Do you value hotels and riads?

Hotel and riad valuation is a specialised field. We follow RICS VPGA 4 (Trade-related valuation) for any asset where value is materially linked to business operations rather than the real estate alone. **Methodology:** 1. Analysis of operating accounts (3-5 years) 2. RevPAR benchmarking against local comparables 3. EBITDAR (profit before rent) capitalisation 4. DCF over 5-10 years with turnover growth and margin assumptions 5. Cost approach (DRC) for the physical building 6. Reconciliation for a final Market Value **Key data inputs:** - Year-by-year ADR, occupancy, RevPAR - Operating cost ratios (labour, food & beverage, utilities, marketing) - GOPPAR (Gross Operating Profit per Available Room) - Management contract terms if branded (Hilton, Accor, etc.) - CAPEX history and forward plan - Market room night supply forecast **Markets we cover:** - Marrakech (riads, resorts, luxury hotels) — our strongest hotel market - Fes (medina riads, boutique conversions) - Essaouira (beachfront, atlantic coast) - Agadir (resort hotels, beachfront, Taghazout) - Casablanca (business hotels, serviced apartments) - Tangier (northern coast, Med resorts) **Assignments:** acquisitions, banking (VPGA 2 mortgage), refinancing, disposal, partnership disputes, succession, operator changes.