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Hotel Development Project Valuation Techniques: Case study of the Hotel development project
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
2012 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

The previous century changed the life in terms of increasing volume of travelling both business and tourist. All innovations as far as new roads led to a high demand for new hotels.

In hospitality business valuation is one of the main parts in strategy of hotel development. The purpose of valuation is to determine potential Market Value of operating hotel (Nick French, 2004). Appraisers use different valuation techniques according to the type of property or combined methods.

The object of the thesis is to find out the most appropriate Valuation Method for the new development project appraisal.

The thesis research methodology is based on the literature review of different scientific articles and student books; interviews conducted with the directors of Valuation Departments in the leading consulting company CBRE in Paris and Moscow, CBRE Hotel Valuation Department in Paris; HVS Moscow and the case study of new hotel development project in one of the Paris airports.

During the research it was founded that there are five general valuation methods (comparison, investment, profits, residual, contractors methods), but only four of them are appropriate for Hotel Valuation. Moreover, the appraisers always use several methods to provide accurate assessment of the project.

For the assessment of Market Value in the case study the profits and investment methods were used. These approaches are very common for Hotel Valuation in CBRE office in Paris and HVS office in Moscow. 

Place, publisher, year, edition, pages
2012. , 42 p.
Keyword [en]
hotel valuation
National Category
Economics
Identifiers
URN: urn:nbn:se:kth:diva-118223OAI: oai:DiVA.org:kth-118223DiVA: diva2:605074
External cooperation
CBRE
Subject / course
Real Estate Management
Educational program
Master of Science - Real Estate Management
Presentation
2012-11-28, Stockholm, 13:00 (English)
Uppsok
Technology
Supervisors
Examiners
Available from: 2016-10-20 Created: 2013-02-13 Last updated: 2016-10-20Bibliographically approved

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