Approaches to the assessment of the hotel business market value: practical aspects

Anna Larionova

doi:10.12737/3898

APPROACHES TO THE ASSESSMENT OF THE HOTEL BUSINESS MARKET VALUE: PRACTICAL ASPECTS Approaches to the assessment of the hotel business market value: practical aspects

АА Аа

Published in Servis Plus · Pages 85–91 · Rubric: Tourism

DOI: https://doi.org/10.12737/3898

Received: 21.05.2014 Accepted: 03.06.2014 Published: 03.06.2014 Language of publication: RUS

Authors

Anna Larionova

ABSTRACT

The article considers the applicability of the comparative, income/capitalization, and cost approaches to hotel business evaluation. The author conducts research into the current trends that the market of commercial real estate demonstrates, paying special attention to transactions in Moscow´s hotel real estate market, and describes the application of the transaction and the price-animator method with reference to the hotel business specifics. As part of the research, the author calculates the values of such price animators as «hotel´s price rates/number of rooms», «price/revenue», «price/net profit», and identifies standard components used for amendments in the framework of the comparative approach. Among the components are scope of interest in land and real estate, hotel brand, hotel capacity and location, management quality, availability and lifecycle of additional divisions, investor´s aftersales reconstruction and inventory costs, sales terms (closing term, procurement of funds). On the basis of an assessment of the discounted cash flows, the author demonstrates the necessity of applying the income/capitalization approach, considers the limitations of the cost approach to evaluating a hotel business occupying an architecturally unique building, defines the advantages and drawbacks of the above-mentioned evaluation approaches as well as their application potential, and substantiates that the quality of evaluation depends on a comprehensive consideration of the specifics of the hotel industry.

KEYWORDS

real estate, transaction, hotel, income/capitalization, comparative, cost, approach, price animators, transaction methods, evaluation, value, selling price, hotel business

Text

Высокий уровень инвестиций отмечается в 2011—2013 гг. практически во всех секторах коммерческой недвижимости. Рост арендных ставок, низкий уровень свободных площадей, институциональное качество проектов позволяют инвесторам рассматривать вложения в недвижимость как стабильный бизнес с уровнем доходности, превышающим европейские показатели.

Первое полугодие 2013 г. стало рекордным по объёму закрытых сделок на рынке коммерческой недвижимости. Общий объем инвестиций в коммерческую недвижимость в России за указанный период составил $3,81 млрд, при этом на долю московского региона пришлось 88% объема сделок.

По экспертным оценкам, инвестиции в российскую коммерческую недвижимость в первом полугодии 2013 г. по сравнению с аналогичным периодом прошлого года выросли почти на 30% [1].

Почти половина сделок приходится на офисную и торговую недвижимость (рис. 1). По сравнению с I полугодием 2012 г. в аналогичном периоде 2013 г. доля этого сегмента возросла на 7,1% и составила 49,3%. Отмечается рост доли сделок по гостиницам с 4% до 6,4% от общего объема сделок с недвижимостью [1].

1. Gerashchenko, E., and Makarova, E. Investory razoshlis´ po ofisam [Investors keeping to their offices]. Kommersant.ru. from http://www.kommersant.ru/doc/2226310. Accessed on March 24, 2014.

2. Zharkov, S. «Kartina maslom»: gostinitsy i nomera v oteliakh dorozhaut [Hotel accommodation prices going up]. http://www.irn.ru/articles/30976.html. Accessed on March 15, 2014.

3. Novosti Komiteta po turizmu i gostinichnomukhoziaistvu Moskvy. Turistov v Moskve stalo na 10% bol´she, a Kitai vyshel v lidery. [Bulletin of the Committee for Tourism and the Hotel Industry of Moscow City Government. Moscow sees a 10% decline in tourist traffic, China tries on a leader´s gown], http://moscomtour.mos.ru/presscenter/news/ detail/884951.html. Accessed on march 27, 2014.

4. О deiatel´nosti Komiteta po turizmu i gostinichnomu khoziaistvu Moskvy v 2012 godu i planakh na 2013 god [On the activity of the Committee for Tourism and the Hotel Industry of Moscow City Government in 2012 and plans for 2013]. http://www.slideshare.net/mos_ru/2012-2013-24756697. Accessed on November 27, 2013.

5. Prodanagostinitsa «Metropol» [The Metropol hotel sold]. Departament vneshneekonomicheskikh i mezhdunarodnykh sviazei goroda Moskvy [Department for Foreign Economic Activity and International Relations, Moscow City Government]. http://investinmoscow.ru/ru/news/byid/prodana_gostinitsa_metropol. Accessed on October 19, 2013.

6. Prodana dolia Moskvy v gostinitse «Hilton Moscow Leningradskaya» [Moscow sells its share of the Hilton Moscow Leningrandskaya Hotel]. Departament gorodskogo imushchestva goroda Moskvy [Department of City Property, Moscow City Government], http://dgi.mos.ru/presscenter/news/detail/648716.html. Accessed on October 19,2013.

7. Stolichnaia gostinitsa «Budapeshcht» prodana na auktsione za 1 milliard [Moscow-located «Budapest» hotel brought to the hammer for 1 billion rubles]. Retrieved on march 19, 2014 fromhttp://moscow21.ru/articles/602.

8. Moskovskie vlasti prodali «Radisson SAS Slavianskuiu» [Moscow municipal authorities sell the «Radisson SAS Slavianskuia»]. http://rublevkaplus.ru/news/moskovskie-vlasti-prodali-radisson-sas-slavyanskuyu. Accessed on March 19, 2014.

9. Gostinitsu «Pekin» zakroiut na remont v 2014 godu [The Peking Hotel to close for reconstruction in 2014]. http://realty.lenta.ru/news/2013/04/26/pekin/. Accessed on October 10, 2013.

10. Aleksandr Kliachin perezhivaet Renaissance [Aleksandr Kliachin enjoying a period of Renaissance]. Kommersant.ru. http://www.kommersant.ru/doc/2199723? isSearch=True. Accessed on October 19, 2013.

11. Shcherbakova, A., Gribtsova, Iu., Zaitseva, N. Alrosa prodala gostinitsy s piatoi popytki [Fifth time lucky: Alrosa finally sells its hotels]. Vedomosti. http://www.vedomosti.ru/realty/news/11182711/alrosa_prodala_gostinicy_s_pyatoj_ popytki. Accessed on march 19, 2014.

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Editor in chief

Vadim Kortunov

kortunov@bk.ru

GOST

Larionova A. Approaches to the assessment of the hotel business market value: practical aspects // Servis Plus. 2014. no. 2. pp. 85-91. DOI: https://doi.org/10.12737/3898. (Date of access 15.09.2026).

MLA

Anna Larionova. "Approaches to the assessment of the hotel business market value: practical aspects." Servis Plus 8.2 (2014): 85-91. DOI: https://doi.org/10.12737/3898.

APA

Larionova A. (2014). Approaches to the assessment of the hotel business market value: practical aspects. Servis Plus, 8(2), 85-91. https://doi.org/10.12737/3898

Chicago

Anna Larionova. "Approaches to the assessment of the hotel business market value: practical aspects." Servis Plus 8, no. 2 (2014): 85-91. https://doi.org/10.12737/3898.

WIKI

{{cite journal | author = Larionova A. | title = Approaches to the assessment of the hotel business market value: practical aspects | journal = Servis Plus | year = 2014 | volume = 8 | issue = 2 | pages = 85-91 | doi = 10.12737/3898 }}

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APPROACHES TO THE ASSESSMENT OF THE HOTEL BUSINESS MARKET VALUE: PRACTICAL ASPECTS Approaches to the assessment of the hotel business market value: practical aspects

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