Three similar motels have sold between December 2007 and March 2008 as follows:

Sale #1, the Sleep Well Motel, is a franchised 70 room motel built in 1990 and has a leased restaurant/lounge, a small fitness centre, business centre and ample outside parking.  Although less than a mile from the subject property, it is not as well located, being 3 blocks from the main airport precinct. It sold in December 2007 for $7,000,000 or $100,000 per room.

Sale #2, the Runway Court Motel, is a franchised operation built in 2004 and contains 110 rooms, has a leased restaurant/lounge with a fitness centre, business centre, pool/spa and outside parking.  It is the newest motel in the area and is located in close proximity to the airport. It sold in February 2008 for $16,500,000 or $150,000 per room.

Sale #3, the Rate Buster Motel, is an independent operation built in 2000 and contains 65 rooms. There are no food and beverage facilities, but guests are offered a complimentary continental breakfast in the lobby area. There is ample outside parking but no additional facilities. It is located off the airport precinct and sold in March 2008 for $5,200,000 or $80,000 per room.

All sales were verified to be at arms length, are the sale of the fee simple interest and do not contain any unusual financing arrangements. The market data has been stabilized in the same manner as the subject property and reflects competently managed operations. The market has remained fairly stable from late 2007 through early 2008.   The sale prices range from $80,000 to $150,000 per room.