Approaches to the assessment of the hotelbusiness market value: practical aspects

The article considers the possibility of applying a comparative, profitable, cost approach in evaluating the hotel business. A study of trends in the commercial real estate market was conducted. Particular attention is paid to the consideration of transactions in the hotel real estate market in Moscow. The characteristic of the use of the method of transactions, the method of price multipliers taking into account the specificity of the hotel business is given. The calculations of the values ​​of the multipliers "the price of the hotel sale / number of rooms", "price / revenue", "price / net profit" are presented. The standard elements are defined: the scope of rights to real estate, land, hotel brand, capacity and location, quality of management, availability and lifetime of additional units, investor's post-sale expenses for reconstruction, room upgrade, terms of sale: closing dates, borrowings, used when amending the comparative approach to the assessment of the hotel business. The need to apply a revenue approach based on the estimated discounted cash flows is shown. Limitations in the use of the cost approach for evaluating the hotel business, which has a building that is a unique architectural object, are considered. The characteristics of the advantages and disadvantages of the approaches to the assessment of the hotel business are given. It is substantiated that the quality of the evaluation depends on the full consideration of the characteristics of the hotel industry. Prospects for using a profitable, comparative, cost approach in assessing the hotel business