West Virginia University Waterfront Place Hotel
Updated: Feb 15, 2021
Morgantown, West Virginia
Prepared a market analysis, including key supply/demand characteristics
Performed an income approach valuation, including a 10 year cash flow analysis
Recommended two potential options for WVU
Analyzed feasibility of the events center impacts university ownership would have on event demand
Helped establish purchase price
Performed a PIP analysis for the hotel
Johnson Consulting was hired by West Virginia University (WVU) as asset manager to provide an assessment of the existing Waterfront Place Hotel (WPH), events/ conference center, and marina restaurant. The intended use of the report was for market value assessment for a potential acquisition of the property by the University from its current owners.
The report determined that the WPH is clearly the market leader in Morgantown. The conference and events center helped strengthen and secure this position. The strategic location of this hotel adjacent to the new event center makes it the natural choice for event attendees to choose as their lodging destination. Until the market increases its supply, the WPH should experience a windfall of new room nights resulting from event center activity. The University will also drive a high volume of events to the hotel and the events center.
Johnson Consulting analyzed past performance of the hotel and conference center, assessed the business plan for the conference center, and measured the demand the University can shift to the hotel if it were to own it. We have served the University over the past 5 years from both a valuation perspective and asset adviser.