ATN Vol 5 No 2 Pavlovic

8/10/2019 ATN Vol 5 No 2 Pavlovic

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SAETAK:Ispravna procjena vrijednosti svakenekretnine poeljan je uvjet za prodaju ili kupnjuiste. I ne samo to, ve ispunjenje istog uvjetadokazano dugorono oivljava i dinamiziratrite nekretnina. Hotelski objekti su u tompogledu pod posebnim povealom, budui dasu u praksi predmet vie tipova transakcija,od onih koje se realiziraju kroz privatizacijuhotelskih poduzea do kupoprodaje privatnihobjekata ili zemljita namijenjenih izgradnjinovih smjetajnih jedinica. Ovo zadnje jemoda i ponajvei problem u naoj praksi,budui da predstavlja kljunu konicu u tolikoeljenom poveanju broja smjetajnih jedinicau naoj ukupnoj hotelskoj ponudi. Pritomsvakako ne treba zanemariti negativan utjecajpekulantske politike poslovnih banaka, koje suforsiranom politikom emisije kredita utjecali napregrijavanje trita nekretnina u stanogradnji,koja se ukupno odrazila na preveliku cijenugraevinskog zemljita. U takvim uvjetimaumjetno naruene ravnotee ponude i potranje,objektivno vrednovanje te vrste nekretnina bilo

je u drugom planu. Treba naravno razluitivrednovanje hotelskih objekata koji pripadajunezavisnim titularima, odnosno vlasnicima, od

onih koji pripadaju ve afirmiranim hotelskim

ABSTRACT:The correct assessment of realestate value is a desirable condition for selling orbuying property. It has been proven that a correctassessment revitalises the real estate market in thelong run and boosts its dynamics. In this respect,hotel properties are frequently under scrutiny, sincethey are involved in several types of transactions:from those carried out through the privatisation ofhotel companies, the buying and selling of privatelyowned hotel establishments, to buying and sellingconstruction sites for new accommodation units.

This last case, buying and selling constructionsites, is probably the biggest problem in Croatianbusiness practice since it is the key impediment toa hugely desirable increase in accommodation unitsin the entire Croatian hotel offer. The negativeimpact of the speculative policy of commercialbanks should be added here since the banks haveincreased credit facilities and contributed to causingthe housing construction segment of the real estatemarket to overheat. This, in turn, has hugelyincreased the price of construction sites. In suchcircumstances of an artificially disrupted balanceof supply and demand, the objective assessmentof this type of property was of secondary concern.Furthermore, there is a difference between the

assessment of the value of hotel property owned

mr. sc.

Damir

Pavlovi

PROBLEMATIKA IZBORAODGOVARAJUE

METODOLOGIJE U PROCJENIVRIJEDNOSTI HOTELSKIHOBJEKATA U HRVATSKOJ

PROBLEMS OF SELECTINGTHE RIGHT METHODOLOGYIN ASSESSING THE VALUE OFHOTEL PROPERTIES IN CROATIA

IZVORNI ZNANSTVENI RAD ORIGINAL SCIENTIFIC PAPER

Mr. sc. Damir Pavlovi, Visoka poslovna kola Utilus, Zagreb adresa:Ul. grada Mainza 21, Zagreb e-mail:[email protected]


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Damir Pavlovi PROBLEMATIKA IZBORA ODGOVARAJUE METODOLOGIJE U PROCJENI VRIJEDNOSTI HOTELSKIH OBJEKATA U HRVATSKOJDamir Pavlovi PROBLEMS OF SELECTING THE RIGHT METHODOLOGY IN ASSESSING THE VALUE OF HOTEL PROPERTIES IN CROATIA

brandovimakod kojih je dodana vrijednost goodwill bitno zastupljena. U svjetskoj praksi na tompodruju razvijena je vrlo sloena metodologija,koja se stalno nadopunjuje i usavrava, veprema novonastalim uvjetima. Najdalje u tomeotiao je g. Stephen Rushmore, predsjednik iosniva HVS International, konzultantske tvrtkeza vrednovanje hotelskih subjekata. U naemsluaju bit je razluiti najpogodnije metode ilisublimaciju vie njih za objektivnu procjenuhotelskih subjekata.

KLJUNE RIJEI:hotelski objekti, metodologijavrednovanja, trite nekretnina, procjena vrijednosti

UVOD

Nedavno sam na internetu naiao na UredbuVlade Republike Hrvatske koja se odnosi nanain, postupak i uvjete procjene vrijednosti iprodaje turistikog zemljita u vlasnitvu jedinicelokalne samouprave na kojem su izgraeni hotelii turistika naselja. U lanku 3. iste uredbe stoji

da se cijena predmetnih nekretnina utvruje natemelju elaborata ovlatenog sudskog vjetakaizraenog primjenom usporedne metode (TheSales Comparison Approach1, komparativnametoda, metoda trinoga usporeivanja, metodausporeivanja vrijednosti).

Naravno, za one koji su upoznati s tommetodom u procjeniteljskom pristupu nije tekozakljuiti da se radi o krajnjem pojednostavljenjuu tom smislu, jer ne uzima u obzir ni jednuod premisa relevantnih kod procjene, osimtrenutnog trinog usporeivanja. S drugestrane, znam za podatak da je cijena jednogkvadrata neureenog graevinskog zemljita(prvi red uz more, ukupne povrine 40.000 m2) uBakoj, koje je inae po GUP-u namijenjeno zagradnju hotelskih i slinih turistikih objekata,oglaena na 800/m2.

by private owners and the value assessment ofestablished hotel brands since in the latter casegoodwill, i.e. its added value, accounts for asignificant part of the total value. The methodologyof assessment has become very sophisticated and iscontinuously advancing and adjusting to the newcircumstances. The leading name in the field isStephen Rushmore, the president and founder ofHVS International, a global hospitality consultingorganisation. This paper will deal with findingoptimal methods or a combination of severalrefined methods for objective hotel valuation.

KEY WORDS: hotel property, assessment

methodology, real estate market, valuation

INTRODUCTION

I have recently found on the Internet one of theregulations of the Croatian Government whichrefers to the way, procedure and conditions of

value assessment and to the sale of the tourist landowned by local government in which hotels andtourist villages have been built. Article 3 of the

same regulation states that the price of the realestate property in question will be determined onthe basis of a report by a court appointed expert,

which has been drawn up in accordance with theSales Comparison Approach.1This method isbased on a market comparison of values.

Those who know this assessment methodwill easily conclude that this is an extremesimplification since it does not take into accountany other relevant element in the evaluationprocess except for the present market comparison.On the other hand, I know the case in whicha square metre of an undeveloped plot on theisland of Krk, in Baka (the plot is next to the sea,of a total area of 40,000m2), was advertised at aprice of EUR 800 per square metre. The GeneralUrban Plan (GUP) had assigned this area for hoteland other tourism facilities.


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Moemo onda postaviti niz pitanja, od kojihsu najvanija ova: prvo, radi li se o trinomusporeivanju u duoj ili kraoj vremenskoj seriji,budui da su nae poslovne banke, kratkoronogledano, svojim pekulantskim pristupom unekritikoj emisiji kredita u domenu stanogradnjebitno utjecale na pregrijavanje trita nekretnina,zbog ega su cijene, to je sadanjim trinimzastojem evidentno, bile uistinu prenapuhane?Drugo, moe li se hotel usporeivati kaoklasina stambena jedinica, usporediva na osnovupojednostavljene standardizacije, ili ima svojudiferentnost po kadrovima, uspjenosti poslovanja,brandu, perspektivi u budunosti itd.? Tree, od

kakvog je stratekog znaaja predmetni objektza ukupnu turistiku perspektivu te razvojdestinacije u uem i irem okviru? No, nije tolikozauujua priroda takve pojednostavljene vladineuredbe, budui da su primarno zainteresirani zakratkoroni dravni prihod koji bi trebao proizaiiz prometa predmetnih nekretnina, dok je interesza strateke i razvojne odrednice koje vremenskiizlaze iz okvira njihova mandata bitno smanjen.Slijedom svega spomenutog slijedi sublimiranopitanje: je li mogue usvojiti odgovarajue kriterijei metodologiju u procjeni vrijednosti hotelskih

objekata i ostalih s njima povezanih nekretninakako bi se objektivizirala i na neki nain obrazloilanjihova vrijednost, koja bi vodila u oivljavanjenjihova trita, i uz koje pozitivne posljedice?

Odgovore na traena pitanja mogue je dobiti krozanalizu trenutne prakse i analize na tom podrujukod nas te razmatranjem mogue primjene tehnikai metoda trenutno zastupljenih na svjetskoj razini.U pravcu iznalaenja najobjektivnije metode uprocjeni neke hotelske nekretnine pokuat emona praktinom primjeru jadranskog hotela s 5zvjezdica s naglaenim MICE i komercijalnimsegmentom gostiju izraunati njegovu vrijednost.Ovaj primjer uzet je iz jednostavnog razloga to

je autor ovog lanaka nedavno napraviofeasibilitystudiju opravdanosti ulaganja u taj hotel.

Pritom e se koristiti trenutno u svjetskoj praksinajzastupljenije metode i tehnike, prezentirane

Several questions can be raised here. Firstly, ismarket comparison done within a short or longtime span? This is important since, viewed inthe short run, commercial banks in Croatia havesignificantly influenced the overheating of the realestate market with their speculative approach, byimprudently providing housing loans. The resulthas been the ballooning prices of flats and houses,and the current stagnation in the market testifiesto this. Secondly, can a hotel be compared to aclassic housing unit? A housing unit can easilybe standardised, while a hotel is different in itshuman resources, business success, its brand,future prospects, etc. Thirdly, what is the strategic

significance of a hotel property for the overallprospects of tourism and for the developmentof a destination in the narrower and broadersense? However, the nature of such a simplifiedgovernment regulation is not surprising, since itsmain purpose is primarily to help draw money intothe budget in the short run by selling real estate.

Therefore, strategic and developmental concernswhich are beyond the time span of the currentgovernment term are of much less interest. Thequestion arises here of whether it is possible to applyadequate criteria and an appropriate methodology

in assessing the value of hotel properties and otherreal estate linked with hotels, in order to make theassessment more objective and to revitalise themarket. Moreover, what are the positive effects ofsuch criteria and such a methodology?

The answers to these questions can be obtained byanalysing the current practice and by examiningthe possible application of techniques and methodsused around the world. The case of a 5 star-hotelon the Adriatic coast, with strong MICE and

with a business segment of guests is presentedin this paper as an example of how to find themost objective method for assessing the value of ahotel. This particular case is taken for the simplereason that this author has recently completed aninvestment feasibility study for this 5-star hotel.

The methods and techniques used in this casestudy will be those most widely used in the world


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u publikacijiHotels & Motels: Valuations andMarket Studies(autor: Stephen Rushmore,osniva i predsjednik konzultantske tvrtke HVSInternational).

Nakon velikog investicijskog boomau jadranskehotele, koji je poeo krajem devedesetih i trajaocijelo desetljee, dobar dio vlasnika sada ih se elirijeiti, a kao glavni razlog neslubeno navodespori povratak investicije, pritisak banaka kreditorai krizu koja je jo prije dvije godine uzdrmalahotelsko trite.

NAJEE KORITENE METODE U PRAKSI INJIHOVA PRIMJENJIVOST NA NAE UVJETE

U vrednovanju hotela postoje tri pristupa za odabir:

pristup na osnovu kapitalizacije prihoda(Income Capitalization Approach),

pristup trinog usporeivanja (SalesComparison Approach),

pristup na osnovu cijene kotanja (Cost approach).

Iako su sva tri pristupa procjene zastupljena u

praksi i svaki na svoj nain dolazi u obzir, njihovodabir prvenstveno ovisi o prirodi hotelskogobjekta i hotelskog poduzea koje je njegov

vlasnik, ali i o drugim okolnostima iz ueg i iregekonomskog okruenja (konkurentskog seta,trinih uvjeta, institucionalnog okvira i sl.).

Uz to postoje i tzv.pro formapristupi (Rules ofThumb), kojima se pojednostavljeno i priblinoodreuje vrijednost hotelskog objekta naosnovi cijene i vrijednosti odreenih kategorijau sklopu hotelskog proizvoda i ponude(prosjene dnevne cijene sobe ili, recimo, cijenelimenke Coca-Cole u mini-baru sobe), kao ina osnovi tzv. investicijskog raspona (Band of

Investment) koritenjem pokazatelja poslovanjahotela u stabiliziranoj godini. Slijedom togaizdiferencirale su se tri tehnike vrednovanjahotelskih objekata:

and which are presented in Hotels & Motels:Valuations and Market Studies by StephenRushmore, the founder and president of HVSInternational Consulting.

After the investment boom in Adriatic hotelswhich began at the end of the 1990s and lastedfor a decade, a large number of owners now

want to get rid of their hotels. The main reasonunofficially given is the slow return on investment,pressure from banks and the crisis which struckthe hotel market two years ago.

THE MOST WIDELY USED METHODS INPRACTICE AND THEIR RELEVANCE TOCROATIAN CIRCUMSTANCES

Three approaches exist in assessing hotel value,among which one has to be chosen:

The Income Capitalisation Approach

The Sales Comparison Approach

The Cost Approach

Although all three assessment approaches are

used in practice, and each of them can be useful,the choice primarily depends on the nature ofthe hotel property and on the hotel company

which owns it. There are also other elements inthe economic environment that have to be takeninto account: competition, market conditions, theinstitutional framework, etc.

In addition to the three mentioned approaches,there are also the Rule of Thumb approaches,simplified approaches that assess the approximate

value of a hotel property. They use the price andthe value of certain elements within a hotel productand offer, for example, the average daily price ofa room or the price of a can of Coca Cola in theroom minibar. Another approach is the Band ofInvestment which uses the business indicators ofa hotel in a stabilised year. Three techniques ofassessing the value of a hotel have been devised.


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Stabilizirani neto prihod se dijeli sa ukupnomstopom kapitalizacije ime dobivamo kapitaliziranuukupnu vrijednost hotelskog objekta:5.019,000 / 0.084757= $ 59.216.347

2. Tehnika vrednovanja preko multiplikatoraprosjene dnevne cijene sobe (Room Rate

Multiplier)

Hotel vrijedi 1000 puta svoje prosjene dnevnecijene po sobi (ADR3) pomnoeno s ukupnimbrojem soba.

vrijednost = prosjena dnevna cijena sobe x broj soba x 1000

Jedno od pitanja koje se odmah namee kodprovedbe ovakve procedure izrauna jest: koji

ADR koristiti trenutni ili povijesni, ADR uprvoj godini projekcije ili u stabiliziranoj godini?Ova nedosljednost moe biti izvor konfuzije inetonosti. U tu svrhu, logino bi bilo primijeniti

ADR iz stabilizirane godine poslovanja. U sluajukad imamo, naprimjer, stabilizirani ADR od 140i 250 soba u hotelu, u primijenjenoj formuli dobitemo sljedeu vrijednost:

140 x 250 x 1000 =35.000.000

3. Tehnika vrednovanja preko multiplikatoracijene limenke Coca-Cole u mini-baru sobe(The Coke-Can Multiplier)

Radi se o jo jednom vidupro formavrednovanjakoje se koristi u industriji smjetaja. Prema tojtehnici, svaka soba u hotelu vrijedi 100 000 putacijene Coca-Cole u hotelskom samoposlunomautomatu ili mini-baru u sobi. Konkretno:

vrijednost = cijena Coca-Cole x broj soba x 100 000

Uzmimo primjer da hotel prodaje limenke Coca-

Cole za 1,50 eura u mini-barovima u sobama. Dakle,vrijednost hotela izraunata je na sljedei nain:

1,50 x 250 x 100.000 = 37.500.000

Izloene tehnike procjene ne bave se temeljitomanalizom procjene hotelskih objekata, koju inae

Stabilised net income is divided by the totalcapitalisation rate where we obtain the capitalisedtotal value of a hotel property:5,019,000 / 0.084757= $59,216,347

2. Valuation technique using a Room RateMultiplier

The value of a hotel is 1,000 times its AverageDaily Rate (ADR) multiplied by the total numberof rooms.

Value = Average Daily Rate x number of rooms x 1,000

One of the questions arising from this procedure is

which ADR to use the current one or a historicone? The ADR in the first year of the projectionor an ADR in a stabilised year? The inconsistencyhere can cause confusion and inaccuracy. It wouldbe logical to use the ADR from a stabilised business

year. In the example in which the ADR is140and there are 250 rooms in the hotel, the appliedformula will give the following value:

140 x 250 x 1000 =35,000,000

3. Valuation technique using the Coke-CanMultiplier

This is another Rule of Thumb valuationtechnique used in the lodging industry. In thistechnique, the value of every room in a hotel is100,000 times the price of a can of Coca Cola in ahotel vending machine or in a room minibar.

Value = price of Coke x number of rooms x 100,000.

Let us take the example of a hotel which sells Cokein its room minibars at1.50 per can. Thus, the

value of the hotel is calculated in the following way:

1.50 x 250 x 100,000 =37.500.000.

The techniques demonstrated here do notthoroughly analyse the value assessment of a hotel,as required by financial assessors (investmentfunds, commercial banks and other creditors) whopartially finance the real estate transaction. For


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zahtjevaju procjenitelji financijskih subjekata(investicijski fondovi, poslovne banke i drugikreditori) koji dijelom financiraju transakcijupredmetne nekretnine. Stoga i spadaju u skupinu

pro formaprocjeniteljskih tehnika.

Glavni im je nedostatak u tzv. retrogradnompristupu kod odabira premisa za izraun.Konkretnije, cijena sobe kao premisa je formiranaunaprijed dobrim dijelom na osnovi inicijalnecijene kotanja hotelskog objekta, dok sam

goodwillkao dodana vrijednost nije adekvatnozastupljen. Isto tako, spomenuta tehnika donekle

je prihvatljiva za hotele s ogranienom uslugom

(samo smjetaj ili noenje-doruak i sl.), dok zaobjekte kompleksnijih sadraja (wellness, kongresnii sl.) predstavlja suvie pojednostavaljen pristup.

Djelomino je moda izuzetak tehnika procjene naosnovi investicijskog raspona (Band of Investment).

Taj pristup uzima u obzir stopu povrata pojedinihkomponenti ulaganja kapitala, ali na osnovi samo

jedne godine a ne dueg vremenskog raspona (npr.10-godinjeg novanog tijeka), koje daleko vieobjektivizira kapitalizacijsku mo hotelskog objekta.

Ipak, treba rei da se ove tehnike koriste za brzeodnosno grube procjene, ili kod jednostavnijihobjekata, ili kao pomoni nain usporeivanjau kombinaciji s drugim, sofisticiranijim ipouzdanijim metodama i tehnikama.

Tehnika procjene na osnovi investicijskog rasponaprikladna je kada se na lokalnom hotelskom tritune oekuju nikakve znaajnije promjene u ponudii potranji, tako da se lako moe pretpostaviti da jeneto dobit predmetnog hotela prilino stabilizirana.

PRISTUPI U VREDNOVANJU NA OSNOVI

KAPITALIZACIJE PRIHODA INCOMECAPITALIZATION APROACH

Pristupi na osnovi kapitalizacije prihoda temelje sena naelu da je za vrijednost hotelske nekretnineindikativan njezin neto povrat, ili ono to jepoznato kao sadanje vrijednosti buduih koristi.

this reason, these techniques pertain to the Rule ofThumb group of value assessment.

Their main drawback is the retroactive approachto choosing the elements for the calculation.

More specifically, the price of a room, whichis the element of calculation here, has been setin advance, largely based on the initial costs ofconstructing the hotel property, while goodwill,as an added value, is not adequately represented.Furthermore, this technique is acceptable to someextent for hotels with a limited range of services(only accommodation, or bed and breakfast,etc.) while the approach is too simplified for

hotels with a wider range of facilities (wellness,convention facilities, etc.).

A probable exception to some extent is theassessment technique called the Band ofInvestment. This approach takes into account therate of return of individual components of thecapital investment, but only for one year and notover a longer period (for example a 10-year cashflow) which would show the capitalisation of ahotel far more accurately.

It should be said, however, that these Rule ofThumb techniques are used either for a rough andready assessment or, in the case of simpler lodgingfacilities, as an ancillary method of comparison,together with other techniques and methods

which are more sophisticated and more reliable.

The Band of Investment technique is appropriatewhen no significant changes in supply and demandare expected in the local hotel market, so it caneasily be assumed that the net income of theanalysed hotel is relatively stabilised.

THE VALUATION APPROACH BASED ONINCOME CAPITALISATION INCOMECAPITALISATION APPROACH

Income capitalisation approaches are based on theprinciple that the value of hospitality real estate isseen in its net return, or in what is known as the


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Budue koristi od prihodovnog objekta kao toje hotel predstavljaju procijenjeni neto prihodna osnovi prognoze prihoda i rashoda premaoekivanom prometu u budunosti. Te prednostimogu se pretvoriti u pokazatelje trine vrijednostikroz proces kapitalizacije i analizu diskontiranognovanog tijeka.

Prognoza prihoda i rashoda iskazuje se unominalnoj ili inflaciji prilagoenoj vrijednostinovane jedinice za svaku od godina.

TEHNIKA PROCJENE NA OSNOVI

10GODINJEG DISKONTIRANOGNOVANOG TIJEKA KORITENJEMSTOPE POVRATA NA KREDITNASREDSTVA I VLASTITI KAPITAL

Ova tehnika prikladna je na dinamikim hotelskimtritima na kojima se ponude i potranje stalnomijenjaju, kao i stopa popunjenosti odreenihhotela, a njihova neto dobit nije stabilizirana.Projekcija prihoda i rashoda odraava promjenetrinih uvjeta i protee se od pet do deset godina

vremenskog okvira. Tradicionalno, hotelski ulagaikoriste deset godina projekcijskog razdoblja. Zapretvaranje projiciranog tijeka prihoda u procjenu

vrijednosti, predvieni neto prihod podijeljen jena komponentu koja se odnosi na kredit, odnosnodug, i komponentu vlastitog kapitala, temeljene natrinoj stopi povrata i odnosu duga prema ukupnoj

vrijednosti LTV (Loan to Value Ratio4), slino kaou tehnici investicijskog raspona Band of Investment.Ukupan zbroj obiju navedenih komponenti jednak

je vrijednosti imovine. Proces izrauna odvija se nasljedei nain:

1. Uobiajeno je kod kreditnog financiranja

kupnje ili gradnje hotela unaprijed postavitiuvjete (visinu kamate, anuitete i odnos visinezajma prema ukupnoj vrijednosti nekretnine koja

je predmet financiranja).

2. Zadana je takoer i odreena stopa povrata navlastiti uloeni kapital, jer mnogi kupci hotela na

present value of its future benefits. Future benefitsof real estate which produces annual income, suchas a hotel, equal the assessed net income based onthe forecast revenue and expenses of the turnoverexpected in the future. These benefits can beturned into indicators of market value through theprocess of capitalisation and through an analysis ofthe discounted cash flow.

The prediction of revenue and expenditure is shownin the nominal value or inflation-adjusted value of amonetary unit for each of the analysed years.

VALUATION TECHNIQUE BASED ON A10YEAR DISCOUNTED CASH FLOW USINGA RATE OF RETURN ON LOANS AND EQUITY

This technique is appropriate in dynamic hotelmarkets where supply and demand continuouslychange, and where the occupancy rate of certainhotels whose net income is unstable fluctuate. Theprojection of revenue and expenditure reflectschanges in market conditions and spans a periodof 5 to 10 years. Hotel investors traditionallyuse a 10-year projection period. In order to usethe projected revenue flow as a tool in valueassessment, the forecast net income is brokendown into a loan component and an equitycomponent, which are based on the marketrate of return and on the LTV - Loan to ValueRatio.3(This is similar to the Band of Investmenttechnique). The total sum of both thesecomponents equals the value of the property. Thecalculation process is as follows:

1. When financing the purchase or theconstruction of a hotel through a loan, it iscustomary to set the terms in advance (interest

rate, annuity, the loan to property value ratio).2. A rate of return on equity is also set inadvance since many buyers of a hotel decide onthe amount of capital to invest in a transactionon the basis of this rate of return. This rate ofreturn encompasses benefits to the owner (time


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tome baziraju visinu vlastitog uloenog kapitala ucijeloj transakciji. Spomenuta stopa uzima u obzir

vlasniki benefit, kao to su periodini rasporednovanog tijeka, ostatak od prodaje, amortizacijaduga, benefiti prema porezu na dohodak te mnogidrugi nefinancijski benefiti, kao to su poslovnistatus i presti.

3. Vrijednost komponente vlastitog ulaganja poinjes odbijanjem ukupnih godinjih kreditnih obveza(annual debt service) od godinjeg neto prihodaprije podmirenja kreditnih obveza, ime dobivamoneto prihod na vlastiti kapital (net income to equity)za svaku godinu. Predvieni neto prihod 11.

godine poslovanja kapitaliziran je u tzv. reverzivnu(nasljednu) vrijednost. Nakon odbitka tzv. bilancekreditnog duga na kraju 10. godine otplate duga,kao i posrednike provizije u sluaju prodaje istenekretnine (obino iznosi 3%), ostatak vlastitogkapitala diskontiran je po vaeoj stopi prinosa na

vlastiti kapital. Ta je stopa inae individualizirana,ve prema investicijskoj perspektivi pojedinoginvestitora. U svakom sluaju, ne moe biti manjaod slubene eskontne stope dravne sredinjebanke. Uz to diskontiraju se, odnosno svode nasadanju vrijednost, i neto prihodi vlastitog kapitalasvake od 10 projiciranih godina poslovanja objekta.Zbroj takvih diskontiranih vrijednosti jednak jeukupnoj vrijednosti komponente vlastitog kapitala.

Dodavanjem visine kredita na novu vrijednostvlastitog kapitala dobivamo ukupnu vrijednostobjekta, odnosno hotelske nekretnine.

Vrijednost objekta dokazuje se rasporeivanjemnjegove ukupne vrijednosti na kreditnukomponentu i komponentu vlastitog kapitalauloenog u njegovu kupnju te provjeru stopapovrata obaju komponenti prema projiciranom10-godinjem neto prihodu. To se moe zornoprikazati algebarskim izraunom u sklopu primjeraiz prakse (case studyja).

Ovaj proces moe se izraziti u dvije jednadbe,u kojima su unaprijed postavljeni matematikiodnosi izmeu poznatih i nepoznatih varijabli naosnovi sljedeih simbola:

distribution of cash flow, the money left aftersales, debt amortisation, income-tax benefits) andmany other nonfinancial benefits like businessreputation and prestige.

3. The calculation of the value of the equitycomponent starts with deducting the annual debtservice from the annual net income before tax

whereby we obtain the net income to equity foreach year. The forecast net revenue for the 11th

year of business operations is capitalised intothe so-called reversionary value. After deductingthe balance of a credit debt at the end of the 10th

year and after deducting brokerage in the case

of the sale of the real estate (usually 3%), thebalance of equity is discounted at the currentrate of return on equity. This rate is usuallyindividualised depending on the perspectiveof each investor. In any case, this rate cannotbe lower than the official discount rate of thenational central bank. Furthermore, net equityincome is discounted, i.e. brought to the current

value, for each of the 10 projected years of thebusiness operations of a property. The sum totalof such discounted values equals the total valueof the equity component.

By adding the amount of loan to this new value ofequity we obtain the total value of real estate, i.e.of the hotel property.

The value of a hotel is shown in a break-down ofthe total value of the property into a loancomponent and the equity component invested inthe purchasing of the property, after which bothrates of return are checked against the projected10-year net revenue. This is shown in an algebraiccalculation within a case study.

This process can be illustrated in two equations in

which mathematical ratios between the known andunknown variables are set in advance using thefollowing symbols:

V = valueN1 = net income before annuity repayment

M = loan to value ratio (LTV)


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6


V = vrijednostN1 = neto prihod prije otplate anuiteta

M = odnos visine duga/kredita prema ukupnojvrijednosti (LTV)

f = konstanta godinjeg anuitetan = broj godina u periodu projekcije prihodade = godinji ostatak novca raspoloiv za

poveanje vlastitog kapitaladr = ostatak vrijednosti vlastitog kapitala

(Residual Equity Value)b = postotak provizije posredovanja kod

mogue prodaje na kraju razdoblja

P = dio isplaenog duga/kredita kroz periodotplatefp = konstanta godinjeg servisiranja duga

potrebna za amortizaciju cijelog duga zavrijeme perioda projekcije

Rr = ukupna izlazna stopa kapitalizacije(Overall Terminal Capitalization Rate) koja

je primijenjena na neto prihod da bi seizraunala ukupna reverzivna/nasljedna

vrijednost objekta (prodajna cijena na krajuprojeciranog perioda nakon 10. godine)

1/Sn = faktor sadanje vrijednosti 1 euro po stopiprinosa vlastitog kapitala (Ye)

Koristei gore navedene simbole mogu se postavitiformule kojima se izraunavaju obje komponente

vrijednosti objekta na kraju razdoblja (10. godineprojekcije poslovanja i novanog tijeka).

Iznos za servisiranje duga/kredita (Debt Service).Izraunat je prethodnim utvrivanjem kreditnogiznosa koji je jednak umnoku ukupne vrijednostiobjekta (V) i odnosa duga prema ukupnoj vrijednosti(M). Iznos za servisiranje duga izraunat je mnoenjem

iznosa duga/kredita s konstantom godinjeg anuiteta(f), to je izraeno u sljedeoj formuli:

f x M x V = iznos/suma za servisiranje duga

Neto prihod na vlastiti kapital (Net Income toEquity Equity Dividend). Neto prihod na vlastiti

f = annual annuity constantn = number of years in the revenue

projection periodde = annual cash available to equitydr = residual equity valueb = percentage of brokerage commission on

possible sale at the end of the periodP = the part of the serviced debt during the

payment periodfp = the annual debt servicing constant

necessary for the entire debt amortisationduring the projection period

Rr = overall terminal capitalisation rate appliedon net income to calculate the totalreversionary value of a property (sale priceat the end of the projected period afterthe 10thyear)

1/Sn = present worth of a1 factor at the rate ofreturn on equity (Ye).

Using the above symbols, the following formulaecan be devised for calculating both valuecomponents for a property at the end of theperiod (the 10thyear of business operations) andof the cash flow.

Debt Serviceis calculated by firstly establishingthe loan sum which equals the product ofmultiplication of the overall value of a property(V) and the loan to value ratio (M). Debt serviceis obtained by multiplying the loan amount bythe annual annuity constant (f), as shown in thefollowing formula:

f x M x V = Debt service.

Net Income to Equity - Equity Dividend. Net

income to equity (de) is obtained when the debtservice is subtracted from the total annual netincome (N1) as shown in the following formula:

N1 - (f x M x V) = de.

Reversionary Value. Reversionary value afterthe 10thyear of business operations is obtained by


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kapital (de) dobije se kad se od ukupnog godinjegneto prihoda (N1) oduzme iznos za servisiranje/otplatu duga, to je izraeno kroz sljedeu formulu:

N1 - (f x M x V) = de

Nasljedna vrijednost objekta/hotela (ReversionaryValue). Nasljedna vrijednost hotela nakon isteka10. godine poslovanja izraunava se dijeljenjemneto prihoda 11. godine poslovanja hotela (NI11)s izlaznom stopom kapitalizacije (Rr). Izraun jezorno prikazan kroz sljedeu formulu:(NP11/Rr) = nasljedna vrijednost hotela nakon 10.

godine (Reversionary Value)

Posrednika provizija i pravniki trokovi5(Brokerage and Legal Costs). Prigodom prodajehotela plaa se posrednika provizija brokeru kojiposreduje u prodaji te naknade odvjetniku za pravnuregulativu. U praksi ovaj dio trokova iznosi od 1 do4%. Budui da se ti trokovi odbijaju od ukupnogprihoda od prodaje, praktino se odbijaju odnasljedne vrijednosti na kraju 10. godine i izraenisu u postotku od upravo te nasljedne vrijednosti.(N^/Rr) je izraunat prema sljedeoj formuli:b x (N11/Rr) = trokovi provizije i pravnikih naknada

Krajnja dugovna bilanca (Ending MortgageBalance). Dugovna bilanca na kraju desete godinemora se oduzeti od ukupne nasljedne vrijednostiu svrhu procjene ostatka vlastitog udjela kapitala.Formula koja se koristi za odreivanje preostalogdijela zajma (izraen kao postotak poetnog iznosakredita) u bilo kojem trenutku (P) uzima konstantugodinjeg servisiranja duga/kredita tijekom cijelogperioda amortizacije (f) minus kamatna stopa (i)te se nakon toga dijeli s konstantom godinjegservisiranja tijekom 10-godinje amortizacije duga

(fp) umanjena za kamatnu stopu duga (i). Sljedeaformula predstavlja udio isplaena kredita (P):(f - i)/(fp - i) = P

Ako je dio isplaena kredita oznaen s P (izraen kaopostotak od poetnog iznosa kredita), tada je postotakpreostalog kredita izraen s (1 - P). U tom sluajukonana dugovna/kreditna bilanca izraunava se

dividing the net income of the 11thyear of hoteloperations (NI11) by the terminal capitalisationrate (Rr). The calculation is shown in thefollowing formula:(NP11/Rr) = Reversionary value of a hotel afterthe 10thyear.

Brokerage and Legal Costs.4When sellinga hotel, brokerage costs are paid to the broker

who brokers the sale, and fees are paid to alawyer for ensuring that the regulations areobserved. In practice, these costs amount to1% - 4%. Since these costs are subtracted fromthe total sales revenue, they are in practicesubtracted from the reversionary value at theend of the 10thyear and are expressed as apercentage of this reversionary value. (N^/Rr) iscalculated according to the following formula:b x (N11/Rr) = Brokerage and legal costs.

Ending Mortgage Balance.The mortgagebalance at the end of the 10 thyear has to besubtracted from the overall reversionary valuein order to assess the equity residual. Theformula used for assessing the balance of theloan (expressed as a percentage of the initial

value of the loan) at any one moment (P) usesan annual debt service constant during theentire amortisation period (f) less the interestrate (i); subsequently, it is divided by theannual debt service constant during the 10-yearamortisation period (fp) less the debt interestrate (i). The following formula shows the partof the serviced debt (P):

(f - i)/(fp - i) = P.

If the part of the serviced debt is P (expressed as apercentage of the initial amount of the loan), then

the part of the mortgage balance is shown in (1 P). The ending mortgage balance is calculated bymultiplying the part of the mortgage balance (1-P)by the initial amount of the debt (MxV), as shownin the following formula:(1 - P) x M x V = Ending Mortgage Balance.


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8


umnokom dijela preostalog duga (1 - P) s poetnimiznosom duga (M x V), to je izraeno kroz formulu:

(1 - P) x M x V = krajnja dugovna bilanca(Ending Mortgage Balance)

Ostatak vrijednosti vlastitog kapitala (ResidualEquity Value). Vrijednost vlastitog kapitala/ulaganja nakon prodaje na kraju projekcijskogperioda nasljedna je vrijednost umanjena zaposredniku proviziju i pravnike trokove, kao iza krajnju dugovnu bilancu, to je izraeno krozsljedeu proirenu formulu:(NI11/Rr) - (b x (NI11/Rr)) - ((1 - P) x NIs/

(DCR x f)) = dr

Godinji tijek novca prema vlastitom kapitalu(Annual Cash Flow to Equity). Sastoji se od zbrojaprinosa na vlastiti kapital (dividende) za svaku godinuprojekcije i ostatka vrijednosti vlastitog kapitala nakraju 10. godine, to je izraeno kroz formule:

NI1- (f x M x V) = de1

NI - (f x M x V) = de2

::

NI10- (f x M x V) = de10

Vrijednost vlastitog ulaganja/kapitala (Valueof the Equity). Novani tijek u odnosu na vlastitikapital za svaku godinu projekcije diskontiran je nasadanju vrijednost prema stopi prinosa vlastitogkapitala. Suma tih diskontiranih vrijednostinovanog tijeka tijekom 10 godina projekcije dajeukupnu vrijednost komponente vlastitog kapitala/ulaganja, to je izraeno kroz formulu:(de1x 1/S1) + (de2X 1/S2) +.......+ (de10X 1/S10) +(drX 1/S10) = vrijednost vlastitog ulaganja/kapitala(Value of Equity)

Zbrojem vrijednosti vlastitog kapitala i vrijednostizajma/kredita dobivamo ukupnu vrijednost hotelskenekretnine.

Za primjer emo prikazati izraun vrijednostijednog veeg hotela s 5 zvjezdica na jadranskoj

Residual Equity Value.The value of theequity/investment after the sale at the end ofthe projection period is a reversionary valueless brokerage and legal costs, less the endingmortgage balance, as shown in the followingextended formula:(NI11/Rr) - (b x (NI11/Rr)) - ((1 - P) x NIs/(DCR x f)) = dr.

Annual Cash Flow to Equity.This consistsof the sum of equity dividends for each year ofthe projection period and the residual equity

value at the end of the 10thyear, as shown in thefollowing formula:

NI1- (f x M x V) = de1

NI - (f x M x V) = de2

::

NI10- (f x M x V) = de10.

Value of the Equity.The annual cash flow toequity for each year of the projected period isdiscounted to the present value based on thereturn on the equity rate. The sum of thesediscounted values of cash flow during the tenprojected years gives the overall value of theequity component, as expressed in the followingformula:

(de1x 1/S1) + (de2X 1/S2) +.......+ (de10X 1/S10) +(drX 1/S10) = Value of Equity.

By adding the value of equity and the value of themortgage we get the overall value of a hotel property.

As an example we show the calculation of a larger5-star hotel on the Adriatic coast whose identity

we cannot reveal since the NDA5has been signed(Table 1 and 2).

Using the calculation procedure which is explainedin detail by stages and categories earlier in this text,

we come to the final calculation (shown in Table3) of the overall property value, which is the sumof the two components: the value of the mortgagecomponent and the value of the equity component.


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TABLICA 1. PROJICIRANI NOVANI TIJEK HOTELA OD 2011. DO 2021. GODINE PREMA USALI7METODIIZRAUN U 000

TABLE 1. PROJECTED CASH FLOW OF THE HOTEL IN THE 2011 2021 PERIOD ACCORDING TO THEUSALI6METHOD IN 000

2011 2012 2013 2014 2015 2016

Broj soba / Number of rooms 250 250 250 250 250 250

Zauzetost / Occupancy rate 47% 50% 52% 54% 55% 55%Prosjena dnevna cijena (ADR) /Average daily rate (ADR) 130,00 133,90 137,92 142,05 146,32 150,71

RevPAR (god. prihod po sobi) / RevPAR 25,09 27,49 29,45 31,50 33,04 34,04

PRIHODI / REVENUESobe / Rooms 8.029 8.797 9.424 10.080 10.574 10.891

Hrana i pie / Food and beverage 2.331 2.555 2.736 2.927 3.071 3.163

Wellness & Sports 293 321 344 368 386 398Lokali / Shops 228 235 242 249 257 264

Ukupno / Total 10.881 11.908 12.746 13.624 14.288 14.716

ODJELNI TROKOVI / DIVISION COSTS

Sobe / Rooms 1.766 2.287 2.262 2.218 2.326 2.396

Hrana i pie / Food and beverage 2.098 2.248 2.353 2.459 2.518 2.593

Wellness & Sports 147 154 158 162 162 167

Lokali / Shops 41 38 34 30 31 32

Ukupni odjelni trokovi / Total division costs 4.052 4.727 4.807 4.868 5.037 5.188

BRUTO OPERATIVNI PRIHOD /GROSS OPERATING INCOME 6.829 7.181 7.939 8.756 9.251 9.528

NERASPOREENI IZDACI /

UNAPPROPRIATED EXPENSESAdministracija / Administrative work 783 834 892 954 1.000 1.030

Marketing 435 357 382 409 429 441

Franiza / Franchise 435 476 510 545 572 589

Odravanje / Maintenance 653 595 637 681 714 736

Energija / Energy 544 476 510 545 572 589

Ukupno / Total 2.851 2.739 2.932 3.134 3.286 3.385

BRUTO OPERATIVNA DOBIT /GROSS OPERATING PROFIT 3.978 4.442 5.007 5.622 5.964 6.143

FIKSNI TROKOVI / FIXED COSTSKomunalna naknada / Local rates 360 367 375 382 390 398

Rezerva za opremu i instalacije (3%) /Equipment and installation provisions (3%)

326 357 382 409 429 441

Osiguranje (0,06%) / Insurance (0,06%) 42 127 127 127 127 127Ukupno / Total 729 851 884 918 945 966

ZARADA PRIJE POREZA NA DOBIT /EARNINGS BEFORE TAX 3.249 3.591 4.123 4.705 5.019 5.177

Porez na dobit / Income tax 0 0 0 0 0 0

NETO DOBIT / NET PROFIT 3.249 3.591 4.123 4.705 5.019 5.177


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TABLICA 1 NASTAVAK. PROJICIRANI NOVANI TIJEK HOTELA OD 2011. DO 2021. GODINE PREMAUSALI7METODI IZRAUN U 000

TABLE 1 CONTINUED. PROJECTED CASH FLOW OF THE HOTEL IN THE 2011 2021 PERIOD ACCORDINGTO THE USALI6METHOD IN 000

2017 2018 2019 2020 2021

Broj soba / Number of rooms 250 250 250 250

Zauzetost / Occupancy rate 55% 55% 55% 55%Prosjena dnevna cijena (ADR) /Average daily rate (ADR) 155,23 159,88 164,68 169,62 174,71

RevPAR (god. prihod po sobi) / RevPAR 35,06 36,11 37,19 38,31 39,46

PRIHODI / REVENUESobe / Rooms 11.218 11.555 11.901 12.258 12.626

Hrana i pie / Food and beverage 3.258 3.355 3.456 3.560 3.666

Wellness & Sports 410 422 435 448 461Lokali / Shops 272 280 289 297 306

Ukupno / Total 15.158 15.613 16.081 16.564 17.060

ODJELNI TROKOVI / DIVISION COSTS

Sobe / Rooms 2.468 2.542 2.618 2.697 2.778

Hrana i pie / Food and beverage 2.671 2.751 2.834 2.919 3.006

Wellness & Sports 172 177 183 188 194

Lokali / Shops 33 34 35 36 37

Ukupni odjelni trokovi / Total division costs 5.344 5.504 5.670 5.840 6.015

BRUTO OPERATIVNI PRIHOD /GROSS OPERATING INCOME 9.814 10.108 10.412 10.724 11.046

NERASPOREENI IZDACI /

UNAPPROPRIATED EXPENSESAdministracija / Administrative work 1.061 1.093 1.126 1.159 1.194

Marketing 455 468 482 497 512

Franiza / Franchise 606 625 643 663 682

Odravanje / Maintenance 758 781 804 828 853

Energija / Energy 606 625 643 663 682

Ukupno / Total 3.486 3.591 3.699 3.810 3.924

BRUTO OPERATIVNA DOBIT /GROSS OPERATING PROFIT 6.328 6.517 6.713 6.914 7.122

FIKSNI TROKOVI / FIXED COSTSKomunalna naknada / Local rates 406 414 422 431 439

Rezerva za opremu i instalacije (3%) /Equipment and installation provisions (3%) 455 468 482 497 512

Osiguranje (0,06%) / Insurance (0,06%) 127 127 127 127 127Ukupno / Total 987 1.009 1.031 1.054 1.078

ZARADA PRIJE POREZA NA DOBIT /EARNINGS BEFORE TAX 5.340 5.508 5.682 5.860 6.044Porez na dobit / Income tax 0 0 0 0 0

NETO DOBIT / NET PROFIT 5.340 5.508 5.682 5.860 6.044


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TABLICA 2. IZRAUN NETO SADANJE VRIJEDNOSTI NOVANOG TIJEKA NA VLASTITI KAPITAL, 20112020. U 000

TABLE 2. CALCULATION OF THE NET PRESENT VALUE OF CASH FLOW TO EQUITY IN 000S 2011 2020

GODINA / YEAR NETO PRIHOD PRIJESERVISIRANJA DUGA /NET INCOME BEFOREDEBT SERVICE

SERVISIRANJE DUGAGODINJEG ANU ITETA /DEBT SERVICE ANNUITY

NOVANI TIJEKVLASTITOG KAPITALA /CASH FLOW TO EQUITY

2011 3.249 0 3.249

2012 3.591 4.386 - 796

2013 4.123 4.386 - 263

2014 4.705 4.386 318

2015 5.019 4.386 633

2016 5.177 4.386 7912017 5.340 4.386 954

2018 5.508 4.386 1.122

2019 5.682 4.386 1.295

2020 5.860 4.386 1.474

CAGR8 / CAGR7 3,15% 8.778

GODINA / YEAR NOVANI TIJEKVLASTITOG KAPITALA /CASH FLOW TO EQUITY

FAKTOR NETO SADANJEVRIJEDNOSTI OD 10% /NET PRESENT VALUEFACTOR 10%

SADANJA VRIJEDNOSTNETO PRIHODA /NET INCOMEPRESENT VALUE

2011 3.249 0,9091 2.954

2012 - 796 0,8264 - 658

2013 - 263 0,7513 - 198

2014 318 0,6830 217

2015 633 0,6209 393

2016 791 0,5645 446

2017 954 0,5132 490

2018 1.122 0,4665 523

2019 1.295 0,4241 549

2020 1.474 0,3855 568

Ukupno / Total 5.286


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2


obali, kojemu zbog potpisanog NDA6ne moemootkriti identitet (Tablica 1 i 2).

Primjenjujui proceduru izrauna koja je temeljitoobjanjena u prethodnom dijelu teksta po pojedinimfazama i kategorijama, dolazimo u Tablici 3 dokonanog izrauna ukupne vrijednosti hotelskenekretnine kao zbroja vrijednosti dvije komponente:

vrijednosti komponente duga i vrijednostikomponente vlastitog ulaganja/kapitala.

Na temelju prethodnog izrauna utvrena jeukupna vrijednost hotelske nekretnine u iznosuod 79.489.000, to je za 9.069.000 vie odcijene njezina kotanja, to pokazuje ekonomsku

opravdanost ulaganja u takvu nekretninu.

METODA TRINOG USPOREIVANJASALES COMPARISON APPROACH

Hotelski ulagai zainteresirani su za metodutrinog usporeivanja samo informativno i zaokvirnu usporedbu, dok za odluku o konanojkupnji obino ne koriste ovaj pristup. imbenicikao to su nedostatak svjeih i aktualnihpodataka o prodaji te brojne neprikladne

prilagodbe potrebne u tom smislu, kao i opanemogunost utvrivanja realnih financijskihuvjeta i ljudske motivacije kod transakcijakoje trebaju posluiti za usporedbu, ineovu tehniku vrlo upitnom. Pristup trinogusporeivanja moe biti koristan samo u svrhustjecanja uvida u raspon vrijednosti na osnovievidencije prethodnih transakcija, kao i trendistih pokazatelja, ali samo uz uvjet kvalitetnogpristupa predmetnim podacima i pokazateljima.Hotel koji je prethodno koriten kao praktianprimjer za vrednovanje ima povrinu oko 35.270

m2

i nalazi se na izuzetno atraktivnoj lokaciji, udijelu grada uz samu obalu mora. Rezidencijalnegraevine u istom dijelu grada postiu cijenuizmeu 2 800 i 3 000. Jednostavnommatematikom, usporednim pristupom dolazimodo iznosa od 98.756.000 (35.270 m2x 2800),koliko bi trebao vrijediti na hotel.

Based on this calculation, the overall value of thehotel property is 79,489,000, which is9,069,000more than the cost price the total projectcost, which makes economic sense and justifiesinvestment in this property.

SALES COMPARISON APPROACH

Investors in hotels are interested in the salescomparison approach but they take it only asinformation and a framework for comparison,

while their final investment decision is notusually based on this approach. This is a

questionable technique since it does not offerup-to-date information on sales, it requires manyadjustments and it cannot establish realisticfinancial conditions or human motivation intransactions that are necessary for comparison.

The sales comparison approach can be usefulfor gaining insight into the range of values inprevious recorded transactions and into the trendof indicators, but only if the data and indicatorsare used correctly. The actual hotel used in thecase study covered in this paper has a surface ofabout 35,270 square metres and is situated in a

highly attractive location in a part of town whichis on the very seashore. Residential buildings inthe same neighbourhood reach between2,800and3,000 per square metre. Using simplemathematics and the comparison approach,

we come to a sum of98,756,000 (35,270 m2x2,800), the amount that this case study hotelshould be worth.

COST APPROACH

This approach can give a reliable assessmentof the value in the case of new property, but itis difficult to use to quantify the value of olderbuildings which are in gradual decay and whichlose value due to this. Most investors decide tobuy on the basis of economic factors like projectednet income and the rate of return on investment.


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TABLICA 3. PRIKAZ POSTUPNOG IZRAUNA NA OSNOVI 10GODINJEG DISKONTIRANOG NOVANOGTIJEKA KORITENJEM STOPE POVRATA NA KREDITNA SREDSTVA I VLASTITI KAPITAL IZRAUN U 000

TABLE 3 . STEPBYSTEP CALCULATION BASED ON THE 10YEAR DISCOUNTED CASH FLOW USING THERATE OF RETURN ON LOAN AND THE RATE OF RETURN ON EQUITY IN 000

Nasljedna vrijednost / Reversionary Value

Neto prihod 11. godine / Year 11 net income 6.044

Izlazna kapitalizacijska stopa /Terminal capitalised rate 6,85%

Kapitalizirana vrijednost / Capitalised value 88.199

Trokovi prodaje / Less: selling expenses 2.646

Nasljedna vrijednost / Reversionary value 85.553

Ostatak vrijednosti vlastitog kapitala / Equity Residual

Nasljedna vrijednost / Reversionary value 85.553

Minus: krajnja dugovna bilanca / Less: ending mortgage balance 34.708

Ostatak vrijednosti vlastitog kapitala / Equity residual 50.845

Sadanja vrijednost ostatka vlastitog kapitala /Present Value of Equity Residual

Ostatak vrijednosti vlastitog kapitala / Equity residual 50.845

Diskontni faktor 10% / PV factor at 10% 0,3855

Sadanja vrijednost ostatka vlastitog kapitala / PV equity residual 19.603

Sadanja vrijednost komponente vlastitog kapitala /Present Value of Equity Component

Sadanja vrijednost novanog tijeka na vlastiti kapital / PV cash flow to equity 5.286

Sadanja vrijednost ostatka vlastitog kapitala / PV equity residual 19.603

Sadanja vrijednost komponente vlastitog kapitala / PV equity component 24.889

Ukupna vrijednost nekretnine / Overall Property Value

Vrijednost kreditne komponente / Value of mortgage component 54.600

Vrijednost komponente vlastitog kapitala / Value of equity component 24.889

Ukupna vrijednost hotelske nekretnine / Overall property value 79.489

Inicijalna cijena kotanja objekta /TPC - Total Project Cost 70.420

Razlika / Balance 9.069


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6


REFERENCES

1A method of comparison of similar transactions alreadymade in our practice.2TheMortgage Constantis calculated using the followingformula: MC = i / [ 1 - (1/(1 + i)n) ] where i is thenominal interest rate on a loan, and n is the number of

years of loan repayment.3 It is important to note that in calculating the LTV thepotential sales value of a hotel at the end of the period isused, i.e. the capitalised value of a real estate property andnot its inital purchasing price the cost price.4 Legal costs refer to the costs of drawing up a salescontract for a property and the costs of observing that theregulations are adhered to during the realisation of the sale

(registration of title deeds in the land register, etc.).5 NDA (Non Disclosure Agreement) agreement on abusiness secret and the protection of confidential andproprietary information.6 USALI (Uniform System of Accounts for theLodging Industry).7 CAGR (Compound Annual Growth Rate).

BILJEKE

1Metoda usporedbe sa slinim transakcijama koje su verealizirane u naoj praksi.2 Izraun zalone konstante (Mortgage Constant) dobivase putem formule: MC = i / [ 1 - (1/(1 + i)n) ], gdje je inominalna kamata na kredit, a n broj termina/godinaotplate kredita.3ADR (Average Daily Rate) prosjena ostvarena dnevnacijena sobe.4Vano je naglasiti da se kod izrauna LTV-a uzima u obzirpotencijalna prodajna vrijednost hotela na kraju razdoblja,odnosno kapitalizirana vrijednost iste nekretnine, a nenjezina poetna kupovna cijena odnosno cijena kotanja.5 Pravniki trokovi odnose se na trokove sastavljanja

ugovora o prodaji nekretnine i pravnog praenja realizacijeprodaje (uknjiba i sl.).6 NDA (Non Disclosure Agreement) sporazum o poslovnojtajni i zatiti povjerljivih informacija.7 USALI (Uniform System of Accounts for the Lodging Industry) univerzalni sustav izvjetavanja u hotelijerstvu.8 CAGR (Compound Annual Growth Rate) prosjena stopagodinjeg rasta.

LITERATURA / LITERATURE

RUSHMORE, STEPHEN, ERIC BAUM (2001),Hotels and Motels: Valuations and Market Studies. Chicago:Appraisal Institute

DEROOS, JAN, Ph.D., STEPHEN RUSHMORE, CHA,MAI, Hotel Valuation Techniques

Uredba Vlade RH o nainu, postupku i uvjetima procjenevrijednosti i prodaje turistikog zemljita u vlasnitvujedinice lokalne samouprave na kojem su izgraenihoteli i turistika naselja, Zakon o turistikom i ostalomgraevinskom zemljitu.Narodne novine, broj 92/10

ATN Vol 5 No 2 Pavlovic

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