Appraisal Methods:

• Income Capitalization Method - Current capitalization rate based on 21 publicly-traded companies in the hotel / hospitality industry
• Market Transaction Method - Summary of transaction multiples based on 300 acquisitions of hotel properties; summary statistics only are provided in this analysis
• Comparable Public Companies - Valuation multiples of four publicly-traded companies and real estate investment trusts that operate low to mid-priced hotel properties in the United States
• Historical Cost - Provides a method to calculate value based on historical investments in the hotel property, adjusted for the average change in values of hotel properties subsequent to the investment

Additional Resources Included:

• Instructions - Detailed instructions for applying each of the included appraisal methods
• Strategic Analysis - Discussion of operating metrics that have the most significant impact on the value of a hotel property
• Calculations Summary - A summary of all calculations provided on a single page in an easy-to-follow format 

Report Format: Adobe Portable Document Format (PDF); Adobe Reader required for viewing

Date of Most Recent Toolkit Update: 9/2/2011