David Sangree

Company: Hotel & Leisure Advisors

Position: President


David is the President and Founder of Hotel & Leisure Advisors, an international hospitality consulting firm. He is a graduate of the Cornell University School of Hotel Administration and an MAI-designated appraiser with the Appraisal Institute. In addition, he is a member of the International Society of Hospitality Consultants and is a Certified Public Accountant. As an expert in the hospitality and leisure field, David analyzes hotels, resorts, waterparks, amusement parks, conference centers, ski resorts, casinos, and golf courses. He has prepared more than 3,000 market and financial feasibility studies, appraisals, operational reviews, and site selection studies in over 49 states and internationally. He has been an active hospitality consultant since 1987 and also has 10 years of work experience in the hotel/restaurant industry including management positions with four Westin Hotels properties.


Mission Statement

Empowering hospitality and leisure industry clients to make sound decisions with data-driven analysis and insightful recommendations. H&LA offers 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

Geographic Areas

USA (49+ States), Canada, Caribbean


Mr. Sangree has analyzed more than 3,000 existing and proposed hotels and leisure properties throughout North America and internationally 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 700 studies on indoor and outdoor waterpark resorts in the United States and Canada. The World Waterpark Association was honored with its Hall of Fame Award in 2022 and its Executive Board Award in 2016.

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 Lodging Association * International Society Of Hospitality Consultants * International Association of Amusement Parks and Attractions (IAAPA) * World Waterpark Association (WWA) * Themed Entertainment Association (TEA) * National Golf Foundation * Themed Entertainment Association (TEA)

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

Articles and Publications

“Waterpark Resort Development: Successes and Pitfalls,” InPark Magazine, August 2022 “Waterparks: Riding a Recovery Wave,” World Waterpark Association, April 2022 “U.S. and Canada Waterpark and Resort Trends in 2020" 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; “Median Hotel Prices Plummet – Is it Time to Appeal Your Property Taxes? Hotel Online; "Economic Impact Studies Help Land Financing" Hotel Motel Management

Representative List of Clients

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


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

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