Feasibility
Hotel & Leisure Advisors
Hotel & Leisure Advisors is a hospitality consulting firm that produces appraisals, market and financial feasibility studies, operational reviews, economic impact analyses, and litigation support. Its work spans hotels, resorts, waterparks, casinos, conference and convention centers, golf courses, ski resorts, amusement parks, and other leisure-focused real estate. The firm was founded in 2005.
Feasibility studies analyze market conditions, economic and demographic trends, site characteristics, competitive supply shifts, and current and future demand drivers, project operating performance, and where appropriate recommend changes to a project's size, scope, positioning, or pricing. Appraisals consider the income capitalization, sales comparison, and cost approaches and are used for financing, acquisition, disposition, and tax appeal. The firm also prepares and manages RFQ and RFP solicitations to help owners identify and evaluate management companies, developers, and other partners.
H&LA describes itself as a nationwide firm delivering work across the United States, Canada, and the Caribbean. Two of its consultants hold the MAI designation from the Appraisal Institute, and it says all of its appraisers are state-licensed and adhere to USPAP. Its corporate headquarters is in Cleveland, Ohio. In 2025 the firm was acquired by Architectural Design Consultants, Inc. (ADCI) and continues to operate under its own brand, adding architecture and design services.
Fees are set per engagement and are not published. The property types named on the site are hospitality and leisure assets, so owners of other property types should confirm fit before commissioning a study.
Best for
Developers, lenders, and public agencies that need an independent feasibility study or appraisal for a hotel, resort, waterpark, or similar leisure asset, including for tax appeals and expert testimony.
What they do
- Market and financial feasibility studies
- Hotel and leisure property appraisals
- Tax appeal appraisals
- Economic impact studies
- Operational analysis and review
- RFQ and RFP preparation and solicitation
- Litigation support and expert testimony
- Architecture and design services
Details
| Attribute | Value |
|---|---|
| Founded | 2005 |
| Ownership | Subsidiary |
| Memberships | Appraisal Institute — two consultants hold the MAI designation |
What stands out
- Founded in 2005 and works across the United States, Canada, and the Caribbean.
- Two consultants hold the MAI designation from the Appraisal Institute; all appraisers are state-licensed and follow USPAP.
- Corporate headquarters is in Cleveland, Ohio.
- Acquired in 2025 by Architectural Design Consultants, Inc., continuing under the H&LA brand.
- Covers hotels, resorts, waterparks, casinos, conference centers, golf courses, and ski resorts.
Common questions
- What is a market and financial feasibility study for a hospitality project?
- It evaluates whether a proposed hospitality or leisure project, such as a hotel, resort, waterpark, or attraction, is viable in its specific market. The study analyzes local and regional demand, competitive supply, site characteristics, and projected revenues and expenses, and is prepared both for proposed developments and for existing properties considering repositioning, expansion, or redevelopment.
- Why commission a feasibility study before developing a hotel or waterpark?
- Feasibility studies reduce risk by identifying opportunities, constraints, and market realities early in the development process. They help developers, lenders, and public stakeholders understand demand drivers, competitive positioning, and financial outcomes. Lenders and investors also rely on them to independently validate assumptions and projections, which can be a critical part of financing approvals and public funding decisions.
- What is a hotel appraisal and why would an owner need one?
- A hotel appraisal provides an independent opinion of value based on income potential, market conditions, and asset characteristics. Owners typically need one for financing, refinancing, acquisition, disposition, partnership restructuring, or estate planning. Hotel appraisals commonly emphasize the income capitalization approach, supported by sales comparison and cost approaches where applicable.
- How does a tax appeal appraisal differ from a standard hotel valuation?
- Tax appeal appraisals establish market value for property taxation purposes and often involve additional analysis separating the real estate, personal property, and business value components of the going concern. They are designed to produce real estate valuation estimates that support a property tax appeal.