如何评估一个汽车旅馆的价格

石冰

如何评估一个汽车旅馆的价格


Many factors contribute to the market value of a hotel or motel and different types of buyers may use different formulas for determining the price they are willing to pay for a hotel or motel property. Whatever formula one may use, almost everyone takes into account in some way other factors which may or may not be quantified, such as         the specific location, the market conditions (ADR & Occupancy) in which the property operates,         the current franchise or future franchise possibilities, age and condition, cost of renovations, the reputation of the current or past management,
future hotel or motel development in the area, future room night demand generators, barriers to entry, financing options, functional obsolescence, value of the land, and more.

Each of these factors must be weighed for every property and in some cases one factor may weigh more heavily than all of the others combined. Additionally the risks will vary with every property. The following formulas must therefore be tempered with these other considerations.

Gross Room Revenue Multiplier
This is a popular formula for buyers of motels and hotels generally under $7,000,000. Varies from region to region. The range of gross room revenue multiplier from less than 2 times the gross room revenue to over 5 times the gross room revenue makes using the national or regional average multiplier a very imprecise measure of value. If used, it should be considered as one of a number of measures of value. Best used for owner operator limited service properties.

Capitalization Rate
R=I/V or Rate = Income (usually accepted as the Net Operating Income) divided by the Value; or to determine Value (V) = Income (I or NOI) divided by Rate. A good measure of value for a consistently performing investment property which the purchaser plans to maintain in the same manner.

Price Per Room
This is both a cost of replacement comparison and a sales comparable approach. If a new hotel or motel with the same construction and amenities would cost $45,000./room and one can purchase an existing property for $25,000./room plus a renovation cost of $5,000./room and end up with a motel almost equivalent to a new property, the savings of $15,000./room makes the existing property more attractive. Knowing the price per room at which similar hotels or motels in the same or similar market have sold, one can judge the current properties offered for sale. As markets change over time, this is accurate only if the comparables are recent and similar.

Discounted Cash Flow
Variations of this method can be very sophisticated, attempting to adjust for new entrants into the market and calculating the percentage of penetration of each market segment which the subject property and its primary competitors will achieve, and then projecting the net cash flow from operations and a future sale, determine the value of those profits discounted to today's dollars. Put simply, you project what you think you will make with the property and say what that opportunity is worth to you today.

bravochena

Thank you for sharing your knowledge. Just want to add some of my personal opinion:
To well valuate a hotel/motel property needs not only solid real estate investment techniques as you mentioned above, it's also indispensable to have good local market knowledge, proper forcast of midterm tourism trend as well as choosing a strong performing management team. All these factors will contribute to investor's final decision.