500 Trade Centre Way LLC.pdf

500 Trade Centre Way LLC Petitioner Vs. City Of Portage Respondent · 26-002648-TT

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500 Trade Centre Way LLC, 

Petitioner, 

Portage, 

Respondent. 

STATE OF MICHIGAN 

DEPARTMENT OF LICENSING & REGULATORY AFFAIRS 

MICHIGAN TAX TRIBUNAL 

MTT Docket No. 

[Parcel No(s). 39-10-01900-150-G] 

Daniel L. Stanley (P57052) 

Honigman LLP 

Attorney for Petitioner 

222 N. Washington Square 

Suite 400 

Lansing, MI 48933 

(517) 377-0714 

dstanley@honigman.com 

PETITION 

RECEIVED 

MAY 15 2026 W\~ 

MICHIGAN Tax TRIBUNAL 

Traninfo:d606 

261224761 

05/18/26 

Cis 

040710 

Ant: $600.00 

HONTGHAN LLP 

500 Trade Centre Way LLC (“Petitioner”), through its attorneys, HONIGMAN LLP, says: 

I. 

Petitioner's principal office address is 750 Trade Center Way, Suite 1000, Portage, 

MI 49002. Petitioner is a party in interest with respect to property taxes on tax parcel no(s). 39- 

10-01900-150-G ("Petitioner's Property"), at 500 Trade Centre Way located in Kalamazoo County, 

Michigan. 

If this petition includes more than one (1) real property tax parcel, the tax parcels are 

contiguous.

2. 

Respondent, Portage, assesses and collects property taxes on Petitioner's Property. 

3. 

In 2026, Respondent determined the taxable value of Petitioner's Property to be 

$4,957,200 and assessed Petitioner's Property at $4,957,200, which will result in a state equalized 

value in the same amount based upon the tentative equalization factor. 

4. 

Petitioner's Property 

is classified as Commercial Real. 

Petitioner's Property 

is 

presently used or available for use for hotel purposes and is commonly referred to as the Portage 

Hilton Homewood Suites. Petitioner believes that Petitioner's Property was originally designed to 

be used for hotel purposes. 

5. 

This matter involves issues relating to: 

(a) valuation, (b) assessment, (c) taxable 

value and (d) uniformity. 

6. 

At this time, Petitioner believes, as it relates to taxable value, that there is a dispute 

relative to the value of a loss. 

Ts 

Petitioner filed a board of review protest in March, 2026. 

A copy of Petitioner’s 

Board of Review protest is attached hereto as Exhibit A. 

8 

Respondent’s assessment of Petitioner’s property 

is excessive and erroneous 

because, among other reasons, the values 

in Respondent’s assessment are based upon 

a cost 

approach assuming that Petitioner’s property 

is a Class C for cost purposes when Petitioner’s 

property is Class D. 

9. 

Respondent’s assessment of Petitioner’s property is much higher than comparable 

hotel properties in the City of Portage, the greater Kalamazoo area in which Petitioner’s hotel

properties in Michigan, 114% higher than a brand new nearby similar property in Kalamazoo, and 

141% higher than a similar newly-renovated Radisson hotel in Kalamazoo. 

11. 

Respondent’s assessment 

is 

a clear statistical 

outlier. Petitioner’s property 

is 

assessed at approximately $55,080 per room, 125% higher than the average of other comparable 

Hilton Homewood Suites across Michigan, 114% higher than a brand-new Hilton property on I- 

94, and 141% higher than a newly renovated Radisson hotel in Kalamazoo. These figures far 

exceed all local and statewide limited-service hotel benchmarks. 

12. 

The 2026 assessment, including state equalized value and taxable value, imposed 

on Petitioner's Property are erroneous and excessive. 

13. 

The 2026 assessment, including state equalized value and taxable value, imposed 

on Petitioner's Property, and the taxes to be levied and collected thereon, are invalid and unlawful 

and operate as a fraud upon the taxpayer for the reasons that: 

(a) 

The assessment, 

including 

state equalized value and/or taxable value, 

exceeds the amount permitted by the Michigan Constitution and applicable statutes; 

(b) 

The assessment, including state equalized value and/or taxable value, are at 

higher percentages of true cash value than permissible under the Michigan Constitution and 

applicable statutes; 

(c) 

The assessment, including taxable value and/or state equalized value, are 

based upon an erroneous determination of the true cash value of that portion of Petitioner's 

Property that 

is taxable under Michigan law, and are based upon the application of wrong

(d) 

The assessment, including state equalized value and/or taxable value, and 

the mode of assessment adopted 

by Respondent, discriminate against Petitioner and deny 

Petitioner its constitutional rights to uniformity, equal protection and due process of law. 

WHEREFORE, Petitioner requests that the Tax Tribunal enter an Order reducing the 2026 

taxable value of Petitioner's Property from $4,957,200 to $3,880,000, and reducing the 2026 

assessed and state equalized value of Petitioner's Property from $4,957,200 to $3,880,000, and 

requiring Respondent to pay Petitioner the refunds attributable to such reductions, plus interest 

and costs. 

Respectfully submitted, 

HONIGMAN LLP 

Attorneys for Petitioner 

By: 

/s/ Daniel L. Stanley 

Daniel L. Stanley (P57052) 

222 North Washington Square 

Suite 400 

Lansing, MI 48933-1800 

(517)377-0714 

dstanley@honigman.com 

Dated: May 15, 2026

Docusign Envelope ID: 6E84223C-3000-8F17-81FD-CB78816A7TATA 

PORTAGE 

A Natural Place to Move 

Agent Authorization 

A completed Agent Authorization form or a letter of authorization must accompany all letters of appeal 

to the City of Portage Board of Review for which the property owner authorizes a third party to act as 

an agent on behalf of the property owner. Any communications will continue to be sent to the address of 

the property owner, not the Authorized Agent. 

500 Trade Centre Way LLC (Roger Hinman & Joe Gesmundo) , 

Printed Name(s) of Property Owner(s) of Record 

Rich MacDonald 750 Trade Centre Way, Suite 100, Portage MI 49002, 269-488-3651 

Printed Name, Address and Telephone Number of Authorized Agent 

I (we), 

to act on my (our) behalf in the matter of protesting my (our) real and personal property assessed 

2026 

valuation for, 

for property 

| (we) own addressed as: 

Year 

500 Trade Centre Way 

Portage 

Mi 

49002 

Address 

3G ~ [OD ~ 

City 

State 

Zip Code 

01900-150-G 

750 Trade Centre Way, Suite 100 

Tax Parcel No. 

Property Owner Malling Address 

269-342-8600 

Portage 

MI 

49002 

Property y Oupe 

Tole hone Number 

City 

State 

Zip Code 

h o{] 

- 

3/9/2026 

See 

a 

Date 

Ron &, Hirai. 

3/9/2026 

Signatu 

pI 

OWAL: 

Date 

Letters of Appeal to the Board of Review and Agent Authorizations must be received in the Office of 

the City Assessor no later than 5:30 p.m. on the Wednesday following the second Monday in March. 

Deliver or send via US Postal Service to: 

City of Portage Board of Review 

% Office of the City Assessor City of Portage

Michigan Department of Treasury 

618 (Rev. 12-25) 

Petition to Board of Review 

L-4035 

This form is issued under the authority of P.A. 208 of 1893, as amended. Filing is voluntary; however, you may not appeal to the Michigan Tax Tribunal unless you first protest 

to the Board of Review, excep! when the property is classified as commercial real, industrial real, or developmental real. You may not appeal property classification to the Sila 

Tax Commission unless you 

first protest to the Board of Review. 

TO BE COMPLETED BY OWNER OR OWNER’S AGENT 

Owner's Name (Please Print 

or Type) 

Petitioner's Name (If Other than Owner. Please Print or Type) 

500 Trade Centre Way LLC 

Rich MacDonald 

Township or City 

County 

Year of Appeal 

Portage 

Kalamazoo 

2026 

The undersigned protests the assessed value and/or the tentative taxable value and/or the property classification and/or the qualified 

agricultural property exemption of the following described property: 

Property Identified (Parcel code required. Property address and legal description optional.) 

39-10-01900-150-G 

500 Trade Centre Way, Portage MI 49002 

Protested Item: 

Assessed Value 

O Tentative 

[l Taxable Status O Classification 

a Qualified Agricultural 

Taxable Value 

(exemption) 

Property Exemption 

1, PROTEST OF ASSESSMENT 

Complete this section for a protest of assessed value, including assessed value changes associated with exempt status and denied or late filed 

personal property forms. 

Assessed Value 

Owner's Estimate of True Cash Value (Market Value) 

$4,957,200 

$7,760,000 

2. PROTEST OF TAXABLE VALUE 

Complete this section for a protest of Taxable Value. 

Reason: 

OJ Value of Losses 

[=] Value of Additions 

[| Poverty Exemption 

Uncapping % 

3. PROTEST OF CLASSIFICATION 

Complete this section for a request to change the classification. The Board of Review must make their decision regarding classification in accordance 

with Section 211.34c of the Michigan Compiled Laws, The Board of Review shall not be Influenced by the effect that a particular classification has on 

that property's status as a homeowner's principal residence or qualified agricultural property.) 

Classification of properly on this year's assessment roll 

Classification should be (check one of the following): 

O Agricultural 

[| Industrial 

| Timber Cutover 

O Utility (Personal Property Only) 

[] commercial 

[[] Residential 

[[] pevelopmental 

4. PROTEST OF EXEMPTION FOR QUALIFIED AGRICULTURAL PROPERTY 

If the assessor has denied or changed the percentage of the exemption from the 18 mills of local school operating tax for qualified agricultural proper- 

ty, the owner may appeal this action to the March Board of Review. THE BOARD OF REVIEW HAS NO AUTHORITY TO CONSIDER OR ACT UPON 

THE EXEMPTION FROM THE 18 SCHOOL OPERATING MILLS FOR HOMEOWNER'S PRINCIPAL RESIDENCE PROPERTIES.) 

Percent qualified agricultural exemption granted by assessor (Enter 0 if exemption 

Percent qualified agricultural exemption requested by owner (Enter 100 if full 

denied) 

exemption requested) 

REASON FOR PROTEST 

State reason(s) for protest of assessed value and/or the tentative taxable value and/or taxable status and/or classification and/or qualified agricultural property exemption 

(1) items that affect value are incorrect on property record (2) estimated market value Is too high (3) estimated market

618, Page 2 

FOR BOARD OF REVIEW USE ONLY 

INSTRUCTIONS: Incorporate a copy of this form and the assigned number in the Board of Review minutes 

Petition Number 

Parcel Code 

1. ASSESSED VALUE 

Disposition by Board of Review. The Board of Review must state the reason for its action below. 

Od Denled 

| Assessed Value Changed From 

[ 

|to 

| 

Record of Vote — Board or three-member committee of board 

Chalrperson: 

O Yes i No 

Member: 

O Yes O No 

Member: 

[| Yes 0 No 

Initials 

Initials 

Initials 

Reason for Board Action 

If you disagree with the decision of the Board of Review regarding tentative assessed value, you may appeal that decision by filing a petition with the Michigan Tax Tribunal 

at PO Box 30232, Lansing, MI 48909, Commercial Real, Industrial Real, Developmental Real, Commercial Personal, Industrial Personal and Utility Personal Property may 

be appealed by May 31. Agricultural Real, Residential Real, Timber-Cutover Real and Agricultural Personal Property may be appealed by July 31. The petition must be filed 

on a Michigan Tax Tribunal form or a form approved by the Michigan Tax Tribunal. Michigan Tax Tribunal forms are available at www, 

michigan,govAtaxirib. 

2. TENTATIVE TAXABLE VALUE 

Disposition by Board of Review. The Board of Review must stale the reason for its action below 

[J pented 

[7] Tentative Taxable Value Changed From 

to 

(See attached L-4035A) 

Record of Vote — Board or three-member committee of board 

Chairperson: 

O Yes Hi No 

Member: 

8] Yes [| No 

Member: 

IH Yes O No 

Initials 

Initials 

Initials 

Reason for Board Action 

If you disagree with the decision of the Board of Review regarding tentative taxable value, you may appeal that decision by filing a petition with the Michigan Tax Tribunal at 

PO Box 30232, Lansing MI 48909. Commercial Real, Industrial Real, Developmental Real, Commercial Personal, Industrial Personal and Ulility Personal Property may be 

appealed by May 31. Agricultural Real, Residential Real, Timber-Cutover Real and Agricultural Personal Property may be appealed by July 31, The petition must be filed on 

a Michigan Tax Tribunal form or a form approved by the Michigan Tax Tribunal, Michigan Tax Tribunal forms are avallable at yw, 

michigan.govitaxiiib. 

3. CLASSIFICATION 

Disposition by Board of Review. The Board of Review must state'the reason for its action below. 

[[] penied 

[[] crassification Changed From 

to 

Record of Vote 

— Board or three-member committee of board 

Chalrperson: 

O Yes [i] No 

Member: 

[ml Yes O No 

Member: 

OJ Yes O No 

Initials 

Initials 

Initials 

Reason for Board Action 

If you disagree with the decision of the Board of Review regarding classification, you may appeal by sending Form 2167 to the State Tax Commission at PO Box 30471, 

Lansing MI 48209, by June 30. 

4. QUALIFIED AGRICULTURAL PROPERTY EXEMPTION 

Disposition by Board of Review. The Board of Review must state the reason for its action below. 

Od Exemption Request Denied 

O Exemption percent modified from 

% fo 

% 

Record of Vote 

— Board or three-member committee of board 

Chalrperson: 

O Yes | No 

Member: 

[m Yes O No 

Member: 

[mE] Yes O No

Exim A 

Purpose of Appeal 

City of Portage Website 

It is an attempt to prove that your property’s estimated market value is either inaccurate 

or unfair. You may appeal when you can prove at least one of three things: 

1. 

Items that affect value are incorrect on your property record. (Calculator Occupancy, 

Economic % good, Building Class) 

2. 

The estimated market value is too high. (Overvaluation) 

3. 

The estimated market value of your property is accurate but inequitable 

because it is higher than the estimated value of similar properties. (Inequitable 

compared to similar properties) 

Ensure the 2 hotels we recently purchased in Portage can remain competitive against other hotels in the market 

and the state as long as possible. 

Bring the properties into alignment with comparable hotels across Michigan and within the local market. 

fy

Fair and Accurate Assessments Are Essential to Sustaining Quality Lodging in Portage 

Before the introduction of these hotels, Portage’s primary lodging option was 

the Holiday Motel, a Class-D property that fell short of the standards expected by 

today’s business and leisure travelers. 

*The Courtyard and Homewood Suites were among the first modern, nationally 

recognized hotels established in Portage. 

*These hotels offer high-quality accommodations for visitors and business 

travelers, including employees and guests of major companies such as Stryker, 

Pfizer, and other regional employers. 

I 

Fair and consistent property tax assessments ensure owners have the financial 

means to renovate rooms and public spaces, maintain brand standards, and keep 

properties appealing to both business travelers and visitors. 

*Well-maintained, competitive hotels contribute to supporting local employers and 

corporate travel, uphold Portage’s reputation as a business-friendly community; 

and promote ongoing investment in the hospitality sector. 

Our request is that the Courtyard and Homewood Suites receive fair and consistent 

assessments comparable to similar hotels, allowing them to continue serving the 

Portage community effectively. 

2

Hotels are unlike homes and other commercial properties 

Hotels are more like cars and boats they depreciate 

Generally, hotel value is greatest when new, then value erodes. 

Hotel life cycle: 

0-7 year 

7-10 yr 

10-15yr 

15-20 yr 

20-30 yr 

New (highest market competitiveness) 

Tru/Home2, Springhill Suites, Hilton Garden Inn/Home2, AVID, 

Holiday Inn and Suites 

Renovation (soft goods and FF&E Updates) 

Holiday Inn Express, Radisson Downtown 

Competitive Decline (Newer hotels begin to outperform) 

Homewood, Courtyard (NEVER RENOVATED DUE TO COVID) 

Staybridge Suites, Hampton Inn Airport, Fairfield Inn 

Repositioned (new flag or brand downgrade) 

End of Cycle (conversion or demolished) 

Stargate Motel where Pep Boys is now 

Ramada Inn where Bennigans and Hooters were 

Residence Inn Kilgore — now low income housing 

Country Inn & Suites — now homeless shelter 

w)

Our Real Estate Acquisition was not reflective of a “true market” process 

Homewood and Courtyard were not marketed or listed for sale. 

Homewood and Courtyard did not receive other offers. 

We paid a premium — it was a strategic acquisition 

Major investment in Trade Centre Class Office Buildings. Need to ensure the 

hotels don’t continue to decline and lower the value or desirability of the office 

buildings. 

Protect against accelerated decline and blight and possible conversion to low 

income housing or homeless shelter at this key gateway 

Homewood and Courtyard have development restrictions...single story 

restaurant...which is why they were not developed for last 20 years...buying we 

remove and can add office or another hotel or strategic retail 

This is why comparable hotel data may provide a more reliable benchmark, aside 

from recognizing the premium price paid. 

HAN

Courtyard 

Homewood Suites 

2026 True Cash 

Value Assessors 

Card 

$ 

9,637,965 

$ 

9,914,376 

TRUE True Cash 

Value =recent 

Assessed 

priceless middle 

Value Per 

discount premium 

Room 

$ 

5,400,000 

$ 

30,000 

$ 

7,875,000 

$ 

40,593 

PremiumPaid 

Premium Paid 

Premium Paid 

RecentPurchase 

DiscountHigh 

DiscountMiddle 

DiscountLow 

Price 

30% 

25% 

20% 

$ 

7,200,000 

$ 

(2,160,000) 

$ 

(1,800,000) 

$ 

(1,440,000) 

$ 

10,500,000 

$ 

(3,150,000) 

$ 

(2,625,000) 

$ 

(2,100,000)

WCA Assessing became City of Portage Assessor in 2022 

WCA Assessors did not create this imbalance: 

2022 Courtyard Portage Predecessor Assessor Value = $67,177 per room 

2022 Homewood Suites Portage Predecessor Assessor Value = $55,082 per room 

2026 Median Assessed Value by WCA Assessing of other comparable hotels in our 

market (Portage, Kalamazoo) and throughout the State of Michigan (Canton, Southgate, 

Taylor, Plymouth, Albion) is: 

$33,837 per room 

The Courtyard and Homewood in PORTAGE are outliers and competitively disadvantaged, 

therefore inequitable 

[e3)

Volatility History with no improvements to the Real Estate 

Large swings in assessed value occurred over time without any improvements to the 

properties. The timeline highlights significant spikes, followed by sharp reductions 

and increases, suggesting valuation adjustments rather than changes in the 

underlying real estate. 

1e6 

Assessment History - Portage Hotels 

gd 

—o— Courtyard Portage 

~~ Homewood Suites Portage 

Assessed Value ($) 

2016 

2018 

2020 

2022 

2024

Assessment Card Inaccuracy Correction (3 items) 

Valuation Report(s) Received from City of Portage on March 4, 2026 

(1of 3) 

Marriott Courtyard Portage 

Calculator Occupancy is listed as Hotels-Full Service and should be 

listed as Hotels-Limited Service 

*impacts replacement cost valuation model 

*other Courtyard hotels in Michigan spot tested and confirmed 

calculator occupancy listed as Hotels Limited Service 

*Cost tables used for Full Service Hotels assume 

Higher construction costs per square foot 

Restaurants & Banquet facilities 

More extensive amenities 

Larger staffing levels 

*Full Service Hotel = Higher construction cost PSF and Higher 

Economic Value 

* Inflated True Cash Value

Spot Tested to Confirm... 

Marriott Courtyard has a Bistro to purchase breakfast instead of free breakfast and 

has Starbucks and you can purchase other food and serves alcohol. This does not 

mean that it is a Full Service Hotel. 

It is a Limited Service Hotel. 

A few Courtyard hotels in Michigan checked and confirmed through Assessors Office 

that are LIMITED SERVICE classification and sell Starbucks, sell breakfast, you can 

purchase food, and serves alcohol....just like the Courtyard in Portage. 

Marriot Courtyard Albion (WCA is Assessor) 

Marriott Courtyard Farmington Hills 

Marriott Courtyard Bay City 

Marriott Courtyard Benton Harbor

Assessment Card Inaccuracy Correction 

Valuation Report(s) Received from City of Portage on March 4, 2026 

(2 of 3) 

Marriott Courtyard Portage and Homewood Suites Portage 

Building Class listed a Class C and should be listed as Class D 

*impacts replacement cost valuation model 

*|limited service hotels assessed by WCA are listed as Class D 

* no investments since built 

(30f3) 

Marriott Courtyard Portage 

Economic % good should be reduced from 100% to 75% 

*impacts replacement cost valuation model 

*limited service hotels comparable to the Courtyard assessed by 

WCA 

* no investments since built

Volatility is one of the reasons we looked at comparable 

Comparable in brands, markets, and life cycle seem to be most appropriate. 

Hilton Garden Inn 

/ Home2 in Downtown Kalamazoo 

$42,000,000 Cost 

$15,16,3651 Assessed Value doubled or True Cash Value 

Radisson — major renovation in 2003 and in 2024 

Assessed Value Comparable seem to be the most fair and most consistent and 

appropriate when factoring brand comparable, market comparable and life cycle 

phase.

City of Portage Affirms Value of New Construction Hotel 

Before we committed to developing the Marriott Springhill Suites, we shared all 

kinds of information with the City of Portage and Assessor and agreed that the value 

for a new hotel, fully completed was in the range of: 

$36,000 per room to $40,000 per room 

and would 

not exceed $42,500 per room 

Values were agreed to with the City of Portage and its 

Downtown Development Authority 

= 

~N)

In 2025 before we committed to developing the Marriott Residence Inn by the 

Airport on Portage Road in the City of Kalamazoo, we shared all kinds of 

information with the City of Kalamazoo and the its Assessor, WCA Assessing, 

and agreed that the value for a new hotel, fully completed was to be: 

$35,263 per Room 

5135 & 5147 Portage Rd_- 2026 & 2027 Estimated Assessments 

2026 Assessment Year 

2027 Assessment Year 

ESTIMATED 

ESTIMATED 

ESTIMATED 

ESTIMATED 

ASSESSED 

TAXABLE 

ESTIMATED 

ASSESSED 

ESTIMATED TAXABLE 

TCV 

VALUE 

VALUE 

TCV 

VALUE 

VALUE 

5135 & 5147 Portage Rd (parcels 

should be combined) 

$6,700,000 

$3,350,000 

$3,350,000 

$6,834,000 

$3,417,000 

$3,417,000 

Estimated Total: 

$6,700,000 

$3,350,000 

$3,350,000 

$6,834,000 

$3,417,000 

$3,417,000 

ASSUMPTIONS FOR 5135 & 5147 Portage Rd 

- (2 parcels - should be combined prior to construction) 

Land Details: Approximately 1.87 acres on Portage Road south of I-94 

Land Amenities: Parking area (appr. 36,000 sf), dog run 

Building Details: 

Valued derived is based upon estimated information supplied by developer, costs and site work provided. Proforma was not 

- provided. 

- Estimated 78,885 square foot footprint, four story building, primary use as a hotel with 95 rooms. 

~ Lobby consists of seating area, small kitchen, inground pool, storage, service rooms and offices. 

- Should the Market Capitalization rate change substantially than that which was used, this valuation is invalid. 

- Valuation is predicated upon stabilized occupancy with stabilzed expenses. 

- No value estimate given for personal property at this time. 

Assumptions: 

The valuation presented is for construction to start in fall 2024 and through 2025. 

First year of full value is estimated for the 2026 assessment roll. The assumptions 

being made are that in 2026 the Commercial class will have stabilized and no loss in value will be taking place and that 2027 will have a modest gain of 2%. 

Note: 

Whatever percentage is complete as of the valuation date (12/31) for the following year will be determined by the Assessor at that time. The value for 2026 is 

given as fully complete. 

Estimates are based on proposed construction, not actual construction. Actual assement values may differ from estimates based on actual construction and field 

reviews. These estimates do not account for any changes that may occur to the General Property Tax Act. 

fy w

$55,000 

$50,000 

$45,000 

$40,000 

$35,000 

$30,000 

$25,000 

$20,000 

$15,000 

$10,000 

$55,000 

$50,000 

$45,000 

$40,000 

$35,000 

$30,000 

$25,000 

$20,000 

$15,000 

$10,000 

Current Local Positioning of Comparable Hotels 

_ 

: 

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[= 

as 

Hilton 

: 

i 

Fail 

arriott 

Hi 

rea 

AVID Hotel 

bpd 

Garden Inn 

Radisson 

Holiday Inn 

Staybridge 

Emi 

Hilton Tru/ 

Holiday Inn 

Son 

Marriott 

IHG 

/Home2- 

Downtown 

Expresss 

Suites 

pring 

Home 2 

& Suites 

= 

Courtyard 

Marriott 

Alrport 

Bowntawi 

Suites 

d Suites 

PORTAG 

PORTAGE 

PORTAGE 

Proposed Comparable Positioning Based on Value and Life Cycle 

2 

] 

1 

| 

:]: 

£ 

: 

: 

: 

; 

= 

= 

= 

= 

: 

: 

- 

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= 

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= 

: 

NEW 

Renovation Phase 

Renovation Phase 

Hilton 

Fairfield 

Hampton 

; 

Hil 

AVID Hotel 

mpto 

(ETT 

Gardeninn 

Radisson 

 Holidaylnn 

Staybridge 

Lion 

Marriott 

i onTru/ 

Holiday Inn 

tng 

IHG 

maison 

Courtyard 

/Home 2 

Downtown 

Expresss 

Suites 

Eomevioo 

Springhill 

Home 2 

& Suits 

Marriott 

Airport 

Linn 

P 

d Suites 

Suites 

id 

PORTAGE 

PORTAGE 

PORTAGE 

$ 55,000 

$ 50,000 

$ 45,000 

$ 40,000 

$ 35,000 

$ 30,000 

$ 25,000 

$ 20,000 

$ 15,000 

$ 10,000 

$ 55,000 

$ 50,000 

$ 45,000 

$ 40,000 

$ 35,000 

$30,000 

$ 25,000 

$20,000 

$ 15,000 

$ 10,000 

=

Marriott Courtyard in Portage Value is 

More than Double 

207% 

the median value of the 20 other comparable Marriott Courtyards in Michigan 

Portage - $53,544 per room 

Vs 

$25,805 per room 

wn

Hilton Homewood Suites 

Portage Hilton Homewood Suites value per room is 

125% higher 

than the average value per room of the other comparable 

Hilton Homewood Suites in Michigan 

Portage Hilton Homewood Suites value per room 

114% higher 

Than a brand new Hilton Tru / Hilton Home2 on 1-94 

Portage Hilton Homewood Suites value per room is 

141% higher than 

than the Radisson downtown Kalamazoo after multi-million renovation last year

55000 

50000 A 

45000 4 

35000 A 

30000 

Assessed Value per Room (S$) 

25000 A 

20000 

40000 A 

Statewide Hotel Assessment 

Distribution 

Michigan Hotel Assessment Distribution vs Portage Hotels 

15000 A 

AV per Room 

$60K | 

S55k 

| 

$50k | 

S45k 

| 

$40k |========================soae- 

$35k | 

$30k |============================= 

$25k | 

S20k 

| 

Courtyard Portage 

Homewood Portage 

17

City of Portage Website Reasons to Appeal 

1. 

Items that affect value are incorrect on your property record. 

Courtyard mis-classified as a Full Service Hotel when it is a Limited Svc Hotel 

Courtyard and Homewood Building Class should be Class D 

Courtyard Economic % Good should be 75% 

Economic Condition Factor of 1.125 is too high 

2. 

The estimated market value is too high. 

Courtyard value is too high given life cycle phase and no improvements 

Homewood value is too high given life cycle phase and no improvements 

Purchase Price less the premium discount reflects real value consistent with comparables 

3. 

The estimated market value of your property is accurate but inequitable because it is 

higher than the estimated value of similar properties. 

Courtyard and Homewood are outliers at S51k to $53k / room 

Local comparable are $36k /room 

Courtyards in Michigan are S25k / room 

Homewood's in Michigan are $40k / room 

WCA Comparable are $33k / room 

46 sample hotels in Michigan are $33k / Room

Closing 

Portage hotels are outliers in local and statewide comparisons. 

Request review to align assessments with comparable hotels. 

Courtyard True Cash Value to $5,400,000 which would result in 

an Assessed & Taxable Value of $30,000 per Room 

Homewood True Cash Value to $7,760,000 which would result 

in an Assessed & Taxable Value of $40,000 per room. 

Both requests are supported by comparables, WCA Assessment 

history, adjusted recent acquisition price

Courtyard Detroit Utica 

Courtyard Brighton 

Fairfield Inn Marriott 

Holiday Inn Express 

Couryard Lansing 

Courtyard Flint Grand Blanc 

AVID Hotel IHG 

Courtyard Jackson 

Hampton Inn Hilton Airport 

Courtyard Detroit Southfield 

Courtyard by Marriott 

Holiday Inn Express 

Courtyard Grand Rapids Airport 

Courtyard Traverse City 

Marriott Springhill Suites 

Staybridge Suites 

Staybridge Suites 

Courtyard Detroit Dearborn 

Holiday Inn Expresss 

Hampton Inn by Hilton 

Homewood Suites by Hilton Gre 

Courtyard Battle Creek 

Hilton Garden Inn 

Home 2 Suites by Hilton 

Homewood Suites by Hilton Lan 

Hilton Tru/ Home 2 

Holiday Inn & Suites 

Homewood Suites by Hilton Hol 

Hilton Garden Inn / Home 2 - Dc 

Radisson Downtown 

YrBuilt/Ren 

Rooms 

1997 

1998/2015 

2014 

2015 

1987/2016 

1996/2011 

2020 

2019 

2014 

1986 

2018 

2015 

1996/2014 

2000/2004 

2022 

2006 

2021 

1986 

2017 

2014/2018 

1997/2017 

2014 

99/2013 

2019 

2018 

2019 

2024 

2021 

920 

20 

83 

107 

128 

102 

82 

103 

78 

147 

75 

114 

84 

83 

93 

95 

118 

147 

105 

114 

78 

102 

157 

96 

124 

136 

130 

123 

220 

340 

City 

Utica* 

Brighton* 

Comstock 

WCA 

Plymouth 

Lansing 

Flint* 

WCA 

Kalamazoo 

Jackson 

WCA 

Kalamazoo 

Southfield 

WCA 

Albion 

WCA 

Southgate 

Kentwood 

Traverse City 

WCA 

Portage 

WCA 

Kalamazoo 

WCA 

Southgate 

Dearborn* 

Oshtemo 

WCA 

Southgae 

Grand Rapids 

Battle Creek* 

WCA 

Plymouth Twp 

WCA 

Taylor 

Lansing 

Comstock 

Oshtemo 

Holland 

WCA 

Kalamazoo 

WCA 

Kalamazoo 

True Cash Value 

3,673,267 

3,970,529 

4,013,084 

4,356,525 

4,452,590 

4,589,892 

4,664,630 

4,774,126 

4,832,923 

RA 

HH HB BHP GBH 

5,996,823 

6,048,056 

6,133,764 

6,431,820 

6,507,177 

6,863,671 

6,886,147 

7,105,209 

7,230,611 

7,239,366 

7,259,261 

7,688,273 

a 

7 

ER 

a 

oO 

aE Ca 

A 

8,352,809 

8,370,458 

8,562,831 

9,638,466 

11,862,015 

12,077,186 

13,015,815 

15,168,651 

23,210,924 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$

Local Comparable Hotels 

2026 

Assessed 

2026 Taxable Value 

YrBullt/Ren Rooms 

Clty 

Ae 

Value per Room 

per Room 

Marriott Courtyard 

2013 

90 

Portage 

$ 

53,544 

43,800 

Hilton Homewood Suites 

2015 

97 

Portage 

$ 

51,105 

$ 

51,105 

Marriott Springhill Suites 

2022 

93 

Portage 

$ 

41,855 

$ 

37,897 

AVID Hotel IHG 

2020 

82 

Kalamazoo 

 $ 

29,502 

§ 

28,516 

Hampton Inn Hilton Airport 

2014 

78 

Kalamazoo 

$ 

32,160 

$ 

26,971 

Hilton Garden Inn/ Home 2 - Downtown 

2021 

220 

Kalamazoo 

$ 

35,027 

$ 

28,269 

Radisson Downtown 

340 

Kalamazoo 

 $ 

36,201 

$ 

24,488 

Staybridge Suites 

2006 

95 

Kalamazoo 

$ 

39,289 

$ 

23,502 

Hilton Tru/ Home 2 

136 

Comstock 

 $ 

44,966 

$ 

44,942 

Fairfield Inn Marriott 

2014 

83 

Comstock 

$ 

26,086 

$ 

23,371 

Holiday Inn & Suites 

2019 

130 

Oshtemo 

 $ 

49,548 

§$ 

32,466 

Holiday Inn Expresss 

2017 

105 

Oshtemo 

$ 

36,625 

$ 

21,813 

Average 

$ 

37,126 

$ 

29,224 

Median 

$ 

36,413 

$ 

27,620

WCA Assessed Comparable Hotels 

YrBuilt/Ren 

Rooms 

Assessor 

Marriott Courtyard 

2013 

Hilton Homewood Suites 

2015 

Marriott Springhill Suites 

2022 

AVID Hotel IHG 

2020 

Hampton Inn Hilton Airport 

2014 

Hilton Garden Inn / Home 2 - Downtown 

2021 

Radisson Downtown 

Staybridge Suites 

2006 

Hilton Garden Inn 

99/2013 

Holiday Inn Express 

2015 

Home 2 Suites by Hilton 

2019 

Holiday Inn Express 

2015 

Staybridge Suites 

2021 

Hampton Inn by Hilton 

2014/2018 

Hampton Inn by Hilton 

2008/2025 

Courtyard by Marriott 

2018 

Fairfield / Towneplace by Marriott 

2017 

Average 

Median 

90 

97 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

City 

Portage 

Portage 

Portage 

Kalamazoo 

Kalamazoo 

Kalamazoo 

Kalamazoo 

Kalamazoo 

Plymouth Twp 

Plymouth 

Taylor 

Southgate 

Southgate 

Southgae 

Canton 

Albion 

Canton 

2026 Assessed 

Value per Room 

$ 

63,544 

$ 

51,105 

41,855 

29,502 

32,160 

35,027 

36,201 

39,289 

31,325 

21,964 

45,841 

30,363 

35,167 

33,837 

27,621 

41,656 

26,294 

PPB DPD DDD DDH DH 

33,874 

33,837 

© 

© 

2026 Taxable 

Value per Room 

$ 

43,800 

$ 

61,105 

37,897 

28,516 

26,971 

28,269 

24,488 

23,502 

31,325 

21,964 

32,466 

24,849 

28,251 

31,390 

24,751 

39,198 

26,294 

RCE 

CR ce 

RR 

28,676 

28,251 

© &

Courtyard Hotels In Michigan 

Marrlott Courtyard 

Courtyard Ann Arbor 

Courtyard Detroit Pontiac/Auburn Hills 

Courtyard Flint Grand Blanc 

Courtyard Detroit Farmington Hills 

Courtyard Detroit Livonia 

Courtyard Detroit Troy 

Courtyard Detroit Dearborn 

Courtyard East Lansing Okemos 

Courtyard Detroit Southfield 

Courtyard Battle Creek 

Courtyard Detroit Utica 

Courtyard Detroit Warren 

Courtyard Bay City 

Courtyard St. Joseph Benton Harbor 

Courtyard Brighton 

Courtyard Grand Rapids Airport 

Courtyard Jackson 

Couryard Lansing 

Courtyard Detroit Metro Airport 

Courtyard Traverse City 

Yr Built/Ren 

2013 

1989/2017 

1998/2016 

1996/2011 

2016 

1988/2013 

1985 

1986 

2019 

1986 

2014 

1997 

1986 

2016 

2019 

1998/2015 

1996/2014 

2019 

1987/2016 

1987/2005 

2000/2004 

Rooms 

90 

160 

110 

102 

106 

149 

147 

147 

105 

147 

102 

90 

147 

100 

104 

90 

84 

103 

128 

146 

83 

City 

Portage 

Ann Arbor 

Pontiac* 

Flint* 

Farmington Hills 

Livonia 

Troy* 

Dearborn* 

Okemos 

Southfield 

Battle Creek* 

Utica* 

Warren 

Bay City* 

Benton Harbor* 

Brighton* 

Kentwood 

Jackson 

Lansing 

Romulus 

Traverse City* 

(notes - excluded urban hotels in GR, Holland, Mt Pleasant Conf Ctr, , * are 2025 AV as 2026 was not available) 

Average 

Median 

2026 Assessed 

Value per Room 

©“ 

PPD 

D DPD 

L DDD PPP BBP 

53,544 

38,430 

19,596 

23,913 

30,413 

19,687 

22,408 

33,207 

36,190 

25,758 

32,828 

25,852 

19,082 

36,171 

37,923 

23,698 

41,870 

24,499 

23,609 

14,375 

41,164 

28,534 

25,805 

2026 Taxable 

Value per Room 

$ 

Rc 

ca 

CC 

A 

AR 

a 

A 

I 

TY 

© 

© 

43,800 

33,760 

18,143 

23,913 

26,193 

19,687 

18,723 

24,906 

34,743 

24,848 

26,215 

25,852 

15,983 

28,768 

27,829 

23,698 

41,870 

23,700 

20,660 

12,284 

29,087 

25,088 

24,877

© ONG 

A ON 

88 

Marriott Springhill Suites 

AVID Hotel IHG 

Hampton Inn Hilton Airport 

Hilton Garden Inn / Home 2-Dc 

Radisson Downtown 

Staybridge Suites 

Hilton Tru/ Home 2 

Fairfield Inn Marriott 

Holiday 

Inn & Suites 

Holiday Inn Expresss 

Hilton Garden Inn 

Holiday Inn Express 

Home 2 Suites by Hilton 

Holiday Inn Express 

Staybridge Suites 

Hampton Inn by Hilton 

Hampton Inn by Hilton 

Courtyard by Marriott 

Fairfield / Towneplace by Marric 

Homewood Sultes by Hilton Gra 

Homewood Suites by Hilton Det 

Homewood Suites by Hilton Nov 

Homewood Suites by Hilton Wa 

Homewood Sultes by Hilton Lan 

Homewood Suites by Hilton Hol 

Homewood Suites by Hiltan Brig 

Courtyard Ann Arbor 

Courtyard Detroit Pontiac/Aubu 

Courtyard Flint Grand Blanc 

Courtyard Detroit Farmington H 

Courtyard Detroit Livonia 

Courtyard Detroit Troy 

Courtyard Detrolt Dearborn 

Courtyard East Lansing Okemos 

Courtyard Detroit Southfield 

Courtyard Battle Creek 

Courtyard Detroit Utica 

Courtyard Detrolt Warren 

Courtyard Bay City 

Courtyard St. Joseph Benton Ha 

YrBullt/Ren 

Rooms 

2022 

2020 

2014 

2021 

2008 

2014 

2019 

2017 

99/2013 

2015 

2019 

2015 

2021 

2014/2018 

2008/2025 

2018 

2017 

1997/2017 

2002/2018 

2017 

2018 

2018 

2024 

2006 

1989/2017 

1998/2016 

1996/2011 

2016 

1988/2013 

1985 

1986 

2019 

1986 

2014 

1997 

1986 

2016 

2019 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

WCA 

City 

Portage 

Kalamazoo 

Kalamazoo 

Kalamazoo 

Kalamazoo 

Kalamazoo 

Comstock 

Comstock 

Oshtemo 

Oshtemo 

Plymouth Twp 

Plymouth 

Taylor 

Southgate 

Southgate 

Southgae 

Canton 

Albion 

Canton 

Grand Raplds 

Troy* 

Novi 

Warren 

Lansing 

Holland 

Brighton 

Ann Arbor 

Pontlac* 

Flint* 

Farmington Hills 

Livonia 

Troy* 

Dearborn* 

Okemos 

Southfield 

Battle Creek* 

Utica* 

Warren 

Bay City* 

Benton Harbor* 

2028 Assessed 

Value per Room 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

$ 

41,855 

29,502 

32,160 

35,027 

36,201 

39,289 

44,966 

26,086 

49,548 

36,625 

31,325 

21,964 

45,841 

30,363 

35,167 

33,837 

27,621 

41,656 

26,294 

28,365 

31,662 

43,958 

47,979 

44,556 

54,272 

33,640 

38,430 

19,698 

23,013 

30,413 

19,687 

22,408 

33,207 

36,190 

25,758 

32,828 

25,852 

19,082 

36,171 

37,923 

2026 Taxable 

Value per Room 

37,897 

28,6516 

26,971 

28,269 

24,488 

23,502 

44,942 

23,371 

32,466 

21,813 

31,325 

21,964 

32,466 

24,849 

28,251 

31,390 

24,751 

39,198 

26,294 

28,365 

22,737 

38,642 

35,984 

42,551 

45,218 

31,939 

33,760 

18,143 

23,913 

26,193 

19,687 

18,723 

24,906 

34,743 

24,848 

26,215 

25,852 

165,983 

28,768 

27,829 

DDDDDDDD PDD DDDDDDDD PDD DPDDDDDDDDDDDDD 

DOOD

03/04/2026 

Valuation Report 

03:44 

PM 

DB: 

City Of Portage Current 

39-10-01900-150-G 

2026 Est. 

T.C.V. 

500 TRADE CENTRE WAY LLC 

Property Class: 

201 

500 TRADE CENTRE WAY 

Map #: 

HOTEL 

CITY OF PORTAGE 

PORTAGE, 

MI 49024 

SEC 

4 T3S, 

RL1W; 

COM AT 

N 

1/4 

COR TH 

E 2653.60' 

TH 

S 2166.55'TH 

W 1299.76' 

TO 

POB TH 

§ 268.98" 

TH 

W 33.63" 

TH 

§ 27.60' 

TH 

W 311.05' 

TH 

S 

05 DEG 15'50" 

W 

172.96' 

TH 

N 

84 

DEG 43'37" 

W 60.00' 

TH 

N 

05 

DEG 15'50" 

E 1.00' 

TH 

S 

B4 

DEG 

43'37" 

E 59.00' 

TH 

N 

05 DEG 15'50" 

E 171.87' 

TH W 14.32' 

TH 

N 296.59' 

TH 

E 

360.01' 

TO POB. 

(2.435 AC). 

SPLIT/COMBINED ON 01/21/2015 FROM 01900-150-D; 

split/Comb. 

on 01/21/2015 completed 01/21/2015 SIMMONSJ 

3 

Parent Parcel (s): 

01900-150-D; 

Child Parcel(s 

01900-150~F, 

01900-150-G, 

01900-150-H; 

Land Value Estimates for Land Table 201CP.COMMERCIAL PREMIUM 

* Factors 

* 

Description 

Frontage 

Depth 

Front 

Depth 

Rate %Adj. 

Reason 

Value 

CP Study 

P High 

60.00 

0.00 1,0000 0.0000 

5700 

100% 

0 

TCW 

& 

SWA SUBAREAS 

106,155.720 Sq Ft 

6.79 

100 

720,460 

* denotes lines that 

do not contribute 

to the total acreage calculation. 

60 Actual Front Feet, 

2.44 Total Acres 

Total Est. 

Land Value 

= 

720,460 

Land Improvement Cost Estimates 

Description 

Rate 

Size 

% Good 

Cash Value 

D/W/P: 

Asphalt 

Paving 

3.01 

50270 

88 

133,155 

D/W/P: 

3.5 Concrete 

6.38 

7227 

88 

40,575 

Total Estimated Land Improvements True Cash Value 

= 

173,730 

Cost Estimates for Commercial/Industrial Building/Section: 

1 

Built 2015 

Costs are taken from the Hotels 

- Limited Service cost schedules. 

<<< 

Calculator Cost Computations 

>>>>> 

Class: 

C 

Quality: Average 

Stories: 

4 

Story Height: 

12 

Perimeter: 

1104 

Overall Building Height: 

50 

Base Rate 

for Upper Floors 

= 134.84 

(10) 

Heating system: 

Zoned A.C. 

Warm 

& Cooled Air 

Cost/SqFt: 

30.50 

100% 

Adjusted Square Foot Cost 

for Upper Floors 

= 165.34 

Total 

Floor Area: 

86,081 

Base Cost New of Upper Floors 

= 14,232,633 

86,081 Sq.Ft. 

of Sprinklers 

3.64, 

Cost New 

= 

313,335 

Reproduction/Replacement Cost 

= 14,545,968 

Eff.Age:12 

Phy. $Good/Abnr. 

Phy. /Func./Econ. /Overall $Good: 

69 /100/100/75 /51.8 

Total Depreciated Cost 

= 

7,527,538 

<<< 

Segregated Cost Computations 

>>>>>

03/04/2026 

Valuation Report 

03:44 

PM 

DB: 

City Of Portage Current 

parcel Number: 

39-10-01900-150-G 

Page: 

2 

Unit 

in Place 

Items 

Rate Quantity Arch 

%Good 

Depr.Cost 

/CI16/YARI/RESSP/450SF/90A 

42189.00 

11.00 

61 

25,735 

/C116/YARI/SPARH/ACRDLA 

17640,00 

11.00 

61 

10,760 

/C116/YARI/OUTL/2AVG/ FLO 

1847.30 

6 1.00 

61 

6,761 

/CI16/YARI/OUTL/2AVG/POLA 

186.69 

6 1.00 

61 

683 

/CI16/YARI/OUTL/2AVG/POLS 

129,12 

189 

1.00 

61 

14,886 

ECF 

(MOTELS 

/ HOTELS 

/ HOSPITALITY) 

1.189 

=> TCV of Bldg: 

1 

= 

9,020,186 

Replacement Cost/Floor Area= 170.10 

Est. TCV/Floor Area= 104.79 

Total Estimated True Cash Value of Commercial/Industrial Buildings 

= 

9,020,186 

2026 Est. 

T.C.V. 

01900-150-G 

=. 

9,914,376 

Est. 

TCV/Total Floor Area 

= 115.17, 

Most recent sale 08/07/2025 

for 10,500,000 

2025 Assessed 

MBOR 

S.E.V. 

Base for Cap 

IRM 

| 

4,963,300 

4,963,300 

4,963,300 

4,963,300 

2.70 

2026 

New 

Eg. Adjustment 

Loss 

Additions 

Tax Adjustment 

Losses 

0 

-6,100 

0 

0 

-6,100 

0 

2026 Assessed 

MBOR 

S.E.V. 

Capped 

 ->Taxable<- 

PRE/MBT 

4,957,200 

4,957,200 

4,957,200 

5,097,309 

4,957,200 

0

03/04/2026 

03:44 

PM 

Valuation Report 

DB: 

City Of Portage Current 

parcel Number: 

39-10-01900-150-G, 

Commercial/Industrial Building 

87.5" 

210 

4STY/SLAB 

2) 

21085558 

9 

se 

20 

Sli 

[2] 

65 

~ 

EB) 

o| T18TvisLAB 

3 

2604.05 

. 

71 

g 

Briok Patio 

me 

819.250 

3 _|__ystvisLan 

26 

p 

1888.04 

ms 

O 1 8TY AREAS 

*%* Information herein deemed reliable but not guaranteed***

Parcel Number: 

39-10-01900-150-G 

Jurisdiction: 

CITY OF PORTAGE 

County: KALAMAZOO 

Printed on 

03/04/2026 

Grantor 

Grantee 

Sale 

Sale 

Inst. 

Terms 

of Sale 

Liber 

Verified 

Prent 

Price 

Date 

Type 

& 

Page 

By 

Trans 

AHIP MI PORTAGE PROPERTIES 

500 TRADE CENTRE WAY LLC 

10,500,000) 

08/07/2025 

|CD 

03-ARM'S LENGTH 

2025-021158 

PROPERTY TRANSFER | 

100.¢ 

H.S. 

OF PORTAGE, 

INC 

AHIP MI PORTAGE PROPERTIES 

0| 

11/21/2019 

|CD 

21-NOT USED/OTHER 

2020-000555 

OTHER 

100. 

TRADE CENTRE HOLDINGS, 

LLGH.S. 

OF PORTAGE, 

INC 

1,166,754| 

06/14/2014 

|WD 

21-NOT USED/OTHER 

2014-021909 

DEED 

100." 

Property Address 

Class: 

COMMERCIAL-IMPROVE Zoning: 

CPD 

Building Permit (s) 

Date 

Number 

Status 

500 TRADE CENTRE WAY 

School: 

PORTAGE PUBLIC SCHOOLS 

Water Heater 

- Plumbing 

05/28/2025 

|PPLBG24-0534 

COMPLETE 

P.R.E. 

0% 

Repair 

05/07/2024 

|PCOM23-0070 

COMPLETE 

Owner's” Hame/Radress 

REALTYPE: HOTEL 

Furnace/AC/Humidifiex 

06/12/2023 

|EPMECH22-0995 

 |COMPLETE 

500 TRADE CENTRE WAY LLC 

q 

= 

500 TRADE CENTRE WAY 

2026 Est TCV 9,914,376 me 

Only 

11/03/2015 

|PMECHIS 0255 

COMPLETE 

PORTAGE MI 49024 

X [Improved 

| 

[Vacant 

| Land Value Estimates for Land Table 201CP.COMMERCIAL PREMIUM 

Public 

* Factors 

* 

Improvements 

Description 

Frontage 

Depth 

Front 

Depth 

Rate 

%Adj. 

Reason 

Value 

os 

Dirt Road 

CP Study P High 

60.00 

0.00 1.0000 0.0000 

5700 

100% 

0 

ex Description. 

river Toad 

TCW 

& SWA SUBAREAS 

106,155.720 Sq Ft 

6.79 

100 

720,460 

SEC 

4 T3S, 

R11W; 

COM AT N 1/4 COR TH 

E 

X 

{Paved Road 

* denotes lines that do not contribute to the total acreage calculation. 

2653.60" 

TH 

S 2166.55'TH 

W 1299.76' 

TO 

X 

{Storm Sewer 

60 Actual Front Feet, 

2.44 Total Acres 

Total Est. 

Land Value 

= 

720,460 

POB TH S 268.98" TH W 33.63' 

TH 

S 27.60" 

|x [sidewalk 

TH W 311.05' 

TH S 05 DEG 15'50" W 172.96" 

| y Iyater 

TH N 

84 

DEG 43'37" 

W 60.00' 

TH 

N 

05 

DEG 

X 

|Sewer 

Land Improvement Cost Estimates 

15'50" 

E 1.00" 

TH 

S 

84 

DEG 43'37" 

E 

Xx 

[Electric 

Description 

Rate 

Size 

% Good 

Cash Value 

59.00" 

TH 

N 

05 DEG 15'50" 

E 171.87" 

TH 

W 

xX 

|Gas 

D/W/P: Asphalt Paving 

3.01 

50270 

88 

133,15! 

14.32" TH N 296.59" TH E 360.01' TO BOB. 

|x |curh 

D/W/P: 3.5 Concrete 

6.38 

7227 

88 

40,57! 

(2.435 AC). 

X 

{Street Lights 

Total Estimated Land Improvements True Cash Value 

= 

173,173 

SPLIT/COMBINED ON 01/21/2015 

FROM 

Standard Utilities 

01900-150-D; 

Underground Utils 

Work Description for Permit PPLBG24-0534, 

Issued 05/28/2025: 

Replace existing 

Comments/Influences 

. 

water heaters 

57 Toons 

Topography of 

Work Description for Permit PCOM23-0070, 

Issued 05/07/2024: Water damage repair. 

Split/Comb. 

on 01/21/2015 completed 

Site 

Work Description for Permit PMECH22-0995, 

Issued 06/12/2023: 

Replacing 

01/21/2015 SIMMONSJ 

: 

X [Level 

COMCEDSEE 

as 

. 

Parent Parcel (s): 

01900-150-D; 

Rolling 

Work Description for Permit PMECH15-0255, 

Issued 11/03/2015: 

UL 300 KITCHEN HOOD 

Child Parcel(s): 01900-150-F, 01900-150-G | 

|Low 

ERE SUERRESSION 

Ey 

’ 

High 

Work Description for Permit PMECH14-0298, 

Issued 05/11/2015: 

FIRE SPRINKLER 

01900-150-H; 

gl 

X {Landscaped 

SYSTEM WET 

Swamp 

Work Description for Permit PMECH14-0080, 

Issued 01/05/2015: 

new hotel 

Wooded 

Pond 

Waterfront 

Ravine 

Wetland 

Flood Plain 

Year 

Land 

Building 

Assessed 

Board of| 

Tribunal/ 

Taxab. 

Value 

Value 

Value 

Review 

Other 

Vali 

Who 

When 

What 

2026 

360,200 

4,597,000 

4,957,200 

4,957,20 

= 

5 

TT 

RLS 07/29/2019 REINSPECTI 

[2025 

356,700 

4,606,600 

4,963,300 

4,963,30 

The Equalizer. 

Copyright 

(c) 

1 

= 2009. |NDH 11/23/2015 DATA ENTER 

] 

Licensed To: 

City of Portage, 

County of 

NDH 02/17/2016 DATA ENTER 2024 

478,500 

5,139,000 

5,617,500 

5,186, 

68 

Kalamazoo, 

Michigan 

2023 

478,500] 

4,461,200 

4,939,700 

{4,939,70 

*** Information herein deemed reliable but not guaranteed***

Parcel Number: 39-10-01900-150-G 

Printed on 

 03/04/202 

*** Information herein deemed reliable but not guaranteed***

Commercial/Industrial Building/Section 

1 of 

1 

Parcel Number: 

39-10-01500-150-G 

Printed on 

03/04/2026 

Desc. 

of Bldg/Section: 

<<<L< 

Calculator Cost Computations 

>S>>>> 

Calculator Occupancy: 

Hotels 

- Limited Service 

Class: 

C 

Quality: Average 

Class: 

C 

Construction Cost 

Stories: 

4 

Story Height: 

12 

Perimeter: 

1104 

Floor Area: 86,081 

overall Building Height: 

50 

Gross Bldg Area: 86,081 

| 

[29d 

| 

[Above Ave. 

[X[Ave. 

| 

[low 

Stories Above Grd: 

4 

*% 

** 

Calculator Cost Data 

** 

** 

Base Rate for Upper Floors = 134.84 

Average 

Sty 

Hght 

: 

12 

Quality: Average 

. 

. 

Bent 

¥a11 Ht 

Heat#1: Zoned A.C. Warm 

& Cooled Air 

100% 

(10) 

Heating system: Zoned A.C. Warm 

& Cooled Air 

Cost/SqFt: 

30.50 

100% 

Heat#2: Heat Pump System 

0% 

| Adjusted Square 

Foot Cost for Upper Floors 

= 165.34 

Depr. 

Table 

© 

3% 

Ave. 

SqFt/Story: 

21520 

Effective Age 

: 

12 

Ave. Perimeter: 

1104 

Total Floor Area: 

86,081 

Base Cost New of Upper Floors 

= 14,232,633 

Physical %Good: 

69 

Has Elevators: 

X 

Func. 

%Good 

: 

100 

86,081 Sq.Ft. 

of Sprinklers 

@ 

3.64, 

Cost New 

= 

313,335 

Economic %Good: 

75 

**%* Basement Info *** 

5015 

iT 

Area: 

Reproduction/Replacement Cost 

= 14,545,968 

eax Ee 

Perimeter: 

Eff.Age:12 

 Phy.3Good/Abnr.Phy./Func./Econ./Overall $Good: 

69 /100/100/75 /51.8 

SRmAGE 

Le 

Type: 

Total Depreciated Cost = 

7,527,538 

50{Overall Bldg 

Heat: 

Hot Water, Radiant Floor 

. 

Height 

<<< 

Segregated Cost Computations 

>>>>> 

* Mezzanine Info 

* 

Costs taken from Segregated Cost Section 

1: Apartments, 

Clubs, 

Hotels 

Comments: 

Area 

#1: 

Cost 

# 

or 

Height Storys 

Type #1: 

Item Desciption 

Col. 

Rate 

SqFt 

Adj. 

Adj. 

Cost 

Area #2: 

. 

Type 

#2: 

(39) 

Miscellaneous 

Canopies 

& Marquees: 

* Sprinkler Info 

* 

Wood Frame 

1Up 

32.10 

420 

1.000 

1.000 

13,482 

Area: 

86081 

. 

. 

) 

L. 

Type: Average 

<<<<< Calculations too long. 

See Valuation printout for complete pricing. 

>>>>> 

(1) Excavation/Site Prep: 

(7) 

Interior: 

(11) 

Electric and Lighting: 

(39) 

Miscellaneous: 

(2) 

Foundation: 

| 

[Footings 

(8) 

Plumbing: 

RTT 

= 

420 

Wood Frame 

X Poured Conc. 

| 

|Brick/Stone 

| 

[Block 

Many 

Average 

Few 

gEetss 

Shots 

Above Ave. 

Typical 

None 

Few 

Few 

— 

[Average 

Average 

Total Fixtures 

Urinals 

Many 

Many 

(3) 

Frame: 

> raecs fachs 

Larue ss 

Unfinished 

Unfinished 

% 

Typical 

Typical 

Shower Stalls 

Wash Fountains 

2 

i» 

Toilets 

Water Softeners 

Flex Conduit 

Incandescent 

Rigid Conduit 

Fluorescent 

(4) 

Floor Structure: 

Armored Cable 

Mercury 

(40) 

Exterior Wall: 

Non-Metalic 

Sodium Vapor 

= 

(9) Sprinklers: 

Bus Duct 

Transformer 

Thickness 

| 

[pamnt Insul. 

(13) 

Roof Structure: 

Slope=0 

(5) 

Floor Cover: 

(10) 

Heating and Cooling: 

Gas 

Coal 

Hand Fired 

0il 

Stoker 

Boiler 

(14) 

Roof Cover: 

(6) 

Ceiling: 

*** Information herein deemed reliable but not guaranteed***

Parcel Number: 

39-10-01900-150-G, 

Commercial/Industrial Building 

1 

Printed on 

03/04/202 

37.5 

4£STY/SLAB 

21085.55F 

54° 

BER 

55° 

~ 

Ey 

= 1 STYISLAB 

= 

= 

2502.05 

Brick Patina 

ar 

13.25% 

34 

. 

} 

———187Y/SLAB 

& 

Pa 

25 

= 

1358.9=F 

x 

EE 

2 

*** Information herein deemed reliable but not guaranteed***

Ed 

Gh 

El 

FT

SUMMARY 

Current Assessment 

Current 2026 Assessed Value 

Current 2026 Taxable Value 

Rooms 

Current 2026 Assesed Value Per Room 

: 39-10-01900-150-E 

400 Trade Centre 

2013 

Courtyard - City 

Courtyard - Appeal 

$ 

4,819,000 | $ 

2,700,000 

$ 

3,941,979 | $ 

2,700,000 

90 

$ 

53,544 

$ 

30,000 

39-10-01900-150-G 

500 Trade Centre 

Homewood- City 

$ 

4,957,200 

$ 

4,957,200 | $ 

97 

$ 

51,105 

$ 

9,914,376 | $ 

7,760,000 

2015 

Homewood - Appeal 

$ 

3,880,000 

3,880,000 

$ 

40,000 

True Cash Value 

$ 

10,518,769 

[ $ 

5,400,000 

Hotels - 

Full Service 

Limited Service 

Limited Service 

Limited Service 

Economic % good 

100% 

75% 

75% 

75% 

Comparables 

Per Room 

City of Portage New Hotel Agreement 

$36,000 to $40,000 

New Residence Inn WCA & Kalamazoo 

$ 

35,263 

Local Comparables per Room 

$ 

36,413 

WCA Comparables per Room 

$ 

33,837 

Courtard Comparables per Room 

$ 

25,805 

Homewood Comparables 

$ 

© 

40,633 

46 Michigan Comparables 

$ 

33,018 

Recent Sales 

Courtyard Portage 

Homewood Portage 

Recent Purchase Price Adjusted 

$ 

5,400,000 

$ 

7,875,000 

Current Deprectiaion Phase 

Competitive Decline 

Competitive Decline 

Marriott Courtyard Hotels confirmed as Limited Service: 

Homewood & Courtyard Hotels confirmed as Class D: 

Novi, Benton Harbor, Battle Creek 

Albion, Farmington Hills, Bay City, Benton Harbor

Honigman LLP 

COSTS ADVANCED ACCOUNT 

040710 

Invoice Date 

Invoice Number 

Invoice Narrative 

Payment Amount 

5/14/26 

040710 

DLS/282947/585604 

600.00 

Petition filing fee 

24559387.1

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