1. Topical – high level estimating based upon per key costing or generalized square foot estimating using our experience and database of similar projects and/or scope. This entails limited time and general review of the PIP. No drilling down to determine details, options, worthiness of the item, verification of requirements, etc. All budgeting is performed with minimal and limited resources and attention to detail. We believe that this level of budgeting can get to with-in a 30% - 40% swing or +/- 15% to 20%. You would have to carry a heavy contingency. This level of analysis would take 3 to 5 days per property.
2. Scope based – At this level of estimating, the re-budget exercise breaks down the project by area and scope. Limited drilling down is performed to look at possible options, is the PIP item really necessary, review waiver options, verify the item, etc. Costing is tunneled to the specific scope item and using our cost data base and experience price the project by area and scope. All estimating is based upon as-built plans provided by you, the PIP and discussions with you on parameters, options and waivers. With this level of estimating, the re-budget exercise should get to around the 20% swing, or +/- 10% of the actual cost. This should limit your contingency considerably. To produce this Scope Based Estimate our process takes 2 to 4 week for each property once we receive ALL requested information. This Scope Based Estimate will have some cost involved which would be reimbursed back to you if Cicero’s Development is awarded the project.
3. Detailed – This level dives into the heart and soul of the project and is treated as is we were bidding the project for construction. We make a site visit to each facility; tear apart the PIP for the details necessary to resolve the PIP item; consult with your Architect and designer or our Architect and designer that specializes in Hospitality; invite subs and vendors to provide input and pricing; incorporate any waivers that can be reasonably expected; etc., all so that we can drill down to the tightest budget possible before design drawings and concepts are completed and approved by the brand. We expect that this level of estimating to provide no more than a 10% swing or +/- 5%, and we (CDC) would engage into a construction contract based upon the derived work scope produced at this level. To produce this “Detail” level of budgeting it is based on project complexity and our process takes 3 to 5 week process per property.