The Clarendon Hotel

The City believes that experienced operators will want to provide their own market projections, but we do offer this basis for projections.

The City has conservatively estimated an occupancy rate for the established operation of 54%. This is 10% below the average occupancy rate of the St. Clairsville interstate area hotels. The City also assumes a very conservative first year rate of $86 per night which is below the current rate of the Hampton Inn and the Fairfield Inn. Remember, however, that the Clarendon is thought to be the higher end of the spectrum in terms of the type of product, and its rehabilitation costs have been calculated as such, hence this rate is conservative. The average boutique hotel rate nationally far exceeds $86. The Professional Association of Innkeepers International lists the national average rate in 2002, for a boutique hotel at $133. Belmont County's average rate grew 16.2% from 1998 to 2004, whereas nationally the average rate grew only 1% annually.

The restaurant is believed to be the financial heart of this project. It is not intended to be a product of the hotel. Instead, the hotel will probably be a product of the restaurant. The restaurant is intended to be a local and regional draw. It is the thought that in this case the restaurant will be supplemented by the hotel, not the inverse.










	Market Projections The City believes that experienced operators will want to provide their own market projections, but we do offer this basis for projections. The City has conservatively estimated an occupancy rate for the established operation of 54%. This is 10% below the average occupancy rate of the St. Clairsville interstate area hotels. The City also assumes a very conservative first year rate of $86 per night which is below the current rate of the Hampton Inn and the Fairfield Inn. Remember, however, that the Clarendon is thought to be the higher end of the spectrum in terms of the type of product, and its rehabilitation costs have been calculated as such, hence this rate is conservative. The average boutique hotel rate nationally far exceeds $86. The Professional Association of Innkeepers International lists the national average rate in 2002, for a boutique hotel at $133. Belmont County's average rate grew 16.2% from 1998 to 2004, whereas nationally the average rate grew only 1% annually. The restaurant is believed to be the financial heart of this project. It is not intended to be a product of the hotel. Instead, the hotel will probably be a product of the restaurant. The restaurant is intended to be a local and regional draw. It is the thought that in this case the restaurant will be supplemented by the hotel, not the inverse.