The following case study is related to the valuation of a four-star hotel located in a primary UK city and currently managed by an international hotels and resorts chain. This case represents another example of valuation of a Trade-Related Property where, it is first necessary to perform a careful analysis of the economic result for the User. Additional advice is provided, in particular with respect to the market analysis.
(*)This case study has been written by Ezio Poinelli and Pavlos Papadimitriou.
Ezio Poinelli is Senior Director Southern Europe (Italy and Spain based) of HVS, a global hotel consulting and valuation firm with offices in Europe, North America, Asia, South America and the Middle East. Ezio has more than 20 years experience in Hospitality, Real Estate, and Leisure Real Estate markets in Europe, Caribbean, Latin America, and South Africa. Before joining HVS, Ezio was Head of Southern Europe at Northcourse Advisory Services (Madrid), the hospitality and real estate consulting arm of Wyndham Worldwide, one of the largest hospitality companies in the world. He was also Head of Expansion & International Development at Compañia de Las Islas Occidentales (Canary Islands) and Director – Head of Real Estate and Hospitality at Ernst & Young Financial Business Advisors (Milan). He started his career with Investment & Tourism Consulting Associated with exposure to European and Latin America markets and REVA – Real Estate Value Advisors – a boutique firm focused on real estate and financial advisory.
Pavlos Papadimitriou is Director Southern Europe (Athens based) of HVS, specialising in hotel valuation and financial consultancy, and a member of the Royal Institution of Chartered Surveyors. A former hotelier himself, he joined HVS Athens in late 2007 after completing theMBAprogramme of Les Roches School of Hotel Management in Switzerland and a BSc in Marketing and Communication from the Athens University of Economics and Business. Since then, he has conducted numerous valuations, feasibility studies, and market research analyses for hotels in the Balkans, Cyprus, Georgia, Greece, Italy, Poland, Spain, and Turkey.