... Income Approaches to Value Hotel Valuation Formula—LTV version (technique 4) $36,962,000 Hotel Investment Formula—DCR version (technique 4a) $37,388,000 Hotel Valuation Formula—After-Tax ... Eric Baum. Hotels and Motels: Valuations and Market Studies (Chicago, ffl.: The Appraisal Institute, 2001), p. 356. 4. Rushmore and Baum, Hotels and Motels. 5. Rushmore and Baum, Hotels and ... IN THIS CHAPTER, we provide a thorough overview of lodging valuation models. Hotel valuation, like all real estate valuation, must be seen in the context of establishing a point estimate...