An automated valuation model for hotels

Cornell Hotel and Restaurant Administration Quarterly

Volumn 45, Issue 3, 2004, Pages 260-268

  O'Neill, John W ^a  

^a PENN STATE COLLEGE OF MEDICINE   (United States)

Author keywords

Hotel; Purchase; Sale; Value

Indexed keywords

EID: 4344616928     PISSN: 00108804     EISSN: None     Source Type: Journal    
DOI: 10.1177/0010880404265322     Document Type: Article

References (25)

1. Joseph K. Eckert, Patrick M. O'Connor, and Charlotte Chamberlain, "Computer-assisted Real Estate Appraisal: A California Savings and Loan Case Study," The Appraisal Journal, vol. 61 (October 1993), pp. 524-32.
2. John H. Detweiler and Ronald E. Radigan, "Computer-assisted Real Estate Appraisal: A Tool for the Practicing Appraiser," The Appraisal Journal, vol. 64 (January 1996), pp. 91-101.
3. John H. Detweiler and Ronald E. Radigan, "Computer-assisted Real Estate Appraisal: A Tool for the Practicing Appraiser," The Appraisal Journal, vol. 67 (July 1999), pp. 280-86.
4. Stephen Rushmore, Hotels & Motels: Valuations and Market Studies (Chicago: Appraisal Institute, 2001).
5. Stephen Rushmore, Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations (Chicago: Appraisal Institute, 1992).
6. Stephen Rushmore, The Computerized Income Approach to Hotel-Motel Market Studies and Valuations (Chicago: Appraisal Institute, 1990).
7. S. Kleege, "Will Computers Take Over the Appraisal Game?" American Banker, June 13, 1997, p. 10.
8. John B. Corgel and Jan A. deRoos, "Pure Price Changes of Lodging Properties," Cornell Hotel and Restaurant Administration Quarterly, vol. 33, no. 2 (April 1992), pp. 70-77.
9. John W. O'Neill and Anne R. Lloyd-Jones, "Hotel Values in the Aftermath of September 11, 2001," Cornell Hotel and Restaurant Administration Quarterly, vol. 42, no. 6 (December 2001), pp. 10-21.
10. John W. O'Neill and Anne R. Lloyd-Jones, "September 11th: Hotel Values and Strategic Implications," Cornell Hotel and Restaurant Administration Quarterly, vol. 43, no. 5 (October 2002), pp. 53-64.
11. Eckert, O'Connor, and Chamberlain, "Computer-assisted Real Estate Appraisal"
12. Detweiler and Radigan (1996), "Computer-assisted Real Estate Appraisal"
13. Detweiler and Radigan (1999), "Computer-assisted Real Estate Appraisal."
14. 2 = .900, F = 555.735.
15. Detweiler and Radigan (1996), "Computer-assisted Real Estate Appraisal"
16. Detweiler and Radigan (1999), "Computer-assisted Real Estate Appraisal"
17. Bennie D. Waller, "The Impact of AVMs on the Appraisal Industry," The Appraisal Journal, vol. 67 (July 1999), pp. 287-92.
18. Technically, the figure that should be used is occupancy rate multiplied by 100. For a hotel operating with an annual occupancy level of 70 percent, 70 should be used (not.70).
19. Brian R. Webb, "On the Reliability of Commercial Appraisals: An Analysis of Properties Sold from the Russell-NCREIF Index," Real Estate Finance, vol. 11, no. 1 (Spring 1994), pp. 62-65.
20. Lawrence B. Smith, "Rental Apartment Valuation: The Applicability of Rules of Thumb," The Appraisal Journal, vol. 53 (October 1985), pp. 541-52.
21. Appraisal Standards Board, Uniform Standards of Professional Appraisal Practice (Washington, DC: The Appraisal Foundation, 2000), p. 144.
22. William Kinnard, Elaine M. Worzala, and Dan Swango, "Intangible Assets in an Operating First-class Downtown Hotel: A Comparison of Sources of Information in a Profit Center Approach to Valuation," The Appraisal Journal, vol. 69 (January 2001), pp. 68-83.
23. Shannon P. Pratt, Robert F. Reilly, and Robert P. Schweis, Valuing a Business: The Analysis and Appraisal of Closely Held Companies (New York: McGraw-Hill, 2000), p. 274.
24. Jeffrey D. Fisher and Brian R. Webb, "Central Issues in the Analysis of Commercial Real Estate," Journal of the American Real Estate and Urban Economics Association, vol. 20 (Summer 1992), pp. 211-28.
25. Brian R. Webb, Mike Miles, and David Guilkey, "Transactions-driven Commercial Real Estate Returns: The Panacea to Asset Allocation Models?" Journal of the American Real Estate and Urban Economics Association, vol. 20 (Summer 1992), pp. 325-58.