Hotels, resorts and wellness properties are valued on how they operate.
GP Valuation prepares feasibility studies and going-concern valuations for owners, developers, lenders and investors. The work covers hotels and resorts, wellness resorts and spas, thermal bathhouses and day spas, branded residences, ski and village resorts, and waterparks, amusement parks and attractions.
Feasibility studies test a concept, and valuations measure an operating property.
Feasibility and market studies
The firm tests whether a hotel, resort or wellness concept works, covering market demand, program mix, pricing, capacity and utilization, operations and staffing, a 10-year financial model, supportable development cost, financing and a realistic path to opening. It builds its own view first, then reconciles it against the owner’s budget and models.
Going-concern valuations
Hotels, resorts and wellness properties are valued as operating businesses, with value allocated among real estate, FF&E and business intangibles and the market value of the real property stated as its own figure for a lender.
Wellness and spa underwriting
Spa and wellness programs are underwritten as businesses in their own right, whether they anchor a destination resort or support a hotel, club or residential community. Treatment rooms, thermal circuits, fitness and movement studios, memberships, day access and retail each have their own capacity limits, pricing and staffing, and the firm models each stream hour by hour, tests it against comparable operations and brings in specialist wellness operators where the program calls for it.
Development budgets, lender appraisals, acquisitions and tax appeals each draw on the same operating analysis.
Development cost and financing
The firm benchmarks development budgets, estimates the development cost a project’s cash flow can support, and tests debt capacity and investor returns across conservative, base and upside cases.
Lender appraisals
Appraisals written to USPAP and the Interagency Guidelines, with going-concern allocations for bank financing and every report reviewed by an MAI before delivery.
Financial reporting
Purchase price allocations and fair value measurements for hospitality acquisitions, documented for the auditor’s review.
Property tax appeals
The firm separates business value from real estate value and values the real estate on its own.
How the firm works on a hospitality engagement
Hospitality and wellness value comes from operations, so the firm builds revenue up from the physical and operating limits of each stream, from room nights, restaurant covers and treatment hours to thermal and membership access, event space, golf rounds and marina slips, and tests it against the property’s physical capacity.
Reports put the conclusions first, state the assumptions plainly and trace every figure to its source, and when a concept, budget or timeline does not hold up, the firm says so early, along with what would make it work.
Engagements begin with the property or concept, the decision it supports and the date the work is needed, and the firm confirms scope, fee and delivery date in writing.
The firm replies within one business day and arranges a call from there.
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