Course Code: T896

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VALUING HOTELS, PUBS AND RESTAURANTS
Tuesday, 1 July

Valuing hotels, restaurants and pubs is special and DIFFERENT. Frequently the values of the business and the property slide into each other and are difficult to untangle. Similarly the opportunity to be the owner may have exceptional value in itself while views on unrealised potential may extend over a wide range of values. There is science here but also art and few businesses have decent comparables. This course explains the science and reveals the art setting aside the oh so common myths – all with copious real world examples.

This course will cover:
• What factors are important to ‘Value’?
• Where does business value end and property value start?
• Understanding goodwill
• Leasehold/management contract values
• Freehold values in rising and falling markets
• Location issues
• Brand value
• Discounted Cash Flows
• How to analyse and apply comparable transactions to valuations
• Opco/Propco values
• What’s hiding in the P&L
• What ifs
• Effect of the smoking ban on value
• Planning and licensing issues
• Understanding trading accounts
• Relevance of financial projections

For everyone who wants or needs to fully understand the practice, theory and methodologies of hotel, restaurant and pub valuations.

COURSE DIRECTORS:
Robert Chess, Property Adviser, Christie & Co
Malcolm Kidby, Director, Pinders