Hotels and Resorts: An investor's guide presents a comprehensive analysis of how hotels, golf courses, spas serviced apartments, gyms and health clubs and resorts are developed, operate and are valued. Drawing on over 18 years’ experience in the leisure property industry, David Harper provides invaluable advice on how to buy, develop and sell such properties. Working through the required due diligence process for purchases, including how to identify a "good buy", through the "route map" for a successful development and ending with how to ensure you maximise your returns when selling the asset, this book covers the whole life-cycle of leisure property ownership.
Examples of valuations, development issues and sales processes are taken from the USA, UK, France, Nigeria, Kenya, Australia, Hong Kong, Singapore and Brazil provide in depth analysis on the similarities and differences in approach to hotels and resorts in various parts of the world.
This book provides invaluable guidance to international investors, developers, asset managers and students in related subject areas.
Table of Contents
1. The Investment Lifecycle
2. Ownership Guide
3. Buying Guide
4. Development Guide
5. Construction Guide
6. The Disposal Guide
7. Methods of Valuation
8. Due Diligence
9. Financial Due Diligence – Understanding the Business
10. Valuation Due Diligence
11. Rental Valuations
12. Site Values and How they are Determined
13. Serviced Apartment Values and how they are Determined
14. Resorts with Fractional Ownership Units and how their Value is Determined
15. Gym Values and How they are Determined
16. Golf Course Values and How They Are Determined
17. Spa Values and How they are Determined
David Harper is the managing director of Leisure Property Services, a fellow of the Royal Institute of Chartered Surveyors and the author of Valuation of Hotels for Investors. He is a founding member of Hotel Partners Africa (HPA), a consultancy offering a comprehensive range of services to hotel owners, operators and investors from initial feasibility to sale and exit.
"… a go-to source at any stage of the investment’s lifecycle to deliver business models that optimize assets and align with owner expectations."
—Forum HOTel&SPA, December 2016