Tulsa Downtown Hotel Needs
Tulsa, Oklahoma

TYPE:	Downtown Hotel Development Needs Analysis
YEAR:	2006
CLIENT:	Tulsa Convention & Visitors Bureau
SCOPE OF WORK:	Local market interviews Analysis of Existing market Conditions Market Demand Analysis Peer market Analysis Development Scenarios Financial and Cost Analysis

In July of 2006, CSL and Hospitality Real Estate Counselors ("HREC") issued the Analysis of the Need and Feasibility for Additional Hotel Development in Downtown Tulsa. Key analysis components of the study included (1) a detailed evaluation of the existing and potential future Tulsa hospitality market; (2) an assessment of potential support of additional hotel supply in Tulsa with a focus on the Central Business District; and (3) an analysis of the financial and economic issues related to potential development scenarios.

Specific elements of our analysis included the following:

• Performed a physical inspection of the downtown Tulsa area, including the existing lodging supply.
• Conducted interviews with government officials, local real estate professionals, representatives of the Chamber of Commerce, CVB, economic development agencies, local area hotel operators and key planners of room night generating events.
• Collected and analyzed economic and demographic information related to the overall metropolitan Tulsa economy, as well as local market information provided by the CVB, Chamber, City and other representatives.
• Collected and analyzed historical hotel supply, demand and performance statistics related to Tulsa area lodging properties and other comparable markets.
• Identified and evaluated comparable market downtown hotel projects, including salient physical, performance and funding characteristics.
• Considered current and past study data regarding the expanded/improved Tulsa Convention Center, the new Bank of Oklahoma Center, expanded Tulsa Expo Square, and other visitor impacts related to Vision 2025 projects.

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