Использование подходов к оценке рыночной стоимости гостиничного бизнеса

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.