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Hotels en vastgoedeigenschappen: Een onderzoek naar de relatie tussen vastgoed en waarde:
| Content Provider | Semantic Scholar |
|---|---|
| Author | Tensen, J. |
| Copyright Year | 2011 |
| Abstract | Europe has the largest market share of hotel rooms in the world. The Netherlands represents merely 2% of the hotel rooms in Europe and is considered to be a small competitor. In the year 2010 the investment volume for hotel real estate was around 100 million euro. That same year global hotel investments were around 7.5 billion euro. Therefore the Netherlands hotel real estate is considered not easily marketable. A hotel is an unique real estate that has product features that do not exists in other income generating real estate. Since the lack of hotel transactions in the Netherlands, the valuation approaches available for an appraiser are limited. Hotels are ‘exploitatiegebonden’ (bound to their operation) and therefore the value of the real estate derives from the operating turnover. The most suitable approach to value hotel real estate is using the business appraisal instead of the real estate appraisal. With that approach the most appropriate method to appraise hotel real estate is the Discounted Cash Flow (DCF method). This approach provides the best insight in the future operating cash flows of a hotel. However, because of the emphasis on determining the value according to the hotel operating turnover, the relation between the product features of the hotel and the value of the real estate remains vague. So if the approach is considered the best to determine the value of hotel real estate what method can explain the best the relation between this value and the product features? The research question, arisen from the vague relation between value and the product features (location, building and user) of a hotel, is: ‘To what extent it is possible to determine the influence that product features have on the market value of a hotel in order to support the appraisal of hotel real estate?’ In order to clarify the relation between the product features and the value of the hotel, knowledge of this relation is needed. To obtain this knowledge the present business approach appraisal of hotel real estate will be first examined. Furthermore an alternative method will be investigated to clarify the relation between the product features and the hotel real estate value. With this understanding it is attempted to construct a model that shows the tangible relation between the product features and the value of hotel real estate. THE VALUE OF HOTEL REAL ESTATE The business value of a hotel is divided into the value of the commercial operation, the real estate and the physical inventory. In order to calculate the market value of a hotel the appraiser has three main approaches to choose: the cost approach, the sales comparison approach and the income approach. The first approach, the cost approach, does not take into account the operating cash flows of a hotel. Therefore this approach is not suitable for hotels. The second approach, the sales comparison approach is neither suitable. This approach only suits easily marketable real estate where lots of real estate transactions are accessible. The two approaches are based on historical… |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://repository.tudelft.nl/islandora/object/uuid:b8792f13-bc91-4908-a90f-93ab5c2b93f0/datastream/OBJ1/download |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
