331 $1605161 $1704637 $1808988 $1918452 $2033279 $2153734 $2280090 $2412638 $2551681 $2697536 $2850539

Other expenses are treated as 50 variable and 50 fixed (fixed costs taken from Year 4 first year of stabilized occupancy)

Inflation was disregarded in this pro forma as most of the projected numbers are linked to gross revenue which incorporates ADR growth at 49 CAGR

A-6

Appendix C (continued)


Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11 Yr12 Yr13 Yr14 Yr15 $28125000

Net Operating Income $794355 $1034715 $1252213 $1510331 $1605161 $1704637 $1808988 $1918452 $2033279 $2153734 $2280090 $2412638 $2551681

$2697536

$2850539

Annual Debt Service $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066

$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2197211) $(1956851) $(1739353) $(1481235)

$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Net Income After Taxes $(2197211) $(1956851) $(1739353) $(1481235)

$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Profit Margin -3586 -2706 -2064 -1523 -1359 -1203 -1053 -911 -776 -647 -523 -406 -294 -187 -086


$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1259711) $(1019351) $(801853) $(543735) $(448906) $(349429) $(245078) $(135615) $(20787) $99667 $226024 $358571 $497614 $643470 $796473

Depreciation is calculated as 30 year straight-line

Income tax was ignored in this model as it is unknown what type of an entity will own and manage the hotel and what tax bracket would be applicable Income tax can also be ignored because of negative net income through the analyzed period

A-7

Appendix D

Hotel 15 Year Cash Flow Pro Forma (Optimistic Scenario)

Hotel 15 Year Cash Flow Pro Forma Optimistic Scenario


Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$4896142 $5602967 $6367305 $6679303 $7006589 $7349911 $7710057 $8087850 $8484155 $8899878 $9335972 $9793435

$10273313

$10776705

Other Revenue


$3490932 $3994895 $4539865 $4762319 $4995672 $5240460 $5497243 $5766608 $6049172 $6345581 $6656514 $6982684 $7324835 $7683752 3950



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537

Annual Expenses


Rooms $1432246

$1652669 $1891254 $2149253 $2254566 $2365040 $2480927 $2602492 $2730014 $2863785 $3004110 $3151312 $3305726 $3467707 $3637624 1870


$2041532 $2336255 $2654959 $2785052 $2921520 $3064674 $3214843 $3372371 $3537617 $3710960 $3892797 $4083544 $4283638 $4493536 2310



$4038875 $4621942 $5252452 $5509822 $5779803 $6063014 $6360101 $6671746 $6998662 $7341596 $7701334 $8078700 $8474556 $8889809 4570

Other Expenses




Utilities $436567 $503755 $576479 $655120 $687221 $720894 $756218 $793273 $832143 $872918 $915691 $960560 $1007628 $1057002 $1108795 570


Insurance $107227 $123729 $141591 $160907 $168791 $177062 $185738 $194839 $204386 $214401 $224907 $235927 $247488 $259614 $272336 140


$3015706 $3479099 $3953706 $4147437 $4350662 $4563844 $4787472 $5022058 $5268139 $5526278 $5797066 $6081122 $6379097 $6691673 3440




$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537


$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451

Net Operating Income $1099186

$1358252 $1587649 $1862204 $1974275 $2091838 $2215162 $2344528 $2480234 $2622589 $2771919 $2928566 $3092890 $3265265 $3446086



A-8

Appendix D (continued)



Net Operating Income $1099186 $1358252 $1587649 $1862204 $1974275 $2091838 $2215162

$2344528

$2480234 $2622589 $2771919 $2928566 $3092890

$3265265

$3446086

Annual Debt Service $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066

$2054066

$2054066 $2054066 $2054066 $2054066 $2054066

$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(1892380) $(1633315) $(1403917) $(1129363)

$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Profit Margin -2471 -1848 -1388 -983 -844 -711 -585 -465 -350 -241 -137 -037 057 148 234


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(954880) $(695815) $(466417) $(191863) $(79791) $37772 $161095 $290462 $426167 $568522 $717852 $874500 $1038823 $1211198

$1392020


Income tax was ignored in this model as it is unknown what type of an entity will own and manage the hotel and what tax bracket would be applicable Income tax can also be ignored because of negative net income through most of the analyzed period

A-9

Appendix E

Hotel 15 Year Cash Flow Pro Forma (Pessimistic Scenario)

Hotel 15 Year Cash Flow Pro Forma Pessimistic Scenario


Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$3115727

$3735311

$4408134

$4624133

$4850715

$5088400

$5337732 $5599281 $5873645 $6161454 $6463365 $6780070 $7112294 $7460796

Other Revenue


$2221502

$2663263

$3142984

$3296990

$3458542

$3628011

$3805784 $3992267 $4187888 $4393095 $4608356 $4834166 $5071040 $5319521 3950



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141

Annual Expenses


Rooms $859348 $1051698

$1260836

$1487944

$1560853

$1637335

$1717565

$1801725 $1890010 $1982620 $2079769 $2181677 $2288580 $2400720 $2518355 1870


$1299157

$1557503

$1838049

$1928113

$2022591

$2121698

$2225661 $2334718 $2449119 $2569126 $2695013 $2827069 $2965595 $3110910 2310



$2570193

$3081295

$3636313

$3814492

$4001402

$4197471

$4403147 $4618901 $4845227 $5082644 $5331693 $5592946 $5867000 $6154483 4570

Other Expenses




Utilities $261940 $320571 $384319 $453544 $475768 $499081 $523536 $549189 $576099 $604328 $633940 $665003 $697588 $731770 $767627 570


Insurance $64336 $78737 $94394 $111397 $116855 $122581 $128588 $134889 $141498 $148431 $155705 $163334 $171338 $179733 $188540 140


$1917715

$2319399

$2737181

$2871303

$3011996

$3159584

$3314404 $3476810 $3647173 $3825885 $4013353 $4210008 $4416298 $4632696 3440




$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141


$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149

Net Operating Income $489524 $711178 $916777 $1158458

$1236046

$1317436

$1402814

$1492375 $1586325 $1684879 $1788261 $1896709 $2010472 $2129808 $2254992



A-10

Appendix E (Continued)



Net Operating Income $489524 $711178 $916777 $1158458 $1236046 $1317436 $1402814 $1492375 $1586325 $1684879 $1788261 $1896709 $2010472 $2129808

$2254992

Annual Debt Service $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066 $2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2502042) $(2280388) $(2074790) $(1833108)

$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Profit Margin -5445 -4055 -3077 -2304 -2103 -1912 -1730 -1556 -1390 -1232 -1082 -938 -802 -671 -547


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1564542) $(1342888) $(1137290) $(895608) $(818020) $(736630) $(651252) $(561691) $(467741) $(369188) $(265805) $(157357) $(43595) $75742 $200926



A-11

Appendix F

Occupancies amp ADRs All MA Hotels 05 - 07

Occupancies amp Daily Rates All MA Hotels 05 - 07

$13194

$11980

$1127

$10248

$10810

$14348

$15885

731729

423439434

770

441

$000

$2000

$4000

$6000

$8000

$10000

$12000

$14000

$16000

$18000

Jan 0

5

Feb 0

5

Mar

05

Apr

05

May 0

5

Jun 0

5

Jul 05

Aug 0

5

Sep 0

5

Oct

05

Nov 0

5

Dec 0

5

Jan 0

6

Feb 0

6

Mar

06

Apr

06

May 0

6

Jun 0

6

Jul 06

Aug 0

6

Sep 0

6

Oct

06

Nov 0

6

Dec 0

6

Jan 0

7

Feb 0

7

Mar

07

Apr

07

May 0

7

Jun 0

7

Jul 07

Aug 0

7

Sep 0

7

Oct

07

Nov 0

7

Dec 0

7

Avera

ge D

ail

y R

ate

0

10

20

30

40

50

60

70

80

90

Occu

pan

cy R

ate

(in

)

ADR OCC

Af

A-12

Appendix G

Hotel Sensitivity Analysis ADRs Development Costs (Realistic Scenario)

SENSITIVITY ANALYSIS Realistic Scenario

Effect of Change in Yr 1 ADRs amp Estimated Development Costs on Projected NPV

150 Rooms

Year 1 Average Daily Rates

$ (18498735) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $4410722 $10061783 $15712844 $21363906 $27014967 $32666028 $38317089 $43968151 $49619212 $55270273 $60921335 $66572396 $72223457 $77874518 $83525580

$89176641

40 Mean $11430000 $1639161 $7290222 $12941283 $18592345 $24243406 $29894467 $35545529 $41196590 $46847651 $52498712 $58149774 $63800835 $69451896 $75102957 $80754019

$86405080

70 Mean $19777500 $(8712340) $(3061279) $2589783 $8240844 $13891905 $19542966 $25194028 $30845089 $36496150 $42147211 $47798273 $53449334 $59100395 $64751456 $70402518

$76053579

Median End $24120000 $(14097353) $(8446291) $(2795230) $2855831 $8506892 $14157954 $19809015 $25460076 $31111138 $36762199 $42413260 $48064321 $53715383 $59366444

$65017505

$70668566

Mean End $28125000 $(19063841) $(13412780) $(7761718) $(2110657) $3540404 $9191465 $14842527 $20493588 $26144649 $31795710 $37446772 $43097833 $48748894 $54399956 $60051017

$65702078

105 Mean $29516250 $(20789091) $(15138030) $(9486969) $(3835907) $1815154 $7466215 $13117277 $18768338 $24419399 $30070460 $35721522 $41372583 $47023644 $52674705

$58325767

$63976828

110 Mean $30907500 $(22514341) $(16863280) $(11212219) $(5561157) $89904 $5740965 $11392026 $17043088 $22694149 $28345210 $33996271 $39647333 $45298394 $50949455

$56600517

$62251578

120 Mean $33690000 $(25964842) $(20313780) $(14662719) $(9011658) $(3360596) $2290465 $7941526 $13592587 $19243649 $24894710 $30545771 $36196832 $41847894 $47498955

$53150016

$58801077

130 Mean $36472500 $(29415342) $(23764281) $(18113219) $(12462158) $(6811097) $(1160035) $4491026 $10142087 $15793148 $21444210 $27095271 $32746332 $38397393 $44048455

$49699516

$55350577

140 Mean $39255000 $(32865842) $(27214781) $(21563720) $(15912658) $(10261597) $(4610536) $1040525 $6691587 $12342648 $17993709 $23644771 $29295832 $34946893 $40597954

$46249016

$51900077

150 Mean $42037500 $(36316342) $(30665281) $(25014220) $(19363159) $(13712097) $(8061036) $(2409975) $3241086 $8892148 $14543209 $20194270 $25845331 $31496393 $37147454

$42798515

$48449577

175 Mean $48993750 $(44942593) $(39291532) $(33640471) $(27989409) $(22338348) $(16687287) $(11036226) $(5385164) $265897 $5916958 $11568019 $17219081 $22870142 $28521203

$34172265

$39823326

200 Mean $55950000 $(53568844) $(47917783) $(42266721) $(36615660) $(30964599) $(25313538) $(19662476) $(14011415) $(8360354) $(2709293) $2941769 $8592830 $14243891 $19894952

$25546014

$31197075

Highest End $80895000 $(84502440) $(78851378) $(73200317) $(67549256) $(61898195) $(56247133) $(50596072) $(44945011) $(39293950)

$(33642888)

$(27991827)

$(22340766)

$(16689705)

$(11038643)

$(5387582) $263479

A-13

Appendix H

Hotel Sensitivity Analysis ADRs Development Costs (Optimistic Scenario)

SENSITIVITY ANALYSIS Optimistic Scenario


150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I

Hotel Sensitivity Analysis ADRs Development Costs (Pessimistic Scenario)

SENSITIVITY ANALYSIS Pessimistic Scenario


150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J

Financial Assumptions Made by HII (Hotel)

A-16

Appendix K

HVS Hotel Development Cost Forecasted Per-Room Averages (2007)

A-17

Appendix L

HVS Hotel Development Cost Actual Per-Room Cost Ranges (2004-2006)

httpwwwhospitalitynetorgfile152003166pdf

A-18

Appendix M

Hotel Discounted Cash Flow Analysis Operating Cash Flow (Realistic Scenario)

Discounted Cash Flow Analysis (Operating Cash Flow) Realistic Scenario

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15

Capital Expenditure $(28125000)

Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

After Tax Cash Flow $369387 $609746 $827244 $1085362 $1180192 $1279669 $1384019 $1493483 $1608311 $1728765 $1855121 $1987669 $2126712 $2272568 $2425570

Working Capital $(1140000)

Terminal Project Value $2168285

Incremental Cash Flow $(27096715) $369387 $609746 $827244 $1085362 $1180192 $1279669 $1384019 $1493483 $1608311 $1728765 $1855121 $1987669 $2126712 $2272568 $2425570

PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920

The model does not include periodic renovation expenses

Terminal project value is estimated as incremental cash flow in Year 15 multiplied by 5 and discounted at WACC

A-19

Appendix N

Hotel Discounted Cash Flow Analysis Operating Cash Flow (Optimistic Scenario)

Discounted Cash Flow Analysis (Operating Cash Flow) Optimistic Scenario



Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O

Hotel Discounted Cash Flow Analysis Operating Cash Flow (Pessimistic Scenario)

Discounted Cash Flow Analysis (Operating Cash Flow) Pessimistic Scenario



Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P

Hotel Break-even (Realistic Scenario)

Break-even Analysis

Year 1

Revenue $6127256

Variable Expenses $355905741

Contribution Margin 2568199

Fixed Costs $2097690

Depreciation $937500

Fixed Costs and Depreciation $3035190

CM Ratio 4191

Total Revenue Required to Break-even

$724141306

Break-even occupancy rate assuming ADR $150 11818

Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q

Hotel Break-even (Optimistic Scenario)

Break-even Analysis Optimistic Scenario

Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R

Hotel Break-even (Pessimistic Scenario)

Break-even Analysis Pessimistic Scenario

Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S

Hotel Development Costs at Various Grade Levels

Development Costs BudgetEconomy Hotels Development Costs

(per room) Number of Rooms 150

Mean High Low Median Construction $7500000

$50000 $ 83800 $ 27300 $ 45500 Building Soft Costs $690000

$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000

Total Development Costs $9855000

Development Costs Midscale Hotels wo FampB Development Costs




$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000


Development Costs Extended Stay Hotels Development Costs




$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000


Development Costs Midscale Hotels wFampB Development Costs




$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000


Development Costs Full-Service Hotels Development Costs




$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000


Development Costs Luxury Hotels and Resorts Development Costs




$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000


Based on HVS 2007 estimates

A-25

Appendix T

HII Hotel 10-Year Cash Flow Pro Forma

A-26

Appendix U

HII Hotel Cash Flow Supportable DebtEquity Projections

A-27

Appendix V

HII Hotel Capital Costs Financial Summary

A-28

Appendix W

LIFESTYLE MARKET ANALYSTreg

The Lifestyle Market Analyst (LMA) is a consumer market analysis tool that

provides a market potential guide at the local regional and national levels The inputs for

the 2007 LMA edition included a sample of 73 million households for national data and

139 million households for county data The LMA is a joint venture of SRDS Media

Solutions and Equifax

The LMA provides a score centered on the number 100 which measures how

residents in a given geographic area spend their time and money as compared to the US

population at large If a given Designated Market Area (DMA) receives a score of 110 in

―Attend Cultural Arts Events this can be interpreted as the rate of household

participation in Attend Cultural Arts Events within ______ is 10 percent higher than the

US household rate of participation (110100 = 10 percent) Similar scores are

generated to measure demographic trends at the local and regional levels

The US is divided into 210 DMAs as defined by Nielsen Research Essentially

four DMAs lie within the two-hour drive radius of the BSS site1 The largest of thesemdash

by farmdashis the Boston MA (Manchester NH) DMA In Appendix W-1 The Team offers

results of aggregate data from the four DMAs as well as Fairfield County CT As data

in W-1 is weighted by DMA populations consumer lifestyle habits in the Boston MA

DMA will have a heavy impact on the overall market feasibility analysis Based on the

way the LMA data is structured the populations defined as within the two-hour radius

can not exactly match a two-hour radius as defined in the HII study Nevertheless the

1 Fairfield County CT is included within the New York NY DMA is within approximately two hours and

is included in The Teamrsquos data sample All other counties included within the New York NY DMA lie

outside the two hour radius

A-29

populations are mostly identical and the differences between the two populations should

not meaningfully impact the assigned lifestyle and demographic scores

In performing this analysis The Team sought to determine if there is an unusually

high market potential centered on the BSS site It tracked the indicators that seemed most

relevant to the Cold Spring project as presented These included ―Dieting Weight

Control ―Health Natural Foods ―Improving Your Health ―Attend Cultural Arts

Events and ―Horseback Riding Additionally The Team measured ―Real Estate

Investments as a gauge for how easy it might be to attract investors in the area2

The target area measured below-average for every lifestyle indicator excepting

―Attend Cultural Arts events This strongly damages the assertion that there is unusual

demand for health and wellness services in the region Area residents do have an affinity

for culture and the arts and it may make sense to include such components in a plan

Surprisingly ―Horseback riding came up well below-average The target DMAs include

some of the lowest market potential scores for the indicator in the nation3

The demographic trends are much more encouraging There is a plethora of high-

income ($75000-plus) age 45-64 residents within the two-hour radius This strongly

supports the use of the land towards providing services aimed at those who fit the defined

target demographic characteristics

The Team believes that Appendix W-5 which measures lifestyle indicators in the

Springfield-Holyoke MA region can be particularly useful to the BEDIC

2 Investment of course can stem from anywhere in the world but The Team believed that if the site or

town itself has a unique and compelling draw to it local investors would recognize this and perhaps be

more inclined to invest This may not be critical but The Team figured it could not hurt to measure real

estate investment market potential in the area 3 The Springfield-Holyoke DMA where Belchertown is located ranks 209

th out of 210 overall

A-30

Appendix W-1

LMAreg

All Target DMAs

Appendix W-1--Lifestyle Market Analyst

ALL TARGET DMAs

Area Population 9304860

Top Area Indicators

Top Ten Finishes

Snow Skiing Frequently 5 Own an AppleMac PC 2

Wines 5 Own a Blackberry 2

Gourmet Cooking Fine Foods 4 Frequent Flyer 2

Boating Sailing 4 WildlifeEnvironmental 1

Casino Gambling 3 Flower Gardening 1

Foreign Travel 3 Vegetable Gardening 1

Attend Cultural Arts Events 3 Use a Wireless Internet 1

Tennis Frequently 3 Cruise Ship Vacations 1

Own a Cat 2 Fashion Clothing 1

Shop by Catalog Mail 2 Own an HDTV 1

Needlework Knitting 2 Walking for Health 1

50

Key Indicators

Index Nation Avg

Attend Cultural Arts Events 11547237 100

Real Estate Investments 9280596 100

Dieting Weight Control 98188055 100

Health Natural Foods 97849085 100

Improving Your Health 98855277 100

Horseback Riding 67083832 100

Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg



DMA Boston (Manchester NH)

Encompasses Essex Middlesex Norfolk Plymouth Suffolk Worcester Hillsborough Rockingham amp Stafford Counties


Top 10 Area Indicators

Index

Snow Skiing Frequently 176

Own an Apple Mac PC 136

Foreign Travel 129

Own a Blackberry 124

Frequent Flyer 122

Wines 122

Boating Sailing 121

Use a Wireless Internet 120

Attend Cultural Arts Events 118

Tennis Frequently 118

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg



DMA Hartford amp New Haven CT

Encompasses Hartford Litchfield Middlesex New Haven New London Tolland amp Windham Counties



Index


Wines 124

Gourmet Cooking Fine Foods 120



Shop by Catalog Mail 113

Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg

Providence RI ndash New Bedford MA DMA


DMA Providence RI - New Bedford MA Encompasses Bristol Kent Newport Providence amp Washington Counties



Index


Boating Sailing 121


Casino Gambling 116

Wines 114

Cruise Ship Vacations 113

Fashion Clothing 111

Own an HDTV 110

Needlework Knitting 109

Walking for Health 108

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg



DMA Springfield-Holyoke MA Encompasses Franklin Hampden amp Hampshire Counties



Index


WildlifeEnvironmental 116

Own a Cat 114


Casino Gambling 110


Wines 108

Flower Gardening 107


Vegetable Gardening 106

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg



Fairfield County CT Subset of New York NY DMA



Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)

Attend Cultural Arts Events 130 --

Real Estate Investments 121 --

Dieting Weight Control 94 --

Health Natural Foods 105 --

Improving Your Health 110 --

Horseback Riding 82 --

Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X

MOTT Strategic MA Market Research Findings

A-37

A-38

Appendix Y

Vacation Spa Locations amp Area Resorts

Name Price No of

rooms

Hotel classification and on-

site activities

Market served Area Infrastructure

Topnotch

Resort amp Spa

$195-$595 for deluxe room

$245-$645 for executive

room

108 Luxury destination resort spa

Weddings tennis academy (one of

―Top 25 Tennis Camps in

America) skiing dining and other

outdoor activities

NYC Boston Washington

DC Philadelphia

Chicago Burlington

Montreal Toronto

Hartford Portland ME

Stowe VT

Green Mountains Smugglersrsquo Notch State Park

Stowe Village Vermont Ski Museum Spruce Peak

Mountain Von Trapp Family Lodge Ben amp Jerryrsquos

Factory restaurants shops outdoor activities

Stoweflake

Mountain

Resort amp Spa

$122-$264 accommodation

and breakfast

164 Resort amp spa

Golf weddings outdoor activities

skiing hot air balloon festival

Boston Hartford NYC

Albany New Jersey PA

Stowe VT

Equinox

Resort

$399-$499 Peak

$289-$389 Off-season

(Room only)

195 Luxury Hotel resort

Meeting amp event space golf school

of falconry fly fishing skeet

shooting restaurants skiing

Albany Hartford Boston

NYC Brattleboro

Montreal Portland ME

Manchester Village VT

Mansions golf course art center resort town (the

Equinox) nearby outlet stores Green Mountains

Emerald Lake State Park

Canyon Ranch

Lenox

$830-$1320 per night all-

inclusive deluxe room

$757-$1247 per night spa

sampler deluxe room

126 Destination resort amp spa

Outdoor fitness and healthcare

programs

Lenox MA

Berkshires Tanglewood Norman Rockwell

Museum Edith Wharton Estate theaters shops

restaurants Jacobrsquos Pillow Mass MoCA

Cranwell Resort $195-445 FallWinter

$295-565 SpringSummer

(singledoubles amp suites)

114 Resort Spa Golf Club

3 restaurants weddings

meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA

Deerfield Spa $360-$595 per night $850-

$1420 weekly Some with

shared bath Weekly

packages include $70

massage or $150 personal

services

33 All inclusive destination spa

Was classified as one of best cheap

spas as well as included in the list

of top 10 destination spas

New York

WashingtonBaltimore

New England Philadelphia

Pittsburgh

East Stroudsburg PA

Located in the Pocono Mountains Farmers

markets wineries shopping restaurants golf and

outdoor activities throughout the Pocono area

Mayflower Inn

amp Spa

Room rates $450-$700

Suite rates $700-$1400

28 Luxury Inn and spa Tennis courts

putting green outdoor activities

Was in the list of 10 top destination

spas

New York City Albany

Boston Millbrook New

Jersey CT Philadelphia

Stamford Norwalk Westport

Washington CT

Located in Litchfield County Attractions include

antiquing art galleries restaurants and theaters

Kripalu Center

for Yoga

And Health

$152-437 ―Renewal amp

Retreat (meals

accommodation program

activities) Single double

dorms (6-22 beds)

Yoga

Focus on women

Albany Boston Montreal

Hartford NYC Providence

Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa

SingleDouble $129 - $309

SuitesSpecialty $409 - $679

145 Resort amp Spa

Weddings meetings golf outdoor

activities skiing movie theater four

restaurants

Boston Montreal Hartford

NY Concord Burlington

Portland ME

Whitefield NH

White Mountains and Mt Washington nearby

Forest Lake State Park Franconia Notch State Park

resorts

The Spa at

Grand Lake

$275 - $375 per night

(Includes 30 min massage 3

meals fitness classes and full

use of facilities)

44 Destination Spa NYC NJ Boston

Providence Hartford

Lebanon CT

Golf casino gambling (154 mi Mohegan 198 mi

Foxwoods) antiquing theaters wineries flea

markets farms amp state parks Revolutionary War

Office

Gideon Putnam

Hotel amp Spa

$129 - $303 per night 120 Resort amp Spa

Golf located in the center of

Saratoga Spa State Park outdoor

activities

Albany Buffalo NYC

Boston

Saratoga Springs NY

Roosevelt Mineral Baths and Spa Saratoga Gaming

amp Raceway museums Hall of Springs Little

Theatre Saratoga Performing Arts Centerreg

Copperhood Inn

amp Spa

$325 off-peak and $350 peak

per person based on double

occupancy Includes

accommodations meals

meditation and fitness

programs

16 Inn and spa Dining weddings

meetings tennis court cross country

skiing hiking massage Was listed

as a best cheap spa

New York City Albany Shandaken NY

Copperhood is located in the Catskills which is a

huge tourist destination

Rich in restaurants lodging outdoor activities and

shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night

13 Inn and spa Weddings business

retreats meetings afternoon tea

organic garden and farm

New York City Boston

Connecticut Albany

Milton NY

In the Hudson Valley Plenty of museums theaters

outdoor activities and restaurants Major draws

include West Point Vanderbilt family historical

sites and FDR

Mirbeau Inn

amp Spa

$359-$410 peak season

$265 off-season

(room only)

34 Inn amp Spa

Award-winning restaurant boutique

outdoor activities weddings day

spa groups meetings

NY (all directions NY) Skaneateles NY

NYs Finger Lakes Wine Country Golf summer

music festival Christmas festival boat excursions

inns restaurants shopping

Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season

(standard room only)

128 Resort amp Spa

Family reunions meetings three

restaurants fitness center private

beach golf outdoor activities

Albany Boston Buffalo

Hartford Montreal NJ

NYC Ottawa Plattsburgh

Rochester Springfield

Syracuse Toronto Utica

VT

Lake Placid NY

Lake Placid was the site of the 1980 Olympics

Adirondack Mountains vineyards golf shops

theater Adirondack Museum

A review of this destination spa was done because of its designation as one of the ―Best Cheap Destination Spas taken from ―Best Cheap Destination Spas by Anitra Brown

located at httpspasaboutcomoddestinationspasacheapdestspahtm

A-40

Appendix Z

Pioneer Valley Real Estate Properties

List $ per Square Foot Prudential Sawicki Real Estate Properties

41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

Former MA State School Property Redevelopments

Specters of old state hospitals vanish as new uses take shape

By Robert Preer Globe Correspondent | July 8 2007

Scattered across Massachusetts are imposing brick and stone buildings that resemble

castles set on hundreds of acres of meadows fields and woods -- places once thought to be

ideal for the care of the mentally ill and disabled

Nearly all of the sprawling state hospitals and schools once called insane asylums

and other names that sound cruel today were closed in the 1970s and 1980s as mental health

treatment and residential facilities switched to smaller group settings After several decades

of neglect most of these unusual properties finally are now finally being redeveloped

Now from new municipal facilities to retail complexes to sprawling residential

developments the abandoned hospitals and their grounds are undergoing renovation for an

extraordinary range of uses One property alone the former Boston State Hospital in

Dorchester and Mattapan is host to multiple developments It already has a new nature

center state laboratory and dozens of suburban-style homes with hundreds more

condominiums and apartments a fitness center nursing home and community garden to

come

Grafton State Hospital houses a veterinary school Restaurants and stores are coming

to former state hospitals in Lakeville and Foxborough Danvers will have an out patient

medical center

Each one is its own story said Peter Norstrand deputy commissioner of the state

Division of Capital Asset Management the state agency overseeing the properties They are

mostly mixed uses with a preponderance of housing

Each of the sales took years to accomplish and required legislative votes to transfer

ownership of the properties Danvers State Hospital sold for $19 million and Metropolitan

State Hospital for $106 million a 50-acre slice of the 1000-acre Grafton State Hospital

recently sold for nearly $2 million

Weve certainly generated proceeds but when you factor in costs of maintaining the

properties over the years its hard to say weve made money said Norstrand

Among the hospitals being redeveloped

Boston State Hospital

At the far end Bostons Emerald Necklace near Forest Hills Cemetery and Franklin Park this

250-acre campus was closed in 1979 A light-filled Nature Center for the Massachusetts

Audubon Society the Massachusetts Medical School biological laboratory and

A-42

approximately 100 one- and two-family homes are completed The two residential projects

are a 99-unit mix of single-family housing and duplexes called Harvard Commons by Cruz

Development Corp and Olmsted Green a 500-unit condominium and apartment complex

co developed by Lena Park Community Development Corp and New Boston Fund The

development also will have a community center nursing home and community gardens

Danvers State Hospital

This Victorian-era campus was one of the most notorious state mental institutions before its

closure in 1992 and its Gothic setting played host to the shooting of a horror movie in 2001

AvalonBay Communities Inc is now building a neighborhood on around 75 acres of the

grounds including 433 luxury apartments and 64 condominiums Some are already occupied

but construction on others was delayed when a fire swept through several buildings in May

Portions of the historic Kirkbride building with its steeply pitched slate roofs and spires will

be preserved

Foxboro State Hospital

A new public safety building for Foxboroughs police and fire departments is already under

construction on this 160-acre property And site work has begun for Chestnut Green a 93-

acre community with playing fields 60000 square feet of retail space five office buildings

and 203 residences a mix of condominiums apartments and single-family The developers

are VinCo Properties Intoccia Construction Co and Douglas A King Builders Inc

Grafton State Hospital

This 1000-acre property in the central Massachusetts hills near Worcester already has Tufts

Veterinary School on half of it Also on the property are the Federal Job Corps offices and

residential facilities run by the state Department of Youth Services and state Department of

Mental Retardation A business park is being developed on 121 acres and housing is planned

for a 50-acre parcel The Massachusetts Bay Transportation Authority has a commuter rail

station there too

Lakeville State Hospital

Closed in 1992 this 72-acre property near the Lakeville-Middleborough town line and a

commuter rail station sold for $24 million at auction in 2002 to the Newton real estate firm

National Development with proceeds to fund the state Clean Elections program The existing

structures are scheduled to be demolished later this year and National Development is

planning to build a supermarket department store restaurant two office buildings and 100

units of senior housing

Metropolitan State Hospital

AvalonBay won the rights in December 2003 to redevelop a 23-acre portion of this 490-acre

campus near Route 2 in Lexington Belmont and Waltham The company is building 387

apartments on the Lexington land and about 250 more acres are preserved for open space

and recreation

Northampton State Hospital

This 126-acre campus was closed in 1996 Non profit developer Community Builders Inc

and state agency Mass Development plan to build 100 single-family homes 107 apartments

A-43

an assisted-living facility child-care center open space and 476000 square feet of office

light industrial and retail space Demolition of existing buildings began this year

Robert Preer can be reached at preerglobecom

copy Copyright 2007 Globe Newspaper Company

httpwwwbostoncomrealestatenewsarticles20070708specters_of_old_state_hospitals_vanish_as_new_uses_take_shap

A-44

Appendix BB

Alternative Development Suggestions

Note The Team heard several suggestions for possible land use along the way and it offers

this list here The Team in no way endorses any of these specific suggestions the list is

simply being made available as the BEDIC has asked for such feedback

Consider country clubs with residential component

Budget private school ndash look at Northfield Mt Herman Eaglewood Deerfield

Academy People send their kids to these schools bc theyrsquore safe Some dorm some

not Housing for bodyguards Itrsquos as accessible as the other schools for parents

dropping their kids off

Could have a school that fills a niche Deaf behavioral learning disabilities obesity

Could also couple it with wellness psychologists Could have a summer camp

There is very little light manufacturing in Western MA Industrial light industrial

office park could be a way to go

If yoursquore looking at housing best way to go is ―non-kid related housing (ie condos

with have 3 kids as opposed to 7 kids in single family homes)

Retail ndash there is a trend for on-line stores

Professional buildings ndash may be a possibility

Senior housing ndash good opportunity

Town may be better off offering zones and not the whole thing for development

The best way thing to build at the BSS site would be commercial ndash businesses that

bring people and other businesses to the town

Believes that there needs to be a diverse business base at the BSS site as it would

bring in the most tax revenue and be the most sustainable There should be a

residential component different locally owned businesses civic component Possibly

in conjunction with UMass or Bay State Medical (entities that are going to be around

for a long time) Good examples of this are the garden shop and Humes

Transportation (these are business located on the state school site that were sold off

earlier)

Shopping malls as an alternative Holyoke mall is very powerful because of little

competition It serves a very large area

A-45

Appendix CC

Potential Development Partners

Massachusetts Development Organizations

MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030

Services offered to clients include consensus building project management contract

negotiation site planning oversight environmental assessment oversight funding

identification consultant management market feasibility financial analysis marketing

services site assemblage management publicprivate partnerships permitting brownfields

redevelopment

Westmass Area Development Corporation

255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126

wwwwestmassdevelopmentcom

The Westmass Area Development Corporation (Westmass) is an experienced regional

private not-for-profit industrial and business development corporation created to promote and

assist business growth in western Massachusetts Westmass accomplishes these goals by

developing properly zoned and fully permitted industrial park land resources at the cross

roads of New England in the Knowledge Corridor

Pioneer Valley Planning Commission

26 Central Street Suite 34

West Springfield MA 01089-2787

Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg

PVPCrsquos principal responsibilities include

Bringing a regional and inter-regional perspective to the regionrsquos transportation

housing economic development historic preservation pollution control and resource

management and protection planning

Promoting the regionrsquos interests at the state and federal levels

Assisting municipalities with technical aid grant writing assistance and grant

administration

Fostering cooperative efforts among municipalities to achieve better land

development public service and financial efficiency

Enhancing collaboration between the public and private sectors in the Pioneer Valley

region

A-46

Gathering maintaining and making available planning-related data

Massachusetts Office of Business Development

Mike Vedovelli Regional Director for Pioneer Valley

53 Court St Suite 203

Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578

The Massachusetts Office of Business Development (MOBD) is committed to assisting

companies who want to locate expand grow or maintain a presence in Massachusetts

Through nine offices and five industry specialists MOBD works with companies and

municipalities to help them take advantage of available economic incentive programs

MOBD also assists companies in navigating and accessing the technical human financial

training educational and site-finding resources necessary to expand or locate in

Massachusetts

Retirement communities

Loomis Communities

246 North Main Street South Hadley MA 01075

Applewood in Amherst

Loomis House at the foot of Mt Tom

Loomis Village in South Hadley

Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation

The Kendal Corporation development services staff provides a high level of expertise and

service to not-for-profit organizations interested in developing retirement communities that

will become a part of the not-for-profit Kendal system

David Jones Project Director

(610) 335-1245

infokcorpkendalorg

The following state hospitals were developed andor aided by the organizations listed

below Boston State Hospital Danvers State Hospital Foxboro State Hospital Grafton

State Hospital Lakeville State Hospital Metropolitan State Hospital Northampton

State Hospital

Division of Capital Asset Management

One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363

EmailINFODCAMstatemaus

DCAMrsquos services include Planning bull Design bull Construction bull Capital Repairs amp

Improvements bull Asset Management

A-47

Contractor Certification and Compliance bull Leasing bull Acquisition and Disposition bull

Maintenance

John B Cruz Construction Inc

Cruz Management Co Inc

Cruz Development Corporation

John B Cruz III

President

One John Eliot Square

Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496

infocruzcompaniescom

Cruz Development has developed over 1500 units of housing and proudly specializes in

Build-To-Suit projects Once a location is identified the Cruz Development team negotiates

with the proper financiers lenders and government agencies to obtain funding building

permits and environmental approvals Then the Cruz team works with architects and

engineers to orchestrate schedules and construction details

Avalon Bay Communities

Boston MA

51 Sleeper Street Suite 750

Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610

Award-winning AvalonBay Communities Inc is in the business of developing

redeveloping acquiring and managing luxury rental communities Our apartments are located

in high barrier-to-entry markets across the country including the Northeast Mid-Atlantic

Midwest Pacific Northwest and Northern and Southern California regions

VinCo Properties Inc

434 Massachusetts Avenue Suite 401

Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623

Email infovincopropertiescom

VinCo Properties Inc is a Boston-based real estate development company which targets the

acquisition of undervalued real estate assets and undeveloped land VinCo Properties Inc

generates value through the repositioning of existing buildings land entitlement

development opportunities and quality construction

National Development

2310 Washington Street

Newton Lower Falls MA 02462

Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48

Since 1983 National Development has been one of New Englandrsquos leading development and

investment firms Our staff of 150 includes experienced individuals with backgrounds in

design engineering construction finance legal and brokerage Our unique culture is both

creative and collaborative Our out of the box thinking is what makes us a leader in the

New England real estate market

Community Builders

95 Berkeley Street Suite 500

Boston MA 02116-6240

Phone (617) 695-9595

Fax (857) 221-8618

The mission of The Community Builders Inc is to build strong communities where people

of all incomes can achieve their full potential We do this by developing financing and

operating high quality affordable mixed-income housing by coordinating access to support

services and by planning and implementing other community and economic initiatives

critical to the communities we serve We focus primarily on meeting the needs of lower

income people not effectively served by market forces We favor a multi-disciplinary

approach and engagements of significant scale that can have a lasting impact We specialize

in large-scale public and assisted housing redevelopment projects transforming distressed

housing projects into anchors for multifaceted revitalization efforts

A-49

Appendix DD

BSS SWOT

BSS Property SWOT

Strengths Weaknesses Opportunities Threats Land available at ―below

market valuehellip

hellipbut dirty perhaps rendering

it a liability instead

Potential nearby casino could

be a positive if phased flexible

implementation is followed

Remediation (who pays) could

stall development

Quabbin Reservoir onsite

water

Traffic counts visibility poor

accessibility arguably poor

Perhaps salvage a few

buildings a couple are unique

Credit markets rough

Safe environment good people Town name Partnership with UMass

hospital area business

More delay = more decay

Some infrastructure already in

place (broadband water

sewage)

Minimal infrastructure (in

terms of attractions)

Strong older richer population Remediation costs could be

greater than believed

Belchertown fastest growing

town in Western MA

Travelers to small towns most

enjoy dining and shopping

hellipnot much of either here

Brownfield funding Development already

completed could limit who

would be interested in placing

on-site

Entranceways to site in place

as well as pass through

property

Marketing funds under Ch 42d

A-50

Appendix EE

Expert Interview Notes

Note The unattributed notes below represent feedback received during expert interviews

Use developers as the main source of information They should know customers

Understand their thinking They might have a checklist of the most critical items that

make such places successful

Think about similar resort Eg Canyon Ranch ndash there are only two of them Why

They pick locations where rich people live Rich people go to Berkshires and AZ Itrsquos

―known

Probably not particularly useful to spend too much time updating data that is two

years old unless we have reason to believe therersquos significant error Investors make

go no-go decisions based on huge cushions

There should be a brand name Brand name can add up 10 of the cost

The Btown property is difficult to evaluate because there is nothing else like it in

Btown

A demand will need to be created bc there currently is no demand

How will guests get from Bradley Airport to the resort Shuttle Will they want to

travel that far

Therersquos a reason they put the state school where it is ndash itrsquos not near anything else

Other wellness centers are built in places where people already go

The critical point in this project is the ―location issue

Contact Hunter Interests and ask them where the numbers come from Contact the

developer and understand his background

Properties to consider Canyon Ranch in Lenox Stoweflake because both have the

same general population base and same ease of access

Even though Btown has connections with the Quabbin and the 5 school area it

doesnrsquot have what the Berkshires have (comparative study)

The casino is only a potential attraction thatrsquos being considered but it most likely will

have a different type of clientele

A-51

The complex needs to be ―cohesive It needs to be recognizable and marketable but

right now itrsquos trying to be all things to all people and this doesnrsquot work

They do have the strength of the Quabbin and it would be good if they could get

people to do bird watching tours hunting etc

Belchertown has boomed and still is Property is immense

15 mins to Pike is good

Typically you look at some combination of retail residential office and light

industrial Residential is easiest to build followed by retail

Health amp Wellness is growinghelliplook at people over 85hellipbut you need cache MA has

a greater older population than most places

Need a catch As a developer spa could intrigue me

Might consider ―ground truthingbring in 3 people to see the site review the plan

and tell you if yoursquore crazy

Doesnrsquot like conference facility idea UMass has its own Agreed that it would be

tough to draw Springfield businesses If I tell my wife letrsquos come out here to

Belchertown shersquoll say no

Businesshellipbuild from within Very difficult to attract

Luxury casino would be a real competitor and that seems to be what theyrsquore talking

about Would need to build flexibility into phasing plan to allow opportunity to

complement casino offerings Again phase over 20-30 years

Look at State Mental Hospitals Were they demolished or revitalized What did they

do

Any developer taking this on would need to ―be in it for the long haul 12-13 years to

break even Would require TIF which is against the EDICrsquos objective

Staffing in a wellness center could be a huge challenge My daughter is a massage

therapist makes $15hr Canrsquot afford to live in Belchertown at that wage

As a destination yoursquod have to recreate the Berkshires That would be challenging If

you can do this you can draw from 6-8 states Otherwise your draw is less Donrsquot

even bother if yoursquore below 3 states Hotel brand could have a huge effect on this For

5-star yoursquoll draw from several states Holiday Inn yoursquoll draw from Western Mass

Motel Six forget about it

A-52

Why not bring a developer and ask him what he wants to do to create jobs and

generate taxes Developers are hungry now Developers may come up with ideas and

evaluate them Specialization for a developer is important Do not look for one

developer

Economy is different today Check current economic conditions A lot of things have

changed

Hunter ndash provided only one solution There should be alternatives

Check where 5-star hotels are located in Massachusetts Are there any in Springfield

If no why If no it may be not a good idea to build a 5-star hotel in Belchertown

Price is not the issue if you go to a luxury spa You want to tell your friends that you

were in the Berkshires

Name of Belchertown ndash bad

Who dictates a decision about this project Belchertown put too many restrictions It

shrinks the number of opportunities and the number of interested developers

Occupancy of 70 ndash this is too high

Financial optimistic pessimistic and realistic (average) Do a SWOT Accept

occupancy 50

Risk premium ndash will be enormous for this project

Debt service coverage ratio ndash take 12

Lumber treatment plants bring in a fair amount of tax revenue

Does not think an industrial park would ever work at the site bc itrsquos not near an

interstate Used a development in Bondsville (a town near Btown) as an example and

said that it took 30 years to get a business in there

Currently applying for funds under Chapter 42d state law If granted they would be

given $100000 state funding for project costs and the site will be marketed (could

help attract developers) by the state

Something that failed Tampax HQ was in Three Rivers (also nearby) Tampax was

bought by Johnson and Johnson the plant was closed and lot of people were out of

work

Look at Community Development Block Grants Brownsfield Funding

Look at MassDevelopment (quasi-state agency)

A-53

Usually you examine the feasibility of several concepts then compare A B C and D

Look at the Lifestyle Market Analyst

Investment will be tough but could look at international investors

Look for comparables of similar sizehellip150 rooms in New England

Office retail and restaurant components seem small

Operating through a consulting firm is appropriate

As a developer would be great to have an aerial view of the property

65 debt is conservative

Interest rate maybe 10-11 will vary with DE

(In regards to Residual Land Value Technique) No lender is going to say this land is

worth _____

No one is knocking down their doors

T-Bills could be a fair opportunity cost measure

Build in moving penalties

Give land away incentivize

Noho is different look for break-even proposition between jobs and housing

Noho also went through multiple planshellipone for a jail one for a ―transition house

multiple environmental impact studies

Noho is two-phased includes (or at least was intended to include) retail industrial

housing (including affordable rate) assisted living child care office light industrial

Connections go a long way

frac34 of Noho land was set aside for agricultural preservation purposes

Noho opened a bid process to developers

EPA controls assessment and cleanup dollars Look to gain these

In a developer consider goals quality experience and capability

A-54

Development is public-owned (MassDevelopment) I would recommend them

Follow up with developers to ensure theyrsquove done the things they say theyrsquove done

Same tax rate in Noho for all property typeshelliplook at square footage

TIF = Tax breaks on new growth value

Recommend Western Massachusetts Development Corporation They would

probably look at the land

Seek professional assistancehellipvery hard to accomplish goals volunteer-wise

Major consideration profit Will this work No Spa wont generate enough traffic

This will be a destination project Must generate immense amount of traffic from a

large trading area

Return - as great as possible Sounds greedy but developers usually set a minimum

return a hurdle rate and work to exceed it Equity partners often dictate that rate

Long term institutional investors accept lower returns There is no standard but 15-

20 is a good start

The town would be better served by letting developers submit their own proposals for

the site Let the market determine the scope and value of the project not consultants

They have no skin in the game

I wouldnrsquot touch this without a thoroughly researched and proven concept that would

draw from a large trading area cutting across many demographics The capture rate

will be fairly low

A-55

Appendix FF

Bibliography

Bloombergcom Rates amp Bonds Retrieved March 18 2008 from

httpwwwbloombergcommarketsratesindexhtml

Hotel Finance Loan Terms Retrieved April 10 2008 from httpwwwhotelfinancecom

Hunter Interests Inc in association with Carol R Johnson Associates and Ms Elizabeth Taras

Master Plan and Development Strategy for the Belchertown State School Property September 15

2005

Lesser Daniel H Rubin Karen Rates of return on hotel investments Cornell Hotel amp Restaurant

Administration Quarterly June 1 1993

Lodging Econometrics Industry Outlook for 2008 Reports a Record Construction Pipeline of 5438

Projects with 718387 Rooms January 28 2008

Lloyd-Jones Anne The Prognosis For Occupancy And Average Rate In A Slowing Economy HVS

March 28 2008

Massachusetts Office of Travel amp Tourism In-State Market Research Findings November 2004

Mintel Oxygen Spa Tourism - International ndash June 2007

Rappaport Liz Bond Loan Markets Remain Wary The Wall Street Journal March 27 2008

PKF Consulting PKF Hospitality Research Trends in the Hotel Industry Singapore Continental

Press Pte Ltd 2006

PKF Hospitality Research Not As Great in 2008 for US Hotels December 10 2007

Ross Westerfield Jordan Fundamentals of Corporate Finance 7th

Edition Boston The McGraw-

HillIrwin 2006

Sahlins Elaine HVS Hotel Development Cost Survey 2007 HVS San Francisco October 28 2007

Schwanke Dean et al Mixed-Use Development Handbook Second Edition Washington DC ULI-

the Urban Land Institute 2003

Taking Root A Robust Residential Market and Controlled Commercial Growth Redefine

Belchertown Business West Vol 24 No 14 November 12 2007

A-56

Websites consulted

httpwwwSpaFindercom

httpwwwcanyonranchcom

httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom

httpwwwmassdevelopmentcom

A-2

Appendix A


University of Massachusetts

Isenberg School of Management


February 21 2008

William Terry

Belchertown Economic Development Industrial Corporation

PO Box 670

Belchertown MA 01007

Dear Mr Terry

The purpose of this letter is to verify that we intend to pursue the Isenberg School of

Management Practicum Project that we discussed with you on our recent visit We also want to

reiterate our understanding of the project we are to undertake and the major tasks related to

successful completion of this assignment Finally we would like to outline the initial information

and material that we expect will be needed to complete the project assignment We would also

like to bring to your attention the following statement concerning the nature of the student

consulting project that we are undertaking

This consulting project is possible through an agreement with your company and the Isenberg

School of Management at the University

of Massachusetts at Amherst The final presentation and report that will be presented to you in

no way reflects the views or opinions of any faculty member affiliated with the Isenberg school

of Management Rather it will contain the analysis observations research and

recommendations of the student team fro the Isenberg School of Management MBA program

that has been assigned to your company Our faculty advisorrsquos role is that of an administrator and

grader of our work and is not a member of the consulting team

1 Below is the project as the Isenberg MBA team understands it

The team will review the existing development plan for a mixed-use complex on the former

Belchertown State School Property and provide an analysis of its general feasibility This may

result in one of three recommendations

a The plan as is after minor changes and updates should be considered a ―go and the process of

pursuing a master developer should resume shortly

b The plan should be considered a ―go but only after significant changes to the plan This may

entail a phased implementation approach a revised combination of building elements or some

other alternative

A-3


explored



investors








the existing plan








permits








Sincerely

William Terry ____________________

Katherine Bloor ____________________

Pianpian Huang ____________________

Kevin Price ____________________


A-4

Appendix B





A-5

Appendix C




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$4005934

$4669139

$5387719 $5651718 $5928652 $6219156 $6523894 $6843565 $7178900 $7530666 $7899669 $8286753 $8692803 $9118751

Other Revenue


$2856217

$3329079

$3841425 $4029654 $4227107 $4434236 $4651513 $4879437 $5118530 $5369338 $5632435 $5908425 $6197937 $6501636 3950



$7230928

$8428049

$9725125

$10201657

$10701538

$11225913

$11775983

$12353006

$12958303

$13593260

$14259330

$14958037

$15690981

$16459839

Annual Expenses


Rooms $1145797

$1352184

$1576045

$1818598 $1907710 $2001188 $2099246 $2202109 $2310012 $2423203 $2541940 $2666495 $2797153 $2934213 $3077990 1870


$1670344

$1946879

$2246504 $2356583 $2472055 $2593186 $2720252 $2853544 $2993368 $3140043 $3293905 $3455307 $3624617 $3802223 2310



$3304534

$3851618

$4444382 $4662157 $4890603 $5130242 $5381624 $5645324 $5921945 $6212120 $6516514 $6835823 $7170778 $7522146 4570

Other Expenses




Utilities $349254 $412163 $480399 $554332 $581494 $609988 $639877 $671231 $704121 $738623 $774816 $812782 $852608 $894386 $938211 570


Insurance $85782 $101233 $117993 $136152 $142823 $149822 $157163 $164864 $172942 $181416 $190306 $199631 $209413 $219674 $230438 140


$2466710

$2899249

$3345443 $3509370 $3681329 $3861714 $4050938 $4249434 $4457656 $4676081 $4905209 $5145565 $5397697 $5662185 3440




$6196213

$7175836

$8214794 $8596496 $8996900 $9416925 $9857531

$10319727

$10804570

$11313170

$11846692

$12406356

$12993444

$13609300



$7230928

$8428049

$9725125

$10201657

$10701538

$11225913

$11775983

$12353006

$12958303

$13593260

$14259330

$14958037

$15690981

$16459839


$6196213

$7175836

$8214794 $8596496 $8996900 $9416925 $9857531

$10319727

$10804570

$11313170

$11846692

$12406356

$12993444

$13609300


$1252213

$1510331 $1605161 $1704637 $1808988 $1918452 $2033279 $2153734 $2280090 $2412638 $2551681 $2697536 $2850539



A-6





$2697536

$2850539


$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2197211) $(1956851) $(1739353) $(1481235)

$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)


$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Profit Margin -3586 -2706 -2064 -1523 -1359 -1203 -1053 -911 -776 -647 -523 -406 -294 -187 -086


$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1259711) $(1019351) $(801853) $(543735) $(448906) $(349429) $(245078) $(135615) $(20787) $99667 $226024 $358571 $497614 $643470 $796473



A-7

Appendix D




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$4896142 $5602967 $6367305 $6679303 $7006589 $7349911 $7710057 $8087850 $8484155 $8899878 $9335972 $9793435

$10273313

$10776705

Other Revenue


$3490932 $3994895 $4539865 $4762319 $4995672 $5240460 $5497243 $5766608 $6049172 $6345581 $6656514 $6982684 $7324835 $7683752 3950



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537

Annual Expenses


Rooms $1432246

$1652669 $1891254 $2149253 $2254566 $2365040 $2480927 $2602492 $2730014 $2863785 $3004110 $3151312 $3305726 $3467707 $3637624 1870


$2041532 $2336255 $2654959 $2785052 $2921520 $3064674 $3214843 $3372371 $3537617 $3710960 $3892797 $4083544 $4283638 $4493536 2310



$4038875 $4621942 $5252452 $5509822 $5779803 $6063014 $6360101 $6671746 $6998662 $7341596 $7701334 $8078700 $8474556 $8889809 4570

Other Expenses




Utilities $436567 $503755 $576479 $655120 $687221 $720894 $756218 $793273 $832143 $872918 $915691 $960560 $1007628 $1057002 $1108795 570


Insurance $107227 $123729 $141591 $160907 $168791 $177062 $185738 $194839 $204386 $214401 $224907 $235927 $247488 $259614 $272336 140


$3015706 $3479099 $3953706 $4147437 $4350662 $4563844 $4787472 $5022058 $5268139 $5526278 $5797066 $6081122 $6379097 $6691673 3440




$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537


$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451


$1358252 $1587649 $1862204 $1974275 $2091838 $2215162 $2344528 $2480234 $2622589 $2771919 $2928566 $3092890 $3265265 $3446086



A-8





$2344528

$2480234 $2622589 $2771919 $2928566 $3092890

$3265265

$3446086


$2054066

$2054066 $2054066 $2054066 $2054066 $2054066

$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(1892380) $(1633315) $(1403917) $(1129363)

$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Profit Margin -2471 -1848 -1388 -983 -844 -711 -585 -465 -350 -241 -137 -037 057 148 234


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(954880) $(695815) $(466417) $(191863) $(79791) $37772 $161095 $290462 $426167 $568522 $717852 $874500 $1038823 $1211198

$1392020



A-9

Appendix E




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$3115727

$3735311

$4408134

$4624133

$4850715

$5088400

$5337732 $5599281 $5873645 $6161454 $6463365 $6780070 $7112294 $7460796

Other Revenue


$2221502

$2663263

$3142984

$3296990

$3458542

$3628011

$3805784 $3992267 $4187888 $4393095 $4608356 $4834166 $5071040 $5319521 3950



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141

Annual Expenses


Rooms $859348 $1051698

$1260836

$1487944

$1560853

$1637335

$1717565

$1801725 $1890010 $1982620 $2079769 $2181677 $2288580 $2400720 $2518355 1870


$1299157

$1557503

$1838049

$1928113

$2022591

$2121698

$2225661 $2334718 $2449119 $2569126 $2695013 $2827069 $2965595 $3110910 2310



$2570193

$3081295

$3636313

$3814492

$4001402

$4197471

$4403147 $4618901 $4845227 $5082644 $5331693 $5592946 $5867000 $6154483 4570

Other Expenses




Utilities $261940 $320571 $384319 $453544 $475768 $499081 $523536 $549189 $576099 $604328 $633940 $665003 $697588 $731770 $767627 570


Insurance $64336 $78737 $94394 $111397 $116855 $122581 $128588 $134889 $141498 $148431 $155705 $163334 $171338 $179733 $188540 140


$1917715

$2319399

$2737181

$2871303

$3011996

$3159584

$3314404 $3476810 $3647173 $3825885 $4013353 $4210008 $4416298 $4632696 3440




$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141


$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149


$1236046

$1317436

$1402814

$1492375 $1586325 $1684879 $1788261 $1896709 $2010472 $2129808 $2254992



A-10





$2254992


$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2502042) $(2280388) $(2074790) $(1833108)

$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Profit Margin -5445 -4055 -3077 -2304 -2103 -1912 -1730 -1556 -1390 -1232 -1082 -938 -802 -671 -547


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1564542) $(1342888) $(1137290) $(895608) $(818020) $(736630) $(651252) $(561691) $(467741) $(369188) $(265805) $(157357) $(43595) $75742 $200926



A-11

Appendix F



$13194

$11980

$1127

$10248

$10810

$14348

$15885

731729

423439434

770

441

$000

$2000

$4000

$6000

$8000

$10000

$12000

$14000

$16000

$18000

Jan 0

5

Feb 0

5

Mar

05

Apr

05

May 0

5

Jun 0

5

Jul 05

Aug 0

5

Sep 0

5

Oct

05

Nov 0

5

Dec 0

5

Jan 0

6

Feb 0

6

Mar

06

Apr

06

May 0

6

Jun 0

6

Jul 06

Aug 0

6

Sep 0

6

Oct

06

Nov 0

6

Dec 0

6

Jan 0

7

Feb 0

7

Mar

07

Apr

07

May 0

7

Jun 0

7

Jul 07

Aug 0

7

Sep 0

7

Oct

07

Nov 0

7

Dec 0

7

Avera

ge D

ail

y R

ate

0

10

20

30

40

50

60

70

80

90

Occu

pan

cy R

ate

(in

)

ADR OCC

Af

A-12

Appendix G




150 Rooms


$ (18498735) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $4410722 $10061783 $15712844 $21363906 $27014967 $32666028 $38317089 $43968151 $49619212 $55270273 $60921335 $66572396 $72223457 $77874518 $83525580

$89176641

40 Mean $11430000 $1639161 $7290222 $12941283 $18592345 $24243406 $29894467 $35545529 $41196590 $46847651 $52498712 $58149774 $63800835 $69451896 $75102957 $80754019

$86405080

70 Mean $19777500 $(8712340) $(3061279) $2589783 $8240844 $13891905 $19542966 $25194028 $30845089 $36496150 $42147211 $47798273 $53449334 $59100395 $64751456 $70402518

$76053579

Median End $24120000 $(14097353) $(8446291) $(2795230) $2855831 $8506892 $14157954 $19809015 $25460076 $31111138 $36762199 $42413260 $48064321 $53715383 $59366444

$65017505

$70668566

Mean End $28125000 $(19063841) $(13412780) $(7761718) $(2110657) $3540404 $9191465 $14842527 $20493588 $26144649 $31795710 $37446772 $43097833 $48748894 $54399956 $60051017

$65702078

105 Mean $29516250 $(20789091) $(15138030) $(9486969) $(3835907) $1815154 $7466215 $13117277 $18768338 $24419399 $30070460 $35721522 $41372583 $47023644 $52674705

$58325767

$63976828

110 Mean $30907500 $(22514341) $(16863280) $(11212219) $(5561157) $89904 $5740965 $11392026 $17043088 $22694149 $28345210 $33996271 $39647333 $45298394 $50949455

$56600517

$62251578

120 Mean $33690000 $(25964842) $(20313780) $(14662719) $(9011658) $(3360596) $2290465 $7941526 $13592587 $19243649 $24894710 $30545771 $36196832 $41847894 $47498955

$53150016

$58801077

130 Mean $36472500 $(29415342) $(23764281) $(18113219) $(12462158) $(6811097) $(1160035) $4491026 $10142087 $15793148 $21444210 $27095271 $32746332 $38397393 $44048455

$49699516

$55350577

140 Mean $39255000 $(32865842) $(27214781) $(21563720) $(15912658) $(10261597) $(4610536) $1040525 $6691587 $12342648 $17993709 $23644771 $29295832 $34946893 $40597954

$46249016

$51900077

150 Mean $42037500 $(36316342) $(30665281) $(25014220) $(19363159) $(13712097) $(8061036) $(2409975) $3241086 $8892148 $14543209 $20194270 $25845331 $31496393 $37147454

$42798515

$48449577

175 Mean $48993750 $(44942593) $(39291532) $(33640471) $(27989409) $(22338348) $(16687287) $(11036226) $(5385164) $265897 $5916958 $11568019 $17219081 $22870142 $28521203

$34172265

$39823326

200 Mean $55950000 $(53568844) $(47917783) $(42266721) $(36615660) $(30964599) $(25313538) $(19662476) $(14011415) $(8360354) $(2709293) $2941769 $8592830 $14243891 $19894952

$25546014

$31197075

Highest End $80895000 $(84502440) $(78851378) $(73200317) $(67549256) $(61898195) $(56247133) $(50596072) $(44945011) $(39293950)

$(33642888)

$(27991827)

$(22340766)

$(16689705)

$(11038643)

$(5387582) $263479

A-13

Appendix H




150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-3


explored



investors








the existing plan








permits








Sincerely

William Terry ____________________

Katherine Bloor ____________________

Pianpian Huang ____________________

Kevin Price ____________________


A-4

Appendix B





A-5

Appendix C




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$4005934

$4669139

$5387719 $5651718 $5928652 $6219156 $6523894 $6843565 $7178900 $7530666 $7899669 $8286753 $8692803 $9118751

Other Revenue


$2856217

$3329079

$3841425 $4029654 $4227107 $4434236 $4651513 $4879437 $5118530 $5369338 $5632435 $5908425 $6197937 $6501636 3950



$7230928

$8428049

$9725125

$10201657

$10701538

$11225913

$11775983

$12353006

$12958303

$13593260

$14259330

$14958037

$15690981

$16459839

Annual Expenses


Rooms $1145797

$1352184

$1576045

$1818598 $1907710 $2001188 $2099246 $2202109 $2310012 $2423203 $2541940 $2666495 $2797153 $2934213 $3077990 1870


$1670344

$1946879

$2246504 $2356583 $2472055 $2593186 $2720252 $2853544 $2993368 $3140043 $3293905 $3455307 $3624617 $3802223 2310



$3304534

$3851618

$4444382 $4662157 $4890603 $5130242 $5381624 $5645324 $5921945 $6212120 $6516514 $6835823 $7170778 $7522146 4570

Other Expenses




Utilities $349254 $412163 $480399 $554332 $581494 $609988 $639877 $671231 $704121 $738623 $774816 $812782 $852608 $894386 $938211 570


Insurance $85782 $101233 $117993 $136152 $142823 $149822 $157163 $164864 $172942 $181416 $190306 $199631 $209413 $219674 $230438 140


$2466710

$2899249

$3345443 $3509370 $3681329 $3861714 $4050938 $4249434 $4457656 $4676081 $4905209 $5145565 $5397697 $5662185 3440




$6196213

$7175836

$8214794 $8596496 $8996900 $9416925 $9857531

$10319727

$10804570

$11313170

$11846692

$12406356

$12993444

$13609300



$7230928

$8428049

$9725125

$10201657

$10701538

$11225913

$11775983

$12353006

$12958303

$13593260

$14259330

$14958037

$15690981

$16459839


$6196213

$7175836

$8214794 $8596496 $8996900 $9416925 $9857531

$10319727

$10804570

$11313170

$11846692

$12406356

$12993444

$13609300


$1252213

$1510331 $1605161 $1704637 $1808988 $1918452 $2033279 $2153734 $2280090 $2412638 $2551681 $2697536 $2850539



A-6





$2697536

$2850539


$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2197211) $(1956851) $(1739353) $(1481235)

$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)


$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Profit Margin -3586 -2706 -2064 -1523 -1359 -1203 -1053 -911 -776 -647 -523 -406 -294 -187 -086


$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1259711) $(1019351) $(801853) $(543735) $(448906) $(349429) $(245078) $(135615) $(20787) $99667 $226024 $358571 $497614 $643470 $796473



A-7

Appendix D




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$4896142 $5602967 $6367305 $6679303 $7006589 $7349911 $7710057 $8087850 $8484155 $8899878 $9335972 $9793435

$10273313

$10776705

Other Revenue


$3490932 $3994895 $4539865 $4762319 $4995672 $5240460 $5497243 $5766608 $6049172 $6345581 $6656514 $6982684 $7324835 $7683752 3950



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537

Annual Expenses


Rooms $1432246

$1652669 $1891254 $2149253 $2254566 $2365040 $2480927 $2602492 $2730014 $2863785 $3004110 $3151312 $3305726 $3467707 $3637624 1870


$2041532 $2336255 $2654959 $2785052 $2921520 $3064674 $3214843 $3372371 $3537617 $3710960 $3892797 $4083544 $4283638 $4493536 2310



$4038875 $4621942 $5252452 $5509822 $5779803 $6063014 $6360101 $6671746 $6998662 $7341596 $7701334 $8078700 $8474556 $8889809 4570

Other Expenses




Utilities $436567 $503755 $576479 $655120 $687221 $720894 $756218 $793273 $832143 $872918 $915691 $960560 $1007628 $1057002 $1108795 570


Insurance $107227 $123729 $141591 $160907 $168791 $177062 $185738 $194839 $204386 $214401 $224907 $235927 $247488 $259614 $272336 140


$3015706 $3479099 $3953706 $4147437 $4350662 $4563844 $4787472 $5022058 $5268139 $5526278 $5797066 $6081122 $6379097 $6691673 3440




$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537


$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451


$1358252 $1587649 $1862204 $1974275 $2091838 $2215162 $2344528 $2480234 $2622589 $2771919 $2928566 $3092890 $3265265 $3446086



A-8





$2344528

$2480234 $2622589 $2771919 $2928566 $3092890

$3265265

$3446086


$2054066

$2054066 $2054066 $2054066 $2054066 $2054066

$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(1892380) $(1633315) $(1403917) $(1129363)

$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Profit Margin -2471 -1848 -1388 -983 -844 -711 -585 -465 -350 -241 -137 -037 057 148 234


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(954880) $(695815) $(466417) $(191863) $(79791) $37772 $161095 $290462 $426167 $568522 $717852 $874500 $1038823 $1211198

$1392020



A-9

Appendix E




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$3115727

$3735311

$4408134

$4624133

$4850715

$5088400

$5337732 $5599281 $5873645 $6161454 $6463365 $6780070 $7112294 $7460796

Other Revenue


$2221502

$2663263

$3142984

$3296990

$3458542

$3628011

$3805784 $3992267 $4187888 $4393095 $4608356 $4834166 $5071040 $5319521 3950



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141

Annual Expenses


Rooms $859348 $1051698

$1260836

$1487944

$1560853

$1637335

$1717565

$1801725 $1890010 $1982620 $2079769 $2181677 $2288580 $2400720 $2518355 1870


$1299157

$1557503

$1838049

$1928113

$2022591

$2121698

$2225661 $2334718 $2449119 $2569126 $2695013 $2827069 $2965595 $3110910 2310



$2570193

$3081295

$3636313

$3814492

$4001402

$4197471

$4403147 $4618901 $4845227 $5082644 $5331693 $5592946 $5867000 $6154483 4570

Other Expenses




Utilities $261940 $320571 $384319 $453544 $475768 $499081 $523536 $549189 $576099 $604328 $633940 $665003 $697588 $731770 $767627 570


Insurance $64336 $78737 $94394 $111397 $116855 $122581 $128588 $134889 $141498 $148431 $155705 $163334 $171338 $179733 $188540 140


$1917715

$2319399

$2737181

$2871303

$3011996

$3159584

$3314404 $3476810 $3647173 $3825885 $4013353 $4210008 $4416298 $4632696 3440




$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141


$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149


$1236046

$1317436

$1402814

$1492375 $1586325 $1684879 $1788261 $1896709 $2010472 $2129808 $2254992



A-10





$2254992


$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2502042) $(2280388) $(2074790) $(1833108)

$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Profit Margin -5445 -4055 -3077 -2304 -2103 -1912 -1730 -1556 -1390 -1232 -1082 -938 -802 -671 -547


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1564542) $(1342888) $(1137290) $(895608) $(818020) $(736630) $(651252) $(561691) $(467741) $(369188) $(265805) $(157357) $(43595) $75742 $200926



A-11

Appendix F



$13194

$11980

$1127

$10248

$10810

$14348

$15885

731729

423439434

770

441

$000

$2000

$4000

$6000

$8000

$10000

$12000

$14000

$16000

$18000

Jan 0

5

Feb 0

5

Mar

05

Apr

05

May 0

5

Jun 0

5

Jul 05

Aug 0

5

Sep 0

5

Oct

05

Nov 0

5

Dec 0

5

Jan 0

6

Feb 0

6

Mar

06

Apr

06

May 0

6

Jun 0

6

Jul 06

Aug 0

6

Sep 0

6

Oct

06

Nov 0

6

Dec 0

6

Jan 0

7

Feb 0

7

Mar

07

Apr

07

May 0

7

Jun 0

7

Jul 07

Aug 0

7

Sep 0

7

Oct

07

Nov 0

7

Dec 0

7

Avera

ge D

ail

y R

ate

0

10

20

30

40

50

60

70

80

90

Occu

pan

cy R

ate

(in

)

ADR OCC

Af

A-12

Appendix G




150 Rooms


$ (18498735) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $4410722 $10061783 $15712844 $21363906 $27014967 $32666028 $38317089 $43968151 $49619212 $55270273 $60921335 $66572396 $72223457 $77874518 $83525580

$89176641

40 Mean $11430000 $1639161 $7290222 $12941283 $18592345 $24243406 $29894467 $35545529 $41196590 $46847651 $52498712 $58149774 $63800835 $69451896 $75102957 $80754019

$86405080

70 Mean $19777500 $(8712340) $(3061279) $2589783 $8240844 $13891905 $19542966 $25194028 $30845089 $36496150 $42147211 $47798273 $53449334 $59100395 $64751456 $70402518

$76053579

Median End $24120000 $(14097353) $(8446291) $(2795230) $2855831 $8506892 $14157954 $19809015 $25460076 $31111138 $36762199 $42413260 $48064321 $53715383 $59366444

$65017505

$70668566

Mean End $28125000 $(19063841) $(13412780) $(7761718) $(2110657) $3540404 $9191465 $14842527 $20493588 $26144649 $31795710 $37446772 $43097833 $48748894 $54399956 $60051017

$65702078

105 Mean $29516250 $(20789091) $(15138030) $(9486969) $(3835907) $1815154 $7466215 $13117277 $18768338 $24419399 $30070460 $35721522 $41372583 $47023644 $52674705

$58325767

$63976828

110 Mean $30907500 $(22514341) $(16863280) $(11212219) $(5561157) $89904 $5740965 $11392026 $17043088 $22694149 $28345210 $33996271 $39647333 $45298394 $50949455

$56600517

$62251578

120 Mean $33690000 $(25964842) $(20313780) $(14662719) $(9011658) $(3360596) $2290465 $7941526 $13592587 $19243649 $24894710 $30545771 $36196832 $41847894 $47498955

$53150016

$58801077

130 Mean $36472500 $(29415342) $(23764281) $(18113219) $(12462158) $(6811097) $(1160035) $4491026 $10142087 $15793148 $21444210 $27095271 $32746332 $38397393 $44048455

$49699516

$55350577

140 Mean $39255000 $(32865842) $(27214781) $(21563720) $(15912658) $(10261597) $(4610536) $1040525 $6691587 $12342648 $17993709 $23644771 $29295832 $34946893 $40597954

$46249016

$51900077

150 Mean $42037500 $(36316342) $(30665281) $(25014220) $(19363159) $(13712097) $(8061036) $(2409975) $3241086 $8892148 $14543209 $20194270 $25845331 $31496393 $37147454

$42798515

$48449577

175 Mean $48993750 $(44942593) $(39291532) $(33640471) $(27989409) $(22338348) $(16687287) $(11036226) $(5385164) $265897 $5916958 $11568019 $17219081 $22870142 $28521203

$34172265

$39823326

200 Mean $55950000 $(53568844) $(47917783) $(42266721) $(36615660) $(30964599) $(25313538) $(19662476) $(14011415) $(8360354) $(2709293) $2941769 $8592830 $14243891 $19894952

$25546014

$31197075

Highest End $80895000 $(84502440) $(78851378) $(73200317) $(67549256) $(61898195) $(56247133) $(50596072) $(44945011) $(39293950)

$(33642888)

$(27991827)

$(22340766)

$(16689705)

$(11038643)

$(5387582) $263479

A-13

Appendix H




150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-4

Appendix B





A-5

Appendix C




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$4005934

$4669139

$5387719 $5651718 $5928652 $6219156 $6523894 $6843565 $7178900 $7530666 $7899669 $8286753 $8692803 $9118751

Other Revenue


$2856217

$3329079

$3841425 $4029654 $4227107 $4434236 $4651513 $4879437 $5118530 $5369338 $5632435 $5908425 $6197937 $6501636 3950



$7230928

$8428049

$9725125

$10201657

$10701538

$11225913

$11775983

$12353006

$12958303

$13593260

$14259330

$14958037

$15690981

$16459839

Annual Expenses


Rooms $1145797

$1352184

$1576045

$1818598 $1907710 $2001188 $2099246 $2202109 $2310012 $2423203 $2541940 $2666495 $2797153 $2934213 $3077990 1870


$1670344

$1946879

$2246504 $2356583 $2472055 $2593186 $2720252 $2853544 $2993368 $3140043 $3293905 $3455307 $3624617 $3802223 2310



$3304534

$3851618

$4444382 $4662157 $4890603 $5130242 $5381624 $5645324 $5921945 $6212120 $6516514 $6835823 $7170778 $7522146 4570

Other Expenses




Utilities $349254 $412163 $480399 $554332 $581494 $609988 $639877 $671231 $704121 $738623 $774816 $812782 $852608 $894386 $938211 570


Insurance $85782 $101233 $117993 $136152 $142823 $149822 $157163 $164864 $172942 $181416 $190306 $199631 $209413 $219674 $230438 140


$2466710

$2899249

$3345443 $3509370 $3681329 $3861714 $4050938 $4249434 $4457656 $4676081 $4905209 $5145565 $5397697 $5662185 3440




$6196213

$7175836

$8214794 $8596496 $8996900 $9416925 $9857531

$10319727

$10804570

$11313170

$11846692

$12406356

$12993444

$13609300



$7230928

$8428049

$9725125

$10201657

$10701538

$11225913

$11775983

$12353006

$12958303

$13593260

$14259330

$14958037

$15690981

$16459839


$6196213

$7175836

$8214794 $8596496 $8996900 $9416925 $9857531

$10319727

$10804570

$11313170

$11846692

$12406356

$12993444

$13609300


$1252213

$1510331 $1605161 $1704637 $1808988 $1918452 $2033279 $2153734 $2280090 $2412638 $2551681 $2697536 $2850539



A-6





$2697536

$2850539


$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2197211) $(1956851) $(1739353) $(1481235)

$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)


$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Profit Margin -3586 -2706 -2064 -1523 -1359 -1203 -1053 -911 -776 -647 -523 -406 -294 -187 -086


$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1259711) $(1019351) $(801853) $(543735) $(448906) $(349429) $(245078) $(135615) $(20787) $99667 $226024 $358571 $497614 $643470 $796473



A-7

Appendix D




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$4896142 $5602967 $6367305 $6679303 $7006589 $7349911 $7710057 $8087850 $8484155 $8899878 $9335972 $9793435

$10273313

$10776705

Other Revenue


$3490932 $3994895 $4539865 $4762319 $4995672 $5240460 $5497243 $5766608 $6049172 $6345581 $6656514 $6982684 $7324835 $7683752 3950



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537

Annual Expenses


Rooms $1432246

$1652669 $1891254 $2149253 $2254566 $2365040 $2480927 $2602492 $2730014 $2863785 $3004110 $3151312 $3305726 $3467707 $3637624 1870


$2041532 $2336255 $2654959 $2785052 $2921520 $3064674 $3214843 $3372371 $3537617 $3710960 $3892797 $4083544 $4283638 $4493536 2310



$4038875 $4621942 $5252452 $5509822 $5779803 $6063014 $6360101 $6671746 $6998662 $7341596 $7701334 $8078700 $8474556 $8889809 4570

Other Expenses




Utilities $436567 $503755 $576479 $655120 $687221 $720894 $756218 $793273 $832143 $872918 $915691 $960560 $1007628 $1057002 $1108795 570


Insurance $107227 $123729 $141591 $160907 $168791 $177062 $185738 $194839 $204386 $214401 $224907 $235927 $247488 $259614 $272336 140


$3015706 $3479099 $3953706 $4147437 $4350662 $4563844 $4787472 $5022058 $5268139 $5526278 $5797066 $6081122 $6379097 $6691673 3440




$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537


$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451


$1358252 $1587649 $1862204 $1974275 $2091838 $2215162 $2344528 $2480234 $2622589 $2771919 $2928566 $3092890 $3265265 $3446086



A-8





$2344528

$2480234 $2622589 $2771919 $2928566 $3092890

$3265265

$3446086


$2054066

$2054066 $2054066 $2054066 $2054066 $2054066

$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(1892380) $(1633315) $(1403917) $(1129363)

$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Profit Margin -2471 -1848 -1388 -983 -844 -711 -585 -465 -350 -241 -137 -037 057 148 234


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(954880) $(695815) $(466417) $(191863) $(79791) $37772 $161095 $290462 $426167 $568522 $717852 $874500 $1038823 $1211198

$1392020



A-9

Appendix E




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$3115727

$3735311

$4408134

$4624133

$4850715

$5088400

$5337732 $5599281 $5873645 $6161454 $6463365 $6780070 $7112294 $7460796

Other Revenue


$2221502

$2663263

$3142984

$3296990

$3458542

$3628011

$3805784 $3992267 $4187888 $4393095 $4608356 $4834166 $5071040 $5319521 3950



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141

Annual Expenses


Rooms $859348 $1051698

$1260836

$1487944

$1560853

$1637335

$1717565

$1801725 $1890010 $1982620 $2079769 $2181677 $2288580 $2400720 $2518355 1870


$1299157

$1557503

$1838049

$1928113

$2022591

$2121698

$2225661 $2334718 $2449119 $2569126 $2695013 $2827069 $2965595 $3110910 2310



$2570193

$3081295

$3636313

$3814492

$4001402

$4197471

$4403147 $4618901 $4845227 $5082644 $5331693 $5592946 $5867000 $6154483 4570

Other Expenses




Utilities $261940 $320571 $384319 $453544 $475768 $499081 $523536 $549189 $576099 $604328 $633940 $665003 $697588 $731770 $767627 570


Insurance $64336 $78737 $94394 $111397 $116855 $122581 $128588 $134889 $141498 $148431 $155705 $163334 $171338 $179733 $188540 140


$1917715

$2319399

$2737181

$2871303

$3011996

$3159584

$3314404 $3476810 $3647173 $3825885 $4013353 $4210008 $4416298 $4632696 3440




$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141


$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149


$1236046

$1317436

$1402814

$1492375 $1586325 $1684879 $1788261 $1896709 $2010472 $2129808 $2254992



A-10





$2254992


$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2502042) $(2280388) $(2074790) $(1833108)

$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Profit Margin -5445 -4055 -3077 -2304 -2103 -1912 -1730 -1556 -1390 -1232 -1082 -938 -802 -671 -547


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1564542) $(1342888) $(1137290) $(895608) $(818020) $(736630) $(651252) $(561691) $(467741) $(369188) $(265805) $(157357) $(43595) $75742 $200926



A-11

Appendix F



$13194

$11980

$1127

$10248

$10810

$14348

$15885

731729

423439434

770

441

$000

$2000

$4000

$6000

$8000

$10000

$12000

$14000

$16000

$18000

Jan 0

5

Feb 0

5

Mar

05

Apr

05

May 0

5

Jun 0

5

Jul 05

Aug 0

5

Sep 0

5

Oct

05

Nov 0

5

Dec 0

5

Jan 0

6

Feb 0

6

Mar

06

Apr

06

May 0

6

Jun 0

6

Jul 06

Aug 0

6

Sep 0

6

Oct

06

Nov 0

6

Dec 0

6

Jan 0

7

Feb 0

7

Mar

07

Apr

07

May 0

7

Jun 0

7

Jul 07

Aug 0

7

Sep 0

7

Oct

07

Nov 0

7

Dec 0

7

Avera

ge D

ail

y R

ate

0

10

20

30

40

50

60

70

80

90

Occu

pan

cy R

ate

(in

)

ADR OCC

Af

A-12

Appendix G




150 Rooms


$ (18498735) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $4410722 $10061783 $15712844 $21363906 $27014967 $32666028 $38317089 $43968151 $49619212 $55270273 $60921335 $66572396 $72223457 $77874518 $83525580

$89176641

40 Mean $11430000 $1639161 $7290222 $12941283 $18592345 $24243406 $29894467 $35545529 $41196590 $46847651 $52498712 $58149774 $63800835 $69451896 $75102957 $80754019

$86405080

70 Mean $19777500 $(8712340) $(3061279) $2589783 $8240844 $13891905 $19542966 $25194028 $30845089 $36496150 $42147211 $47798273 $53449334 $59100395 $64751456 $70402518

$76053579

Median End $24120000 $(14097353) $(8446291) $(2795230) $2855831 $8506892 $14157954 $19809015 $25460076 $31111138 $36762199 $42413260 $48064321 $53715383 $59366444

$65017505

$70668566

Mean End $28125000 $(19063841) $(13412780) $(7761718) $(2110657) $3540404 $9191465 $14842527 $20493588 $26144649 $31795710 $37446772 $43097833 $48748894 $54399956 $60051017

$65702078

105 Mean $29516250 $(20789091) $(15138030) $(9486969) $(3835907) $1815154 $7466215 $13117277 $18768338 $24419399 $30070460 $35721522 $41372583 $47023644 $52674705

$58325767

$63976828

110 Mean $30907500 $(22514341) $(16863280) $(11212219) $(5561157) $89904 $5740965 $11392026 $17043088 $22694149 $28345210 $33996271 $39647333 $45298394 $50949455

$56600517

$62251578

120 Mean $33690000 $(25964842) $(20313780) $(14662719) $(9011658) $(3360596) $2290465 $7941526 $13592587 $19243649 $24894710 $30545771 $36196832 $41847894 $47498955

$53150016

$58801077

130 Mean $36472500 $(29415342) $(23764281) $(18113219) $(12462158) $(6811097) $(1160035) $4491026 $10142087 $15793148 $21444210 $27095271 $32746332 $38397393 $44048455

$49699516

$55350577

140 Mean $39255000 $(32865842) $(27214781) $(21563720) $(15912658) $(10261597) $(4610536) $1040525 $6691587 $12342648 $17993709 $23644771 $29295832 $34946893 $40597954

$46249016

$51900077

150 Mean $42037500 $(36316342) $(30665281) $(25014220) $(19363159) $(13712097) $(8061036) $(2409975) $3241086 $8892148 $14543209 $20194270 $25845331 $31496393 $37147454

$42798515

$48449577

175 Mean $48993750 $(44942593) $(39291532) $(33640471) $(27989409) $(22338348) $(16687287) $(11036226) $(5385164) $265897 $5916958 $11568019 $17219081 $22870142 $28521203

$34172265

$39823326

200 Mean $55950000 $(53568844) $(47917783) $(42266721) $(36615660) $(30964599) $(25313538) $(19662476) $(14011415) $(8360354) $(2709293) $2941769 $8592830 $14243891 $19894952

$25546014

$31197075

Highest End $80895000 $(84502440) $(78851378) $(73200317) $(67549256) $(61898195) $(56247133) $(50596072) $(44945011) $(39293950)

$(33642888)

$(27991827)

$(22340766)

$(16689705)

$(11038643)

$(5387582) $263479

A-13

Appendix H




150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-5

Appendix C




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$4005934

$4669139

$5387719 $5651718 $5928652 $6219156 $6523894 $6843565 $7178900 $7530666 $7899669 $8286753 $8692803 $9118751

Other Revenue


$2856217

$3329079

$3841425 $4029654 $4227107 $4434236 $4651513 $4879437 $5118530 $5369338 $5632435 $5908425 $6197937 $6501636 3950



$7230928

$8428049

$9725125

$10201657

$10701538

$11225913

$11775983

$12353006

$12958303

$13593260

$14259330

$14958037

$15690981

$16459839

Annual Expenses


Rooms $1145797

$1352184

$1576045

$1818598 $1907710 $2001188 $2099246 $2202109 $2310012 $2423203 $2541940 $2666495 $2797153 $2934213 $3077990 1870


$1670344

$1946879

$2246504 $2356583 $2472055 $2593186 $2720252 $2853544 $2993368 $3140043 $3293905 $3455307 $3624617 $3802223 2310



$3304534

$3851618

$4444382 $4662157 $4890603 $5130242 $5381624 $5645324 $5921945 $6212120 $6516514 $6835823 $7170778 $7522146 4570

Other Expenses




Utilities $349254 $412163 $480399 $554332 $581494 $609988 $639877 $671231 $704121 $738623 $774816 $812782 $852608 $894386 $938211 570


Insurance $85782 $101233 $117993 $136152 $142823 $149822 $157163 $164864 $172942 $181416 $190306 $199631 $209413 $219674 $230438 140


$2466710

$2899249

$3345443 $3509370 $3681329 $3861714 $4050938 $4249434 $4457656 $4676081 $4905209 $5145565 $5397697 $5662185 3440




$6196213

$7175836

$8214794 $8596496 $8996900 $9416925 $9857531

$10319727

$10804570

$11313170

$11846692

$12406356

$12993444

$13609300



$7230928

$8428049

$9725125

$10201657

$10701538

$11225913

$11775983

$12353006

$12958303

$13593260

$14259330

$14958037

$15690981

$16459839


$6196213

$7175836

$8214794 $8596496 $8996900 $9416925 $9857531

$10319727

$10804570

$11313170

$11846692

$12406356

$12993444

$13609300


$1252213

$1510331 $1605161 $1704637 $1808988 $1918452 $2033279 $2153734 $2280090 $2412638 $2551681 $2697536 $2850539



A-6





$2697536

$2850539


$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2197211) $(1956851) $(1739353) $(1481235)

$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)


$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Profit Margin -3586 -2706 -2064 -1523 -1359 -1203 -1053 -911 -776 -647 -523 -406 -294 -187 -086


$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1259711) $(1019351) $(801853) $(543735) $(448906) $(349429) $(245078) $(135615) $(20787) $99667 $226024 $358571 $497614 $643470 $796473



A-7

Appendix D




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$4896142 $5602967 $6367305 $6679303 $7006589 $7349911 $7710057 $8087850 $8484155 $8899878 $9335972 $9793435

$10273313

$10776705

Other Revenue


$3490932 $3994895 $4539865 $4762319 $4995672 $5240460 $5497243 $5766608 $6049172 $6345581 $6656514 $6982684 $7324835 $7683752 3950



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537

Annual Expenses


Rooms $1432246

$1652669 $1891254 $2149253 $2254566 $2365040 $2480927 $2602492 $2730014 $2863785 $3004110 $3151312 $3305726 $3467707 $3637624 1870


$2041532 $2336255 $2654959 $2785052 $2921520 $3064674 $3214843 $3372371 $3537617 $3710960 $3892797 $4083544 $4283638 $4493536 2310



$4038875 $4621942 $5252452 $5509822 $5779803 $6063014 $6360101 $6671746 $6998662 $7341596 $7701334 $8078700 $8474556 $8889809 4570

Other Expenses




Utilities $436567 $503755 $576479 $655120 $687221 $720894 $756218 $793273 $832143 $872918 $915691 $960560 $1007628 $1057002 $1108795 570


Insurance $107227 $123729 $141591 $160907 $168791 $177062 $185738 $194839 $204386 $214401 $224907 $235927 $247488 $259614 $272336 140


$3015706 $3479099 $3953706 $4147437 $4350662 $4563844 $4787472 $5022058 $5268139 $5526278 $5797066 $6081122 $6379097 $6691673 3440




$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537


$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451


$1358252 $1587649 $1862204 $1974275 $2091838 $2215162 $2344528 $2480234 $2622589 $2771919 $2928566 $3092890 $3265265 $3446086



A-8





$2344528

$2480234 $2622589 $2771919 $2928566 $3092890

$3265265

$3446086


$2054066

$2054066 $2054066 $2054066 $2054066 $2054066

$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(1892380) $(1633315) $(1403917) $(1129363)

$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Profit Margin -2471 -1848 -1388 -983 -844 -711 -585 -465 -350 -241 -137 -037 057 148 234


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(954880) $(695815) $(466417) $(191863) $(79791) $37772 $161095 $290462 $426167 $568522 $717852 $874500 $1038823 $1211198

$1392020



A-9

Appendix E




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$3115727

$3735311

$4408134

$4624133

$4850715

$5088400

$5337732 $5599281 $5873645 $6161454 $6463365 $6780070 $7112294 $7460796

Other Revenue


$2221502

$2663263

$3142984

$3296990

$3458542

$3628011

$3805784 $3992267 $4187888 $4393095 $4608356 $4834166 $5071040 $5319521 3950



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141

Annual Expenses


Rooms $859348 $1051698

$1260836

$1487944

$1560853

$1637335

$1717565

$1801725 $1890010 $1982620 $2079769 $2181677 $2288580 $2400720 $2518355 1870


$1299157

$1557503

$1838049

$1928113

$2022591

$2121698

$2225661 $2334718 $2449119 $2569126 $2695013 $2827069 $2965595 $3110910 2310



$2570193

$3081295

$3636313

$3814492

$4001402

$4197471

$4403147 $4618901 $4845227 $5082644 $5331693 $5592946 $5867000 $6154483 4570

Other Expenses




Utilities $261940 $320571 $384319 $453544 $475768 $499081 $523536 $549189 $576099 $604328 $633940 $665003 $697588 $731770 $767627 570


Insurance $64336 $78737 $94394 $111397 $116855 $122581 $128588 $134889 $141498 $148431 $155705 $163334 $171338 $179733 $188540 140


$1917715

$2319399

$2737181

$2871303

$3011996

$3159584

$3314404 $3476810 $3647173 $3825885 $4013353 $4210008 $4416298 $4632696 3440




$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141


$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149


$1236046

$1317436

$1402814

$1492375 $1586325 $1684879 $1788261 $1896709 $2010472 $2129808 $2254992



A-10





$2254992


$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2502042) $(2280388) $(2074790) $(1833108)

$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Profit Margin -5445 -4055 -3077 -2304 -2103 -1912 -1730 -1556 -1390 -1232 -1082 -938 -802 -671 -547


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1564542) $(1342888) $(1137290) $(895608) $(818020) $(736630) $(651252) $(561691) $(467741) $(369188) $(265805) $(157357) $(43595) $75742 $200926



A-11

Appendix F



$13194

$11980

$1127

$10248

$10810

$14348

$15885

731729

423439434

770

441

$000

$2000

$4000

$6000

$8000

$10000

$12000

$14000

$16000

$18000

Jan 0

5

Feb 0

5

Mar

05

Apr

05

May 0

5

Jun 0

5

Jul 05

Aug 0

5

Sep 0

5

Oct

05

Nov 0

5

Dec 0

5

Jan 0

6

Feb 0

6

Mar

06

Apr

06

May 0

6

Jun 0

6

Jul 06

Aug 0

6

Sep 0

6

Oct

06

Nov 0

6

Dec 0

6

Jan 0

7

Feb 0

7

Mar

07

Apr

07

May 0

7

Jun 0

7

Jul 07

Aug 0

7

Sep 0

7

Oct

07

Nov 0

7

Dec 0

7

Avera

ge D

ail

y R

ate

0

10

20

30

40

50

60

70

80

90

Occu

pan

cy R

ate

(in

)

ADR OCC

Af

A-12

Appendix G




150 Rooms


$ (18498735) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $4410722 $10061783 $15712844 $21363906 $27014967 $32666028 $38317089 $43968151 $49619212 $55270273 $60921335 $66572396 $72223457 $77874518 $83525580

$89176641

40 Mean $11430000 $1639161 $7290222 $12941283 $18592345 $24243406 $29894467 $35545529 $41196590 $46847651 $52498712 $58149774 $63800835 $69451896 $75102957 $80754019

$86405080

70 Mean $19777500 $(8712340) $(3061279) $2589783 $8240844 $13891905 $19542966 $25194028 $30845089 $36496150 $42147211 $47798273 $53449334 $59100395 $64751456 $70402518

$76053579

Median End $24120000 $(14097353) $(8446291) $(2795230) $2855831 $8506892 $14157954 $19809015 $25460076 $31111138 $36762199 $42413260 $48064321 $53715383 $59366444

$65017505

$70668566

Mean End $28125000 $(19063841) $(13412780) $(7761718) $(2110657) $3540404 $9191465 $14842527 $20493588 $26144649 $31795710 $37446772 $43097833 $48748894 $54399956 $60051017

$65702078

105 Mean $29516250 $(20789091) $(15138030) $(9486969) $(3835907) $1815154 $7466215 $13117277 $18768338 $24419399 $30070460 $35721522 $41372583 $47023644 $52674705

$58325767

$63976828

110 Mean $30907500 $(22514341) $(16863280) $(11212219) $(5561157) $89904 $5740965 $11392026 $17043088 $22694149 $28345210 $33996271 $39647333 $45298394 $50949455

$56600517

$62251578

120 Mean $33690000 $(25964842) $(20313780) $(14662719) $(9011658) $(3360596) $2290465 $7941526 $13592587 $19243649 $24894710 $30545771 $36196832 $41847894 $47498955

$53150016

$58801077

130 Mean $36472500 $(29415342) $(23764281) $(18113219) $(12462158) $(6811097) $(1160035) $4491026 $10142087 $15793148 $21444210 $27095271 $32746332 $38397393 $44048455

$49699516

$55350577

140 Mean $39255000 $(32865842) $(27214781) $(21563720) $(15912658) $(10261597) $(4610536) $1040525 $6691587 $12342648 $17993709 $23644771 $29295832 $34946893 $40597954

$46249016

$51900077

150 Mean $42037500 $(36316342) $(30665281) $(25014220) $(19363159) $(13712097) $(8061036) $(2409975) $3241086 $8892148 $14543209 $20194270 $25845331 $31496393 $37147454

$42798515

$48449577

175 Mean $48993750 $(44942593) $(39291532) $(33640471) $(27989409) $(22338348) $(16687287) $(11036226) $(5385164) $265897 $5916958 $11568019 $17219081 $22870142 $28521203

$34172265

$39823326

200 Mean $55950000 $(53568844) $(47917783) $(42266721) $(36615660) $(30964599) $(25313538) $(19662476) $(14011415) $(8360354) $(2709293) $2941769 $8592830 $14243891 $19894952

$25546014

$31197075

Highest End $80895000 $(84502440) $(78851378) $(73200317) $(67549256) $(61898195) $(56247133) $(50596072) $(44945011) $(39293950)

$(33642888)

$(27991827)

$(22340766)

$(16689705)

$(11038643)

$(5387582) $263479

A-13

Appendix H




150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-6





$2697536

$2850539


$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2197211) $(1956851) $(1739353) $(1481235)

$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)


$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Profit Margin -3586 -2706 -2064 -1523 -1359 -1203 -1053 -911 -776 -647 -523 -406 -294 -187 -086


$(1386406)

$(1286929)

$(1182578)

$(1073115) $(958287) $(837833) $(711476) $(578929) $(439886)

$(294030)

$(141027)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1259711) $(1019351) $(801853) $(543735) $(448906) $(349429) $(245078) $(135615) $(20787) $99667 $226024 $358571 $497614 $643470 $796473



A-7

Appendix D




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$4896142 $5602967 $6367305 $6679303 $7006589 $7349911 $7710057 $8087850 $8484155 $8899878 $9335972 $9793435

$10273313

$10776705

Other Revenue


$3490932 $3994895 $4539865 $4762319 $4995672 $5240460 $5497243 $5766608 $6049172 $6345581 $6656514 $6982684 $7324835 $7683752 3950



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537

Annual Expenses


Rooms $1432246

$1652669 $1891254 $2149253 $2254566 $2365040 $2480927 $2602492 $2730014 $2863785 $3004110 $3151312 $3305726 $3467707 $3637624 1870


$2041532 $2336255 $2654959 $2785052 $2921520 $3064674 $3214843 $3372371 $3537617 $3710960 $3892797 $4083544 $4283638 $4493536 2310



$4038875 $4621942 $5252452 $5509822 $5779803 $6063014 $6360101 $6671746 $6998662 $7341596 $7701334 $8078700 $8474556 $8889809 4570

Other Expenses




Utilities $436567 $503755 $576479 $655120 $687221 $720894 $756218 $793273 $832143 $872918 $915691 $960560 $1007628 $1057002 $1108795 570


Insurance $107227 $123729 $141591 $160907 $168791 $177062 $185738 $194839 $204386 $214401 $224907 $235927 $247488 $259614 $272336 140


$3015706 $3479099 $3953706 $4147437 $4350662 $4563844 $4787472 $5022058 $5268139 $5526278 $5797066 $6081122 $6379097 $6691673 3440




$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537


$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451


$1358252 $1587649 $1862204 $1974275 $2091838 $2215162 $2344528 $2480234 $2622589 $2771919 $2928566 $3092890 $3265265 $3446086



A-8





$2344528

$2480234 $2622589 $2771919 $2928566 $3092890

$3265265

$3446086


$2054066

$2054066 $2054066 $2054066 $2054066 $2054066

$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(1892380) $(1633315) $(1403917) $(1129363)

$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Profit Margin -2471 -1848 -1388 -983 -844 -711 -585 -465 -350 -241 -137 -037 057 148 234


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(954880) $(695815) $(466417) $(191863) $(79791) $37772 $161095 $290462 $426167 $568522 $717852 $874500 $1038823 $1211198

$1392020



A-9

Appendix E




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$3115727

$3735311

$4408134

$4624133

$4850715

$5088400

$5337732 $5599281 $5873645 $6161454 $6463365 $6780070 $7112294 $7460796

Other Revenue


$2221502

$2663263

$3142984

$3296990

$3458542

$3628011

$3805784 $3992267 $4187888 $4393095 $4608356 $4834166 $5071040 $5319521 3950



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141

Annual Expenses


Rooms $859348 $1051698

$1260836

$1487944

$1560853

$1637335

$1717565

$1801725 $1890010 $1982620 $2079769 $2181677 $2288580 $2400720 $2518355 1870


$1299157

$1557503

$1838049

$1928113

$2022591

$2121698

$2225661 $2334718 $2449119 $2569126 $2695013 $2827069 $2965595 $3110910 2310



$2570193

$3081295

$3636313

$3814492

$4001402

$4197471

$4403147 $4618901 $4845227 $5082644 $5331693 $5592946 $5867000 $6154483 4570

Other Expenses




Utilities $261940 $320571 $384319 $453544 $475768 $499081 $523536 $549189 $576099 $604328 $633940 $665003 $697588 $731770 $767627 570


Insurance $64336 $78737 $94394 $111397 $116855 $122581 $128588 $134889 $141498 $148431 $155705 $163334 $171338 $179733 $188540 140


$1917715

$2319399

$2737181

$2871303

$3011996

$3159584

$3314404 $3476810 $3647173 $3825885 $4013353 $4210008 $4416298 $4632696 3440




$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141


$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149


$1236046

$1317436

$1402814

$1492375 $1586325 $1684879 $1788261 $1896709 $2010472 $2129808 $2254992



A-10





$2254992


$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2502042) $(2280388) $(2074790) $(1833108)

$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Profit Margin -5445 -4055 -3077 -2304 -2103 -1912 -1730 -1556 -1390 -1232 -1082 -938 -802 -671 -547


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1564542) $(1342888) $(1137290) $(895608) $(818020) $(736630) $(651252) $(561691) $(467741) $(369188) $(265805) $(157357) $(43595) $75742 $200926



A-11

Appendix F



$13194

$11980

$1127

$10248

$10810

$14348

$15885

731729

423439434

770

441

$000

$2000

$4000

$6000

$8000

$10000

$12000

$14000

$16000

$18000

Jan 0

5

Feb 0

5

Mar

05

Apr

05

May 0

5

Jun 0

5

Jul 05

Aug 0

5

Sep 0

5

Oct

05

Nov 0

5

Dec 0

5

Jan 0

6

Feb 0

6

Mar

06

Apr

06

May 0

6

Jun 0

6

Jul 06

Aug 0

6

Sep 0

6

Oct

06

Nov 0

6

Dec 0

6

Jan 0

7

Feb 0

7

Mar

07

Apr

07

May 0

7

Jun 0

7

Jul 07

Aug 0

7

Sep 0

7

Oct

07

Nov 0

7

Dec 0

7

Avera

ge D

ail

y R

ate

0

10

20

30

40

50

60

70

80

90

Occu

pan

cy R

ate

(in

)

ADR OCC

Af

A-12

Appendix G




150 Rooms


$ (18498735) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $4410722 $10061783 $15712844 $21363906 $27014967 $32666028 $38317089 $43968151 $49619212 $55270273 $60921335 $66572396 $72223457 $77874518 $83525580

$89176641

40 Mean $11430000 $1639161 $7290222 $12941283 $18592345 $24243406 $29894467 $35545529 $41196590 $46847651 $52498712 $58149774 $63800835 $69451896 $75102957 $80754019

$86405080

70 Mean $19777500 $(8712340) $(3061279) $2589783 $8240844 $13891905 $19542966 $25194028 $30845089 $36496150 $42147211 $47798273 $53449334 $59100395 $64751456 $70402518

$76053579

Median End $24120000 $(14097353) $(8446291) $(2795230) $2855831 $8506892 $14157954 $19809015 $25460076 $31111138 $36762199 $42413260 $48064321 $53715383 $59366444

$65017505

$70668566

Mean End $28125000 $(19063841) $(13412780) $(7761718) $(2110657) $3540404 $9191465 $14842527 $20493588 $26144649 $31795710 $37446772 $43097833 $48748894 $54399956 $60051017

$65702078

105 Mean $29516250 $(20789091) $(15138030) $(9486969) $(3835907) $1815154 $7466215 $13117277 $18768338 $24419399 $30070460 $35721522 $41372583 $47023644 $52674705

$58325767

$63976828

110 Mean $30907500 $(22514341) $(16863280) $(11212219) $(5561157) $89904 $5740965 $11392026 $17043088 $22694149 $28345210 $33996271 $39647333 $45298394 $50949455

$56600517

$62251578

120 Mean $33690000 $(25964842) $(20313780) $(14662719) $(9011658) $(3360596) $2290465 $7941526 $13592587 $19243649 $24894710 $30545771 $36196832 $41847894 $47498955

$53150016

$58801077

130 Mean $36472500 $(29415342) $(23764281) $(18113219) $(12462158) $(6811097) $(1160035) $4491026 $10142087 $15793148 $21444210 $27095271 $32746332 $38397393 $44048455

$49699516

$55350577

140 Mean $39255000 $(32865842) $(27214781) $(21563720) $(15912658) $(10261597) $(4610536) $1040525 $6691587 $12342648 $17993709 $23644771 $29295832 $34946893 $40597954

$46249016

$51900077

150 Mean $42037500 $(36316342) $(30665281) $(25014220) $(19363159) $(13712097) $(8061036) $(2409975) $3241086 $8892148 $14543209 $20194270 $25845331 $31496393 $37147454

$42798515

$48449577

175 Mean $48993750 $(44942593) $(39291532) $(33640471) $(27989409) $(22338348) $(16687287) $(11036226) $(5385164) $265897 $5916958 $11568019 $17219081 $22870142 $28521203

$34172265

$39823326

200 Mean $55950000 $(53568844) $(47917783) $(42266721) $(36615660) $(30964599) $(25313538) $(19662476) $(14011415) $(8360354) $(2709293) $2941769 $8592830 $14243891 $19894952

$25546014

$31197075

Highest End $80895000 $(84502440) $(78851378) $(73200317) $(67549256) $(61898195) $(56247133) $(50596072) $(44945011) $(39293950)

$(33642888)

$(27991827)

$(22340766)

$(16689705)

$(11038643)

$(5387582) $263479

A-13

Appendix H




150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-7

Appendix D




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$4896142 $5602967 $6367305 $6679303 $7006589 $7349911 $7710057 $8087850 $8484155 $8899878 $9335972 $9793435

$10273313

$10776705

Other Revenue


$3490932 $3994895 $4539865 $4762319 $4995672 $5240460 $5497243 $5766608 $6049172 $6345581 $6656514 $6982684 $7324835 $7683752 3950



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537

Annual Expenses


Rooms $1432246

$1652669 $1891254 $2149253 $2254566 $2365040 $2480927 $2602492 $2730014 $2863785 $3004110 $3151312 $3305726 $3467707 $3637624 1870


$2041532 $2336255 $2654959 $2785052 $2921520 $3064674 $3214843 $3372371 $3537617 $3710960 $3892797 $4083544 $4283638 $4493536 2310



$4038875 $4621942 $5252452 $5509822 $5779803 $6063014 $6360101 $6671746 $6998662 $7341596 $7701334 $8078700 $8474556 $8889809 4570

Other Expenses




Utilities $436567 $503755 $576479 $655120 $687221 $720894 $756218 $793273 $832143 $872918 $915691 $960560 $1007628 $1057002 $1108795 570


Insurance $107227 $123729 $141591 $160907 $168791 $177062 $185738 $194839 $204386 $214401 $224907 $235927 $247488 $259614 $272336 140


$3015706 $3479099 $3953706 $4147437 $4350662 $4563844 $4787472 $5022058 $5268139 $5526278 $5797066 $6081122 $6379097 $6691673 3440




$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451



$8837801

$10113658

$11493330

$12056503

$12647272

$13266988

$13917071

$14599007

$15314358

$16064762

$16851935

$17677680

$18543886

$19452537


$7479550 $8526009 $9631126

$10082228

$10555434

$11051826

$11572542

$12118773

$12691770

$13292843

$13923369

$14584791

$15278622

$16006451


$1358252 $1587649 $1862204 $1974275 $2091838 $2215162 $2344528 $2480234 $2622589 $2771919 $2928566 $3092890 $3265265 $3446086



A-8





$2344528

$2480234 $2622589 $2771919 $2928566 $3092890

$3265265

$3446086


$2054066

$2054066 $2054066 $2054066 $2054066 $2054066

$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(1892380) $(1633315) $(1403917) $(1129363)

$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Profit Margin -2471 -1848 -1388 -983 -844 -711 -585 -465 -350 -241 -137 -037 057 148 234


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(954880) $(695815) $(466417) $(191863) $(79791) $37772 $161095 $290462 $426167 $568522 $717852 $874500 $1038823 $1211198

$1392020



A-9

Appendix E




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$3115727

$3735311

$4408134

$4624133

$4850715

$5088400

$5337732 $5599281 $5873645 $6161454 $6463365 $6780070 $7112294 $7460796

Other Revenue


$2221502

$2663263

$3142984

$3296990

$3458542

$3628011

$3805784 $3992267 $4187888 $4393095 $4608356 $4834166 $5071040 $5319521 3950



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141

Annual Expenses


Rooms $859348 $1051698

$1260836

$1487944

$1560853

$1637335

$1717565

$1801725 $1890010 $1982620 $2079769 $2181677 $2288580 $2400720 $2518355 1870


$1299157

$1557503

$1838049

$1928113

$2022591

$2121698

$2225661 $2334718 $2449119 $2569126 $2695013 $2827069 $2965595 $3110910 2310



$2570193

$3081295

$3636313

$3814492

$4001402

$4197471

$4403147 $4618901 $4845227 $5082644 $5331693 $5592946 $5867000 $6154483 4570

Other Expenses




Utilities $261940 $320571 $384319 $453544 $475768 $499081 $523536 $549189 $576099 $604328 $633940 $665003 $697588 $731770 $767627 570


Insurance $64336 $78737 $94394 $111397 $116855 $122581 $128588 $134889 $141498 $148431 $155705 $163334 $171338 $179733 $188540 140


$1917715

$2319399

$2737181

$2871303

$3011996

$3159584

$3314404 $3476810 $3647173 $3825885 $4013353 $4210008 $4416298 $4632696 3440




$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141


$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149


$1236046

$1317436

$1402814

$1492375 $1586325 $1684879 $1788261 $1896709 $2010472 $2129808 $2254992



A-10





$2254992


$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2502042) $(2280388) $(2074790) $(1833108)

$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Profit Margin -5445 -4055 -3077 -2304 -2103 -1912 -1730 -1556 -1390 -1232 -1082 -938 -802 -671 -547


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1564542) $(1342888) $(1137290) $(895608) $(818020) $(736630) $(651252) $(561691) $(467741) $(369188) $(265805) $(157357) $(43595) $75742 $200926



A-11

Appendix F



$13194

$11980

$1127

$10248

$10810

$14348

$15885

731729

423439434

770

441

$000

$2000

$4000

$6000

$8000

$10000

$12000

$14000

$16000

$18000

Jan 0

5

Feb 0

5

Mar

05

Apr

05

May 0

5

Jun 0

5

Jul 05

Aug 0

5

Sep 0

5

Oct

05

Nov 0

5

Dec 0

5

Jan 0

6

Feb 0

6

Mar

06

Apr

06

May 0

6

Jun 0

6

Jul 06

Aug 0

6

Sep 0

6

Oct

06

Nov 0

6

Dec 0

6

Jan 0

7

Feb 0

7

Mar

07

Apr

07

May 0

7

Jun 0

7

Jul 07

Aug 0

7

Sep 0

7

Oct

07

Nov 0

7

Dec 0

7

Avera

ge D

ail

y R

ate

0

10

20

30

40

50

60

70

80

90

Occu

pan

cy R

ate

(in

)

ADR OCC

Af

A-12

Appendix G




150 Rooms


$ (18498735) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $4410722 $10061783 $15712844 $21363906 $27014967 $32666028 $38317089 $43968151 $49619212 $55270273 $60921335 $66572396 $72223457 $77874518 $83525580

$89176641

40 Mean $11430000 $1639161 $7290222 $12941283 $18592345 $24243406 $29894467 $35545529 $41196590 $46847651 $52498712 $58149774 $63800835 $69451896 $75102957 $80754019

$86405080

70 Mean $19777500 $(8712340) $(3061279) $2589783 $8240844 $13891905 $19542966 $25194028 $30845089 $36496150 $42147211 $47798273 $53449334 $59100395 $64751456 $70402518

$76053579

Median End $24120000 $(14097353) $(8446291) $(2795230) $2855831 $8506892 $14157954 $19809015 $25460076 $31111138 $36762199 $42413260 $48064321 $53715383 $59366444

$65017505

$70668566

Mean End $28125000 $(19063841) $(13412780) $(7761718) $(2110657) $3540404 $9191465 $14842527 $20493588 $26144649 $31795710 $37446772 $43097833 $48748894 $54399956 $60051017

$65702078

105 Mean $29516250 $(20789091) $(15138030) $(9486969) $(3835907) $1815154 $7466215 $13117277 $18768338 $24419399 $30070460 $35721522 $41372583 $47023644 $52674705

$58325767

$63976828

110 Mean $30907500 $(22514341) $(16863280) $(11212219) $(5561157) $89904 $5740965 $11392026 $17043088 $22694149 $28345210 $33996271 $39647333 $45298394 $50949455

$56600517

$62251578

120 Mean $33690000 $(25964842) $(20313780) $(14662719) $(9011658) $(3360596) $2290465 $7941526 $13592587 $19243649 $24894710 $30545771 $36196832 $41847894 $47498955

$53150016

$58801077

130 Mean $36472500 $(29415342) $(23764281) $(18113219) $(12462158) $(6811097) $(1160035) $4491026 $10142087 $15793148 $21444210 $27095271 $32746332 $38397393 $44048455

$49699516

$55350577

140 Mean $39255000 $(32865842) $(27214781) $(21563720) $(15912658) $(10261597) $(4610536) $1040525 $6691587 $12342648 $17993709 $23644771 $29295832 $34946893 $40597954

$46249016

$51900077

150 Mean $42037500 $(36316342) $(30665281) $(25014220) $(19363159) $(13712097) $(8061036) $(2409975) $3241086 $8892148 $14543209 $20194270 $25845331 $31496393 $37147454

$42798515

$48449577

175 Mean $48993750 $(44942593) $(39291532) $(33640471) $(27989409) $(22338348) $(16687287) $(11036226) $(5385164) $265897 $5916958 $11568019 $17219081 $22870142 $28521203

$34172265

$39823326

200 Mean $55950000 $(53568844) $(47917783) $(42266721) $(36615660) $(30964599) $(25313538) $(19662476) $(14011415) $(8360354) $(2709293) $2941769 $8592830 $14243891 $19894952

$25546014

$31197075

Highest End $80895000 $(84502440) $(78851378) $(73200317) $(67549256) $(61898195) $(56247133) $(50596072) $(44945011) $(39293950)

$(33642888)

$(27991827)

$(22340766)

$(16689705)

$(11038643)

$(5387582) $263479

A-13

Appendix H




150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-8





$2344528

$2480234 $2622589 $2771919 $2928566 $3092890

$3265265

$3446086


$2054066

$2054066 $2054066 $2054066 $2054066 $2054066

$2054066

$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(1892380) $(1633315) $(1403917) $(1129363)

$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Profit Margin -2471 -1848 -1388 -983 -844 -711 -585 -465 -350 -241 -137 -037 057 148 234


$(1017291) $(899728)

$(776405)

$(647038) $(511333) $(368978) $(219648) $(63000) $101323 $273698 $454520

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(954880) $(695815) $(466417) $(191863) $(79791) $37772 $161095 $290462 $426167 $568522 $717852 $874500 $1038823 $1211198

$1392020



A-9

Appendix E




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$3115727

$3735311

$4408134

$4624133

$4850715

$5088400

$5337732 $5599281 $5873645 $6161454 $6463365 $6780070 $7112294 $7460796

Other Revenue


$2221502

$2663263

$3142984

$3296990

$3458542

$3628011

$3805784 $3992267 $4187888 $4393095 $4608356 $4834166 $5071040 $5319521 3950



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141

Annual Expenses


Rooms $859348 $1051698

$1260836

$1487944

$1560853

$1637335

$1717565

$1801725 $1890010 $1982620 $2079769 $2181677 $2288580 $2400720 $2518355 1870


$1299157

$1557503

$1838049

$1928113

$2022591

$2121698

$2225661 $2334718 $2449119 $2569126 $2695013 $2827069 $2965595 $3110910 2310



$2570193

$3081295

$3636313

$3814492

$4001402

$4197471

$4403147 $4618901 $4845227 $5082644 $5331693 $5592946 $5867000 $6154483 4570

Other Expenses




Utilities $261940 $320571 $384319 $453544 $475768 $499081 $523536 $549189 $576099 $604328 $633940 $665003 $697588 $731770 $767627 570


Insurance $64336 $78737 $94394 $111397 $116855 $122581 $128588 $134889 $141498 $148431 $155705 $163334 $171338 $179733 $188540 140


$1917715

$2319399

$2737181

$2871303

$3011996

$3159584

$3314404 $3476810 $3647173 $3825885 $4013353 $4210008 $4416298 $4632696 3440




$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141


$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149


$1236046

$1317436

$1402814

$1492375 $1586325 $1684879 $1788261 $1896709 $2010472 $2129808 $2254992



A-10





$2254992


$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2502042) $(2280388) $(2074790) $(1833108)

$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Profit Margin -5445 -4055 -3077 -2304 -2103 -1912 -1730 -1556 -1390 -1232 -1082 -938 -802 -671 -547


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1564542) $(1342888) $(1137290) $(895608) $(818020) $(736630) $(651252) $(561691) $(467741) $(369188) $(265805) $(157357) $(43595) $75742 $200926



A-11

Appendix F



$13194

$11980

$1127

$10248

$10810

$14348

$15885

731729

423439434

770

441

$000

$2000

$4000

$6000

$8000

$10000

$12000

$14000

$16000

$18000

Jan 0

5

Feb 0

5

Mar

05

Apr

05

May 0

5

Jun 0

5

Jul 05

Aug 0

5

Sep 0

5

Oct

05

Nov 0

5

Dec 0

5

Jan 0

6

Feb 0

6

Mar

06

Apr

06

May 0

6

Jun 0

6

Jul 06

Aug 0

6

Sep 0

6

Oct

06

Nov 0

6

Dec 0

6

Jan 0

7

Feb 0

7

Mar

07

Apr

07

May 0

7

Jun 0

7

Jul 07

Aug 0

7

Sep 0

7

Oct

07

Nov 0

7

Dec 0

7

Avera

ge D

ail

y R

ate

0

10

20

30

40

50

60

70

80

90

Occu

pan

cy R

ate

(in

)

ADR OCC

Af

A-12

Appendix G




150 Rooms


$ (18498735) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $4410722 $10061783 $15712844 $21363906 $27014967 $32666028 $38317089 $43968151 $49619212 $55270273 $60921335 $66572396 $72223457 $77874518 $83525580

$89176641

40 Mean $11430000 $1639161 $7290222 $12941283 $18592345 $24243406 $29894467 $35545529 $41196590 $46847651 $52498712 $58149774 $63800835 $69451896 $75102957 $80754019

$86405080

70 Mean $19777500 $(8712340) $(3061279) $2589783 $8240844 $13891905 $19542966 $25194028 $30845089 $36496150 $42147211 $47798273 $53449334 $59100395 $64751456 $70402518

$76053579

Median End $24120000 $(14097353) $(8446291) $(2795230) $2855831 $8506892 $14157954 $19809015 $25460076 $31111138 $36762199 $42413260 $48064321 $53715383 $59366444

$65017505

$70668566

Mean End $28125000 $(19063841) $(13412780) $(7761718) $(2110657) $3540404 $9191465 $14842527 $20493588 $26144649 $31795710 $37446772 $43097833 $48748894 $54399956 $60051017

$65702078

105 Mean $29516250 $(20789091) $(15138030) $(9486969) $(3835907) $1815154 $7466215 $13117277 $18768338 $24419399 $30070460 $35721522 $41372583 $47023644 $52674705

$58325767

$63976828

110 Mean $30907500 $(22514341) $(16863280) $(11212219) $(5561157) $89904 $5740965 $11392026 $17043088 $22694149 $28345210 $33996271 $39647333 $45298394 $50949455

$56600517

$62251578

120 Mean $33690000 $(25964842) $(20313780) $(14662719) $(9011658) $(3360596) $2290465 $7941526 $13592587 $19243649 $24894710 $30545771 $36196832 $41847894 $47498955

$53150016

$58801077

130 Mean $36472500 $(29415342) $(23764281) $(18113219) $(12462158) $(6811097) $(1160035) $4491026 $10142087 $15793148 $21444210 $27095271 $32746332 $38397393 $44048455

$49699516

$55350577

140 Mean $39255000 $(32865842) $(27214781) $(21563720) $(15912658) $(10261597) $(4610536) $1040525 $6691587 $12342648 $17993709 $23644771 $29295832 $34946893 $40597954

$46249016

$51900077

150 Mean $42037500 $(36316342) $(30665281) $(25014220) $(19363159) $(13712097) $(8061036) $(2409975) $3241086 $8892148 $14543209 $20194270 $25845331 $31496393 $37147454

$42798515

$48449577

175 Mean $48993750 $(44942593) $(39291532) $(33640471) $(27989409) $(22338348) $(16687287) $(11036226) $(5385164) $265897 $5916958 $11568019 $17219081 $22870142 $28521203

$34172265

$39823326

200 Mean $55950000 $(53568844) $(47917783) $(42266721) $(36615660) $(30964599) $(25313538) $(19662476) $(14011415) $(8360354) $(2709293) $2941769 $8592830 $14243891 $19894952

$25546014

$31197075

Highest End $80895000 $(84502440) $(78851378) $(73200317) $(67549256) $(61898195) $(56247133) $(50596072) $(44945011) $(39293950)

$(33642888)

$(27991827)

$(22340766)

$(16689705)

$(11038643)

$(5387582) $263479

A-13

Appendix H




150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-9

Appendix E




Revenues

Number of Rooms 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150





$3115727

$3735311

$4408134

$4624133

$4850715

$5088400

$5337732 $5599281 $5873645 $6161454 $6463365 $6780070 $7112294 $7460796

Other Revenue


$2221502

$2663263

$3142984

$3296990

$3458542

$3628011

$3805784 $3992267 $4187888 $4393095 $4608356 $4834166 $5071040 $5319521 3950



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141

Annual Expenses


Rooms $859348 $1051698

$1260836

$1487944

$1560853

$1637335

$1717565

$1801725 $1890010 $1982620 $2079769 $2181677 $2288580 $2400720 $2518355 1870


$1299157

$1557503

$1838049

$1928113

$2022591

$2121698

$2225661 $2334718 $2449119 $2569126 $2695013 $2827069 $2965595 $3110910 2310



$2570193

$3081295

$3636313

$3814492

$4001402

$4197471

$4403147 $4618901 $4845227 $5082644 $5331693 $5592946 $5867000 $6154483 4570

Other Expenses




Utilities $261940 $320571 $384319 $453544 $475768 $499081 $523536 $549189 $576099 $604328 $633940 $665003 $697588 $731770 $767627 570


Insurance $64336 $78737 $94394 $111397 $116855 $122581 $128588 $134889 $141498 $148431 $155705 $163334 $171338 $179733 $188540 140


$1917715

$2319399

$2737181

$2871303

$3011996

$3159584

$3314404 $3476810 $3647173 $3825885 $4013353 $4210008 $4416298 $4632696 3440




$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149



$5624055

$6742439

$7956921

$8346810

$8755804

$9184838

$9634895

$10107005

$10602248

$11121758

$11666724

$12238394

$12838075

$13467141


$4912877

$5825662

$6798462

$7110763

$7438367

$7782024

$8142520 $8520680 $8917370 $9333497 $9770015

$10227922

$10708267

$11212149


$1236046

$1317436

$1402814

$1492375 $1586325 $1684879 $1788261 $1896709 $2010472 $2129808 $2254992



A-10





$2254992


$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2502042) $(2280388) $(2074790) $(1833108)

$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Profit Margin -5445 -4055 -3077 -2304 -2103 -1912 -1730 -1556 -1390 -1232 -1082 -938 -802 -671 -547


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1564542) $(1342888) $(1137290) $(895608) $(818020) $(736630) $(651252) $(561691) $(467741) $(369188) $(265805) $(157357) $(43595) $75742 $200926



A-11

Appendix F



$13194

$11980

$1127

$10248

$10810

$14348

$15885

731729

423439434

770

441

$000

$2000

$4000

$6000

$8000

$10000

$12000

$14000

$16000

$18000

Jan 0

5

Feb 0

5

Mar

05

Apr

05

May 0

5

Jun 0

5

Jul 05

Aug 0

5

Sep 0

5

Oct

05

Nov 0

5

Dec 0

5

Jan 0

6

Feb 0

6

Mar

06

Apr

06

May 0

6

Jun 0

6

Jul 06

Aug 0

6

Sep 0

6

Oct

06

Nov 0

6

Dec 0

6

Jan 0

7

Feb 0

7

Mar

07

Apr

07

May 0

7

Jun 0

7

Jul 07

Aug 0

7

Sep 0

7

Oct

07

Nov 0

7

Dec 0

7

Avera

ge D

ail

y R

ate

0

10

20

30

40

50

60

70

80

90

Occu

pan

cy R

ate

(in

)

ADR OCC

Af

A-12

Appendix G




150 Rooms


$ (18498735) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $4410722 $10061783 $15712844 $21363906 $27014967 $32666028 $38317089 $43968151 $49619212 $55270273 $60921335 $66572396 $72223457 $77874518 $83525580

$89176641

40 Mean $11430000 $1639161 $7290222 $12941283 $18592345 $24243406 $29894467 $35545529 $41196590 $46847651 $52498712 $58149774 $63800835 $69451896 $75102957 $80754019

$86405080

70 Mean $19777500 $(8712340) $(3061279) $2589783 $8240844 $13891905 $19542966 $25194028 $30845089 $36496150 $42147211 $47798273 $53449334 $59100395 $64751456 $70402518

$76053579

Median End $24120000 $(14097353) $(8446291) $(2795230) $2855831 $8506892 $14157954 $19809015 $25460076 $31111138 $36762199 $42413260 $48064321 $53715383 $59366444

$65017505

$70668566

Mean End $28125000 $(19063841) $(13412780) $(7761718) $(2110657) $3540404 $9191465 $14842527 $20493588 $26144649 $31795710 $37446772 $43097833 $48748894 $54399956 $60051017

$65702078

105 Mean $29516250 $(20789091) $(15138030) $(9486969) $(3835907) $1815154 $7466215 $13117277 $18768338 $24419399 $30070460 $35721522 $41372583 $47023644 $52674705

$58325767

$63976828

110 Mean $30907500 $(22514341) $(16863280) $(11212219) $(5561157) $89904 $5740965 $11392026 $17043088 $22694149 $28345210 $33996271 $39647333 $45298394 $50949455

$56600517

$62251578

120 Mean $33690000 $(25964842) $(20313780) $(14662719) $(9011658) $(3360596) $2290465 $7941526 $13592587 $19243649 $24894710 $30545771 $36196832 $41847894 $47498955

$53150016

$58801077

130 Mean $36472500 $(29415342) $(23764281) $(18113219) $(12462158) $(6811097) $(1160035) $4491026 $10142087 $15793148 $21444210 $27095271 $32746332 $38397393 $44048455

$49699516

$55350577

140 Mean $39255000 $(32865842) $(27214781) $(21563720) $(15912658) $(10261597) $(4610536) $1040525 $6691587 $12342648 $17993709 $23644771 $29295832 $34946893 $40597954

$46249016

$51900077

150 Mean $42037500 $(36316342) $(30665281) $(25014220) $(19363159) $(13712097) $(8061036) $(2409975) $3241086 $8892148 $14543209 $20194270 $25845331 $31496393 $37147454

$42798515

$48449577

175 Mean $48993750 $(44942593) $(39291532) $(33640471) $(27989409) $(22338348) $(16687287) $(11036226) $(5385164) $265897 $5916958 $11568019 $17219081 $22870142 $28521203

$34172265

$39823326

200 Mean $55950000 $(53568844) $(47917783) $(42266721) $(36615660) $(30964599) $(25313538) $(19662476) $(14011415) $(8360354) $(2709293) $2941769 $8592830 $14243891 $19894952

$25546014

$31197075

Highest End $80895000 $(84502440) $(78851378) $(73200317) $(67549256) $(61898195) $(56247133) $(50596072) $(44945011) $(39293950)

$(33642888)

$(27991827)

$(22340766)

$(16689705)

$(11038643)

$(5387582) $263479

A-13

Appendix H




150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-10





$2254992


$2054066

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Taxable Income $(2502042) $(2280388) $(2074790) $(1833108)

$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Profit Margin -5445 -4055 -3077 -2304 -2103 -1912 -1730 -1556 -1390 -1232 -1082 -938 -802 -671 -547


$(1755520)

$(1674130)

$(1588752)

$(1499191)

$(1405241) $(1306688) $(1203305) $(1094857) $(981095)

$(861758)

$(736574)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500

Annual Cash Flow $(1564542) $(1342888) $(1137290) $(895608) $(818020) $(736630) $(651252) $(561691) $(467741) $(369188) $(265805) $(157357) $(43595) $75742 $200926



A-11

Appendix F



$13194

$11980

$1127

$10248

$10810

$14348

$15885

731729

423439434

770

441

$000

$2000

$4000

$6000

$8000

$10000

$12000

$14000

$16000

$18000

Jan 0

5

Feb 0

5

Mar

05

Apr

05

May 0

5

Jun 0

5

Jul 05

Aug 0

5

Sep 0

5

Oct

05

Nov 0

5

Dec 0

5

Jan 0

6

Feb 0

6

Mar

06

Apr

06

May 0

6

Jun 0

6

Jul 06

Aug 0

6

Sep 0

6

Oct

06

Nov 0

6

Dec 0

6

Jan 0

7

Feb 0

7

Mar

07

Apr

07

May 0

7

Jun 0

7

Jul 07

Aug 0

7

Sep 0

7

Oct

07

Nov 0

7

Dec 0

7

Avera

ge D

ail

y R

ate

0

10

20

30

40

50

60

70

80

90

Occu

pan

cy R

ate

(in

)

ADR OCC

Af

A-12

Appendix G




150 Rooms


$ (18498735) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $4410722 $10061783 $15712844 $21363906 $27014967 $32666028 $38317089 $43968151 $49619212 $55270273 $60921335 $66572396 $72223457 $77874518 $83525580

$89176641

40 Mean $11430000 $1639161 $7290222 $12941283 $18592345 $24243406 $29894467 $35545529 $41196590 $46847651 $52498712 $58149774 $63800835 $69451896 $75102957 $80754019

$86405080

70 Mean $19777500 $(8712340) $(3061279) $2589783 $8240844 $13891905 $19542966 $25194028 $30845089 $36496150 $42147211 $47798273 $53449334 $59100395 $64751456 $70402518

$76053579

Median End $24120000 $(14097353) $(8446291) $(2795230) $2855831 $8506892 $14157954 $19809015 $25460076 $31111138 $36762199 $42413260 $48064321 $53715383 $59366444

$65017505

$70668566

Mean End $28125000 $(19063841) $(13412780) $(7761718) $(2110657) $3540404 $9191465 $14842527 $20493588 $26144649 $31795710 $37446772 $43097833 $48748894 $54399956 $60051017

$65702078

105 Mean $29516250 $(20789091) $(15138030) $(9486969) $(3835907) $1815154 $7466215 $13117277 $18768338 $24419399 $30070460 $35721522 $41372583 $47023644 $52674705

$58325767

$63976828

110 Mean $30907500 $(22514341) $(16863280) $(11212219) $(5561157) $89904 $5740965 $11392026 $17043088 $22694149 $28345210 $33996271 $39647333 $45298394 $50949455

$56600517

$62251578

120 Mean $33690000 $(25964842) $(20313780) $(14662719) $(9011658) $(3360596) $2290465 $7941526 $13592587 $19243649 $24894710 $30545771 $36196832 $41847894 $47498955

$53150016

$58801077

130 Mean $36472500 $(29415342) $(23764281) $(18113219) $(12462158) $(6811097) $(1160035) $4491026 $10142087 $15793148 $21444210 $27095271 $32746332 $38397393 $44048455

$49699516

$55350577

140 Mean $39255000 $(32865842) $(27214781) $(21563720) $(15912658) $(10261597) $(4610536) $1040525 $6691587 $12342648 $17993709 $23644771 $29295832 $34946893 $40597954

$46249016

$51900077

150 Mean $42037500 $(36316342) $(30665281) $(25014220) $(19363159) $(13712097) $(8061036) $(2409975) $3241086 $8892148 $14543209 $20194270 $25845331 $31496393 $37147454

$42798515

$48449577

175 Mean $48993750 $(44942593) $(39291532) $(33640471) $(27989409) $(22338348) $(16687287) $(11036226) $(5385164) $265897 $5916958 $11568019 $17219081 $22870142 $28521203

$34172265

$39823326

200 Mean $55950000 $(53568844) $(47917783) $(42266721) $(36615660) $(30964599) $(25313538) $(19662476) $(14011415) $(8360354) $(2709293) $2941769 $8592830 $14243891 $19894952

$25546014

$31197075

Highest End $80895000 $(84502440) $(78851378) $(73200317) $(67549256) $(61898195) $(56247133) $(50596072) $(44945011) $(39293950)

$(33642888)

$(27991827)

$(22340766)

$(16689705)

$(11038643)

$(5387582) $263479

A-13

Appendix H




150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-11

Appendix F



$13194

$11980

$1127

$10248

$10810

$14348

$15885

731729

423439434

770

441

$000

$2000

$4000

$6000

$8000

$10000

$12000

$14000

$16000

$18000

Jan 0

5

Feb 0

5

Mar

05

Apr

05

May 0

5

Jun 0

5

Jul 05

Aug 0

5

Sep 0

5

Oct

05

Nov 0

5

Dec 0

5

Jan 0

6

Feb 0

6

Mar

06

Apr

06

May 0

6

Jun 0

6

Jul 06

Aug 0

6

Sep 0

6

Oct

06

Nov 0

6

Dec 0

6

Jan 0

7

Feb 0

7

Mar

07

Apr

07

May 0

7

Jun 0

7

Jul 07

Aug 0

7

Sep 0

7

Oct

07

Nov 0

7

Dec 0

7

Avera

ge D

ail

y R

ate

0

10

20

30

40

50

60

70

80

90

Occu

pan

cy R

ate

(in

)

ADR OCC

Af

A-12

Appendix G




150 Rooms


$ (18498735) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $4410722 $10061783 $15712844 $21363906 $27014967 $32666028 $38317089 $43968151 $49619212 $55270273 $60921335 $66572396 $72223457 $77874518 $83525580

$89176641

40 Mean $11430000 $1639161 $7290222 $12941283 $18592345 $24243406 $29894467 $35545529 $41196590 $46847651 $52498712 $58149774 $63800835 $69451896 $75102957 $80754019

$86405080

70 Mean $19777500 $(8712340) $(3061279) $2589783 $8240844 $13891905 $19542966 $25194028 $30845089 $36496150 $42147211 $47798273 $53449334 $59100395 $64751456 $70402518

$76053579

Median End $24120000 $(14097353) $(8446291) $(2795230) $2855831 $8506892 $14157954 $19809015 $25460076 $31111138 $36762199 $42413260 $48064321 $53715383 $59366444

$65017505

$70668566

Mean End $28125000 $(19063841) $(13412780) $(7761718) $(2110657) $3540404 $9191465 $14842527 $20493588 $26144649 $31795710 $37446772 $43097833 $48748894 $54399956 $60051017

$65702078

105 Mean $29516250 $(20789091) $(15138030) $(9486969) $(3835907) $1815154 $7466215 $13117277 $18768338 $24419399 $30070460 $35721522 $41372583 $47023644 $52674705

$58325767

$63976828

110 Mean $30907500 $(22514341) $(16863280) $(11212219) $(5561157) $89904 $5740965 $11392026 $17043088 $22694149 $28345210 $33996271 $39647333 $45298394 $50949455

$56600517

$62251578

120 Mean $33690000 $(25964842) $(20313780) $(14662719) $(9011658) $(3360596) $2290465 $7941526 $13592587 $19243649 $24894710 $30545771 $36196832 $41847894 $47498955

$53150016

$58801077

130 Mean $36472500 $(29415342) $(23764281) $(18113219) $(12462158) $(6811097) $(1160035) $4491026 $10142087 $15793148 $21444210 $27095271 $32746332 $38397393 $44048455

$49699516

$55350577

140 Mean $39255000 $(32865842) $(27214781) $(21563720) $(15912658) $(10261597) $(4610536) $1040525 $6691587 $12342648 $17993709 $23644771 $29295832 $34946893 $40597954

$46249016

$51900077

150 Mean $42037500 $(36316342) $(30665281) $(25014220) $(19363159) $(13712097) $(8061036) $(2409975) $3241086 $8892148 $14543209 $20194270 $25845331 $31496393 $37147454

$42798515

$48449577

175 Mean $48993750 $(44942593) $(39291532) $(33640471) $(27989409) $(22338348) $(16687287) $(11036226) $(5385164) $265897 $5916958 $11568019 $17219081 $22870142 $28521203

$34172265

$39823326

200 Mean $55950000 $(53568844) $(47917783) $(42266721) $(36615660) $(30964599) $(25313538) $(19662476) $(14011415) $(8360354) $(2709293) $2941769 $8592830 $14243891 $19894952

$25546014

$31197075

Highest End $80895000 $(84502440) $(78851378) $(73200317) $(67549256) $(61898195) $(56247133) $(50596072) $(44945011) $(39293950)

$(33642888)

$(27991827)

$(22340766)

$(16689705)

$(11038643)

$(5387582) $263479

A-13

Appendix H




150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-12

Appendix G




150 Rooms


$ (18498735) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $4410722 $10061783 $15712844 $21363906 $27014967 $32666028 $38317089 $43968151 $49619212 $55270273 $60921335 $66572396 $72223457 $77874518 $83525580

$89176641

40 Mean $11430000 $1639161 $7290222 $12941283 $18592345 $24243406 $29894467 $35545529 $41196590 $46847651 $52498712 $58149774 $63800835 $69451896 $75102957 $80754019

$86405080

70 Mean $19777500 $(8712340) $(3061279) $2589783 $8240844 $13891905 $19542966 $25194028 $30845089 $36496150 $42147211 $47798273 $53449334 $59100395 $64751456 $70402518

$76053579

Median End $24120000 $(14097353) $(8446291) $(2795230) $2855831 $8506892 $14157954 $19809015 $25460076 $31111138 $36762199 $42413260 $48064321 $53715383 $59366444

$65017505

$70668566

Mean End $28125000 $(19063841) $(13412780) $(7761718) $(2110657) $3540404 $9191465 $14842527 $20493588 $26144649 $31795710 $37446772 $43097833 $48748894 $54399956 $60051017

$65702078

105 Mean $29516250 $(20789091) $(15138030) $(9486969) $(3835907) $1815154 $7466215 $13117277 $18768338 $24419399 $30070460 $35721522 $41372583 $47023644 $52674705

$58325767

$63976828

110 Mean $30907500 $(22514341) $(16863280) $(11212219) $(5561157) $89904 $5740965 $11392026 $17043088 $22694149 $28345210 $33996271 $39647333 $45298394 $50949455

$56600517

$62251578

120 Mean $33690000 $(25964842) $(20313780) $(14662719) $(9011658) $(3360596) $2290465 $7941526 $13592587 $19243649 $24894710 $30545771 $36196832 $41847894 $47498955

$53150016

$58801077

130 Mean $36472500 $(29415342) $(23764281) $(18113219) $(12462158) $(6811097) $(1160035) $4491026 $10142087 $15793148 $21444210 $27095271 $32746332 $38397393 $44048455

$49699516

$55350577

140 Mean $39255000 $(32865842) $(27214781) $(21563720) $(15912658) $(10261597) $(4610536) $1040525 $6691587 $12342648 $17993709 $23644771 $29295832 $34946893 $40597954

$46249016

$51900077

150 Mean $42037500 $(36316342) $(30665281) $(25014220) $(19363159) $(13712097) $(8061036) $(2409975) $3241086 $8892148 $14543209 $20194270 $25845331 $31496393 $37147454

$42798515

$48449577

175 Mean $48993750 $(44942593) $(39291532) $(33640471) $(27989409) $(22338348) $(16687287) $(11036226) $(5385164) $265897 $5916958 $11568019 $17219081 $22870142 $28521203

$34172265

$39823326

200 Mean $55950000 $(53568844) $(47917783) $(42266721) $(36615660) $(30964599) $(25313538) $(19662476) $(14011415) $(8360354) $(2709293) $2941769 $8592830 $14243891 $19894952

$25546014

$31197075

Highest End $80895000 $(84502440) $(78851378) $(73200317) $(67549256) $(61898195) $(56247133) $(50596072) $(44945011) $(39293950)

$(33642888)

$(27991827)

$(22340766)

$(16689705)

$(11038643)

$(5387582) $263479

A-13

Appendix H




150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-13

Appendix H




150 Rooms


$(15169972) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $7632105 $14356961 $21081817 $27806673 $34531528 $41256384 $47981240 $54706096 $61430951 $68155807 $74880663 $81605519 $88330374 $95055230

$101780086 $108504942

40 Mean $11430000 $4860544 $11585400 $18310256 $25035112 $31759967 $38484823 $45209679 $51934535 $58659390 $65384246 $72109102 $78833958 $85558813 $92283669 $99008525 $105733381

70 Mean $19777500 $(5490957) $1233899 $7958755 $14683611 $21408466 $28133322 $34858178 $41583034 $48307889 $55032745 $61757601 $68482457 $75207312 $81932168 $88657024 $95381880

Median End $24120000 $(10875969) $(4151113) $2573742 $9298598 $16023454 $22748310 $29473165 $36198021 $42922877 $49647733 $56372588 $63097444 $69822300 $76547156 $83272011 $89996867

Mean End $28125000 $(15842457) $(9117602) $(2392746) $4332110 $11056966 $17781821 $24506677 $31231533 $37956389 $44681244 $51406100 $58130956 $64855812 $71580667 $78305523 $85030379

105 Mean $29516250 $(17567708) $(10842852) $(4117996) $2606860 $9331715 $16056571 $22781427 $29506283 $36231138 $42955994 $49680850 $56405706 $63130561 $69855417 $76580273 $83305129

110 Mean $30907500 $(19292958) $(12568102) $(5843246) $881610 $7606465 $14331321 $21056177 $27781033 $34505888 $41230744 $47955600 $54680456 $61405311 $68130167 $74855023 $81579879

120 Mean $33690000 $(22743458) $(16018602) $(9293747) $(2568891) $4155965 $10880821 $17605676 $24330532 $31055388 $37780244 $44505099 $51229955 $57954811 $64679667 $71404522 $78129378

130 Mean $36472500 $(26193958) $(19469103) $(12744247) $(6019391) $705465 $7430320 $14155176 $20880032 $27604888 $34329743 $41054599 $47779455 $54504311 $61229166 $67954022 $74678878

140 Mean $39255000 $(29644459) $(22919603) $(16194747) $(9469891) $(2745036) $3979820 $10704676 $17429532 $24154387 $30879243 $37604099 $44328955 $51053810 $57778666 $64503522 $71228378

150 Mean $42037500 $(33094959) $(26370103) $(19645247) $(12920392) $(6195536) $529320 $7254176 $13979031 $20703887 $27428743 $34153599 $40878454 $47603310 $54328166 $61053022 $67777877

175 Mean $48993750 $(41721210) $(34996354) $(28271498) $(21546643) $(14821787) $(8096931) $(1372075) $5352780 $12077636 $18802492 $25527348 $32252204 $38977059 $45701915 $52426771 $59151627

200 Mean $55950000 $(50347461) $(43622605) $(36897749) $(30172893) $(23448038) $(16723182) $(9998326) $(3273470) $3451385 $10176241 $16901097 $23625953 $30350808 $37075664 $43800520 $50525376

Highest End $80895000 $(81281056) $(74556201) $(67831345) $(61106489) $(54381633) $(47656778) $(40931922) $(34207066) $(27482210) $(20757355)

$(14032499) $(7307643) $(582787) $6142068 $12866924 $19591780

A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-14

Appendix I




150 Rooms


$(21827498) 15000 20000 25000 30000 35000 40000 45000 50000 55000 60000 65000 70000 75000 80000 85000 90000

∆ D

eve

lop

men

t C

osts

Lowest End $9195000 $1189338 $5766605 $10343872 $14921139 $19498406 $24075672 $28652939 $33230206 $37807473 $42384739 $46962006 $51539273 $56116540 $60693807 $65271073 $69848340

40 Mean $11430000 $(1582222) $2995044 $7572311 $12149578 $16726845 $21304111 $25881378 $30458645 $35035912 $39613179 $44190445 $48767712 $53344979 $57922246 $62499512 $67076779

70 Mean $19777500 $(11933723) $(7356457) $(2779190) $1798077 $6375344 $10952610 $15529877 $20107144 $24684411 $29261678 $33838944 $38416211 $42993478 $47570745 $52148011 $56725278

Median End $24120000 $(17318736) $(12741469) $(8164202) $(3586936) $990331 $5567598 $10144865 $14722131 $19299398 $23876665 $28453932 $33031199 $37608465 $42185732 $46762999 $51340266

Mean End $28125000 $(22285224) $(17707958) $(13130691) $(8553424) $(3976157) $601110 $5178376 $9755643 $14332910 $18910177 $23487443 $28064710 $32641977 $37219244 $41796511 $46373777

105 Mean $29516250 $(24010475) $(19433208) $(14855941) $(10278674) $(5701407) $(1124141) $3453126 $8030393 $12607660 $17184927 $21762193 $26339460 $30916727 $35493994 $40071260 $44648527

110 Mean $30907500 $(25735725) $(21158458) $(16581191) $(12003924) $(7426658) $(2849391) $1727876 $6305143 $10882410 $15459676 $20036943 $24614210 $29191477 $33768743 $38346010 $42923277

120 Mean $33690000 $(29186225) $(24608958) $(20031691) $(15454425) $(10877158) $(6299891) $(1722624) $2854642 $7431909 $12009176 $16586443 $21163710 $25740976 $30318243 $34895510 $39472777

130 Mean $36472500 $(32636725) $(28059458) $(23482192) $(18904925) $(14327658) $(9750391) $(5173125) $(595858) $3981409 $8558676 $13135943 $17713209 $22290476 $26867743 $31445010 $36022276

140 Mean $39255000 $(36087226) $(31509959) $(26932692) $(22355425) $(17778158) $(13200892) $(8623625) $(4046358) $530909 $5108175 $9685442 $14262709 $18839976 $23417243 $27994509 $32571776

150 Mean $42037500 $(39537726) $(34960459) $(30383192) $(25805926) $(21228659) $(16651392) $(12074125) $(7496858) $(2919592) $1657675 $6234942 $10812209 $15389475 $19966742 $24544009 $29121276

175 Mean $48993750 $(48163977) $(43586710) $(39009443) $(34432176) $(29854910) $(25277643) $(20700376) $(16123109) $(11545842) $(6968576) $(2391309) $2185958 $6763225 $11340491 $15917758 $20495025

200 Mean $55950000 $(56790227) $(52212961) $(47635694) $(43058427) $(38481160) $(33903894) $(29326627) $(24749360) $(20172093) $(15594826) $(11017560) $(6440293) $(1863026) $2714241 $7291507 $11868774

Highest End $80895000 $(87723823) $(83146556) $(78569290) $(73992023) $(69414756) $(64837489) $(60260223) $(55682956) $(51105689) $(46528422) $(41951155)

$(37373889)

$(32796622)

$(28219355)

$(23642088)

$(19064822)

A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

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he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-15

Appendix J


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-16

Appendix K


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-17

Appendix L



A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-18

Appendix M





Gross Revenue $6127256 $7230928 $8428049 $9725125 $10201657

$10701538

$11225913

$11775983 $12353006 $12958303 $13593260 $14259330 $14958037 $15690981 $16459839

Costs $(5332901)

$(6196213)

$(7175836)

$(8214794)

$(8596496)

$(8996900)

$(9416925)

$(9857531)

$(10319727)

$(10804570)

$(11313170)

$(11846692)

$(12406356)

$(12993444)

$(13609300)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(143145) $97215 $314713 $572831 $667661 $767137 $871488 $980952 $1095779 $1216234 $1342590 $1475138 $1614181 $1760036 $1913039

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27096715) $331705 $491689 $599027 $705761 $689139 $670999 $651685 $631490 $610671 $589446 $568003 $546504 $525084 $503857 $482920



A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-19

Appendix N





Gross Revenue $7659070 $8837801 $10113658

$11493330 $12056503 $12647272 $13266988 $13917071 $14599007 $15314358 $16064762 $16851935 $17677680 $18543886 $19452537

Costs $(6559884)

$(7479550)

$(8526009)

$(9631126)

$(10082228)

$(10555434)

$(11051826)

$(11572542)

$(12118773)

$(12691770)

$(13292843)

$(13923369)

$(14584791)

$(15278622)

$(16006451)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $161686 $420752 $650149 $924704 $1036775 $1154338 $1277662 $1407028 $1542734 $1685089 $1834419 $1991066 $2155390 $2327765 $2508586

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(26564339) $605440 $752584 $841924 $934568 $904672 $874030 $842937 $811648 $780378 $749308 $718592 $688357 $658708 $629730 $601491



A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-20

Appendix O





Gross Revenue $4595442 $5624055 $6742439 $7956921 $8346810 $8755804 $9184838 $9634895 $10107005

$10602248

$11121758

$11666724 $12238394 $12838075 $13467141

Costs $(4105918)

$(4912877)

$(5825662)

$(6798462)

$(7110763)

$(7438367)

$(7782024)

$(8142520)

$(8520680)

$(8917370)

$(9333497)

$(9770015)

$(10227922)

$(10708267)

$(11212149)

Depreciation $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500) $(937500)

EBIT $(447976) $(226322) $(20723) $220958 $298546 $379936 $465314 $554875 $648825 $747379 $850761 $959209 $1072972 $1192308 $1317492

Property Tax $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969) $(424969)

Depreciation $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500 $937500





PV $(27629091) $57970 $230795 $356129 $476955 $473605 $467969 $460432 $451332 $440963 $429583 $417415 $404651 $391460 $377985 $364350



A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-21

Appendix P


Break-even Analysis

Year 1

Revenue $6127256






CM Ratio 4191


$724141306


Break-even Analysis

Year 5

Revenue $10201657






CM Ratio 3630


$836219642


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-22

Appendix Q



Year 1

Revenue $7659070






CM Ratio 4071


$820198940



Year 5

Revenue $12056503






CM Ratio 3630


$920010262


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-23

Appendix R



Year 1

Revenue $4595442






CM Ratio 4392


$621887569



Year 5

Revenue $8346810






CM Ratio 3630


$752429022


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-24

Appendix S






$4600 $ 13200 $ 600 $ 2400 FFE $1365000

$9100 $ 16900 $ 4500 $ 9100 Parking $300000






$12700 $ 60400 $ 2200 $ 9200 FFE $1605000

$10700 $ 25000 $ 5500 $ 10400 Parking $300000






$13300 $ 87300 $ 2200 $ 11500 FFE $2190000

$14600 $ 23100 $ 3500 $ 15000 Parking $300000






$15000 $ 61200 $ 3300 $ 11800 FFE $2115000

$14100 $ 34700 $ 6600 $ 13300 Parking $300000






$26300 $ 122700 $ 2300 $ 16500 FFE $3795000

$25300 $ 51200 $ 8300 $ 20700 Parking $300000






$123200 $ 238000 $ 26000 $ 106000 FFE $9195000

$61300 $ 116400 $ 33900 $ 65400 Parking $300000



A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-25

Appendix T


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-26

Appendix U


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-27

Appendix V


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-28

Appendix W

























A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-29


























A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-30

Appendix W-1

LMAreg

All Target DMAs


ALL TARGET DMAs


Top Area Indicators

Top Ten Finishes












50

Key Indicators

Index Nation Avg







Target Demographic

Index Nation Avg

45-64 Income $50000-$74999 98797289 100

45-64 Income $75000+ 13085616 100

A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-31

Appendix W-2

LMAreg







Index



Foreign Travel 129


Frequent Flyer 122

Wines 122

Boating Sailing 121




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 98

45-64 Income $75000+ 135

A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-32

Appendix W-3

LMAreg







Index


Wines 124





Casino Gambling 112

Foreign Travel 111

Boating Sailing 111

Own a Cat 109

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 133

A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-33

Appendix W-4

LMAreg






Index


Boating Sailing 121


Casino Gambling 116

Wines 114



Own an HDTV 110



Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 102

45-64 Income $75000+ 104

A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-34

Appendix W-5

LMAreg






Index



Own a Cat 114


Casino Gambling 110


Wines 108




Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 110

45-64 Income $75000+ 99

A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-35

Appendix W-6

LMAreg






Index




Foreign Travel 156

Frequent Flyer 151


Wines 144



Boating Sailing 124

Key Indicators

Index Rank (of 210)







Target Demographic

Index

45-64 Income $50000-$74999 80

45-64 Income $75000+ 171

A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-36

Appendix X


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-37

A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-38

Appendix Y


Name Price No of

rooms


site activities


Topnotch

Resort amp Spa



room





outdoor activities


DC Philadelphia

Chicago Burlington

Montreal Toronto


Stowe VT





Stoweflake

Mountain

Resort amp Spa


and breakfast

164 Resort amp spa



Boston Hartford NYC


Stowe VT

Equinox

Resort

$399-$499 Peak


(Room only)






NYC Brattleboro






Canyon Ranch

Lenox




sampler deluxe room



programs

Lenox MA









meetingsretreats

NYC Hartford Boston

Albany Central NJ

Providence

Lenox MA



shared bath Weekly



services





New York

WashingtonBaltimore


Pittsburgh

East Stroudsburg PA




Mayflower Inn

amp Spa






spas





Washington CT



Kripalu Center

for Yoga

And Health


Retreat (meals



dorms (6-22 beds)

Yoga

Focus on women



Lenox MA

A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-39

Name Price No of

rooms


site activities


Mountain View

Grand

Resort amp Spa



145 Resort amp Spa



restaurants



Portland ME

Whitefield NH



resorts

The Spa at

Grand Lake

$275 - $375 per night



use of facilities)


Providence Hartford

Lebanon CT




Office

Gideon Putnam

Hotel amp Spa




activities

Albany Buffalo NYC

Boston

Saratoga Springs NY




Copperhood Inn

amp Spa



occupancy Includes



programs




as a best cheap spa





shopping

Buttermilk Falls

Inn amp Spa

$225-$450 per night





Connecticut Albany

Milton NY




sites and FDR

Mirbeau Inn

amp Spa


$265 off-season

(room only)

34 Inn amp Spa



spa groups meetings





Mirror Lake Inn

Resort

amp Spa

$305 peak

$250 off-season


128 Resort amp Spa









VT

Lake Placid NY






A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-40

Appendix Z



41408

0

50

100

150

200

250

300

350

400

Pe

lha

m

Am

he

rst

Be

lch

ert

ow

n

Be

lch

ert

ow

n

Am

he

rst

Ha

dle

y

Be

lch

ert

ow

n

Ha

dle

y

Am

he

rst

We

nd

ell

Am

he

rst

Be

lch

ert

ow

n

S H

ad

ley

Am

he

rst

S H

ad

ley

Pe

lha

m

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Le

ve

rett

Le

ve

rett

Ha

dle

y

Am

he

rst

Am

he

rst

Ne

w S

ale

m

Le

ve

rett

Am

he

rst

Am

he

rst

Am

he

rst

Am

he

rst

Pe

lha

m

Town

Pri

ce p

er

Sq

F

t

A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-41

Appendix AA

















come



medical center















A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-42













be preserved













station there too












and recreation




A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-43






A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-44

Appendix BB




























earlier)



A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-45

Appendix CC



MassDevelopment

160 Federal Street

Boston MA 02110

Phone (800) 445-8030





redevelopment


255 Padgette Street

Suite One

Chicopee MA 01022

Phone (413) 593-6421 Toll Free (888) 593-6421

Fax (413) 593-5126










Phone (413) 781-6045

Fax (413) 732-2593

infopvpcorg







administration




region

A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-46





Westfield MA 01085

Phone (413) 562-8780

Fax (413) 562-2578







Massachusetts


Loomis Communities





Phone (800) 865-7655

Phone (413) 532-5325

Kendal Corporation





(610) 335-1245

infokcorpkendalorg




State Hospital


One Ashburton Place

Boston MA 02108

Phone (617) 727-4050

Fax (617) 727-5363




A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-47


Maintenance




John B Cruz III

President


Roxbury MA 02119

Phone (617) 445-6901

Fax (617) 442-2496








Boston MA


Boston MA 02210

Phone (617) 654-9500

Fax (617) 426-1610







Boston MA 02118

Phone (617) 859-5900

Fax (617) 424-9623









Phone (617) 527-9800

Phone (617) 965-7361

contactus1natdevcom

A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-48






Community Builders



Phone (617) 695-9595

Fax (857) 221-8618










A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-49

Appendix DD

BSS SWOT

BSS Property SWOT


market valuehellip







stall development


water











sewage)






town in Western MA







on-site



property


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-50

Appendix EE








―known






Btown



travel that far












A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-51






















do










A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-52




developer


changed











occupancy 50












work



A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-53











worth _____















A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-54










large trading area




20 is a good start






will be fairly low

A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-55

Appendix FF

Bibliography






2005






March 28 2008





Press Pte Ltd 2006




HillIrwin 2006






A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


A-56

Websites consulted

httpwwwSpaFindercom


httpwwwcranwellcom

httpmapsgooglecom

httpwwwgostowecom

httpwwwmassgov

httpwwwcity-datacom


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