Matakuliah
Tahun
: V0282 - Manajemen Akuntansi Hotel
: 2009 - 2010
PERTEMUAN 12
Chapter 12
CAPITAL INVESTMENT, LEASING, and
TAXATION
Michele Austin knows that cap rates are a good way to estimate the
value of lodging property. She is considering the purchase of three
different properties. The financial information she has about them is
presented below. Using that information, help Michele calculate the
answers needed to make a good purchase.
Property
Last Year Sales
Last Year Net Operating Income
(NOI)
LaSalle Inn
$1,541,250
$373,450
The Breakers Lodge
$3,117,500
$623,750
The Waterford
$2,700,000
$541,200
Bina Nusantara University
3
a. If Michelle paid $3,000,000 for it, what would be the cap rate for the Lasalle Inn, based upon the NOI it
achieved last year?
Net Operating Income
Investment Amount
Cap Rate %
b. If Michelle paid $7,000,000 for it, what would be the cap rate for the Breakers Lodge, based upon the
NOI it achieved last year?
Net Operating Income
Investment Amount
Cap Rate %
c. If Michelle paid $6,000,000 for it, what would be the cap rate for the Waterford, based upon the
NOI it achieved last year?
Net Operating Income
Investment Amount
Cap Rate %
d. If Michelle is stratified with a hotel purchase returning a 10.5% rate:
At what price would she value the LaSalle Inn?
Net Operating Income
Investment Amount
Cap Rate %
t what price would she value Breakers Lodge?
Net Operating Income
Investment Amount
Cap Rate %
At what price would she value the Waterford?
Net Operating Income
Investment Amount
Cap Rate %
e. Based upon Michelle’s acceptable cap rate of 10.5%, which hotel do you think likely represents
Michelle’s best investment option? Explain the reason for your answer.