TAILIEUCHUNG - Hotel Valuation Techniques By Jan deRoos, Ph.D., and Stephen Rushmore, CHA, MAI

However, few multi-unit casual dining restaurants can afford managers like Jordan. Employee turnover in casual dining is high and many servers are under the legal drinking age. Duplication of training programs for hundreds of units requires a different system than training at one or two restaurants. According to Ben Salisbury, Vice President, Global Account Development Stimson Lane Vineyards & Estates most wine training fails because there is too much emphasis on “wine knowledge” that no one remembers. Salisbury further states that it falsely assumes “wine people” alone can do the training. Simple wine sales techniques can be taught by. | Hotel Valuation Techniques By Jan deRoos . and Stephen Rushmore CHA MAI Jan deRoos . is the HVS International Professor of Hotel Finance and Real Estate at the Cornell University School of Hotel Administration. On the faculty of the Hotel School since 1988 he has devoted his career to research and teaching in the area of hospitality real estate with a focus on hotel valuation and investment decision-making. Prior to joining Cornell University Professor deRoos worked extensively in the hospitality industry. His current research interests concentrate on hotel leases as an alternative to management contracts and the value of goodwill in hotel property. Stephen Rushmore HVS International a global hospitality consulting organization with 19 offices worldwide. He directs the global operation of HVS International and is responsible for future office expansion and new product development. HVS International has provided consulting and valuation services for more than 10 000 hotels in all 50 states and more than 60 foreign countries. Mr. Rushmore specializes in complex issues involving hotel feasibility valuations and financing. He was one of the creators of the Microtel concept and has written numerous books and articles on hotel feasibility studies appraisals and other aspects of hotel investing. CHA MAI is President and Founder of IN THIS CHAPTER we provide a thorough overview of lodging valuation models. Hotel valuation like all real estate valuation must be seen in the context of establishing a point estimate that represents the value of a unique illiquid asset in an environment with noisy and conflicting information. This gives rise to the use of multiple approaches that must be reconciled. Appraisers are charged with estimating market value1 using the classic troika of the cost approach the sales comparison approach and the income approach. Appraisers use market indicators of return requirements and other valuation parameters to produce their estimates. .

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