Co ban ve Dinh gia Khach san
Tong quan Module
Dinh gia khach san (Hotel Valuation) la nghe thuat ket hop giua tai chinh va hieu biet ve thi truong. Du ban la owner muon biet gia tri tai san, buyer muon danh gia deal, hay operator can hieu value drivers, module nay cung cap foundation quan trong ve valuation.
Muc tieu hoc tap
- Hieu 3 phuong phap dinh gia chinh
- Tinh toan va ap dung Cap Rate
- Phan tich Comparable Sales
- Hieu cac value drivers cua khach san
- Danh gia investment opportunities
1. Ba Phuong phap Dinh gia
Co 3 phuong phap chinh de dinh gia khach san, moi phuong phap co uu nhuoc diem rieng:
| Phuong phap | Mo ta | Khi nao dung |
|---|---|---|
| Income Approach | Dua vao thu nhap (NOI) va Cap Rate | Operating hotels, investment focus |
| Sales Comparison | So sanh voi comparable sales | Co recent comparable transactions |
| Cost Approach | Land value + Reproduction cost - Depreciation | New construction, insurance |
Quan trong: Income Approach la phuong phap pho bien va quan trong nhat cho operating hotels. Chung ta se tap trung vao phuong phap nay!
2. Income Approach - Cap Rate Method
Income Approach su dung Cap Rate (Capitalization Rate) de chuyen doi NOI thanh gia tri. Day la phuong phap chuan trong nganh.
Cong thuc Cap Rate:
Hotel Value = NOI (Net Operating Income) / Cap Rate
Hieu ve Cap Rate:
- Cap Rate = Expected annual return (%) cho investor
- Cap Rate CAO = Risk CAO = Value THAP
- Cap Rate THAP = Risk THAP = Value CAO
- Market cap rates thay doi theo location, brand, quality, market conditions
2.1. Cap Rate Benchmarks
| Loai khach san | Typical Cap Rate |
|---|---|
| Luxury Urban (Major City) | 6-8% |
| Full-Service Suburban | 8-10% |
| Limited Service / Economy | 9-11% |
| Secondary/Tertiary Market | 10-13% |
Vi du tinh toan:
Khach san ABC - Full Service Suburban:
- NOI = 8 ty VND/nam
- Market Cap Rate = 9%
Giai:
- Hotel Value = 8,000,000,000 / 0.09 = 88.9 ty VND
3. Sales Comparison Approach
Phuong phap nay so sanh voi recent hotel sales tuong tu. Commonly su dung Price per Room (PPR) lam metric chinh.
Price per Room (PPR):
Price per Room = Total Purchase Price / Number of Rooms
Vi du Comparable Sales:
| Hotel | Rooms | Price ($M) | PPR ($K) | Location | Year |
|---|---|---|---|---|---|
| Comp A | 150 | 18.0 | 120 | Urban | 2024 |
| Comp B | 120 | 13.2 | 110 | Suburban | 2024 |
| Comp C | 180 | 19.8 | 110 | Suburban | 2023 |
| AVERAGE | 150 | - | $113K | - | - |
Ap dung: Subject hotel co 140 phong -> Estimated Value = 140 x $113K = $15.8M
4. Value Drivers
Value drivers la cac yeu to anh huong den gia tri khach san. Hieu ro nhung yeu to nay giup maximize value.
| Category | Driver | Impact |
|---|---|---|
| Location | Urban vs Suburban, Proximity to demand generators | Very High |
| Financial | Strong NOI, Revenue growth, GOP margin | Very High |
| Physical | Property condition, Age, Recent renovations | High |
| Brand | Strong brand affiliation, Franchise terms | Medium |
| Market | Market growth, Supply/demand balance | Medium |
5. Key Takeaways
Diem quan trong can nho:
- 3 phuong phap dinh gia: Income (Cap Rate), Sales Comparison (PPR), Cost
- Hotel Value = NOI / Cap Rate - cong thuc co ban nhat
- Cap Rate: Luxury 6-8%, Full-Service 8-10%, Limited 9-11%
- Price per Room la metric pho bien trong Sales Comparison
- Value drivers: Location, Financial performance, Physical condition
Chuyen sang Module 10: Financial Analysis for Decision-Making