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What It's Worth: Hotel Business Value
June 2016 PDF (99 pages)
Valuing Companies with Real Estate: Appraisal Experts Untangle the Issues (PDF)
September 2014 978-1-62150-043-8 PDF (118 pages)
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Business Valuation Update Yearbook 2015
February 2015 978-1-62150-048-3 PDF
Business Valuation Update Yearbook, 2017 Edition
February 2017 PDF (349 pages)
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Business Valuation OIV Journal Fall 2019
Business Valuation OIV Journal has been created by Organismo Italiano di Valutazione (OIV), the Italian Valuation Standard Setter, to provide a forum for discussion and to foster cultural progress in the field of business valuation. In this issue, articles include "Roundtable: 10 Big Issues in Business Valuation"; "The Limits of Accounting Rates of Return and the Calibration Trap in Applying Accounting-Based Models in Modern Business Valuation Practice"; and "Connecting Economic Value to Company Strategy: Critical Issues and New Perspectives."
Journal of Business Valuation 2021 Edition
From the CBV Institute ...
Journal of Business Valuation 2020 Edition
From the CBV Institute ...
Journal of Business Valuation 2016 Edition
From the CBV Institute ...
Expert’s Failure to Review Debtor’s Reorganization Plan Results in ‘Defective’ Hotel Appraisals
In § 506(a) hotel valuations, bankruptcy court finds creditor’s experienced expert premised appraisals on “fundamentally flawed” base assumption that hotels would be sold on the valuation date, where debtor’s plan said debtor would retain and operate hotels; court said replacement value applied.
Latest What It’s Worth guide examines hotels
The latest in the new series of What It’s Worth guides brings you the expert insight you need to understand and value hotels.
Court Dismisses Plaintiff’s COVID-19-Related Suit, Noting Claimed Loss of Use of Properties Is Not Direct Physical Loss Under the Relevant Policy
In this business interruption case resulting from mandatory shutdowns to control COVID-19, a federal court granted the defendant insurer’s motion to dismiss plaintiff’s suit over coverage, finding plaintiff’s claim for loss of income based on state orders restricting use does not meet “direct physical loss” prerequisite.
Oregon Appellate Court Disallows Discounts for Lack of Control and Lack of Marketability
This case dealt with compensation for a partner’s 25% interest in a business after he was expelled from the business. The appellate court remanded the case to the trial court for a recalculation of the compensation without the inclusion of discounts for lack of control and lack of marketability. The trial court allowed those discounts on the theory that the expelled partner was to receive the fair market value of his 25% interest in the entity. The appellate court determined that the operating agreement required him to be compensated for 25% of the FMV of the assets of the LLC and not the FMV of his 25% in the LLC entity.
Court Chooses Three-Year Average Cash Flow Over Single to Determine Value of Husband’s Business—Appellate Court Affirms
The court of appeals, in an Arizona divorce case, affirmed the decision of the Superior Court to accept the wife’s expert’s value of the husband’s business. The wife’s expert used a three-year look back average of cash flows, while the husband’s expert utilized the most current year’s cash flow.
Court Finds Insurance Policies Are Not Ambiguous as to ‘Physical Loss’ Requirement and Dismisses Plaintiffs’ COVID-19-Related Damages Claims
In this business interruption case resulting from mandatory shutdowns to control COVID-19, the court grants the defendant insurance company’s motion to dismiss plaintiffs’ complaint seeking coverage for lost business income under their insurance policies. Plaintiffs operated a hotel and adjacent banquet and catering facility. In ruling against the plaintiffs, the court found the virus did not perceptibly harm the properties and the policies included a virus exclusion that prevented coverage of business losses.
Court Accords Equal Weight to Competing DCF-Based Hotel Valuations
In granting creditor’s stay relief motion, court averages competing expert valuations and finds debtor has no equity in contested hotel; court says value gap is result of experts’ legitimate disagreements over hotel’s future performance as reflected in inputs for DCF-based analyses.
U.S. District Court Denies Use of Discounts in Determining the Fair Value of a Hotel Holding Corporation in a Dissolution Case
In this lengthy opinion dealing with the fair value of a 12.5% interest the plaintiff held in a Florida hotel holding corporation, the U.S. District Court determined that discounts for minority interest and for marketability are not allowed. The court also determined damages for the breach of contract, or, in the alternative, breach of fiduciary duty, on the part of the plaintiff.
Verdict Based on an Expert’s Incompetent Report Cannot Stand, New Trial Ordered
The jury verdict was set aside in this Pennsylvania condemnation case for reliance on an incompetent report by the expert witness for the Pennsylvania Department of Transportation. The report did not account for the damages the hotel incurred on the unclaimed property for loss of business due to the condemned property. Additionally, the court decided that a new trial, which the trial court did not allow, should be allowed and remanded for a new trial.
On Remand, the Tax Court Determines the Value of a Conservation Easement From a Golf Course
The Tax Court, on remand from the 11th Circuit, which decided that the taxpayer was entitled to a charitable donation for donation of a conservation easement, now valued that interest to determine the amount of the donation deduction. Both parties presented valuation opinions from expert appraisers. The Tax Court determined that the highest and best use of the property before and after the grant of the easement was the key to the determination of the value of the easement. The Tax Court then analyzed the evidence from the expert appraisals to arrive at a value of the easement.
Tax Court (Grudgingly) Allows Tax Affecting Under the SEAM Method
This was a gift tax valuation case the U.S. Tax Court decided. Gifts of minority interests in The Biltmore Co. were made from the its shareholders, the Cecils, to their children and grandchildren. The IRS audited the gift tax returns and assessed deficiencies for reporting too low fair market values of the gifts of The Biltmore Co. stock. Both sides presented experts to value the gifted interests. The experts agreed that the cash flows should be tax affected. The court accepted the tax affecting while allowing that it was not an admission by the Tax Court that tax affecting should apply in all cases. The Tax Court made changes to the values presented and cobbled together a final value that resulted in refunds to the taxpayers/petitioners.
Hospitality Valuation: Check in Time
Do you suffer from guideline-public-data-phobia? Symptoms include comparable company size anxiety and difficulty with adjustments and cost avoidance. You’re not alone. Many appraisers suffer from guideline-public-data-phobia and avoid using public data in their private-company valuation assignments. Perhaps it’s time for you to have a talk with an expert. Join Linda Trugman and Rob Schlegel for an update on this fundamental skill. Hear advice for factoring in public market evidence through economic and industry data to ...
U.K. Case Law Update: Recent Decisions That Impact Your Valuation
Business valuation is undergoing significant evolution in the UK, and it's impacting the way valuations are treated in court. Join valuation experts Andrew Strickland and Luke Morris for a look at recent UK cases that address key areas of business valuation, including the increased use of definitions from the International Valuation Standards in Court. Get briefed on four cases that challenge the roles of UK valuation experts, and get tips for using financial models in ...
Valuing Real Estate Centered Entities in 2023
A review of the problems business appraisers and analysts see in companies holding substantial amounts of real estate, often necessary to run the business and produce cash flow. Discussion will focus on understanding and incorporating real property appraisal conclusions including an intangible asset and how to test those findings with business valuation evidence ...
Sure Bet: Valuations and M&A in the Gaming Industry
Go all in on this panel discussion that brings five gaming experts to the table. Join Ray Moran, Brian Holloway, Scott Kellenberger, Jack Behrens, and Joe Tinucci for a discussion on the casino industry, financial metrics, and M&A activity. You’ll come away with practical tips that you can use for engagements. With a deep dive and many different perspectives, this event is the perfect bet to get up to speed on the unique gaming industry.
Intangible Asset Valuation for Property Tax Compliance and Appeal Purposes
Many business appraisers currently use their intangible asset valuation expertise for fair value accounting, income tax, gift and estate tax, and similar engagements. This webinar will describe how BV analysts can use this same expertise to expand their intangible asset valuation practices by assisting industrial and commercial taxpayers with property tax compliance, appeal, and litigation services.