2. PERTEMUAN 12 Chapter 12 CAPITAL INVESTMENT, LEASING, and TAXATION
Matakuliah : V Manajemen Akuntansi Hotel
Tahun :
PERTEMUAN 12 Chapter 12 CAPITAL INVESTMENT, LEASING, and TAXATION

3. Last Year Net Operating Income (NOI)
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

4. 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 %

5. 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 %

6. At what price would she value the LaSalle Inn?
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 %
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 %

7. 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 %
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.