This seminar will give appraisers an opportunity to examine the unique business aspects, demands and challenges involved in appraising lodging properties - particularly the limited-service hotel. Participants will discuss the state of the industry, determine how it relates to a specific appraisal problem and become familiar with hotel terminology. Students will gain confidence in identifying data sources, review effective techniques for property inspection interviews, and recognize special valuation issues, such as allocating the going concern. This seminar also covers the Uniform System of Accounts for the Lodging Industry and how it applies to reconstructing income and expense statements.
Module 1: Overview of the Lodging Industry
Module 2: Valuation Introduction and the Income Approach
Module 3: Issues and Application of the Sales Comparison Approach
Module 4: The Cost Approach
Module 5: Allocating the Going Concern
• Recognize the distinction between segments of the lodging industry.
• Understand the state of the industry and how it relates to a specific appraisal problem.
• Study hotel terminology and illustrate its applications.
• Identify sources of data-including general, background, income and expenses, occupancy and rates.
• Stress importance of interviewing skills relating to property inspection, competitive property survey and sales confirmation.
• Understand the Uniform System of Accounts for the Lodging Industry and how it applies to reconstructing income and expense statements.
• Learn the strengths and weaknesses of the cost approach and sales comparison as they apply to hotel valuation.
• Recognize valuation issues unique to this property type, such as allocating the going concern.
AI CE Credit for Designated members and Practicing Affiliates
• Attend Only = 75 points