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Board reduces Ingleside Hotel's improvement value after owner presents income figures
Summary
Waukesha Hospitality presented detailed 2024 operating figures for the Ingleside Hotel and argued the assessor’s valuation overstated value given high operating expenses tied to the water park and convention space. The board adjusted the assessed improvement value following deliberation.
Waukesha Hospitality asked the Board of Review on July 11 to lower the assessment for the Ingleside Hotel (2810 Gulf Road), citing audited 2024 income and expense statements and sustained high operating costs.
Steven Zenoni, COO of Waukesha Hospitality, testified that the hotel’s 2024 occupancy averaged about 48% and that the operation generated just over $14.0 million in gross revenue and roughly $13.0 million in operating expenses—an expense ratio far above the assessor’s assumed 70% benchmark. Zenoni and attorney Amy Embro explained that the property’s full‑service convention operation and on‑site water park drive unusually high utilities and insurance costs and argued a cap‑rate/income approach produced a much lower valuation than the assessment roll.
Assessor Laurie (City Assessor) presented sales comparables and explained the office’s rationale for the expense and cap‑rate choices. The board discussed vacancy, cap rate selection, CoStar market data and the treatment of convention and water‑park revenues and expenses. After deliberation the board voted to adjust the improvement portion of the assessment downward (details of the adjustment and the roll change were provided at the hearing and will be mailed to the property owner).
Next steps: The clerk will issue written findings of fact and the property owner was told how to pursue any further appeal.
