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Cost Approach by the PA supports a potential cost new of the subject, utilizing Marshall and Swift Cost guide, but does not provide any market information that would support the market sale price of the improvements as they would be impacted by external obsolescence until stabilized occupancy is achieved. The value utilized for the subject land is not the same land value as the PA Indicates in Just Value' assessment plus cost of sale, or as reported in their additional Information at $365;904. The PA Income analysis utilizes an ADR of $122 per night. The Occupancy Rate is estimated at 55%, Expenses are estimated at 70% of EGI. The ADR is based on asking room rate on the subject web page. The PA did not provide market support for the subject ADR. occupancy rate is not supported by PA market data. Expense ratio isnot supported by PA data. The Cap Rate at 11:5% is higher than indicated by the PA market sales (which are potential rates derived from listings), or other PA information. The ADR, Expense Ratio, Occupancy Rate, and Cap Rate.used in the analysis appear to be arbitrary, not related to the subject or its competitive market, with no justification for the application of these benchmarks. The market support information provided by the PET does support some of the PA information, but. the overall PA Income Analysis is compromised by a lack of justification for the basic information utilized. The PA indicates a lower Just Value for the subject than indicated by the PA income, cost, or Market analysis, but does not quantify how much lower the Just Value of the subject should be. The only conclusion to be made is that a PA Just Value for the subject should be below the values indicated by the PA analysis. PET evidence - The PET provided income analysis for the subject based on anticipated stabilized ADR and occupancy rates from comparable market hotel information. ADR of $104.54 is supported by the subject running 3 month, the Comp Set $118.70, Fort Pierce/Port St. Lucie $115,99. Occupancy for the Cop Set is reported at 71.5% for 12. months and 67.1 % Fort Pierce/Port St. Lucie running 12 months. RevPar for the subject is indicated at $74.75, Pt. St. Lucie $77.88, and Comp Set $84.85. The subject ADR and RevPar is slightly lower than the Pt. St. Lucie comp set, and lower than the immediate area comp set, but supported by the subject winter rates which are expected to be higher than the yearly rate. The PET expenses are adequately supported at 81.5%, This expense includes insurance adjustment for Florida, 4% reserve adjustment, and does not include the expense of property taxes. The PET loaded Capitalization Rate is used at 10.02%, which Includes 8.5% Cap rate plus 15.2154 millage rate. The 8.5% cap rate is supported for suburban cap rates for stabilized properties for 111t and 2"11 Tier select -service hotel markets. The PET cap rate is lower than the PA cap rate, which provides fora higher value based on the potential income. The PET Value based on the income approach, and supported by market information, is indicated at $4,121;939. The PPE as indicated by the PA of $671,078 provides a value of the Real Property of $3,450,861.. Based on the information provided, the PET indicated 100% Market Value of the subject real estate is adequately supported at $3,450,861. The PET supported that considering the 15% cost of sale adjustment, as indicated by the Property -63-