Loading...
Please wait, while we are loading the content...
Similar Documents
A Reexamination of Current Hotel Valuation Techniques – Which Approach is More Realistic?
| Content Provider | Scilit |
|---|---|
| Author | Fu, Jing Sheel, Atul Lang, Jeff |
| Copyright Year | 2013 |
| Description | Journal: The Journal of Hospitality Financial Management This study revisits the issue of accuracy in contemporary hotel valuation. Along with the hotel valuation techniques used by Rushmore (1992) and Chen and Kim (2010), this study uses the cost approach and the automated valuation model (AVM) in its examination of contemporary hotel valuation techniques. Fourteen randomly selected hotel firms are analyzed using nine valuation approaches. The valuation results are then compared to the market values of these firms to assess which technique provides the most robust and supportable estimate. Research results reveal that, at least for the analyzed sample, the discounted cash flow (DCF) technique provides the most realistic estimate of a hotel firm's value. Results also show that the valuation estimate of AVM is significantly different from both Band of Investment methods. As such, the process of valuing hotel properties is better understood. |
| Related Links | https://scholarworks.umass.edu/cgi/viewcontent.cgi?article=1338&context=jhfm |
| Ending Page | 30 |
| Page Count | 14 |
| Starting Page | 17 |
| ISSN | 10913211 |
| e-ISSN | 21522790 |
| DOI | 10.1080/10913211.2013.820074 |
| Journal | The Journal of Hospitality Financial Management |
| Issue Number | 1 |
| Volume Number | 21 |
| Language | English |
| Publisher | Informa UK Limited |
| Publisher Date | 2013-09-01 |
| Access Restriction | Open |
| Subject Keyword | Journal: The Journal of Hospitality Financial Management Tourism, Leisure, Sport and Hospitality Current Hotel Hotel Valuation Valuation Techniques Reexamination of Current |
| Content Type | Text |
| Subject | Finance Tourism, Leisure and Hospitality Management Strategy and Management |
