USDA B&I Feasibility Study Case Study: A 70-Room Limited-Service Hotel on US-19 at the New River Gorge Gateway in Fayetteville, West Virginia, Not Feasible as Proposed and Feasible as Restructured

A 70-room upper midscale limited-service hotel proposed on a 4.61-acre commercial tract on Laurel Creek Road at the US-19 traffic light in Fayetteville, Fayette County, West Virginia, listed at $450,000 and marketed for retail, medical, restaurant or hotel use, at the gateway to New River Gorge National Park and Preserve, which recorded 1,958,440 recreation visits in 2025, a record and about 64 percent above 2019. The town's zoning ordinance permits a hotel by right in General Commercial and by conditional use in Mixed Use, and the parcel's district is a condition. At a $12,755,000 total project cost, $182,214 per room, and the program's 25 percent equity for construction guaranteed before completion, the hotel covers at 0.77x in Year 3 and 0.86x in Year 5, because a 64 percent annual occupancy built from an August peak near 90 percent and a January trough near 35 percent, at a $148 rate, produces about $685,000 of cash flow against $884,300 of debt service. Restructured at a $6,300,000 B&I loan, 49 percent of cost, with $6,455,000 of equity, the hotel covers at 1.02x in Year 2, 1.18x in Year 3, 1.25x in Year 4 and 1.31x in Year 5. Determination: not feasible as proposed; feasible as restructured, conditioned on the parcel's General Commercial zoning, the town's water and sewer capacity letter, a funded reserve, franchise approval and the lender carrying the park's monthly visitation curve as the occupancy curve.

Model study prepared by MMCG Invest | Michal Mohelsky, J.D., FMVA | October 2, 2026

MMCG concludes that the proposed 70-room limited-service hotel on Laurel Creek Road at US-19 in Fayetteville, West Virginia is not feasible as proposed and is feasible as restructured. The site and the demand are sound. The parcel is 4.61 acres at a signalized intersection on the four-lane highway that carries every visitor from the north and the south to the New River Gorge Bridge, the Canyon Rim Visitor Center and the town, at a land cost of $7,000 per room; the town's ordinance permits a hotel by right in its General Commercial district; and the park recorded 1,958,440 recreation visits in 2025, a record, up about 8 percent on 2024 and about 64 percent on 2019, with the county's traveler spending at about $172.9 million and the gateway's branded supply a single 106-room exterior-corridor economy hotel and the town's new 40-room boutique hotel at $225 a night. The proposal fails on the seasonality and the capital stack. A gateway hotel's occupancy follows the park's calendar, which runs above 200,000 visits a month from June through August and below 100,000 from November through March, and the study's monthly curve, from about 35 percent in January to about 90 percent in August, averages 64 percent at stabilization. At a $148 rate that occupancy produces about $685,000 of cash flow after reserve in Year 3 against $884,300 of debt service on a $9,566,000 loan at 75 percent of a $182,214 per room cost, a coverage of 0.77x that does not reach 1.0x within the projection.

Restructured at a $6,300,000 B&I loan, 49 percent of cost, with $6,455,000 of equity, the same hotel covers at 1.02x in Year 2, 1.18x in Year 3, 1.25x in Year 4 and 1.31x in Year 5, on 66 percent occupancy at a $152 rate in Year 4, inside the gateway's own evidence: the park's visitation, the national 2025 occupancy of 62.3 percent and rate of $160.54, and the town's boutique hotel at $225. The restructured credit is one a USDA reviewer can approve: the loan is sized to the year the coverage floor is first met, the reserve carries the first winter, and the equity carries the difference between what a $182,000 per room hotel costs to build in 2026 and what a $95 RevPAR gateway market can finance at 75 percent. The determination is conditioned on a zoning verification letter placing the parcel in General Commercial, or a conditional use permit if it lies in Mixed Use; on the Town of Fayetteville's water and sewer capacity letter for 70 rooms; on a $359,100 funded reserve; on franchise approval of the site; and on the lender's underwriting carrying the park's monthly visitation curve as the occupancy curve rather than an annual average.

This is an MMCG model study: a complete feasibility analysis performed on a real, publicly marketed parcel using public data, prepared to show USDA Business and Industry lenders, Rural Development state offices and gateway-market developers how MMCG tests a tourism-driven hotel against the destination's own calendar, the town's ordinance and the program before a franchise application is filed. It is not a client engagement. MMCG has no relationship with the landowner, the listing brokers, any franchisor, the Town of Fayetteville, the National Park Service or any prospective developer, and the analysis does not represent an offer, an appraisal or a recommendation to buy the parcel. Figures drawn from the listing, the Town of Fayetteville's zoning ordinance, the National Park Service's visitation statistics as republished, the New River Gorge Convention and Visitors Bureau's annual report to the legislature, the West Virginia Tax Division's levy and tax schedules, the Fayette County levy estimates and the competing hotels' own announcements are identified as such. Figures labeled MMCG assumption are underwriting inputs set by MMCG from industry benchmarks, including the 2026 national development cost survey, 2025 and first-half 2026 operating benchmarks and current B&I loan pricing. Items that could not be verified from a primary source at the study date are listed in the Conditions and Limitations section rather than estimated silently: in particular, the parcel's zoning district, the adopted and codified text of the ordinance, the town's water and sewer capacity, the current fiscal year's county and municipal levy rates, the park's 2025 monthly visitation, and the competing hotels' room counts, rates and assessor records from their own sites.

The Project will operate as a franchised upper midscale limited-service hotel of 70 rooms on the 4.61-acre tract on Laurel Creek Road at the US-19 signalized intersection in Fayetteville, Fayette County, West Virginia, at the gateway to New River Gorge National Park and Preserve, under a flag of the Hampton Inn, Holiday Inn Express or Fairfield Inn class following franchise approval. The physical program comprises a four-story interior-corridor building of about 38,000 gross square feet with 70 guest rooms, 56 of them standard king and double-queen rooms of about 320 square feet and 14 of them suites of about 420 square feet, a lobby and complimentary breakfast area, an indoor pool, a fitness room, a guest laundry, a market pantry, a gear-washing and drying room for rafting and climbing guests and two elevators, with 80 surface parking spaces including 8 trailer and raft-trailer spaces, on a site plan that places the building on the upper portion of the tract toward the highway with parking on the lower portion and the balance of the 4.61 acres held for a future pad. The hotel will operate 24 hours a day, 365 days a year, with a general manager, an assistant general manager, a chief engineer, front desk coverage on three shifts, breakfast attendants and a housekeeping staff that scales from about 6 in winter to about 14 in summer, for about 22 full-time equivalents on an annual basis. The sponsor will hold the land, the building and the operating business in a single-asset entity that borrows the B&I guaranteed loan, with the principals providing the personal guarantees the program requires and operating the hotel directly. The Project is positioned as the gateway's only new-build branded interior-corridor hotel, at a $138 average rate in its first year rising to $156 at stabilization, below the town's 40-room boutique hotel at $225 and above the 106-room exterior-corridor economy hotel on the same highway, with a seasonal card that runs from about $105 in January to about $195 in October.

Marketing and Sales Strategy

Pre-opening sales begins nine months before opening from the franchisor's global distribution system and loyalty program, which supplies the drive-market leisure demand from Charleston, Pittsburgh, Columbus, Cincinnati, Charlotte and Washington that fills the gateway from May through October. The second channel is the outfitters: the rafting, climbing, zip-line and guided-adventure companies whose guests arrive in groups with trailers, and with whom the sales effort negotiates package rates, trailer parking and gear-room access, and the Bridge Day and fall festival calendar, which the general manager prices at the top of the card. The third channel is the shoulder-season commercial base: the county's hospital, the courthouse, the coal and gas service companies on US-19, the state park and national park staff and contractors, and the road and bridge contractors whose crews fill weekday rooms from November through March at negotiated rates. Retention runs through the loyalty program, the indoor pool, which the gateway's existing supply does not offer in a branded product, and the gear room.

Amenities

The parcel is a 4.61-acre, 200,812 square foot commercial tract at 000 Laurel Creek Road, Fayetteville, West Virginia 25840, just off US-19 at the Laurel Creek Road traffic light, listed at $450,000, or $97,614 per acre, through MLS 92949 with no reductions shown, and marketed for retail, medical offices, restaurant, hotel or light industrial use; the listing does not state the zoning district or the utilities. Other commercial land on the US-19 corridor is asking $45,577 per acre for a 13-acre tract at 462 Hinkle Road with about half a mile of US-19 frontage, reduced to $592,500 and described as zoned B-2 under the original 1966 zoning, and $78,261 per acre for a 23-acre tract adjoining the US-19 expressway at Glen Jean, so the subject's ask is at the top of the corridor for a signalized, hotel-sized tract. US-19 is the four-lane Corridor L that carries traffic between Interstate 79 at Sutton and Interstate 64 at Beckley, and every visitor to the New River Gorge Bridge and the Canyon Rim Visitor Center from the north or the south passes the subject's intersection.

Fayetteville had about 2,900 residents at the 2020 census and Fayette County about 40,500, with Oak Hill, the county's largest town, at about 8,200. The county's economy is tourism, health care, government and the remaining coal and gas service sector. New River Gorge National Park and Preserve, designated a national park in December 2020, recorded 1,958,440 recreation visits in 2025, a record, up about 8 percent from 1,811,937 in 2024, which was itself up 6.31 percent from 2023, and about 64 percent above the 1,195,721 of 2019; the park ranked 17th of 63 national parks in 2025. The Canyon Rim Visitor Center, about two miles from the subject, recorded 433,334 visits in 2025. The convention and visitors bureau reported Fayette County traveler spending of about $172.9 million and 1,653 tourism jobs, regional visitor spending across nine counties of $1.2 billion in 2023 against $881 million in 2019, hotel occupancy tax revenue of $530,081 in 2025, and July through October as the peak months with Bridge Day as the top event. The park recorded only about 42,860 overnight stays inside its boundaries in 2025; the rest of its overnight visitors sleep in the gateway's hotels, cabins and rentals, in Oak Hill and in Beckley.

The site's two liabilities are its zoning district, which the listing does not state and which determines whether a hotel is by right or conditional, and the gateway's calendar, which runs above 200,000 park visits a month from June through August and below 100,000 from November through March. The town's new 40-room boutique hotel, opened August 28, 2026 at $225 a night in the restored 1923 high school on High Street, confirms investor demand for the gateway and sets the upper rate boundary; it does not compete for the branded limited-service guest.

The Town of Fayetteville's Planning and Zoning Code, Part Thirteen of the town's codified ordinances, governs inside the town limits. Section 1307.01 establishes the districts R-1, R-2, MU Mixed Use, C-1 General Commercial, C Conservation, NC Neighborhood Commercial and the Historic and Scenic overlays. Section 1305.03 defines Hotel/Motel as a building or group of buildings in which lodging is provided and offered for compensation. Section 1315.03(a) lists Hotel/Motel as a permitted use in C-1, and Section 1315.05 sets no minimum lot area or width in C-1, a maximum height of 50 feet, a maximum lot coverage of 80 percent and no setbacks except 25 feet where the lot adjoins a residential district. Section 1313.03(b) lists Hotel/Motel as a conditional use in MU, reviewed by the Board of Zoning Appeals, with a maximum height of 40 feet under Section 1313.05 that would require the subject to be redesigned at three stories. Hotel/Motel is not listed in R-1, R-2 or Conservation; the Neighborhood Commercial district permits a Country Inn of up to 20 bedrooms and the Historic Overlay does not prohibit a hotel. The text reviewed is the town's February 17, 2022 final draft; the adopted and codified ordinance is published through the town's codification service and must be confirmed, and the parcel's district on the town's official map was not retrieved. The study assumes C-1 and carries the MU case, with a conditional use permit and a three-story redesign, as a condition and a sensitivity. If the parcel lies outside the town limits, Fayette County's zoning, which the 462 Hinkle Road listing describes as the original 1966 zoning with a B-2 commercial district, would govern and would also permit a hotel; the jurisdiction is confirmed by the zoning verification letter that the determination requires.

The Project is financed under USDA Business and Industry, which applies no transient revenue test; the hotel is an eligible business under 7 CFR 5001.105 and its site is in a rural area, since Fayette County has no city or town of more than 50,000 people. The study nonetheless carries stays of 30 nights or more at under 3 percent of room nights, because the sponsor may later refinance under an SBA program.

Water and sewer are municipal in the town; the Town of Fayetteville's capacity for 70 rooms at the Laurel Creek Road intersection, any moratorium and the connection fees were not located, and the budget carries $180,000 for water, sewer and electric connection, tap and capacity fees with the town's capacity letter as a condition precedent. Electric service is from the regional utility.

Property tax is computed from the West Virginia Class IV levies that apply to commercial property inside a municipality, on the state's 60 percent assessment ratio. The levies retrieved are the state's 1.00 cents per $100 of assessed value, the Fayette County Commission's 57.20 cents regular and 28.60 cents excess, the Fayette County Board of Education's 77.60 cents, and the Town of Fayetteville's 44.04 cents regular and 25.00 cents excess, for a combined Class IV rate of 233.44 cents per $100, or about $14,006 per $1,000,000 of fair market value inside the town, and about $9,864 per $1,000,000 outside it at the county levies alone; the levies retrieved are from fiscal 2022 and 2023 and the current year's rates are a disclosed item. The study carries the assessor's fair market value at $7,500,000 at stabilization for an annual tax of about $105,000 inside the town, carries $95,000 in Year 1, escalates 2.5 percent a year and runs the outside-town case as a sensitivity. The county's and the town's hotel occupancy taxes are each 6 percent, the state maximum, and the state sales tax on lodging is 6 percent; they are collected from the guest.

The trade area for a gateway hotel is the destination's draw, not the resident population. Fayette County's 40,500 residents supply the labor pool, which the hotel shares with the outfitters, the boutique hotel and the county's hospital; regional wage data place hotel desk clerks in the Beckley metropolitan area and the southern West Virginia nonmetropolitan area at a median of $12.00 an hour, and the study builds the front desk at $13.50 and housekeeping at $13.00 to reflect the 2026 labor market and the seasonal staffing swing. The demand base is the park's 1.96 million recreation visits, the drive market within five hours that supplies them, the outfitters' group business, Bridge Day and the fall festival calendar, and the shoulder-season commercial base of the hospital, the courthouse, the energy service companies and the public-sector contractors. The study segments the subject's demand at 70 percent leisure, 20 percent commercial and 10 percent group and contract.

The demand model builds the subject's occupancy month by month from the park's calendar and tests it against the gateway's supply. The park's monthly pattern, from the 2023 series and the 2025 peak and trough as republished, runs above 200,000 visits in June, July and August, with an August 2025 peak of about 270,105, between 100,000 and 200,000 in April, May, September and October, and below 100,000 from November through March, with a January 2025 trough of about 41,661, a peak-to-trough ratio of about 6.5 to 1. The study carries the subject's stabilized monthly occupancy at 35 percent in January, 38 in February, 50 in March, 62 in April, 72 in May, 85 in June, 90 in July, 88 in August, 80 in September, 85 in October, 48 in November and 40 in December, for an annual average of 64 percent in Year 3 rising to 66 and 67 percent in Years 4 and 5 as the shoulder months fill; the winter months are commercial and contract demand, the summer months are leisure demand that the gateway's supply cannot hold, and October is Bridge Day and the fall color season.

The penetration test is the gateway's supply. The branded hotel supply within the town is the 106-room exterior-corridor economy hotel on US-19 and the new 40-room boutique hotel; Oak Hill holds a 2-story economy interior-corridor hotel and an older full-service lodge and conference center; Beckley, 20 miles south, holds the upper midscale set the leisure guest otherwise drives to. The subject's 70 rooms are about 32 percent of the Fayetteville and Oak Hill hotel rooms after it opens, and its product, a new-build four-story interior-corridor hotel with an indoor pool and a loyalty program, is the only one of its kind at the gateway. The study carries the subject at 54 percent occupancy in Year 1, an occupancy index of about 95 against an estimated gateway average, rising to 64 percent in Year 3, an index of about 110, at a rate index of about 110 against the gateway's branded supply and about 68 against the boutique hotel. The cabin and vacation rental inventory in the gorge, which is large and seasonal, is the summer competitor for the leisure family and is the reason the study does not carry the summer months above 90 percent.

MMCG identified five hotels in Fayetteville and Oak Hill, the Beckley upper midscale supply and the historic inn at Glen Ferris. The boutique hotel's data are from its owner's opening announcement; the other hotels' room counts are from directories and their own sites where retrieved, and their street addresses, corridor types, current rates and assessor records were not retrieved from primary sources and are disclosed.

Competitor Number 1 Quality Inn New River Gorge This 106-room economy hotel (exterior corridor) is located on US-19 in Fayetteville, WV 25840; the street address, opening year and current rates are not stated. It is the gateway's only branded hotel of scale and the subject's direct competitor for the leisure guest.

Competitor Number 2 Hill Hall Hotel, a Member of Design Hotels This 40-room boutique hotel (interior corridor, two historic school buildings) was opened on August 28, 2026. It is located at 135 High Street, Fayetteville, WV 25840. It publishes rates from $225 per night, with Standard Queen rooms of about 240 square feet, Kings of about 330, King Suites of 460 and Double King Suites of 660, a restaurant and a 24-hour pantry; it is a member of a luxury soft-brand collection and sets the gateway's upper rate boundary. The property was converted from a public school.

Competitor Number 3 Comfort Inn New River This economy interior-corridor hotel is located in Oak Hill, WV 25901; its room count, street address, opening year and current rates are not stated.

Competitor Number 4 Holiday Lodge Hotel and Conference Center This older full-service hotel with meeting space is located in Oak Hill, WV 25901; its room count, street address and current rates are not stated. It competes for the group and conference segment.

Competitor Number 5 Hampton Inn Beckley This upper midscale hotel (interior corridor, brand standard) is located in Beckley, WV 25801, about 20 miles south of the subject; its room count, street address and current rates are not stated. It and the other Beckley upper midscale hotels hold the branded leisure demand that the gateway cannot accommodate.

The Glen Ferris Inn, a historic inn on the Kanawha River northwest of the gateway, and the adventure resorts and the gorge's cabin and vacation rental inventory are the leisure guest's alternatives in summer and are not hotel competitors in the branded sense. No hotel other than the boutique hotel was found to have been announced, approved or built near the gateway since 2024.

The subject's rate is set from the gateway's own evidence and the national benchmarks. The national market ran a $160.54 rate in 2025 with upper midscale rate growth near zero in 2026; the gateway's boutique hotel opened at $225; its economy hotel's rates were not retrieved and are estimated from the segment at $95 to $130 seasonally. The study carries the subject at $138 in Year 1, $143 in Year 2, $148 in Year 3, $152 in Year 4 and $156 in Year 5, a rate index of about 68 against the boutique hotel and about 110 against the gateway's branded supply, with a seasonal card from about $105 in January to about $195 in October and festival weekend premiums. Other income, which comprises the market pantry, guest laundry, the gear room, vending and cancellation fees, is carried at 3 percent of rooms revenue. Lease-up concessions are not carried; the first year is carried at a lower occupancy instead.

Construction runs 15 months from a loan closing in the first quarter of 2027, with opening in the second quarter of 2028 ahead of the summer season and the first full year carried as 2029; the partial 2028 year is carried at the reserve.

The ramp follows the national pattern for new branded limited-service hotels and the three-year stabilization that the empirical literature supports, with the shoulder months filling last. The Year 1 shortfall of $95,100 against the restructured debt service is funded from the reserve.

Location: 000 Laurel Creek Road, Fayetteville, WV 25840 Size in SF (Gross): 38,000 Rooms: 70

Source: Marshall & Swift CoreLogic, MMCG

Total project cost of $182,214 per room sits inside the 2026 national range of about $170,000 to $197,000 per room for limited-service hotels, with land at only $7,000 per room and hard cost of $136,437 per room reflecting a four-story building with an indoor pool on sloped Appalachian terrain that requires retaining and extended site work, which the national building cost index's 4.8 percent rise in the year to mid-2026 compounds. The reserve of $359,100 funds the partial 2028 opening year and the Year 1 shortfall of $95,100 under the restructured case. The guarantee fee is carried on the as-proposed loan and falls to about $151,200 on the restructured loan.

Loan Assumptions (as proposed)

Loan Assumptions (restructured)

The restructuring sizes the loan to the Year 4 cash flow at 1.25x. The additional $3,266,000 of equity is the difference between what a branded limited-service hotel costs to build at a national park gateway in 2026 and what a $100 RevPAR market can carry at the program's maximum leverage; it is the sponsor's price of admission to a market whose demand is proven and whose seasonality is structural.

The Project is an eligible business in an eligible rural area under 7 CFR Part 5001: hotels and motels are named as eligible uses in Section 5001.105, and Fayette County has no city or town of more than 50,000 people. The guaranteed loan exceeds $1,000,000 to a new business, so an independent feasibility study is required under Section 5001.306, and this study addresses the five elements the regulation names: economic feasibility through the park's visitation, the county's traveler spending and the shoulder-season commercial base; market feasibility through the monthly demand curve and the gateway's supply; technical feasibility through the product's fit to the leisure and outfitter demand, including the indoor pool, the gear room and the trailer parking; financial feasibility through the pro forma, the coverage schedule by year and the restructured sizing; and management feasibility through the sponsor's experience and the franchisor's operating support. The borrower's equity is 25 percent as proposed, the program's requirement where the guarantee is issued before construction is complete, stated as balance sheet equity; the restructured case carries 50.6 percent. The guarantee is 80 percent because the loan exceeds $5,000,000, the upfront fee is 3 percent of the guaranteed amount and the annual retention fee is 0.55 percent of the outstanding guaranteed balance, at fiscal 2026 terms. The real estate term is 30 years. The study presents the sensitivities a USDA reviewer expects: the standard occupancy, rate, cost and interest cases, the fuel price case on drive-to leisure demand, the summer-season case and the zoning and tax jurisdiction cases.

The Year 4 operating budget, the first year at 1.25x, at 66 percent occupancy and a $152 rate is built by line on a Uniform System of Accounts basis for a 70-room upper midscale hotel in Fayette County.

Gross operating profit before the management fee and fixed charges is about $1.11 million, a 42 percent margin, below the 45 percent a metropolitan upper midscale hotel earns because the seasonal staffing swing, the pool and the winter months carry fixed cost against low revenue. Labor is built at $13.00 for housekeeping and $13.50 for the front desk from regional wage evidence, with the housekeeping staff scaling from 6 to 14 across the year. Franchise fees are carried at the full contractual load of about 10 percent of rooms revenue for the upper midscale brands. The 3 percent management fee is carried although the sponsor will operate. Property tax reflects the combined Class IV levies of 233.44 cents per $100 on a $7,500,000 assessor value at the 60 percent ratio; insurance is carried at $1,313 per room in Year 4 for a new sprinklered building in inland West Virginia with no coastal, wildfire or significant flood loading, escalating 5 percent a year. The FF&E reserve ramps from 2 percent in Year 1 to 4 percent in Year 3.

The Year 1 shortfall of $95,100 is funded from the reserve. The hotel covers from Year 2 at 1.02x, reaches 1.25x in Year 4 and builds to 1.31x by Year 5, and its Year 4 yield on total project cost of 6.6 percent before the reserve is the return a branded limited-service hotel earns at a national park gateway at $182,000 per room, which is why the equity carries half the cost. As proposed at 25 percent equity and a $9,566,000 loan, the same operating projection produces coverage of 0.55x in Year 1, 0.67x in Year 2, 0.77x in Year 3, 0.83x in Year 4 and 0.86x in Year 5 against annual debt service of $884,300; the as-proposed loan does not reach 1.0x within the projection, and the as-proposed row is the determination.

At Year 4 rates, the restructured hotel's fixed operating cost is $714,100, comprising administrative and general, information technology, property operations, utilities, property tax and insurance, and its variable cost is 44.5 percent of rooms revenue for the rooms department, franchise fees, sales and marketing, the management fee and the FF&E reserve.

The 1.25x threshold sits at the forecast by design, because the loan is sized to it. The 1.0x threshold at 60.2 percent is six points below the forecast and two points below the national 2025 occupancy, and the operating break-even at 33.1 percent is the January occupancy, which is the honest statement of a gateway credit: the hotel loses money in January and February every year and makes its year from May through October, and the loan is sized so that the year as a whole covers.

The restructured hotel holds coverage above 1.0x in every single-factor case and above 1.25x only in the stronger-demand and outside-town cases, which is the shape of a gateway credit at half leverage: it survives a rate miss, an occupancy miss, a fuel shock or a cost overrun, and it does not survive two of them together. The fuel price case reflects the 2026 fuel surge's possible effect on drive-to leisure demand, which the industry has not measured but which secondary-market operators report, and is carried as a sensitivity rather than a base-case assumption. The as-proposed structure fails in the base case.

The determination of not feasible as proposed and feasible as restructured is subject to the following conditions precedent on the restructured program:

The following items could not be verified from a primary source at the study date and are disclosed: the parcel's zoning district and whether it lies inside the town limits; the adopted and codified text of the Town of Fayetteville's zoning ordinance, which the study carries from the February 17, 2022 final draft; the town's water and sewer capacity, moratoria and connection fees; the current fiscal year's state, county, school and municipal Class IV levy rates, which the study carries from fiscal 2022 and 2023 schedules; the park's 2025 monthly visitation series, which the study carries from the 2023 pattern and the republished 2025 peak and trough; the room counts, street addresses, corridor types, opening years and current rates of the Quality Inn, Comfort Inn, Holiday Lodge and Hampton Inn from their own sites; the Fayette County assessor's records and tax amounts for the competitors; and the boutique hotel's floors, corridor type and opening results beyond its owner's announcement.

This model study applies the methodology described on MMCG's hotel feasibility study and USDA hotel feasibility study pages. MMCG prepares hotel feasibility studies for SBA 7(a) and 504, USDA Business and Industry and conventional lenders nationwide, with engagements from $4,900 and delivery in 9 to 16 business days.