摘要：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.
关键词：hotel property; assessment methodology; real estate market; valuation
