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 4,000 market and financial feasibility studies, appraisals, operational reviews, and site selection studies in 50 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.
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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

United States, Canada, Caribbean, selected markets internationally


Mr. Sangree has analyzed more than 4,000 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 a wide range of hotels and attractions including waterparks, golf courses, ski resorts, casinos, sports complexes, FECs, amusement parks, and conference centers. Mr. Sangree is an international expert concerning waterpark resorts and has visited most of the open waterpark properties in the United States and Canada. He has performed more than 1,000 studies on indoor and outdoor waterpark resorts in the United States and internationally. The World Waterpark Association was honored with its Hall of Fame Award in 2022 and its Executive Board Award in 2016. Aquatics International named him to their
“Power People” list of the most influential people in the aquatics industry in 2019.He has appeared on Good Morning America, CNBC, and Fox8 News in segments concerning hotels, resorts and waterparks.

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) * Cornell Real Estate Council

Speaking Engagements

“Waterpark Resorts Market/Feasibility Analysis and Appraisal” presentations at the World Waterpark Association annual conventions in 2003 through 2023
“Impact of Whitewater Waterpark Equipment on Resorts,” International Society of Hospitality Consultants Conference, 2021 and the International Association of Amusement Parks and Attractions Expo, 2022
“Water Parks: Impact from COVID-19 Pandemic in 2020 and Recovery in 2021”, IAAPA Expo, 2021
“Global Valuation,” International Society of Hospitality Consultants webinar, 2020 and 2021
“Virtual Reality Entertainment in Hotels,” InfoComm 2019, Orlando, FL
“Hotel Valuation Techniques,” Institute for Professionals in Taxation Annual Symposium, 2018, Orlando, FL
“Ohio Lodging Overview,” Ohio Hotel & Lodging Association Annual Meeting, 2017, Columbus, OH
“Hotels & Waterpark Industry – Insights, Trends and Valuation Keys” May 2016 at the Appraisal Day Seminar by the International Right-of-Way Association, Columbus, OH
“Revenue Management-to Do List” Nov. 2014 at NATHIC Hotel Investment Seminar, Chicago, IL

“The Food Revolution” Nov. 2013 for NATHIC Hotel Investment Seminar, Chicago, IL
“Waterparks and Resorts Outlook” April 2013 for Aquatics International webinar
“Hotel Valuation Seminar” October 2012 at the Integra Realty Resources appraiser training, Las Vegas, NV

“Suburban Hotels Panel” July 2012 at the Midwest Lodging Investors Summit in Chicago, IL
“Overview of Cleveland Lodging Market” April 2012 at the OHLA Cleveland Lodging Council Meeting
“Cleaning up Hotel Distress” July 2011 at the Midwest Lodging Investors Summit, Chicago, IL
“Valuation Issues Affecting Hotel Properties in the Current Real Estate Economy” August 2010 at the Institute for Professionals in Taxation in Cleveland, OH

Articles and Publications

Waterpark annual supply and demand articles for World Waterpark Association, 2007 to 2024
“Waterpark Resort Development: Successes and Pitfalls,” InPark Magazine
“Hotel Feasibility Study Methodology,”
“Waterpark Financing Fundamentals,” World Waterpark Association
"Indoor and Outdoor Waterpark Supply Continues Growth as Surf Simulators Take Center Wave"
Hotel News Now
“Room Service more than Revenue Generator” Hotel News Now
“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
“Top 10 Largest Hotel Brands Average Sale Prices” Hotel News Now
“The Lodging Market is Improving in Ohio’s Big Cities” Hotel Online

Representative List of Clients

Scott Enterprises
Delaware North Companies
Kalahari Resorts
Sun Communities
Triple Five
Crystal Lagoons
Best Western International
Choice Hotels International
Marriott International
Host Hotels
InterContinental Hotels Group

Herschend Family Entertainment
Cedar Fair

Great Wolf Resorts
Brittain Resorts
Wells Fargo
US Bank
Deutsche Bank
M&T Bank
PNC Financial Services


Bachelor of Science, Hotel Administration, Cornell University, 1984
Various International Society of Hospitality Consultants, Appraisal Institute, & Certified Public Accountant
(CPA) continuing education courses

Past Experience

President, Hotel & Leisure Advisors, Cleveland, Ohio since 2005
Director of Hospitality Consulting & Principal, US Realty Consultants, Cleveland, Ohio and Columbus, Ohio

Senior Consultant in the Hospitality Group, Pannell Kerr Forster, Chicago, Illinois
Management positions with four Westin Hotels and Resorts in Cincinnati, Chicago, New York, and Fort Lauderdale