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Client profile

A 1,966 room, 526,000 square foot full-service hotel and convention center in Oxon Hill, Maryland. The 18-story building was constructed in 2008 and includes 363,679 square feet of meeting space, six food and beverage outlets, a spa and salon, five retail shops and a designated parking garage. The site measures approximately 41.68 acres and is part of the National Harbor complex – a master-planned, mixed use development located on the eastern shore of the Potomac River. It is one of the largest hotels in the world.

Challenge

The fair market value of the property was developed using the cost approach. The cost approach was not an appropriate application of valuation methodology given nuances of the development process pertaining to the subject property and the timing of the completed construction and assessment year.

Results

Altus Group appealed and reduced the assessment in 2013 by 31% resulting in more than $6,600,000 in tax savings.

Services provided

Our technology-enabled expert services enable commercial real estate professionals to connect to the market with greater speed, visibility and efficiency.

Services provided

Our technology-enabled expert services enable commercial real estate professionals to connect to the market with greater speed, visibility and efficiency.

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Last updated on August 22nd, 2019 at 05:16 pm

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