Acta turistica nova, Vol. 5 No. 2, 2011.
Izvorni znanstveni članak
PROBLEMS OF SELECTING THE RIGHT METHODOLOGY IN ASSESSING THE VALUE OF HOTEL PROPERTIES IN CROATIA
Damir Pavlović
Sažetak
The correct assessment of real
estate value is a desirable condition for selling or
buying property. It has been proven that a correct
assessment revitalises the real estate market in the
long run and boosts its dynamics. In this respect,
hotel properties are frequently under scrutiny, since
they are involved in several types of transactions:
from those carried out through the privatisation of
hotel companies, the buying and selling of privately
owned hotel establishments, to buying and selling
construction sites for new accommodation units.
This last case, buying and selling construction
sites, is probably the biggest problem in Croatian
business practice since it is the key impediment to
a hugely desirable increase in accommodation units
in the entire Croatian hotel offer. The negative
impact of the speculative policy of commercial
banks should be added here since the banks have
increased credit facilities and contributed to causing
the housing construction segment of the real estate
market to overheat. This, in turn, has hugely
increased the price of construction sites. In such
circumstances of an artificially disrupted balance
of supply and demand, the objective assessment
of this type of property was of secondary concern.
Furthermore, there is a difference between the
assessment of the value of hotel property owned by private owners and the value assessment of
established hotel brands since in the latter case
goodwill, i.e. its added value, accounts for a
significant part of the total value. The methodology
of assessment has become very sophisticated and is
continuously advancing and adjusting to the new
circumstances. The leading name in the field is
Stephen Rushmore, the president and founder of
HVS International, a global hospitality consulting
organisation. This paper will deal with finding
optimal methods or a combination of several
refined methods for objective hotel valuation.
Ključne riječi
hotel property; assessment methodology; real estate market; valuation
Hrčak ID:
107034
URI
Datum izdavanja:
16.10.2011.
Posjeta: 2.903 *