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Haywood F. Newkirk, MAI was part of a team that provided valuation services for the Los Millares Golf & Country Club in Andalucía, Spain. This community, planned for the Mediterranean Coast of Spain, included a 350-room Grand Hyatt Hotel, two 18-hole golf courses, a golf academy, and 872 residential units divided into single family homes, townhouses and condominiums. Responsibilities included separately valuing all of the real estate components to be included in the development. Our services included performing a cost, sales and income approach for the 5-star hotel utilizing comparable resort hotel sales in Europe and the United States; valuing the golf courses and the golf academy based on an analysis of comparable resort golf courses in Portugal and Spain; and projecting absorption rates and sales prices for the single family homes, townhouses and condominiums based on the performance of competitive resort properties in the Algarve Region of Portugal and the Costa Del Sol Region of Spain.