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1、Understanding?Hotel?Valuation?TechniquesOctober?2015Objectives??????Why?do?we?do?valuations?Why?hotel?are?different?from?any?other?real?estate?What?isvalue?Understanding?hotel?valuation?techniquesConclusion:?what?is?important?to?have?in?order?to?produce?agood?hotel?valuatio
2、n?ConclusionWhy?do?we?do?valuations?Because:?companies?in?the?stock‐exchange?market?need?to?update?thevalue?of?their?assets?every?year;?hotel?owners?might?be?going?to?a?bank?toask?for?a?loan?offeringthe?hotel?as?collateral;?hotel?investors?might?be?interested?in?purchasing?
3、a?specifichotel;?hotel?owners?might?be?willing?to?sell?their?hotel;?A?company?would?like?to?merge?with?another?companyandneed?to?understand?how?much?capital?they?are?bringing?throughtheir?assets;?Many?other?reasons…Why?hotel?are?different?from?any?other?realestate?We?have?a
4、lways?been?told?thatthe?price?of?an?hotel?is?equal?tothe?price?of?five?little?greenhouses…….IT?IS?NOT?TRUE!Why?hotel?are?different?from?any?other?realestate?OFFICE?=?valued?on?m2basisRENTED?ON?A?m2BASISGENERATES?CASH‐FLOW?ON?A?M2BASISRESIDENTIAL?=?valued?on?m2basisRENTED?ON
5、?A?m2BASISGENERATES?CASH‐FLOW?ON?A?M2BASISWhy?hotel?are?different?from?any?other?realestate?Hotels?are?not?rented?on?a?m2basisas?they?do?not?generate?cash‐flow?on?a?m2basisWhat?is?the?basis?of?hotel?income?generation?Yotel,?London?Gatwick?(UK)Banfi?Castle,?Tuscany?(Italy)W?
6、Hotel,?Barcelona?(Spain)Why?hotel?are?different?from?any?other?realestate?Hotels?cash?flow?is?generated?by:RoomsFood&BeverageGym/Spa/HealthCentreMinorOperatingDepartmentWhat?is?avalue?OpenMarketValueFairValueLikelyFutureValueInvestmentValueMarketValueResidualLandValueCalcul
7、ationofWorth…MortgageLandingValue“What?is?avalue?“MarketValueistheestimatedamountforwhichapropertyshouldexchangeonthedateofvaluationbetweenawillingbuyerandawillingsellerinanarm’s-lengthtransactionafterpropermarketingwhereinthepartieshadeachactedknowledgeably,prudentlyandwit
8、houtcompulsion.IVSC1Hotel?valuation?techniquesFun?10,000?RuleBasic?EBITDA?multipli
