The most recent downturn in the hotel market began on the heels of the 2008 housing crash. The decline led to a large volume of foreclosures and rapidly falling property values. However, as low as the market fell, the rebound that began in 2010 has been just as dramatic. Overall, the market led the way out of the recession in Atlanta and has experienced an unprecedented run up over the past five plus years of RevPAR growth. Additionally, values have experienced significant enhancement since 2013 as financing has become more readily available. Thus, the rapidly changing lodging market creates significant opportunities for the informed investor and-or owner operator just entering the market. Overall, the key to a successful venture in the lodging market is due diligence, and quality hotel appraisals can play a crucial role towards that end.
Hotel appraisals create many unique challenges as there are many factors that contribute to value. Our founder, Casey Lyon, has completed more hotel valuations since 2007 (163) than any other property type. A majority of these assignments have been economy class and independent hotels/extended stay properties. Our experience also includes appraising midscale through select service brands for existing properties as well as new construction. Hotels are one of the property types for which we have traveled throughout the state of Georgia to appraise. We have also taken advantage of a few opportunities to appraise hotels in Alabama, South Carolina and Tennessee.
At Crossroads Appraisal Group, we truly understand the unique nature of the hotel industry and the importance of hiring an experienced appraiser. Furthermore, we meet the current SBA requirements for going concern appraisals of hotels. Give us a call today with any questions you might have about this dynamic industry and-or our ability to serve your appraisal needs. Our friendly staff is looking forward to speaking with you! You can also check out our ‘Praise’ page to see what others are saying about Crossroads Appraisal Group.