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. Since joining 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 clients throughout the world. She has appraised properties in over 30 U.S. states and 30 countries. Furthermore, Kathy 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. She has also provided litigation support and depositions for nearly 20 projects and often serves as an expert witness, having provided testimony for numerous cases. Kathy previously served five years on the Board of Directors for Toronto-based Full House Franchise Systems and as an asset manager for the Hilton hotel in Nassau from 2006 through 2014.

Testimonials

"Kathy Conroy and her team at HVS have always been very responsive and met our deadlines. They communicate with us during their review process to get our input so that they are thoughtful in their analysis. HVS is the gold standard for hotel market feasibility studies for us." – Mr. Gottbetter, PSL Hospitality LLC

"HVS consistently provides outstanding client-centric service!' – Robert C. Clark, Pacific Western Bank

"I have utilized the special skills of HVS for many years and have always received a finished product that supported the methodology employed and the value conclusions very well, particularly if the subject property had some unusual aspects such as a timeshare development." – Mr. Montz, Capital One

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 Evaluated

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
Hard Rock Hotel, Palm Springs
 
COLORADO
Antlers DoubleTree, Colorado Springs
Brown Palace, Denver
Hotel Monaco, Denver
Hilton, Grand Junction
Wildwood, Snow Mass
 
CONNECTICUT
Red Roof Inn, Enfield
Proposed Arnold Palmer Lodge, Franklin
 
DISTRICT OF COLUMBIA
St. Regis Washington
 
FLORIDA
Hilton Hotel, Altamonte Springs
Park Suites, Altamonte Springs
Turnberry Fairmont Resort Hotel, Aventura
St. Regis Bal Harbour Resort, Bal Harbour
Econo Lodge, Bonita Springs
Holiday Inn Express, Bonita Springs
Proposed 105-Unit Boutique Hotel, Bonita Springs
Proposed Trianon Hotel, Bonita Springs
Best Western, Brandon
Comfort Suites, Brandon
Proposed Comfort Suites, Brandon
Hampton Inn & Suites, Cape Coral
South Seas Resort, Captiva Island
Aqualea Resort, Clearwater Beach
Focused Land Consultation, Clearwater
Holiday Inn Hotel, Clearwater
Sandpearl Resort, Clearwater
Econo Lodge Space Center, Cocoa
Biltmore Hotel, Coral Gables
Hyatt Hotel, Coral Gables
Atlantic Inn, Daytona Beach
Daytona Marriott, Daytona Beach
Holiday Inn Oceanside, Daytona Beach
Deerfield Beach Hilton, Deerfield Beach
Proposed Cove Hotel, Deerfield Beach
Proposed Seagate Hotel, Delray Beach
Proposed Hotel, Everglades
1.97 Acres of Land, Ft. Lauderdale
DoubleTree Oceanfront, Ft. Lauderdale
Galleria DoubleTree, Ft. Lauderdale
Hyatt Pier 66, Ft. Lauderdale
Mixed-Use Development, Ft. Lauderdale
Proposed Hotel, Ft. Lauderdale
Proposed Mandarin Oriental Hotel, Ft. Lauderdale
Radisson Bahia Mar, Ft. Lauderdale
St. Regis Hotel, Ft. Lauderdale
Villas by the Sea, Ft. Lauderdale
W Ft. Lauderdale, Ft. Lauderdale
Yankee Clipper, Ft. Lauderdale
Tropicay Motel, Ft. Lauderdale Beach
Country Inn & Suites, Ft. Myers
Fort Myers Shopping Center, Fort Myers
Radisson (Ramada), Ft. Myers
Ramada Inn, Ft. Myers
Sheraton Inn, Ft. Myers
Econo Lodge-University, Gainesville
Holiday Inn West, Gainesville
Homewood Suites, Gainesville
Conversion of the Howard Johnson Plaza Hotel-Miami Airport, Hialeah Gardens
Proposed 48-Unit Motel, Hialeah
Proposed Courtyard by Marriott, Homestead
Quality Suites, Indialantic
Pelican Cove, Islamorada
Hampton Inn, Jacksonville
Proposed Residence Inn by Marriott, Jacksonville
Proposed Courtyard by Marriott, Jupiter
Galleon Resort, Key West
Project Key West, Key West
DoubleTree Hotel & Conf. Center, Kissimmee
DoubleTree Guest Suites, Kissimmee
Palms Country Club & Resort, Kissimmee
Red Roof, Kissimmee
Embassy Suites, Lake Buena Vista
Holiday Inn, Lakeland
Sheraton Inn, Lakeland
Hilton Hotel, Marco Island
Days Inn Satellite Beach, Melbourne
Radisson Suites, Melbourne
Bay Estates at Pinetree, Miami
Courveisier Courts, Miami
Crossways Inn, Miami
Days Inn Civic Center, Miami
Doral Country Club Hotel, Miami
Fisher Island, Miami
Mandarin Oriental, Miami
Miami Airport Hilton, Miami
Miami Radisson, Miami
Proposed Candlewood Suites Hotel, Miami
Proposed Hotel - Medical District, Miami
Proposed Hotel-Condominium Mixed-Use Development (Health District), Miami
Proposed Mixed-Use Development, Miami
The Clevelander Hotel, Miami
W Miami, Miami
Carlyle Hotel, Miami Beach
Clifton Hotel, Miami Beach
Doral Beach Hotel, Miami Beach
Fountainbleau Resort, Miami Beach
Hotel Nash, Miami Beach
Loews Hotel, Miami Beach
National Hotel, Miami Beach
Planned Cipriani Hotel & Banqueting Facility, Miami Beach
Proposed Bijou Hotel, Miami Beach
Proposed Grand Bay Hotel, Miami Beach
Proposed Hotel, Miami Beach
Proposed Regent, Miami Beach
Proposed Sonesta Sasson, Miami Beach
Royal Palm South Beach Hotel, Miami Beach
Shelborne Wyndham Grand South Beach, Miami Beach
SoHo House, Miami Beach
The Majestic Hotel, Miami Beach
The Plaza Hotel, Miami Beach
Traymore, Miami Beach
Vela Rouge, Miami Beach
Fairfield Inn & Suites, Naples
Inn at Pelican Bay, Naples
Naples Bay Resort, Naples
Registry Hotel, Naples
SpringHill Suites, Naples
Econo Lodge, N. Ft. Myers
Proposed Branded Lifestyle Hotel, North Miami Beach
Crown Plaza Hotel, Orlando
Days Inn, Orlando
Disney Land Valuation, Orlando
Embassy Suites, Orlando
Grand Hyatt Cypress, Orlando
Harley Hotel, Orlando
Heritage Inn, Orlando
Holiday Inn, Orlando
Holiday Inn-Universal, Orlando
Hotel Leisure Markets, Orlando
Hyatt Hotel, Orlando
Lake Buena Vista Hotel, Orlando
Las Palmas, Orlando
Palazzo del Lago Planned Resort, Orlando
Park Suites, Orlando
Peabody Hotel Expansion, Orlando
Proposed 350-Unit Sky Resort Hotel & Spa, Orlando
Proposed Hard Rock Hotel, Orlando
Proposed Hotel, Orlando
Proposed Hotel-Pointe, Orlando
Proposed Island of Bali Hotel, Orlando
Proposed Portofino, Orlando
Proposed Sheraton Hotel, Orlando
Ramada Limited-University, Orlando
Regency Inn, Orlando
Sandy Lake Towers, Orlando
Save Inn, Orlando
Sonesta Village, Orlando
Vienna Hotel, Orlando
Vista Club, Orlando
Bradley House Hotel, Palm Beach
Proposed Legendary Condo Hotel, Panama City
Hampton Inn, Pensacola
Hilton Garden Inn, Pensacola
20 Via de Luna, Pensacola Beach
Bradford Home Suites, Pinellas Park
Holiday Inn, Plant City
Proposed WCI Condo Hotel, Pompano Beach
Hilton Garden Inn PGA Village, Port St. Lucie
Little Harbour Development, Ruskin
Holiday Inn, St. Augustine
Ponce De Leon Resort, St. Augustine
Breckenridge Hotel, St. Pete Beach
Don CeSar Beach Resort, St. Pete Beach
Best Western, St. Petersburg
Days Inn, St. Petersburg
Hilton Hotel, St. Petersburg
La Quinta Inn, St. Petersburg
Ramada Inn, St. Petersburg
Best Western Inn, Sanibel
Chadwick Square/Plantation View, Sanibel
South Seas Plantation View, Sanibel
AmericInn, Sarasota
Crescent View Beach Club, Sarasota
Hampton Inn, Sarasota
Hilton Garden Inn, Sarasota
Holiday Inn, Sarasota
Holiday Inn Express, Sarasota
Hyatt, Sarasota
Ritz-Carlton, Sarasota
Tropical Shores, Siesta Key
Best Western, South Beach
Days Inn, South Beach
Fairfield Inn, South Beach
Four Points, South Beach
Kelco/FB Ocean Point, Sunny Isles Beach
Econo Lodge Tallahassee
Hampton Inn, Tampa
Holiday Inn Downtown, Tampa
New Tampa Shopping Center, Tampa
Proposed Busch Gardens Hotel, Tampa
Proposed Westin, Tampa
Quality Suites, Tampa
Tampa Airport Hilton, Tampa
Westin Hotel, Tampa
Focused Marked Research Consultation, Upper Keys & Key West
Proposed Hotel, Venice
Sandbar Hotel, Venice
Brazilian Court, West Palm Beach
Proposed Boutique  Hotel, West Palm Beach
Alfond Inn, Winter Park
Proposed Hotel at Rollins College, Winter Park
Masters Economy Inn, Zephyrhills
 
GEORGIA 
Embassy Suites Airport, Atlanta
Marriott Airport Hotel, Atlanta
Super 8 Villa Rica, Atlanta
Wyndham Midtown, Atlanta
Proposed Laurel Island Resort, Kingsland
Potential Hotel Development of the Convention Center, Savannah
 
HAWAII 
Kea Lani Resort, Maui
 
ILLINOIS
Hotel Monaco, Chicago
Radisson Blu Aqua Hotel Chicago, 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
Proposed Boutique Hotel, Greenville
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
Proposed Le Meridien Hotel, Antigua
Aruba Palm Beach Resort & Casino, Aruba
Holiday Inn Sunspree Resort, Aruba
Ginger Bay, Barbados
Proposed 47-Unit Banyan Tree Hotel, Barbados
British Colonial Development Company, Nassau
Carambola Resort, St. Croix
Hotel on the Cay, St. Croix
Holiday Inn, St. Thomas
Dellis Cay, Turks & Caicos Islands
Proposed Hotel, Parrot Cay, Turks & Caicos
Proposed Melia-Branded Hotel, Providenciales, Turks & Caicos
Proposed Third-Turtle Club Condo-Hotel, Turks & Caicos
Hotel on the Cay, Christiansted
Peter Island Resort, Road Town, Tortola, Virgin Islands
Angostura Resort, Tobago, West Indies
 
Costa Rica
Proposed Zoetry Resort, Guanacaste
Dreams Las Mareas, El Jobo La Cruz de Guanacaste
Proposed Six Senses Hotel & Branded Residences, Peninsula Papagayo, Guanacaste
 
Europe
Marketing Assistance, Berlin, Rome & Paris
Marketing Assistance to IPAT, Europe & Barcelona
 
Honduras
Blue Ocean Reef, Roatan
Proposed St. Regis Resort, Roatan
Proposed Westin Hotel, Roatan
 
Mexico
Proposed 84-Unit Boutique (Bahia) Hotel, Cabo San Lucas
La Hacienda, Los Cabos
Westin Regina, Los Cabos
Inn at Mazatlan, Mazatlan
 
Netherlands Antilles
Blue Bay Golf and Beach Resort, Curacao
Renaissance Curacao Resort & Casino, Curacao
 
Panama
Bristol Hotel Buenaventura Development, Panama City
Days Inn & Howard Johnson Plaza Hotels, Panama City
Planned Infinity City Theme Park & Recommended Hotel Facilities, 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
Planned Uruguay Resort Project, Beach & Ranch Locations
Proposed Luxury Hotel, Montevideo
Estancia, Portuguesa and Beach Parcels, San Jose Ignacio

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 shared-ownership properties analyzed by Kathy:

ARIZONA
Villa Mirage Resort, Scottsdale
Sedona Summit Resort, Sedona
 
CALIFORNIA
San Luis Bay Inn, Avila Beach
Four Seasons Aviara, Carlsbad
Embassy Vacation Resort, Lake Tahoe
Proposed 100-Unit Timeshare Development, Napa
Newport Dunes Resort, Newport
Pelican Hill, Newport
Harbour Lights, San Diego
 
FLORIDA
Proposed Hyatt Vac. Club, Bonita Springs
South Seas Kids Club, Captiva
Downtown Cedar Key Development, Cedar Key
Holiday Beach Resort, Destin
Current Best Western & Bon Appetite Restaurant Site, Dunedin
St. Regis Hotel, Ft. Lauderdale
W Ft. Lauderdale Hotel & Residences, Ft. Lauderdale
Pink Shell, Ft. Myers
Galleon Resort, Key West
Seaside Key West, Key West
Westgate Town Center, Kissimmee
Leeward Yacht Club, Lee County
Maranu Project, Marathon
Proposed Mariner’s Club, Marathon Key
Land Parcel under Marriott Dadeland Hotel, Miami
Mandarin Oriental, Miami
Coral Sands, Miami Beach
Proposed Timeshare Development, Miami Beach
Signum Resort, Miami Beach
Proposed Crystal Bay PRC, Marathon
Proposed Limited Service Hotel on Parcel H, N. Ft. Myers
Blue Tree Resort, Orlando
Cypress Pointe, Orlando
Embassy Vac. Resort Grand Beach, Orlando
Proposed Fractional, Orlando
Sheraton Hotel, Orlando
The Bradley House, Palm Beach
Planned Condo Hotel, Palm Springs
Breckenridge Hotel, St. Pete Beach
Hyatt Residence Club, Siesta Key
Proposed Timeshare, Singer Island
The Carlisle Resort, Surfside
Proposed Hotel Adjacent to MOSI, Tampa
Island Garden, Watson Island
Various Timeshare Developments Owned by Aqua Sun
 
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
Proposed Radisson Suites, Atlantic City
Legends Resort, Vernon
 
NEW MEXICO
Villas de Santa Fe, Santa Fe
 
NEW YORK
Plaza Hotel, New York
 
PENNSYLVANIA
Tanglewood Resort, Hawley
Shawnee Inn, Shawnee-on-Delaware
 
SOUTH CAROLINA
Proposed Hilton Timeshare Project, Myrtle Beach
Shore Crest Vacation Villas, N. Myrtle Beach
 
TENNESSEE
Bent Creek Golf Village, Gatlinburg
Town Square Resort, Gatlinburg
Westgate Smokey Mountain Resort, Gatlinburg
Walden Creek Ridge, Pigeon Forge
 
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
Proposed Montage Hotel and Ariel Sands, Bermuda
Grand Caymanian Resort, Cayman Islands
 
Costa Rica
Proposed Belmonte Condo Hotel, San Jose
Proposed Belmonte Residential Club, San Jose
 
Israel
Proposed Four Seasons, Tiberias
 
Mexico
The Royal Sands, Cancun
La Ceiba Resort, Cozumel
Cabo del Sol, Los Cabos
Cabo del Sol Development, Los Cabos
La Esperanza, Los Cabos
La Hacienda, Los Cabos
Medano Beach Club, Los Cabos
Inn at Mazatlan, Mazatlan
Cabo Azul Resort, San Jose del Cabo
Proponed Maya Koba & Chemuyil, Quintana Roo
Secret Shopper Survey OPC Survey
 
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. Barts
Proposed Port-au Development
 
Turks & Caico Islands
Dellis Cay
Proposed Tropical Dream & Casino, Grand Turk Island
 
U.S. Virgin Islands
Carambola Resort, St. Croix
Proposed Pond Bay Club Fractional, St. John
Planned Pond Bay PRC, St. John
Equivest, St. Thomas
Bluebeards Beach Club, St. Thomas
Bluebeards Castle, St. Thomas
Elysian Beach Resort, St. Thomas
 
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

Cash-Flow Modeling and Market Feasibility

In this article the author explains how cash-flow modeling is an important part of a timeshare project's initial planning stages.

• May 6, 2004 By Kathy Conroy

• Valuations & Market Studies , 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