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David Sangree MAI, CPA, ISHC
Hotel & Leisure Advisors

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litigation support - expert witness
financial analysis
market and feasibility studies


bed & breakfest
boutique hotels
condo hotels
conference centre / convention centres
convention hotels
destination casino resorts
destination resorts
extended stay hotels / corporate apartments
family entertainment centers
full service hotels
green hotels
holiday villages
independent hotels
limited / select service hotels
private clubs
resort mixed use developments
restaurants (full, quick and limited service)
theme parks & attractions
time share & interval ownership
tourism / destination management
urban mixed use development
water parks

Speaker Topics

global hotel industry trends
hospitality appraisals valuation
indoor water park resorts
public private partnerships in real estate development
real estate

Geographic Areas

USA (47+ States), Canada, Carribean

Speaking Engagements

Mr. Sangree has provided seminars concerning the following topics in recent years: "“Valuation Issues Affecting Hotel Properties In The Current Real Estate Economy” at the Institute for Professionals in Taxation * "Waterpark Resorts Market and Feasibility Analysis" at the World Waterpark Association Annual Conventions; “Opportunities for Innovation” at the Cornell University School of Hotel Administration's Hotel Ezra Cornell (HEC) conference; "Revenue Management-to Do List” at NATHIC Hotel Investment Seminar; “Hotel Financing Track - Taking Advantage of Distress: Where are the Opportunities?” at the Midwest Lodging Investors Summit; “Water Park Wars” An in depth news segment on Good Morning America featured Mr. Sangree as an interviewee

Mission Statement

H&LA provides thorough and thoughtful analysis to our clients in all sectors of the hospitality industry. We offer full-service MAI appraisals; insightful feasibility and impact analyses; economic impact studies, operational reviews, and specialized analysis for hotels, indoor and outdoor waterparks, resorts, conference and convention centers, golf, ski resorts, casinos, restaurants, sports complexes, and other leisure real estate


Mr. Sangree has analyzed more than 2,000 existing and proposed hotels and leisure properties throughout North America in all price ranges including economy, full-service, extended-stay, and luxury hotels and resorts. He performs market studies, appraisals, impact studies, and other consulting reports on all hospitality properties including waterparks, golf courses, ski resorts, casinos, sports complexes, fractional ownership, and conference centers. Mr. Sangree is a national expert concerning waterpark resorts and has visited most of the open waterpark properties in the United States and Canada. He has performed more than 600 studies on indoor and outdoor waterpark resorts in United States and Canada.

Past Experience

President, since 2005 with Hotel & Leisure Advisors, Cleveland, Ohio * Director of Hospitality Consulting and Principal, 1992-2005 with U S Realty Consultants, Inc., Cleveland and Columbus, Ohio * Financial consultant with Malawi (Africa) national credit union league (through U S Peace Corps). - 1989-1991 * Senior consultant in the hospitality group of Pannell Kerr Forster (PKF), Chicago - 1987-1989 * Management positions with four Westin Hotels and Resorts in Cincinnati, Chicago, New York, and Fort Lauderdale - 1983-1987


BS, Hotel Administration, Cornell University, Ithaca NY Various International Society Of Hospitality Consultants, Appraisal Institute, & CPA related courses

Professional Memberships

MAI - Appraisal Institute (Past President - Northern Ohio Chapter) * Cornell Society of Hoteliers (Past Treasurer - Chicago, IL chapter) * The Appraisal Journal Review Panel * The School of Hospitality Business at MSU Real Estate & Development Advisory Council * Ohio Hotel and Lodging Association * International Society Of Hospitality Consultants * International Association of Amusement Parks and Attractions (IAAPA) * World Waterpark Association (WWA) * National Ski Areas Association (NSAA) * National Golf Foundation * Themed Entertainment Association (TEA)

Representative List of Clients

Marriott Hotels * IHG * Best Western * US Bank * Choice Hotels * Delaware North * Wells Fargo * Great Wolf Resorts * Cedar Fair * Six Flags * Kalahari Resorts * CW Capital *various Native American tribes * various law firms * Michigan State University * Capital One Bank

Articles and Publications

“2017 Waterpark Forecast: Continued Growth" World Waterpark Association Magazine; "Weight Loss Resorts are Boon for Developers" Hotel News Now; “Perform Market Analysis with a Feasibility Study for Indoor Waterpark Resorts and Outdoor Waterparks” Appraisal Journal and WWA Development Guide; "Season Pass Price Positioning at Outdoor Waterparks" Aquatics International; “Top 10 Largest Hotel Brands Average Sale Prices” Hotel News Now; “The Lodging Market is Improving in Ohio's Big Cities" Hotel Online; “2009 Median Hotel Prices Plummet – Is it Time to Appeal Your Property Taxes? Hotel Online; "Economic Impact Studies Help Land Financing" Hotel Motel Management