Kathy Conroy, MAI

Consulting Experience

Kathy Conroy, MAI is a Senior Managing Director in the HVS Miami office, and is also the firm's Practice Leader of Shared Ownership Consulting. Kathy has been an active participant in the hotel and shared ownership industry for more than 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 in the industry as a creative thinker and a problem solver.

Kathy, a member of the Appraisal Institute (MAI) since 1982, is also 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.

Kathy is a frequent industry speaker and often serves as an expert witness. She has been involved in numerous trial testimonies, several of which were spread among tax courts, courts of appeal, and district courts, and some of which were in bankruptcy courts. She has also been involved in nearly 20 projects involving litigation support and depositions.

Kathy has served on the Board of Directors for Toronto-based Full House Franchise Systems, the master licensee with Wyndham Hotel Group for the franchising rights for the Knights Inn and Howard Johnson hotel brands throughout Canada. For nearly five years, her Board duties included developing and approving the strategic business plan for the company, including pricing decisions for new franchisees, and termination decisions for noncompliant franchisees.

Additionally, Kathy served as an asset manager for the Hilton hotel in Nassau on behalf of the Canadian Commercial Workers Industry Pension Plan from 2006 through 2014.

A native of Bloomfield, New Jersey, Kathy has been living in Florida for over 30 years and enjoys swimming and snorkeling in Biscayne Bay. She is a dog lover and owns greyhounds and smooth coated collies.

Affiliations

Designated Member, Appraisal Institute (MAI) since 1982
Member of the American Resort Development Association

State Certification

Florida Certified General Real Estate Appraiser
Licensed Florida Real Estate Broker

Employment History

1998 to present
HVS CONSULTING & VALUATION and HVS SHARED OWNERSHIP SERVICES
Senior Managing Director, Practice Leader - Shared Ownership
Miami, Florida

1982-1998
RESORT & URBAN PROPERTY CONSULTANTS, INC.
President
Tampa, Florida

1981-1982
L.W. ELLWOOD & COMPANY, INC.
Senior Consultant
New York, New York

1979-1980
HELMSLEY-SPEAR HOSPITALITY SERVICES, INC.
Appraiser
New York, New York

1977-1978
STONE & WEBSTER APPRAISAL CORPORATION
Appraiser
New York, New York

Education

B.A., Business Administration, Upsala College, Magna Cum Laude

Completed all coursework for the Appraisal Institute’s MAI designation (1982)
New York University Real Estate Institute – Case Studies in Real Estate Finance

Hotels Appraised

Sample List for Illustrative Purposes

ARIZONA
DoubleTree Inn, Phoenix
DoubleTree Inn, Scottsdale
Rodeway Inn, Scottsdale
DoubleTree Inn, Tucson
Rodeway Inn, Tucson

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

COLORADO
Antlers DoubleTree, Colorado Springs
Brown Palace, Denver
Hotel Monaco, Denver
Hilton, Grand Junction
Wildwood, Snow Mass

CONNECTICUT
Red Roof Inn, Enfield

FLORIDA
1.97 Acres of Land, Ft. Lauderdale
20 Via de Luna, Pensacola Beach
AmericInn, Sarasota
Aqualea Resort, Clearwater Beach
Atlantic Inn, Daytona Beach
Bay Estates at Pinetree, Miami
Best Western, Brandon
Best Western, St. Petersburg
Best Western Inn, Sanibel
Best Western, South Beach
Biltmore Hotel, Coral Gables
Bradford Home Suites, Pinellas Park
Bradley House Hotel, Palm Beach
Brazilian Court, West Palm Beach
Breckenridge Hotel, St. Pete Beach
Carlyle Hotel, Miami Beach
Chadwick Square/Plantation View
Clifton Hotel, Miami Beach
Comfort Suites, Brandon
Conversion of the Howard Johnson Plaza Hotel-Miami Airport, Hialeah Gardens
Country Inn & Suites, Ft. Myers
Courveisier Courts, Miami
Crescent View Beach Club, Sarasota
Crossways Inn, Miami
Crown Plaza Hotel, Orlando
Days Inn, Orlando
Days Inn Civic Center, Miami
Days Inn Satellite Beach, Melbourne
Days Inn, South Beach
Days Inn, St. Petersburg
Daytona Marriott, Daytona Beach
Deerfield Beach Hilton, Deerfield Beach
Disney Land Valuation, Orlando
Don CeSar Beach Resort, St. Pete Beach
Doral Beach Hotel, Miami 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
Econo Lodge Tallahassee
Econo Lodge-University, Gainesville
Embassy Suites, Lake Buena Vista
Embassy Suites, Orlando
Fairfield Inn, South Beach
Fairfield Inn & Suites, Naples
Fisher Island, Miami
Focused Land Consultation, Clearwater
Focused Marked Research Consultation, Upper Keys & Key West
Fort Myers Shopping Center, Fort Myers
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
Heritage Inn, 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, Lakeland
Holiday Inn, Plant City
Holiday Inn, Orlando
Holiday Inn, Sarasota
Holiday Inn, St. Augustine
Holiday Inn Downtown, Tampa
Holiday Inn Express, Bonita Express
Holiday Inn Express, Sarasota
Holiday Inn Hotel, Clearwater
Holiday Inn-Universal, Orlando
Holiday Inn West, Gainesville
Homewood Suites, Gainesville
Hotel Leisure Markets, Orlando
Hotel Nash, Miami Beach
Hyatt Hotel, Coral Gables
Hyatt Hotel, Orlando
Hyatt, Sarasota
Hyatt Pier 66, Ft. Lauderdale
Inn at Pelican Bay, Naples
Kelco/FB Ocean Point, Sunny Isles Beach
Lake Buena Vista Hotel, Orlando
Las Palmas, Orlando
La Quinta Inn, St. Petersburg
Little Harbour Development, Ruskin
Loews Hotel, Miami Beach
Mandarin Oriental, Miami
Masters Economy Inn, Zephyrhills
Miami Airport Hilton, Miami
Miami Radisson, Miami
Mixed-Use Development, Ft. Lauderdale
Naples Bay Resort, Naples
New Tampa Shopping Center, Tampa
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
Ponce De Leon Resort, St. Augustine
Project Key West, Key West
Proposed 105-Unit Boutique Hotel, Bonita Springs
Proposed 48-Unit Motel, Hialeah
Proposed 350-Unit Sky Resort Hotel & Spa, Orlando
Proposed Bijou Hotel, Miami Beach
Proposed Busch Gardens Hotel, Tampa
Proposed Candlewood Suites Hotel, Miami
Proposed Comfort Suites, Brandon
Proposed Courtyard by Marriott, Homestead
Proposed Courtyard by Marriott, Jupiter
Proposed Grand Bay Hotel, Miami Beach
Proposed Hard Rock Hotel, Orlando
Proposed Hotel, Everglades
Proposed Hotel, Ft. Lauderdale
Proposed Hotel, Orlando
Proposed Hotel, Venice
Proposed Hotel at Rollins College, Winter Park
Proposed Hotel-Pointe, Orlando
Proposed Island of Bali Hotel, Orlando
Proposed Legendary Condo Hotel, Panama City
Proposed Mandarin Oriental Hotel, Ft. Lauderdale
Proposed Mixed-Use Development, Miami
Proposed Portofino, Orlando
Proposed Regent, Miami Beach
Proposed Residence Inn by Marriott, Jacksonville
Proposed Seagate Hotel, Delray Beach
Proposed Sheraton Hotel, Orlando
Proposed Sonesta Sasson, Miami Beach
Proposed Trianon Hotel, Bonita Springs
Proposed WCI Condo Hotel, Pompano Beach
Proposed Westin, Tampa
Quality Suites, Indialantic
Quality Suites, Tampa
Radisson Bahia Mar, Ft. Lauderdale
Radisson (Ramada), Ft. Myers
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 South Beach Hotel, Miami Beach
Sandbar Hotel, Venice
Sandpearl Resort, Clearwater
Sandy Lake Towers, Orlando
Save Inn, Orlando
Sheraton Inn, Lakeland
Sheraton Inn, Ft. Myers
SoHo House, Miami Beach
Sonesta Village, Orlando
South Seas Plantation View, Sanibel
South Seas Plantation Chadwick Square, Sanibel
South Seas Resort, Captiva Island
Springhill Suites, Naples
St. Regis Hotel, Ft. Lauderdale
Tampa Airport Hilton, Tampa
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
Vienna Hotel, Orlando
Villas by the Sea, Ft. Lauderdale
Vista Club, Orlando
W Ft. Lauderdale, Ft. Lauderdale
Westin Hotel, Tampa
Yankee Clipper, Ft. Lauderdale

GEORGIA
Embassy Suites Airport, Atlanta
Marriott Airport Hotel, Atlanta
Super 8 Villa Rica, Atlanta
Wyndham Midtown, Atlanta
Potential Hotel Development of the Convention Center, Savannah

HAWAII
Kea Lani Resort, Maui

ILLINOIS
Hotel Monaco, Chicago
Sheraton O’Hare, Rosemont

KENTUCKY
Holiday Inn, Corbin

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

MARYLAND
Marriott, Hunt Valley

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

MISSISSIPPI
Radisson Eola, Natchez

NEW JERSEY
Ramada Inn, Clifton

NEW MEXICO
Del Norte Club, Albuquerque
Downtown Club, Albuquerque
Highpoint Club, Albuquerque
Midtown Club, Albuquerque
Riverpoint, Albuquerque
Rodeway Inn, Albuquerque
Villas de Santa Fe, Santa Fe
Inn at Loretto, Santa Fe

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

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

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

SOUTH CAROLINA
Proposed Suite Hotel, Anderson
Wild Dunes Resort, Isle of Palms

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

TEXAS
Flying L Ranch, Bandera
DoubleTree Inn, Dallas
Rodeway Inn, El Paso
Wildflower Resort & Grand Prairie Convention Center, Grand Prairie
Sheraton Crown, Houston
DoubleTree Club Hotel, San Antonio
Hotel Purchase Price Allocation Income Portfolio, Various Locations
Hotel Purchase Price Allocation CNL Portfolio, Various Locations

UTAH
Hotel Monaco, Salt Lake City

VERMONT
Castlestone Mansfield Inn, Stowe

VIRGINIA
Holiday Inn University Virginia, Blacksburg
Proposed Hotel, Blacksburg
Sheraton, Reston


INTERNATIONAL

Caribbean
Angostura Resort, Tobago, West Indies
Aruba Palm Beach Resort & Casino, Aruba
British Colonial Development Company, Nassau
Carambola Resort, St. Croix
Dellis Cay, 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
Proposed Hotel, Parrot Cay, Turks & Caicos
Proposed Third-Turtle Club Condo- Hotel, Turks & Caicos
Proposed Le Meridien Hotel, Antigua
Proposed 47-Unit Banyan Tree Hotel, Barbados

Europe
Marketing Assistance to IPAT, Europe & Barcelona
Marketing Assistance, Berlin, Rome & Paris

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

Netherlands Antilles
Blue Bay Golf and Beach Resort, Curacao
Renaissance Curacao Resort & Casino

Panama
Bristol Hotel Buenaventura Development, Panama City
Days Inn & Howard Johnson Plaza Hotels, Panama City
Marriott Franchise Agreement Review & Commentary
Pre-Defined Major Market Hotel Study

Puerto Rico
Hilton Hotel, Ponce
Proposed 100-Unit Ponce Hilton Hotel, Ponce

Uruguay
Estancia, Portuguesa and Beach Parcels, San Jose Ignacio
Planned Uruguay Resort Project, Beach & Ranch Locations
Proposed Luxury Hotel, Montevideo

Shared Ownership Experience

Kathy Conroy, MAI is the Senior Managing 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 one 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 properties analyzed by Kathy:

ARIZONA
Sedona Summit Resort, Sedona
Villa Mirage Resort, Scottsdale

CALIFORNIA
Embassy Vacation Resort, Lake Tahoe
Four Seasons Aviara, Carlsbad
Harbour Lights, San Diego
Newport Dunes Resort, Newport
Pelican Hill, Newport
Pond Bay Club PRC
Proposed 100-Unit Timeshare Development, Napa
San Luis Bay Inn, Avila Beach

FLORIDA
Blue Tree Resort, Orlando
Breckenridge Hotel, St. Pete Beach
Coral Sands, Miami Beach
Current Best Western & Bon Appetite Restaurant Site, Dunedin
Cypress Pointe, Orlando
Downtown Cedar Key Development, Cedar Key
Embassy Vac. Resort Grand Beach, Orlando
Galleon Resort, Key West
Holiday Beach Resort, Destin
Hyatt Residence Club, Siesta Key
Island Garden, Watson Island
Land Parcel under Marriott Dadeland Hotel, Miami
Leeward Yacht Club, Lee County
Mandarin Oriental, Miami
Maranu Project, Marathon
Pink Shell, Ft. Myers
Planned Condo Hotel, Palm Springs
Proposed Hyatt Vac. Club, Bonita Springs
Proposed Fractional, Orlando
Proposed Timeshare, Singer Island
Proposed Timeshare Development, Miami Beach
Proposed Mariner’s Club, Marathon Key
Proposed Crystal Bay PRC, Marathon
Proposed Limited Service Hotel on Parcel H, N. Ft. Myers
Proposed Hotel Adjacent to MOSI, Tampa
Seaside Key West, Key West
Sheraton Hotel, Orlando
Signum Resort, Miami Beach
South Seas Kids Club, Captiva
St. Regis Hotel, Ft. Lauderdale
The Bradley House, Palm Beach
The Carlisle Resort, Surfside
Various Timeshare Developments Owned by Aqua Sun
W Ft. Lauderdale Hotel & Residences, Ft. Lauderdale
Westgate Town Center, Kissimmee

HAWAII
Ilikai Hotel, Waikiki
Proposed Coco Palms Resort, Kauai

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, Nevada
Proposed Leisure Timeshare, Las Vegas

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

VERMONT
Stowflake Mountain Resort, Stowe
Trapp Family Coop I & II, Stowe

VIRGINIA
Greensprings Plantation, Williamsburg
Powhatan Plantation, Williamsburg

WASHINGTON
Semiahmoo Resort, Blaine


INTERNATIONAL

Austria
Proposed Timeshare, Haus

Australia
Australian Time Share Research

Canada
Greenwich Dunes Resort, Prince Edward Island
White Point each Resort, Nova Scotia

Caribbean
Aruba Palm Beach Resort & Casino, Aruba
British Colonial Hilton Hotel, Nassau, Bahamas
Caribbean Propco Investments Caribbean & Bahamas
Ginger Bay, Barbados
Grand Caymanian Resort, Cayman Islands
Proposed Montage Hotel and Ariel Sands, Bermuda

Costa Rica
Proposed Belmonte Condo Hotel, San Jose
Proposed Belmonte Residential Club, San Jose

Israel
Proposed Four Seasons, Tiberias

Mexico
Cabo del Sol, Los Cabos
Cabo del Sol Development, Los Cabos
Cabo Azul Resort, San Jose del Cabo
Inn at Mazatlan, Mazatlan
La Hacienda, Los Cabos
La Ceiba Resort, Cozumel, Mexico
La Esperanza, Los Cabos
Medano Beach Club, Los Cabos
Proponed Maya Koba & Chemuyil, Quintana Roo Mexico
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

St. Bart’s
Proposed Port-au Development

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

U.S. Virgin Islands
Equivest, St. Thomas
Bluebeards Beach Club, St. Thomas
Bluebeards Castle, St. Thomas
Elysian Beach Resort, St. Thomas
Carambola Resort, St. Croix
Proposed Pond Bay Club Fractional, St. John
Planned Pond Bay PRC, St. John

United Arab Emirates
Proposed Timeshare Development on Palm Island, Dubai

Expert Witness

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

“Front and Back of House Hotel Inspection,” Appraisal Institute Seminar – St. Pete Beach, FL – 2013

“Front and Back of House Hotel Inspection,” Appraisal Institute Seminar – San Juan, Puerto Rico – 2013

Shared Ownership Seminar – Barbados – 2011, Panelist

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

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

ARDA International Resort & Development Convention 2007, Panelist

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

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

Caribbean Hotel Conference, Barbados, 2005, Fractional Panelist

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

World’s Finest Resort Conference, 2004, Panelist

ARDA International Resort & Development Convention, 2002, Timeshare Panelist

Hawaii Chapter of ARDA – two-day Timeshare Seminar, 2002, Timeshare Case Study Panelist

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

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

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

UCLA Hotel Industry Investment Conference, 2000, Panelist

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

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

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

"Timeshare Properties & Types of Values," speech presented at the International Association of Assessing Officers National Conference, Hollywood, FL, 1984
"Timeshare Valuation," speech presented at the National Timesharing Conference, New Orleans, 1983

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

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

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

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

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.

My Articles

Remarkable Boom In The South Florida Hotel Market

Just when we thought South Florida couldn’t get any hotter, it is. Miami-Dade, Broward and Palm Beach hotels are all celebrating record-breaking years in ADR, occupancy and RevPar, according to HVS Miami’s Kathy Conroy, MAI.

• November 9, 2015 By Kathy Conroy

US Cities Achieve World Class Status as Foreign Investment Booms

This article offers a comparison of international investment in US Hotels during periods of strong hotel operating performance and a close look at Florida.

• April 20, 2015 By Kathy Conroy

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

HVS consultants in Florida advise new entrants to consider the timeshare arena, thanks to new capital light and fee-for-service structures which, eliminate barriers to entry.

• November 17, 2014 By Kathy Conroy , Gary L Johnson

• Shared Ownership & Timeshare

Belize: A Small Hotel Market Poised for Growth

This article provides an overview of the Belizean tourism industry, while taking a closer look at the national lodging market and highlighting specific regions offering the greatest potential for hotel development.

• May 2, 2011 By Kathy Conroy , Taylor Gray

• Valuations & Market Studies , Travel & Tourism , Economic Trends and Cycles

Canadian Lodging Outlook March 2005

Cash-Flow Modeling And Market Feasibility

• May 10, 2005 By Kathy Conroy

• Development & Construction , Valuations & Market Studies , Shared Ownership & Timeshare

Buying a Hotel To House Your Tour Flow

Tour flow alone typically will not fill a hotel. Business travelers, meeting and convention travelers, and pleasure or leisure travelers are the three primary market segments that comprise the total of lodging demand.

• May 7, 2004 By Kathy Conroy , John P. Lancet

• Hotel Operations , Shared Ownership & Timeshare

Appraisal of Timeshare Projects

Individual components of the business can be analyzed and evaluated separately. A timeshare development is actually three businesses in one, each with distinct characteristics and value observations as noted in the article.

• May 6, 2004 By Kathy Conroy

• Valuations & Market Studies , Shared Ownership & Timeshare

Canadian Lodging Outlook February 2000

The Appraisal of Timeshare Projects

• June 5, 2003 By Kathy Conroy , Namit Malhotra

• Valuations & Market Studies