hotel & resort valuation - horwath htl corporate

Hotel & Resort Valuation

Key Services

Welcome to Horwath HTL, the global leader in hotel, tourism and leisure consulting. We are the industry choice; a global brand which has successfully carried out over 30,000 assignments.

After over 100 years in the industry, the team at Horwath HTL is uniquely qualified to add value to your business.

With over two hundred and fifty professionals and membership of a top ten accounting network, we are the number one choice for companies and financial institutions looking to invest and develop in the industry.

For hotels, we provide expert advice on all aspects of development, including feasibility and planning, asset management, valuation, and strategic advice.

Our tourism and leisure team work with companies, municipalities, cities and governments on all aspects of destination development, marketing strategies, project and management assistance.

Our Expertise• Hotel Planning & Development• Hotel Asset Management• Hotel Valuation• Health & Wellness• Transactional Advisory• Expert Witness & Litigation• Tourism & Leisure• Hospitality Crisis Management

Horwath HTL l The Global Leader in Hotel, Tourism & Leisure Consulting


From single assets to portfolios, Horwath HTL’s global Valuation team values over 400 hotels and resorts per year.

Our team includes appraisers and valuers with RICS, RV and MAI accreditation, who have been working in their markets for many years, gathering a comprehensive knowledge base on which to draw.

Hospitality assets, such as hotels and resorts, are complex real estate types, with significant land use value depending on their operational performance. Their performance is susceptible to greater market fluctuations, location issues, management sophistication and high capital investment than other real estate classes such as office or retail. Because of this, the valuation of hospitality assets requires a special market understanding and product expertise.

Horwath HTL valuations are regarded as independent, expert opinions and are considered a pre-requisite for investors, developers, owners, banks and other financial institutions.

Our Expertise• Single Asset & Portfolio Valuations• Hotel Management & Franchise Valuation• Feasibility Study Valuations for new

developments, conversions/existing operations• Real Estate Tax Assessment Appeals• Expert Court Testimony• Expert Valuation Testimony for Foreclosure,

Bankruptcy Proceedings & Estate Planning• Short Form Annual Valuations• Rent Reviews & Lease Renewal Expert Witness



Horwath HTL employs a valuation approach recognized as the industry standard by investors in the hospitality industry.

In our methodology, we apply the three traditional approaches to valuation, which are cost, sales and income. Our process involves a thorough review of the market and quantification of current and future demand. Using this market analysis, we project a property’s potential future operating and financial performance, based on assessment of its competitive attributes and characteristics.

Where appropriate, we also identify the potential upside opportunities associated with strategic repositioning through rebranding and/or capital improvements to derive a value reflecting an asset’s optimal performance.

Our Valuation services are suitable for• Buyers, Investors and Fund Groups –

for acquisition or disposal of single properties and portfolios

• Owners and Developers – for arrangement of deal structuring, financing or disposal of assets

• Banks and Financial Institutions – for pre-mortgage review or work-out and insolvency situations

Suitable project types• Land Acquisition (residual land value)• Asset Transaction• Equity / Debt Participation• Pre-Lending or Refinancing Review• Due diligence for acquisitions or disposals• Stock exchange listing• Basis for joint venture or partnership structuring• Asset revaluation for balance sheet purposes


www.horwathhtl.com

AFRICARwandaFrank Mustaff

South Africa Michele de Witt

ASIA PACIFICAustraliaDamien Little

ChinaGloria Chang MRICS

IndiaVijay Thacker

IndonesiaMatt Gebbie

JapanKoji Takabayashi

MalaysiaSen Soon-Mun

New ZealandStephen Hamilton

SingaporeRobert Hecker

ThailandNikhom Jensiriratanakorn

EUROPEAndorraUriel González

AustriaBrigitte Gruber

CroatiaSinisa Topalovic

CyprusChristos Michaelides

GermanyChristian Buer

GreeceXenophon Petropoulos

HungaryMarius Gomola MRICS

IrelandMairea Doyle-Balfe

ItalyZoran Bačić MRICS

NetherlandsEwout Hoogendoorn MRICS RV

PolandWojciech Doliński MRICS REV RICS Accredited Mediator

PortugalPhilip Bacon MRICS, FCA

RussiaBlake Anderson-Buntz

SerbiaBranislav Miletic

SpainPhilip Bacon MRICS, FCA

SwitzerlandHeinz Wehrle MRICS RV

TurkeyMetin Erdogdu

United KingdomMalcolm Kerr

LATIN AMERICAArgentinaOsvaldo Chudnobsky Cohen

BrazilOsvaldo Chudnobsky Cohen

ChileGerman Ilabaca

Dominican RepublicDaniel Stockhammer MRICS RV

MexicoLorena Mercado MRICS

MIDDLE EASTUAE and OmanJames Chappell

UNTED STATES OF AMERICAMichael Cummings MAI

CANADAPeter Gaudet

hotel & resort valuation - horwath htl corporate

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