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Stakeholders perceptions of the DCF method in hotel evaluations

Verginis, C.S. and Taylor, J.S. (2004) Stakeholders perceptions of the DCF method in hotel evaluations. Property Management, 22. pp. 358-376. ISSN 0263-7472

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Abstract

The main stakeholder of any valuation is the commissioning party and the outcome of the valuation process will determine for the commissioning party the value of the asset. The second key stakeholder is the valuer. Often, however, there is third stakeholder group, the lending institution. Lending institutions often provide financing to the buyer and the financing decision is often based on the hotel's valuation. Based on a questionnaire survey of hotel valuation stakeholders this study reports the findings as to the perceived suitability of the discounted cash flow (DCF) valuations in respect of hotel property. The findings reported here suggest that the majority of respondents supported the view that the DCF method was the most suitable method in relation to hotel valuations. However, there are indications that the recommended practice of the need for using supporting valuation approaches might not be widely observed or understood. In addition, there was a view among a significant minority of respondents that the DCF method was only applicable for those properties operating at the higher market levels.