Sales Comparison Approach

Paseo Collier Grand Hotel Paseo Lee Resort Paseo Royal Palms These are the "subject properties"
that Ryan will be determining the value of.
Age of hotel (yrs.) 20 15 50 This is data about the subject properties
Condition of property A B C that will be used to apply the adjustments.

Number of rooms:
suites 50 25 150
standard 200 150 375
total 250 175 525 The sales price per room for the
comparable properties is the basis
CoStar multiplier, price per room of the valuation.

Sales method value $ 54,526,614 $ - $ - Multiply the average sales price per room
times the # of rooms for each subject property
Adjustments: We did the Collier Grand as an example!
Go to the "CoStar adjustment data"
Condition of property $ 68,158,267 $ - $ - tab, and make the appropriate adjustments
Property age adjustments $ - $ - by multiplying the Costar adjustment
Adjusted value, sales approach $ 122,684,881 $ - $ - factor times the sales method value
in row 15.
Existing county assesor's valuation 150,000,000 50,000,000 95,000,000 We did the formula for the property condition
adjustment in cell d29 as an example!
CoStar comparable data Sales price Total standard rooms Total suites Total rooms Sales price per room

Transaction 1 71,750,000 250 100 350 205,000

Transaction 2 102,930,000 350 200 550 187,145
Transaction 3 301,500,000 850 300 1,150 262,174
average 683 218,106 Use this multiplier for determining the tentative
sales method value of of the subject properties.
 CoStar data - total room adjustments

Number of Rooms -suites Average Sales Price ($/room) Number of Rooms - standard
Less than 50 $125,000 Less than 50
50 - 100 $156,250 50 - 100
100 - 150 $187,500 101 - 150
151 - 200 $250,000 151 - 200
201- 300 $312,500 201 - 300
301 - 400 $375,000 301 - 400
401 or more $437,500 401 or more

CoStar data - adjustments

Condition of property increase/decrease to value

A +125%
B +5%
C -50%

Age of property increase/decrease to value

0-20 0%
21-40 -20%
over 40 -50%
m adjustments

Average Sales Price ($/room)

$100,000
$125,000
$150,000
$200,000
$250,000
$300,000
$350,000