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Suzanne Mellen, HVS: Hotel values and cap rates

Suzanne Mellen, HVS: Hotel values and cap rates

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Published by JefferMangels
Meet the Money® is the annual hotel finance conference presented by the hotel lawyers of JMBM's Global Hospitality Group®. The slides were presented at the 20th annual Meet the Money® conference held in Los Angeles on May 3-5, 2010. For more information on the conference, see www.MeetTheMoney.com.

See other presentations from MTM at http://hotellaw.jmbm.com/meet_the_money/.

For more information on a broad range of hotel law subjects, see www.HotelLawBlog.com.

This presentation was made by Suzanne Mellen, Senior Managing Director at HVS.
Meet the Money® is the annual hotel finance conference presented by the hotel lawyers of JMBM's Global Hospitality Group®. The slides were presented at the 20th annual Meet the Money® conference held in Los Angeles on May 3-5, 2010. For more information on the conference, see www.MeetTheMoney.com.

See other presentations from MTM at http://hotellaw.jmbm.com/meet_the_money/.

For more information on a broad range of hotel law subjects, see www.HotelLawBlog.com.

This presentation was made by Suzanne Mellen, Senior Managing Director at HVS.

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Published by: JefferMangels on May 06, 2010
Copyright:Attribution Non-commercial

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05/24/2010

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May 3-5, 2010 \u2013 Sheraton Gateway Hotel Los Angeles
Presented by:

Suzanne Mellen, MAI, CRE, FRICS, ISHC
Senior Managing Director
Hotel and Casino Consulting and Valuation
HVS San Francisco and Las Vegas
415-268-0351

smellen@hvs.com
What\u2019s Up with Hotel Values & CAP Rates
Meet The Money 2010
Cap rates trending down
What Kind of Hotel and Location?
\u0083
Who is the likely buyer and what is their source of capital?
\u0083
Quality, cash flowing full service asset in a first tier market?
\u0083
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\u0083
Aging limited service hotel with no or limited cash flow in an
overbuilt, secondary or tertiary market?
\u0083
All cash purchase at elevated cap rates
\u0083
Something in between?
\u0083

Depends on specifics of the asset. Numerous buyers frustrated with the competition for first tier assets are starting to look at less other alternatives

Based on historical net income at time of sale

HVS Comparative Cap Rate Study
by Anne-Lloyd Jones of HVS NY
www.hvs.com

\u0083
Cap rates derived from sales from 2000 through 2009
\u0083
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\u0083
Study was performed to show the relative positioning in cap
rates
\u0083
SHOULD NOT BE USED AS A BASIS FOR SELECTION OF CAP
RATES BY INVESTORS, LENDERS, BROKERS OR APPRAISERS
\u0083
Cap rates reflect historic low levels of debt and equity capital

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