Balboa Land Investments retained Altus to review and analyze the Hyatt Hotel’s initial tax assessment of $98.2 million for the 2011 taxation year. The Hyatt Hotel, located in downtown Calgary, is a 355 room full-service luxury hotel that has a Thompson’s restaurant and lounge, a pool, an exercise room and a meeting/banquet room that can accommodate 1,598 people.
Altus determined that the weighting of the income and expense statements over the past three years did not reflect the market conditions of the valuation date. After negotiating with the assessor, Altus successfully lowered the assessment to $89.4 million. This resulted in a gross tax savings for the client of over $137,373 for the 2011 tax year. With our highly skilled and experienced personnel based in Canada, we are able to draw upon a diverse array of real estate experts to resolve the challenges that confront our clients. Our expertise includes real estate appraisal for all asset classes, financial analysis and modeling, urban land economics, costing specialists, project management, asset strategy, capital planning, market research, demographic analysis, land use planning, management consultation, property tax specialists and geomatics.
Site Inspection, Tax Consultation, Property Tax Management, Negotiations and Assessment, Appeals