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Ms. Kathy Conroy, MAI

Service: Consulting & Valuation, Shared Ownership
Office: Miami
Email: kconroy@hvs.com
Address: 8925 SW 148th Street
Suite 216
Miami, FL, United States of America, 33176
Phone: +1 (305) 378-0404 ext. 1011 (Work)
Languages: English

Consulting Experience

Kathy Conroy, MAI is the CEO/Director-Partner of HVS Florida Consulting & Valuation, as well as the CEO/Director-Partner of the HVS Shared Ownership Services Division. Kathy has been an active participant in the hotel and shared ownership industry for over 30 years.

Kathy joined HVS in 1998. She has completed thousands of real estate valuation and consulting assignments with a focus on hotels, motels, resorts, condo hotels, timeshare, fractional and private residence club projects, and hospitality driven mixed-use real estate for lenders, investors, developers, and advisors throughout the world. She has an extensive range of geographical experience and has appraised properties in over 30 U.S. states and 30 countries, including 20 islands in the Caribbean Basin and 6 countries in Central and South America. Kathy has valued over 10 billion dollars of real estate in her career. She is known as a creative thinker and a problem solver.

Kathy has been a Member of the Appraisal Institute (MAI) since 1982. She is a noted national authority on the valuation of vacation ownership properties, and has authored books on timeshare property assessment, and timeshare property valuation for ARDA and the Appraisal Institute, respectively.

Kathy is a frequent industry speaker and often serves as an expert witness. She has been involved in 8 trial testimonies, 5 of which were spread among tax courts, courts of appeal, and district courts, and 3 of which were in bankruptcy courts. She has also been involved in 16 projects involving litigation support and depositions.

Affiliations

Member, Appraisal Institute (MAI) since 1982
State of Florida - Licensed Real Estate Broker #BK250702
Member of the American Resort Development Association
Florida Certified General Real Estate Appraiser #RZ-0000741

State Certification

Florida Certified General Real Estate Appraiser #RZ-0000741
Licensed Florida Real Estate Broker - #BK250702

Employment History

1998 to present
HVS CONSULTING & VALUATION and HVS SHARED OWNERSHIP SERVICES
CEO-Director/Partner
Miami, Florida

1982-1998
RESORT & URBAN PROPERTY CONSULTANTS, INC.
President
Tampa, Florida
Principally involved in feasibility analysis and appraisal of hotel, resort, and timeshare facilities. Consulting services performed for financing purposes, troubled debt restructuring, ad valorem tax litigation, condemnation, and foreclosure proceedings.

1981-1982
L.W. ELLWOOD & COMPANY, INC.
Senior Consultant
New York, New York
General real estate valuation and consulting on commercial properties. Work included investment analysis and cash flow studies for a variety of corporate and institutional clients.

1979-1980
HELMSLEY-SPEAR HOSPITALITY SERVICES, INC.
Appraiser
New York, New York
Real estate specialist in the valuation of hotels and motels, mixed-use developments and timeshare properties. Assignments completed for a variety of purposes including valuing limited partnership interests in a chain of hotels, estimating the value of real estate in mortgage foreclosure proceedings and analyzing the feasibility of proposed timeshare conversions.

1977-1978
STONE & WEBSTER APPRAISAL CORPORATION
Appraiser
New York, New York
Real estate specialist in the valuation of industrial and special purpose properties. Appraisals performed primarily for the allocation of purchase price in mergers and acquisitions, ad valorem taxation, or to establish fair market value of a going concern in the acquisition of real property.

Education

B.A., Business Administration, Upsala College, Magna Cum Laude
Appraisal Institute, MAI. Successfully completed all course work for this designation, as well as numerous annual recertification courses. Designated Member of the Appraisal Institute since 1982.

New York University Real Estate Institute; Case Studies in Real Estate Finance.

Clients

Partial List of Clients Served
Angostura, Ltd.
Apollo Real Estate Advisors
Arbor National Commercial Mortgage
Banc One
Bank of Hong Kong
Bank of New York
Bankers Trust Company
Barclays Capital
Bristol Hotels Group
Broad & Cassel
Buenavista Hospitality Group
Canadian Commercial Wokers Industry Pension Plan
Chemical Bank
Citicorp
Citigroup
Citizens Financial Group
City of Boston Property Appraiser’s Office
City of Tampa
Club Sports International
CM&D International
CNL Hospitality Group
CNL Lifestyle Company, LLC
Continental Hospitality
Deutsche Bank
Dimension Development Belize
EQ Services (affiliate of Equitable)
Ewell Construction
Federal Deposit Insurance Corporation
Finova Capital Corporation
First Bank System Financial Corporation
First Caribbean International Bank
First Fidelity Bank
First Union Bank
Flag Finance & Investments
Fleet Finance & Mortgage
Foley & Larner
GE Capital Real Estate
Glendale Federal
Great American Life Insurance Company
Great Florida Banki
Great Western Savings
Gulf and Western
HEI Hospitality
Heitman Financial
Home Savings and Loan
Inland/Univest
Inn Groups
Internal Revenue Service (IRS)
Landmark Asset Management
JP Morgan & Chase
LaSalle Partners
Landmark Asset Management
Mandarin Oriental Hotel Group
Marine Midland
MDM Company
Mercantile Bank
Meristar Hospitality Group
Merrill Lynch
Metropolitan Life Insurance Company
Midlantic National Bank
National Westminster Bank
NationsBank
Noble Properties
Park Street Advisors
Patriot American Hositality
Pennsylvania Public School Employees Retirement Fund
Peter Island 2000, LLC
Phoenix Home Life Insurance Company
Phoenix Realty Advisors
PNC Bank
Prudential Insurance Company of America
Prudential Realty Group
Py Consulting Group
Red Roof Inns
Republic Bank
Resolution Trust Corporation (RTC)
Rudnick & Wolfe
Seaway Hotels Corporation
Seralles Hotel, Inc.
Shawnee Development, Inc.
Simmons Construction Company
Sonesta International Hotel Corporation
Starwood Hotels & Resorts
State of Texas, Banking Supervisor’s Office
Sun Bank
Sun Life
Superior Bank
The Capital Company of America
The DYL Group
Trammel Crow
Turnberry Associates
Turner Development Company
US Bank
VIP Inns of America, Inc.
Wells Fargo & Company
Western Asset Management
Zago Solutions
Zurich Group

Hotels Appraised

Partial List of Hotels Appraised:

Arizona
- Doubletree Inn, Phoenix
- Doubletree Inn, Scottsdale
- Doubletree Inn, Tucson
- Rodeway Inn, Tucson

California
- Highlands Inn, Carmel
- Holiday Inn, Laguna Hills
- Inn at the Park, Anaheim
- Royce Hotel, Dana Point

Colorado
- Antlers Doubletree, Colorado Springs
- Brown Palace, Denver
- Hotel Monaco, Denver
- Hilton, Grand Junction
- Wildwood, Snow Mass

Connecticut
- Red Roof Inn, Enfield

Florida
- Alfond Inn at Rollins College, Winter Park
- AmericInn, Sarasota
- Hyatt Aqualea Resort, Clearwater Beach
- Atlantic Inn, Daytona Beach
- Best Western, Brandon
- Best Western, South Beach
- Biltmore Hotel, Coral Gables
- Bradley House Hotel, Palm Beach
- Brazilian Court, West Palm Beach
- Breckenridge Hotel, St. Pete Beach
- Carlyle Hotel, Miami Beach
- Clifton Hotel, Miami Beach
- Comfort Suites, Brandon
- Conversion of the Howard Johnson Plaza Hotel-Miami Airport, Hialeah Gardens
- Country Inn & Suites, Ft. Myers
- Crescent View Beach Club, Sarasota
- Crown Plaza Hotel, Orlando
- Days Inn, Orlando
- Days Inn Civic Center, Miami
- Days Inn Satellite Beach, Melbourne
- Deerfield Beach Hilton, Deerfield Beach
- Disney Land Valuation, Orlando
- Don CeSar Beach Resort, St. Pete Beach
- Doral Country Club Hotel, Miami
- Doubletree Hotel & Conf. Center, Kissimmee
- Doubletree Guest Suites, Kissimmee
- Doubletree Oceanfront, Ft. Lauderdale
- Econo Lodge, Bonita Springs
- Econo Lodge, N. Ft. Myers
- Econo Lodge Space Center, Cocoa
- Embassy Suites, Lake Buena Vista
- Embassy Suites, Orlando
- Fairfield Inn & Suites, Naples
- Fisher Island, Miami
- Fountainbleau Resort, Miami Beach
- Four Points, South Beach
- Galleon Resort, Key West
- Galleria Doubletree, Ft. Lauderdale
- Grand Hyatt Cypress, Orlando
- Hampton Inn, Jacksonville
- Hampton Inn, Pensacola
- Hampton Inn, Sarasota
- Hampton Inn, Tampa
- Hampton Inn & Suites, Cape Coral
- Harley Hotel, Orlando
- Hilton Garden Inn, Sarasota
- Hilton Garden Inn PGA Village, Port St. Lucie
- Hilton Garden Inn, Pensacola
- Hilton Hotel, St. Petersburg
- Hilton Hotel, Marco Island
- Hilton Hotel, Altamonte Springs
- Holiday Inn Oceanside, Daytona Beach
- Holiday Inn, Ft. Myers
- Holiday Inn, Lakeland
- Holiday Inn, Plant City
- Holiday Inn, Orlando
- Holiday Inn, Sarasota
- Holiday Inn, Sanibel
- Holiday Inn, St. Augustine
- Holiday Inn Downtown, Tampa
- Holiday Inn Express, Bonita Springs
- Holiday Inn Express, Sarasota
- Holiday Inn Hotel, Clearwater
- Holiday Inn-Universal, Orlando
- Hotel Nash, Miami Beach
- Hyatt Hotel, Coral Gables
- Hyatt Hotel, Orlando
- Hyatt, Sarasota
- Hyatt Pier 66, Ft. Lauderdale
- Inn at Pelican Bay, Naples
- Lake Buena Vista Hotel, Orlando
- LaQuinta Inn, St. Petersburg
- Little Harbour Development, Ruskin
- Loews Hotel, Miami Beach
- Mandarin Oriental, Miami
- Miami Beach Resort & Spa, Miami
- Naples Bay Resort, Naples
- Palazzo del Lago Planned Resort, Orlando
- Palms Country Club & Resort, Kissimmee
- Park Suites, Altamonte Springs
- Park Suites, Orlando
- Peabody Hotel Expansion, Orlando
- Pelican Cove, Islamorada
- Planned Cipriani Hotel & Banqueting Facility, Miami Beach
- Proposed Hotel, Everglades
- Portofino Hotel, Orlando
- Seagate Hotel, Delray Beach
- Trianon Hotel, Bonita Springs
- Westin, Tampa
- Quality Suites, Indialantic
- Quality Suites, Tampa
- Radisson Bahia Mar, Ft. Lauderdale
- Radisson Suites, Melbourne
- Ramada Inn, Ft. Myers
- Ramada Inn, St. Petersburg
- Ramada Limited-University, Orlando
- Red Roof, Kissimmee
- Regency Inn, Orlando
- Registry Hotel, Naples
- Royal Palm Hotel South Beach
- Sandbar Hotel, Venice
- Sandpearl Resort, Clearwater
- Sanibel Inn, Sanibel
- Sanibel Sunset, Sanibel
- Song of the Sea, Sanibel
- Seaside Inn, Sanibel
- South Seas Plantation, Captiva
- Sheraton Inn, Lakeland
- Sheraton Inn, Ft. Myers
- SoHo House, Miami Beach
- Sonesta Village, Orlando
- Springhill Suites, Naples
- St. Regis Hotel (now Ritz Carlton), Ft. Lauderdale
- The Clevelander Hotel, Miami
- The Majestic Hotel, Miami Beach
- The Plaza Hotel, Miami Beach
- Traymore, Miami Beach
- Tropical Shores, Siesta Key
- Tropicay Motel, Ft. Lauderdale Beach
- Turnberry Fairmont Resort Hotel, Aventura
- Villas by the Sea, Ft. Lauderdale
- W Ft. Lauderdale, Ft. Lauderdale
- W Hotel South Beach, Miami
- Westin Imagine, Orlando
- Yankee Clipper, Ft. Lauderdale

Georgia
- Marriott Airport Hotel, Atlanta
- Embassy Suites Airport, Atlanta
- Wyndham Midtown, Atlanta

Hawaii
- Proposed Hyatt Vacation Club, Maui
- Proposed Timeshare Resort, Kauai

Illinois
- Hotel Monaco, Chicago
- Sheraton O’Hare, Rosemont

Kentucky
- Holiday Inn, Corbin

Louisiana
- Bentley Hotel, Alexandria
- Courtyard by Marriott, New Orleans
- Econo Lodge Slidell, New Orleans
- Hampton Inn Garden District, New Orleans
- Residence Inn - Galleria, Metairie
- Royal Orleans, New Orleans
- Royal Sonesta, New Orleans

Maryland
- Marriott, Hunt Valley

Massachusetts
- Bostonian, Boston
- Comfort Inn, Northboro
- Marriott Copley, Boston
- Skippers Inn, New Bedford
- Wellbridge Health & Fitness Center, Newton

Mississippi
- Radisson Eola, Natchez

New Jersey
- Ramada Inn, Clifton

New Mexico
- Del Norte Club, Albuquerque
- Downtown Club, Albuquerque
- Highpoint Club, Albuquerque
- Inn at Loretto, Santa Fe
- Midtown Club, Albuquerque
- Riverpoint, Albuquerque
- Rodeway Inn, Albuquerque

New York
- Crown Motel, Jamaica
- Downtown Athletic Club, New York
- Jade East Motel, Jamaica
- Sheraton Nassau, Uniondale
- Sheraton Inn, Albany
- Renaissance Westchester, White Plains

North Carolina
- Charlotte Hilton, Charlotte
- Days Inn, Burlington
- Microtel, Greensboro
- Proposed Microtel, Charlotte
- Best Western Hotel & Spa, Cary
- Holiday Inn Select, Winston-Salem

Pennsylvania
- Shawnee Inn, Shawnee-on-Delaware
- Shawnee Lancaster, Lancaster
- Tanglewood Resort, Hawley

South Carolina
- Proposed Suite Hotel, Anderson
- Wild Dunes Resort, Isle of Palms

Tennessee
- Days Inn, Chattanooga
- Days Inn, Nashville
- Omni Hotel, Memphis

Texas
- Doubletree Inn, Dallas
- Doubletree Club Hotel, San Antonio
- Flying L Ranch, Bandera
- Rodeway Inn, El Paso
- Wildflower Resort & Grand Prairie Convention Center, Grand Prairie (Proposed)

Utah
- Hotel Monaco, Salt Lake City

Vermont
- Castlestone Mansfield Inn, LLC, Stowe

Virginia
- Proposed Condo Hotel, Blacksburg
- Sheraton, Reston

Caribbean
- Angostura Resort (Proposed), Tobago, West Indies
- Aruba Palm Beach Resort & Casino, Aruba
- Blue Bay Golf and Beach Resort, Curacao
- British Colonial Hilton, Nassau
- Carambola Resort, St. Croix
- Curtain Bluff, Antigua
- Dellis Cay (Proposed), Turks & Caicos Islands
- Ginger Bay, Barbados
- Holiday Inn Sunspree Resort, Aruba
- Holiday Inn, St. Thomas
- Hotel on the Cay, St. Croix
- Peter Island Resort, Road Town, Tortola, Virgin Islands
- Parrot Cay, Turks & Caicos
- Proposed Third-Turtle Club Condo-Hotel, Turks & Caicos
- Proposed Le Meridien Hotel, Antigua
- Proposed 47-Unit Banyan Tree Hotel, Barbados
- Reinassance Curacao Resort & Casino, Curacao
- The Junkanoo Beach Resort, New Providence, Bahamas
- Windward Passage Hotel, St. Thomas

Honduras
- Blue Ocean Reef, Roatan
- Proposed St. Regis Resort, Roatan
- Proposed Westin Hotel, Roatan

Mexico
- La Hacienda, Los Cabos
- Inn at Mazatlan, Mazatlan
- Proposed 84-Unit Boutique (Bahia) Hotel, Cabo San Lucas
- Westin Regina, Los Cabos

Panama
- Bristol Hotel, Buenaventura Development
- Bristol Hotel Expansion, Panama City
- Days Inn (Proposed), Panama City

Puerto Rico
- Hilton Hotel, Ponce

Uruguay
- Proposed Beach and Estancia Project, San Jose Ignacio
- Hyatt Hotel (Proposed), Montevideo

Shared Ownership Experience

Kathy Conroy, MAI is the CEO/Director of the HVS Shared Ownership Services Division. Kathy authored the textbook published by the Appraisal Institute on Valuing Timeshare Properties, which established the guidelines for appraising this type of property. Under her direction, the Shared Ownership Division has been involved in a number of high profile valuations related to industry mergers and acquisitions, ad valorem tax appeals, and bankruptcy reorganization filings. The cash flow modeling developed under Kathy’s direction and utilized within the Shared Ownership Division allows for the separation of cash flows by the major business and profit centers present within various types of shared ownership real estate. She has completed hundreds of valuation and consulting assignments for lenders, investors, developers, and advisors throughout the world. Kathy has an extensive range of geographical experience and has appraised properties in over 30 U.S states and 30 countries, including 20 islands in the Caribbean Basin and 6 countries in Central and South America. Kathy has valued over 1 billion dollars of shared ownership real estate in her career. She is known as a creative thinker and problem solver.

Kathy has been a Member of the Appraisal Institute (MAI) since 1982. She is a frequent industry speaker and often serves as an expert witness.

The following is a partial list of clients served by Kathy:

Addison & Delano
AmSouth Bank
American Resort Development Association (ARDA)
Baker and Hostetler
Bluegreen Corporation
Bridge Development
Buenaventura Development Company
Bullard Group
Capital Source
Celebrity Resorts
Commonwealth Development Corporation
DLA Piper Rudnick Gray Cary US LLP
EarthMark Companies
Evans Hotels
Heller Financial
Hilton Grand Vacation Club
Housing Trust Group
HSBC Bank USA
Hyatt Vacation Ownership
Interval International
Irvine Company
Island One
Kohler Company
Leeward Yacht Club
Leisure Industries
Lincoln, Gustafson & Cercos
Marriott Vacation Club International
Mellon United National Bank
MeriStar
Noble House Hotels
Oakmont
Palm Springs Modern Homes
Realty Financial Resources, Inc
Remisol SA
Resort Finance LLC
Shell Vacations
St. Peters Estates, Ltd. – Prince Edward Island
Strategic Advisory Services
Sunterra Corporation
Texton
Turks Ltd.
Urban America
Ward Financial
WCI Communities, Inc.
Westgate
West LB Bank
Williamsburg Management Company
Wyndham International

The following is a partial list of properties analyzed by Kathy:

Arizona
- Sedona Summit Resort, Sedona
- Villa Mirage Resort, Scottsdale

California
- Embassy Vacation Resort, Lake Tahoe
- Four Seasons Aviara, Carlsbad
- Grand Pacific Resort, Carlsbad
- Harbour Lights, San Diego
- Newport Dunes Resort, Newport
- Pelican Hill, Newport
- Shell Vacations, Napa
- San Luis Bay Inn, Avila Beach

Florida
- Blue Tree Resort, Orlando
- Breckenridge Hotel, St. Pete Beach
- Calypso Cay Resort & Country Inn Hotel, Kissimmee
- Coral Sands, Miami Beach
- Cypress Pointe, Orlando
- Downtown Cedar Key Development, Cedar Key
- Embassy Vacation Resort Grand Beach, Orlando
- Galleon Resort, Key West
- Hilton Grand Vacations Suites on International Drive Sea World, Orlando
- Holiday Beach Resort, Destin
- Hyatt Residence Club, Siesta Key
- Hyatt Vac. Club, Bonita Springs
- Oakwater Festiva, Kissimmee
- Ocean Walk Vacation Ownership, Daytona Beach
- Pink Shell, Ft. Myers
- Planned Condo Hotel, Palm Springs
- Proposed Fractional Resort, Pensacola Beach
- Proposed Timeshare, Singer Island
- Proposed Timeshare Development, Miami Beach
- Proposed Mariner’s Club, Marathon Key
- Seaside, Key West
- Sheraton Hotel, Orlando
- Signum Resort, Miami Beach
- Star Island Resort, Kissimmee
- Various Timeshare Developments Owned by Aqua Sun
- Vacation Village at Parkway, Osceola County
- W Ft. Lauderdale Hotel & Residences, Ft. Lauderdale
- Westgate Town Center, Kissimmee

Hawaii
- Ilikai Hotel, Waikiki
- Proposed Coco Palms Resort, Kauai
- Proposed Hyatt Vacation Club, Maui

Louisiana
- Proposed French Quarter Timeshare, New Orleans

Maryland
- Plantation of Fall Creek, Branson

Michigan
- Waterfront Inn Conversion, Traverse City

Mississippi
- Proposed Timeshare Resort, Tunica

Missouri
- Westgate Woods Resort at Cedar Ridge, Branson

New Jersey
- Legends Resort
- Proposed Radisson Suites, Atlantic City

New Mexico
- Villas de Santa Fe, Santa Fe

New York
- Plaza Hotel, New York

Pennsylvania
- Shawnee Inn, Shawnee-on-Delaware
- Tanglewood Resort, Hawley

South Carolina
- Shore Crest Vacation Villas, N. Myrtle Beach

Tennessee
- Bent Creek Golf Village, Gatlinburg
- Town Square Resort, Gatlinburg
- Walden Creek Ridge, Pigeon Forge
- Westgate Smokey Mountain Resort, Gatlinburg

Texas
- Silverleaf, Conroe

Vermont
- Stowflake Mountain Resort, Stowe
- Trapp Family Coop I & II, Stowe

Virginia
- Greensprings Plantation, Williamsburg
- Powhatan Plantation, Williamsburg

Washington
- Semiahmoo Resort, Blaine

Wisconsin
- Bluegreen Odyssey Dells Timesare Resort, Winsconsin Dells

INTERNATIONAL

Austria
- Proposed Timeshare, Haus

Australia
- Australian Time Share Research

Canada
- Grand Niagara Timeshare Resort (Proposed), Niagara Falls
- Greenwich Dunes Resort, Prince Edward Island
- White Point Beach Resort, Nova Scotia

Caribbean
- Aruba Palm Beach Resort & Casino, Aruba
- Ginger Bay, Barbados
- Grand Caymanian Resort, Cayman Islands
- Planned Baha Mar Development, Cable Beach, New Providence Island Bahamas
- Pond Bay, St. John
- Proposed Hotel and Residences at Ariel Sands, Bermuda

Costa Rica
- Planned Canyom Ranch Living Development
- Proposed Belmonte Condo Hotel, San Jose
- Proposed Canyon Ranch Mixed-Use Resort
- Proposed Garabu Mixed-Use Resort
- Proposed Bahia Escondido

Israel
- Proposed Four Seasons, Tiberias

Mexico
- Cabo del Sol Development, Los Cabos
- Cabo Azul Resort, San Jose del Cabo
- Inn at Mazatlan, Mazatlan
- La Hacienda, Los Cabos
- La Esperanza, Los Cabos
- Medano Beach Club, Los Cabos
- Proposed Mayakoba, Quintana Roo
- Secret Shopper Survey OPC Survey
Puerto Vallarta
- The Royal Sands, Cancun, Mexico

Panama
- Planned Mixed Use Development, Panama City

Portugal
- Pine Cliffs, Algarve, Portugal

Puerto Rico
- El Conquistador & El San Juan, Fajardo

Scotland
- Craigtoun Mansion, Scotland

Spain
- Club La Costa

Turks & Caicos Islands
- Proposed Dellis Cay
- Proposed Tropical Dream & Casino, Grand Turk Island

Caribbean Islands
- Pond Bay Club – St. John
- Isle de France – St. Barts
- Proposed Banyan Tree Hotel and Residences – Barbados
- Bluebeards Castle – St. Thomas
- Elyusian Resort – St. Thomas
- Bluebeards Beach Club – St. Thomas
- Chenay Bay Resort – St. Croix
- Proposed Port-au-development – St. Bart’s

United Arab Emirates
- Proposed Timeshare Development on Palm Island, Dubai

Uruguay
- Las Piedras Use Plan Consultation, Punta del Este

Expert Witness

Sample Expert Witness Experience

Orange County, California, Assessment Appeals Board (early 1980’s)
Testimony regarding ad valorem valuation of timeshare properties owned by Watt Industries

Dallas Tax Court (early 1980’s)
Conroy testified for the taxpayer regarding the value of the above tax shelter investment. IRS trying to dispute valuation of the tax sheltered investment, which included both hospitality and timeshare aspects. The Court ruled in favor of the taxpayer.

Pinellas County, Florida Court of Appeals (1987)
Ground breaking consolidated tax case of three right to use timeshare resort properties regarding their ad valorem valuation. Conroy testified for 3 days on behalf of the property owners. The Court rendered a final opinion at the Conroy numbers. This ruling helped to establish a precedent for the valuation of right to use timeshare properties.

United States Bankruptcy Court for the Southern District of Florida (2001)
Conroy testified on behalf of a shareholder in Atlas regarding the valuation of a Dade County landfill site. The bankruptcy trustee presented contradictory valuation testimony. The Court concluded at Conroy’s numbers.

Iowa District Court for Polk County (2001)
Conroy testified for the Hunter family regarding the valuation of the Clearwater Beach Hotel in Clearwater, Florida relative to the buyout of a member of the ownership family. The family member being bought out presented a different value opinion to the Court. The Court rendered a final opinion at the Conroy number, finding her work to be by far the more credible of the appraisal work done.

United States Bankruptcy Court, Middle District of Florida (2001)
Conroy testified on behalf of the lender who sought relief from the bankruptcy stay in order to proceed with a foreclosure. The property was an operating hotel. In order for the Court to conclude at Conroy’s numbers, the Court would effectively be deciding to close the hotel operation, so that the creditors did not lose any more money. Bankruptcy Judge Karen Jennemann had never taken such an action in her career. However, in this case, Jennemann concluded at Conroy’s numbers, resulting in the closure of the hotel and the lifting of the stay for the lender to move forward on the foreclosure.

Fisher Island Deposition (2001)
Deposition on value of real estate held by one of the developer partners of Fisher Island, Miami, Florida for a divorce proceeding.

Sunterra Resorts (2002)
Expert valuation support for emergence from Chapter 11 bankruptcy.

District Court of the Virgin Islands, Division of St. Thomas and St. John (2002)
This was a major consolidated trial in the Virgin Islands regarding property tax litigation and other common issues. Conroy testified as to the ad valorem valuation of three separate hotel and timeshare resorts owned by Equivest in St. Thomas. Conroy also testified to the Court regarding the inadequacy of the current property tax code in the Virgin Islands to enable any professional to arrive at a reasonable valuation based on the limitations inherent in the code.

The Court found in favor of the taxpayers, and also concluded a final value opinion equal to Conroy’s numbers relative to all of the Equivest properties.

Maxim Hotel & Casino, Las Vegas (2003)
Valuation of proposed timeshare project and lost profit calculation.

Polo Towers, Las Vegas (2005)
Deposition regarding loss of revenue at Polo Towers in Las Vegas due to an outbreak of Legionnaires disease.

Pond Bay Club, St John’s (2005)
Deposition regarding Pond Bay Club PRC Valuation in St. John, USVI as related to a dispute among the equity shareholders.

Aqua Sun Investments, Inc. (2006)
Deposition only on valuation of various Timeshare Developments owned by Aqua Sun Investments, Inc.

Wyndham Vacation Ownership Music City, Nashville (2007)
Litigation support ad valorem valuation issue for Wyndham Vacation Ownership resort in Nashville, Tennessee.

Hard Rock Condo and Hotel, Las Vegas (2008)
Litigation support for Baker & Hostetler relative to the presales percentage requirement typical of condominium hotel projects under construction in the 2004 to 2008 time frame.

Seaside Key West, Florida (2009)
Testimony on the value of the property as a fractional ownership resort.

Windward Passage Hotel (2012)
Expert testimony services on appraisal work previously completed by HVS.

Speaking Engagements

"Timeshare Property Ad Valorem Taxation," speech presented at the California State Assessors’ Conference, San Jose, CA, 1981.

"Valuing the Timeshare Property, " speech presented at the North Carolina Chapter, American Institute of Real Estate Appraisers, Charlotte, NC, 1982.

"Valuing Timeshare," speech presented at the National Timesharing Conference, Chicago, 1982.

Instructor, Timeshare Seminar, Stetson University of Law, St. Petersburg Beach, FL, 1982.

"Timeshare Valuation," speech presented at the National Timesharing Conference, New Orleans, 1983.

"Timeshare Properties & Types of Values," speech presented at the International Association of Assessing Officers National Conference, Hollywood, FL, 1984.

Instructor, Academy of Commercial Real Estate Underwriting, Tampa and Miami, 1986 - 1989.

“Timeshare Cash Flow Considerations,” speech presented at the Timeshare Investment Conference, Atlanta, Georgia, 1999.

“Timeshare Feasibility Considerations” speech presented to the Real Estate Institute of British Columbia, Canada, 1999.

Real Estate Speeches and Lectures (continued)
UCLA Hotel Industry Investment Conference, 2000, Panelist.

IV International Hotel & Resort Investment Conference, Sao Paolo, Brazil, 2000, Panelist.

New York University Latin & South American Hotel & Resort Investment Conference, Miami Beach, 2000, Panelist.

FIU-HVS Florida Hotel Conference, Miami, 2000, Panelist.

Hawaii Chapter of ARDA – 2 day Timeshare Seminar, 2002, Timeshare Case Study Panelist.

ARDA International Resort & Development Convention, 2002, Timeshare Panelist.

World’s Finest Resort Conference, 2004, Panelist.

ARDA International Resort & Development Convention, 2005, Fractional Ownership Panelist.

Caribbean Hotel Conference, Barbados, 2005, Fractional Panelist.

ARDA International Resort & Development Convention, 2006, Condo-Hotel Panelist.

Caribbean Hotel Association Conference, Miami, 2006, Mixed Use Development Panelist.

ARDA International Resort & Development Convention 2007, Panelist.

Central American Tourism & Hotel Investment Conference, Guatemala City, 2008, Shared Ownership Panelist.

Vacation Ownership Industry Conference (VOIC), 2000 through 2009, Panelist.

Shared Ownership Seminar – Barbados – 2011, Panelist

Authored Publications

Valuing the Timeshare Property, American Institute of Real Estate Appraisers, Chicago, Illinois, 1981

Timeshare Property Assessment and Taxation, American Land Development Association (now known as the American Resort Development Association), Washington, D.C., 1983

Vacation Industry Review, “Appraisal of Timeshare Projects,” January/February, 2001.

Vacation Industry Review, “Cash-Flow Modeling and Market Feasibility,” September/October, 2000.

Vacation Industry Review, “Buying a Hotel to House Your Tour Flow,” March/April, 2000.

Vacation Industry Review, “Cancún Corridor Study Predicts Continued Growth”, January/March 2003.

Vacation Industry Review, “Caribbean Timesharing Promises Bright Future”, January/March 2003.

The Assessors Journal, "Assessing the Fee Timeshare Property," June, 1981.

Resort Timesharing Today, "Is Your Interval Ownership Project Overassessed," June, 1981.

Timesharing Industry Review, "Timeshare Appraisal and Valuation - Preliminary Considerations," September, 1981; "Valuation of a Property as a Timeshare Facility," October, 1981; "Proper Valuation Approaches to be Used in the Real Estate Assessment and Taxation of a Timeshare Property," November, 1981.

Timesharing II, Stuart Marshall Block, William Ingersoll, and Stephany Madsen, editors-in-chief, Washington: Urban Land Institute, 1982, "Appraising the Timesharing Property."

Significant Accomplishments

Bernard L. Barnard Award for Most Outstanding Article, The Assessors' Journal, 1981.

Articles

Fee-for-Service Arrangements Provide Opportunities for New Entrants into the Shared Ownership Indust...

HVS consultants in Florida advise new entrants to consider the timeshare arena, thanks to new capita...

Nov 13, 2014 By Kathy Conroy and Gary L Johnson

Belize: A Small Hotel Market Poised for Growth

This article provides an overview of the Belizean tourism industry, while taking a closer look at th...

Apr 21, 2011 By Taylor Gray and Kathy Conroy

Canadian Lodging Outlook March 2005

Cash-Flow Modeling And Market Feasibility

May 10, 2005 By Kathy Conroy

Cash-Flow Modeling and Market Feasibility

In this article the author explains how cash-flow modeling is an important part of a timeshare proje...

Sep 6, 2001 By Kathy Conroy

Appraisal of Timeshare Projects

Individual components of the business can be analyzed and evaluated separately. A timeshare develop...

Jan 6, 2001 By Kathy Conroy

Buying a Hotel To House Your Tour Flow

Tour flow alone typically will not fill a hotel. Business travelers, meeting and convention travele...

Mar 6, 2000 By Kathy Conroy and John P. Lancet

Canadian Lodging Outlook February 2000

The Appraisal of Timeshare Projects

Feb 1, 2000 By Namit Malhotra and Kathy Conroy