Samenvatting

In valuation studies, there are 3 parties; the owner of the real estate, the lender, and the appraisal company who prepares the valuation report. The appraisal company prepares the report based on 3 points of view: Cost approach, income capitalization approach, and sale comparison approach. A problem arises because of the different interpretation and expectation of each stakeholder from the report which is related to the applied approaches.



This research has shown that the most suitable approach for providing the most realistic estimate for city hotel valuation is income capitalization approach (the DCF method) based on the findings of field research, approved valuation reports and literature. However; according to all stakeholders, if sufficient data existed, other approaches can also be used to verify the income capitalization approach. Another important finding is that because of the unstable economic situation of Turkey, all stakeholders want to stay in a safety zone in the valuation process. Because of this reason, conflicts also arise about parameters. The necessity of standardization of approaches and parameters based on valuation purposes is the most important conclusion of this research.