Expert Profile
David Sangree, MAI, CPA, ISHC has expertise in the appraisal and analysis of hotels, resorts, indoor waterpark resorts, waterparks, amusement parks, conference centers, ski resorts, and golf courses. He has performed studies on more than 1,000 existing and proposed hotels in more than 46 states in all price ranges including economy, full-service, extended-stay, and luxury hotels and resorts including indoor waterpark resorts.
He has extensive experience in performing market and feasibility studies, impact analysis, appraisals, financial analysis and performance projections, site selection, and financial reviews for hospitality properties. He has been an active appraiser/consultant since 1987 and also has 10 years of work experience in the hotel/restaurant industry including management positions with four Westin Hotels properties. He also performs feasibility studies, appraisals, and economic impact analysis for proposed and existing ski areas, waterparks, amusement parks, conference and convention centers, arenas and entertainment centers. He is active in the analysis and valuation of land and other income-producing property types including casinos, golf courses, office, retail centers, housing developments, and multi-property portfolios.
Mr. Sangree is a nationally recognized expert on indoor waterpark resorts and has visited most of the open waterpark properties in the United States and Canada. He has performed more than 200 studies of hotels and resorts with indoor waterparks since 1999, and he maintains a database of statistical information concerning indoor waterpark resorts. Mr. Sangree was named in 2008 one of Aquatics International Magazine’s “Power 25.” Aquatics International publishes an annual list of professionals it deems the most powerful people in the aquatics industry. Mr. Sangree was profiled as one of the first consultants serving the waterpark resort industry and for his expertise and experience in shaping some of the latest industry trends. Mr. Sangree has appeared on Good Morning America and CNBC on special reports concerning resorts and waterparks.
President, Hotel & Leisure Advisors, Cleveland, Ohio, 2005 –
Director of Hospitality Consulting and Principal in Cleveland office, US Realty Consultants, Inc., Cleveland and Columbus, Ohio, 1992-2005
Financial & Training Consultant with Malawi National Credit Union League (US Peace Corps), Malawi, Africa, 1989-1991.
Senior Consultant in the Hospitality Group of Pannell Kerr Forster, Chicago, Illinois, 1987-1989.
Management positions with four Westin Hotels and Resorts in Cincinnati, Chicago, New York, and Fort Lauderdale - 1983-1987.
Bachelor of Science, Hotel Administration, Cornell University, 1984
Various International Society of Hospitality Consultants, Appraisal Institute, & CPA continuing education courses
International Association of Amusement Parks and Attractions (IAAPA)
World Waterpark Association (WWA)
WWA’s Waterpark Resort Task Force
Appraisal Institute, MAI (Former President, Northern Ohio Chapter)
The Appraisal Journal Review Panel
American Institute of Certified Public Accountants (AICPA)
Cornell Hotel Society (Past Treasurer - Chicago, IL chapter)
International Society of Hospitality Consultants (ISHC)
Ohio Travel Association
Ohio Hotel and Lodging Association
Meeting Planners International
National Golf Foundation
National Ski Areas Association
American Resort Development Association
Articles Written by David J. Sangree, MAI, CPA, ISHC:
“Waterpark Resorts Supply and Demand 2010 Update” Hotel Online, June 2010
“Financing your Indoor Waterpark Resort in 2010” Hotel News Now, June 2010
“2009 Median Hotel Prices Plummet – Is it Time to Appeal Your Property Taxes? Hotel
Online, November 2009
“Financing Your Indoor Waterpark Resort in 2009” Hotel Online, September 2009
“Outdoor Waterparks: Private vs. Municipal” Aquatics International, September, 2009
“Indoor Waterpark Supply and Demand Mid-Year 2009 Update” Hotel Online, July 2009
"Indoor Waterpark Resort Supply Grows and Faces Challenges in 2009” Hotel News Now February, 2009
"Dealing With the Economic Downturn: 10 Ideas for Hotels and Resorts" Hotel Online, December, 2008
"Cleveland's Second Wind: 2008 Overview" Hotel Online, September, 2008
“Financing Your Indoor Waterpark,” World Waterpark Association’s 2008 Development and Expansion Guide
“Indoor Waterparks Surfing a Wave in North America in ‘08” Hotel Online, July 2008 and Water Leisure and Lodging, July, 2008
"Economic Impact Studies Help Land Financing" Hotel Motel Management, May 2008 “Unique Ways for Resorts to Radically Increase Revenue” Developments Magazine an ARDA Publication, April, 2008
“Indoor Waterparks Supply and Demand Growth in ‘07,” Lodging Hospitality, September 2007
“Appraisal & Market Analysis of Indoor Waterpark Resorts,” Waterpark Development and Expansion Guide ’07
“Financing Your Indoor Waterpark Resort,” Waterpark Development and Expansion Guide ’07 and Hotel Online, August 2007
“Indoor Waterparks Make a Bigger Splash in North America,” Water Leisure & Lodging 2007 and Hotel Online, July 2007
“Waterpark Resorts Top 10 by Revenue,” Waterpark Resorts Today Annual IT Book, 2007-2008
“Number of Indoor Waterpark Destination Resorts Grow in 2007,” Hotel Online, February 2007
“Riding the Wave, Indoor Waterpark Resort Numbers Increase in ‘06” Water Leisure and Lodging and Hotel Online, September 2006
“Appraisal & Market Analysis of Indoor Waterpark Resorts,” Waterpark Development and Expansion Guide ’06 and Hotel Online, September 2006
“Financing Your Indoor Waterpark Resort,” Waterpark Development and Expansion Guide ’06 and Hotel Online, September 2006
“Adding a Waterpark to a Hotel: Is it a Good Idea?” Hotel & Motel Management, June 2006
“Midwest Whets Appetite for Indoor Waterparks,” Heartland Real Estate Business, May 2006
“Ohio’s Lodging Market: Historical Analysis & 2006 Forecast,” Hotel Online, March 2006
“Indoor Waterparks and Hotels, a Case Study,” Hotel Investment Issues and Perspectives Fourth Edition, January 2006 & Hotel Online, February, 2006
“Indoor Waterpark Destination Resorts, a Growing Trend,” Aquatics Magazine, October 2005
“Splashtacular Growth,” Water Leisure and Lodging, September 2005
“Hotel Capitalization Rates Drop Further,” Hotel Online, May 2005
“Indoor Waterpark Resorts Continue Growth in ’05,” Midwest Real Estate News, May 2005
“Hotel Condominium Sales Grow at Indoor Waterpark Resorts,” Hotel Motel Management, April 2005
“Cleveland’s Lodging Market: a Slow Climb Back,” Hotel Online, February 2005
“Indoor Waterpark Resorts Continue Impressive Growth in ’05,” Hotel Online, January 2005
“Splashtacular Growth of Indoor Waterpark Resorts,” World Waterpark Magazine, October 2004
“Financing Challenges for Indoor Waterpark Resorts,” World Waterpark Development and Expansion Guide 2004-2005
“Indoor Waterparks Appeal to Hotels, Large Destination Resorts,” Hotel Motel Management, July 2004
“Indoor Waterpark Resorts Expand Nationwide,” Hotel Online, April 2004
“Hotel Capitalization Rates Drop,” Hotel Online, March 2004
“Cleveland Market at Bottom with Improvement Predicted,” Hotel Online, January 2004
“Appraisal and Financing of Indoor Waterpark Resorts,” Hotel Online, October 2003 & World Waterpark Development and Expansion Guide, 2004
“Indoor Waterpark Resorts: Independent Versus Franchised,” USRC Hospitality Perspectives, Spring 2003
“Indoor Waterpark Resorts Enjoy Competitive Advantages over Traditional Hotels,” Lodging Hospitality, May 2003
“War in Iraq Expected to Have Limited Effect on Hotel Values,” Hotel Motel Management, May 2003
“Cleveland Hospitality Market Faces Increased Vacancies,” Heartland Business, March 2003
“Hotel Capitalization Rates Drop,” Hotel Online, February 2003 and USRC Hospitality Perspectives Spring 2003
“Analyzing the Impact of a New Hotel on Existing Properties,” AAHOA Lodging Business, October 2002
“Indoor Waterpark Resorts Make a Splash in Midwest,” Hotel Motel Management, August 2002
“Full-service Hotel Capitalization Rates Jump,” Hotel Interactive, April 2002 and USRC Hospitality Perspectives, Winter/Spring 2002
Quoted extensively in CNN.com, Columbus Business First, Columbus Monthly, Hotel Business, Chicago Sun Times, Columbus Dispatch, Cleveland Crain's, Cleveland Plain Dealer, Cincinnati Business Courier, Fort Myers News-Press, Hotel Interactive, Cornell Hotel and Restaurant Quarterly, Meeting News, Aquatics International, Midwest Real Estate News, New York Times, CNBC, Albany Times Union, RCI Ventures, Time Magazine, USA Today, and other publications. He has appeared on CNBC and ABC on segments concerning resorts and waterparks.
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