Page 109 - Demo

ÌÎÑÊÂÀ ÏÎÄÌÎÑÊÎÂÜÅ ÐÎÑÑÈß ÌÈÐ
м=ц,ю % це...е C!%д=›, , %“...%".../е C%*=ƒ=- 2ел, %2ел :
 d%.%д " !=“че2е ...= ...%ме! (RevPAR).
 b=л%"= %Cе!=ц,%......= C!,K/ль ƒ= ...%- ме! (Gross Operating Income per Room $
GOPPAR).
 ),“2/L %Cе!=ц,%....../L д%.%д ...= ...%ме!
“ л%г,че“*,L "/K%! л3чшеL *%!!е*2,!%"*,, = “%%2"е2“2"е......%, íàèáîëåå ðåïðåçåíòà- òèâíîãî äèàïàçîíà.
ÏÐÈÌÅÍÈÌÎÑÒÜ ÌÅÒÎÄÀ
ñîîòíåñåíèÿ öåíû è äîõîäà
mе%K.%д,м% %2ме2,2ь, ч2% "% "“е. ,“2%ч-
...,*=. íåãëàñíî ïîäðàçóìåâàåòñÿ, ÷òî öåíà ïðîäàæè â äàííîì ñëó÷àå – ýòî öåíà ïðî- äàæè íåäâèæèìîñòè. h...=че ...е%K.%д,- м% !еш=2ь “!=ƒ3 ...е“*%ль*% д%C%л...,2ель.../. C!%Kлем, *%2%!/е ле›=2 *=* " Cл%“*%“2, C%- л3че..., д%C%л...,2ель...%L ,...-%!м=ц,, % де - 2ель...%“2, *%мC=...,,, 2=* , " Cл%“*%“2, "/K%- != м3ль2,Cл,*=2%!%"22.
a%льш,...“2"% ="2%!%" “.%д,2“ ...= 2%м, ч2% д=....../L ме2%д "л е2“ д%“2=2%ч...% г!3K/м, , " K%льш,...“2"е “л3ч=е" C%ƒ"%л е2 C%л3ч,2ь 2%ль*% д,=C=ƒ%..., " *%2%!%м м%›е2 ле›=2ь “2%,м%“2ь %KAе*2=. u%2 ...,*2% ...е %2!,ц=е2 ...=гл д...%“2ь 2=*%г% ме2%д= , 3Kед,2ель...%“2ь ег% “ 2%ч*, ƒ!е..., C!ед“2="ле..., ƒ=*=ƒч,*3, *%2%!/L ...е "л е2“ “Cец,=л,“2%м " %це...*е ,л, *%!C%!=2,".../. -,...=...“=..
q3?е“2"3е2 д%“2=2%ч...% м...%г% ,““лед%"=- ...,L, " *%2%!/. !=““м=2!,"=е2“ "%ƒм%›...%“2ь ,“C%льƒ%"=..., “2=2,“2,*, це... C!%д=› , д=...- .../. %K 3...,*=ль.../. .=!=*2е!,“2,*=. г%“2,...,ч- .../. %KAе*2%". b 2% ›е "!ем , ...е%K.%д,м% %2- ме2,2ь, ч2% C%д="л ю?= ,. ч=“2ь %2...%“,2“ ...е * це...=м C!%д=› %KAе*2%", = * “!ед...,м це- ...=м ...= ...%ме!, 2% е“2ь * це...%"%м3 C%ƒ,ц,%...,- !%"=...,ю %2елеL23. o!, .2%м, 3›е C!, це...%- "%м C%ƒ,ц,%...,!%"=...,, 2!еK3е2“ 3ч,2/"=2ь !=ƒл,ч, " .*%...%м,че“*%L “,23=ц,, " !ег,- %...=., "*люч= ,ƒме...е..., “%“2% ..., !/...*= "% "!еме...,. o!,чем .2, -=*2%!/ %*=ƒ/"=ю2 “3- ?е“2"е......%е "л, ...,е.
Šе ,““лед%"=..., , *%2%!/е C!%"%д,л,“ь ,ме......% дл це... г%“2,...,ч.../. %KAе*2%"24, C%-
(Net Operating Income per Room).
nC!еделе...,е “2%,м%“2, C!%"%д,2“ 2/!е ш=г=:
" че-
 nC!еделе...,е 3дель...%L це.../ ƒ= ...%ме!.
 j%!!е*2,!%"*= 3дель...%L це.../ ...= !=ƒ-
л,ч,е " RevPAR.
 j%!!е*2,!%"*= 3дель...%L це.../ ...= !=ƒ-
л,ч,е " GOPPAR.
 j%!!е*2,!%"*= 3дель...%L це.../ ...= !=ƒ-
л,ч,е " NOI per Room.
 q%гл=“%"=...,е “2%,м%“2,.
dл *=›д%L *%!!е*2,!%"*, “2!%,2“ %2- дель...= 2=Kл,ц= *%!!е*2,!%"*,, = C% !еƒ3ль- 2=2=м Cе!е“ече...,L C%л3че....../. д,=C=ƒ%...%" C!,...,м=е2“ !еше...,е % "%ƒм%›...%“2, %C!е-
деле..., 2%чеч...%г% ƒ...=че..., “2%,м%“2,.
Êîððåêòèðîâêè äëÿ ãîñòèíèö ñ ðàçëè- ÷èÿìè â ñîñòàâå ñåðâèñîâ, íî èìåþùèõ ñõîäñòâî â ñîñòàâå è ðàçìåðå çàòðàò, ïðî- âîäèòñÿ ïî GOPPAR.
Äëÿ ãîñòèíèö ñ ñîïîñòàâèìûìè ñåðâè- ñàìè, íî èìåþùèìè ïîòåíöèàëüíîå ðàç- ëè÷èå â ðàçìåðå çàòðàò, áîëåå ïðèåìëå- ìîé áóäåò êîððåêòèðîâêà íà NOI per Room.
b “л3ч=е ...=л,ч, !=ƒл,ч,L , " ƒ=2!=2=., , " “%“2="е “е!",“%" %C!едел ю2“ , C!,- "%д 2“ д,=C=ƒ%.../, " *%2%!/. м%›е2 ...=.%- д,2ь“ “2%,м%“2ь дл д"3. "=!,=...2%" *%!!е*- 2,!%"%*, C%“ле чег% м%›е2 K/2ь C!%"еде...= ïðîöåäóðà ïîèñêà ïåðåñå÷åíèÿ äèàïàçî- íîâ. b K%льш,...“2"е ,“2%ч...,*%" !е*%ме...д3е2-
ÐÎÑÑÈß ÌÈÐ
aеƒ %K!=?е..., * %Cе!=ц,%......%L де 2ель...%“2, C/2=2ь“ “%ƒд=2ь д=›е %2...%“,2ель...% *%!!е*2.../L !=“че2 C%ч2, ...е"%ƒм%›...%
22 Î÷åâèäíî, ÷òî, åñëè îòîéòè îò ãîñòèíè÷íîé ñïåöèôèêè, êîððåêòèðîâêà íà RevPAR – ýòî ìóëüòèïëèêàòîð öåíà / âûðó÷êà (P / S), íà GOPPAR – öåíà ïðèáûëü îò ðåàëèçàöèè (îïåðàöèîííàÿ ìàðæà – Sales margin), à NOI per Room – ìóëüòèïëèêàòîð öåíà / ïðèáûëü (P / E).
23 Íàïðèìåð:
Determinants affecting comprehensive property-level hotel performance: The moderating role of hotel type Woo Gon Kima, Meehee Chob, Robert A. Brymerc.
Determinants of hotel room price An exploration of travelers’ hierarchy of accommodation needs. Ziqiong Zhang and Qiang Ye.
Examining the determinants of room rates for hotels in capital cities: The Oslo experience. Christer Thrane.
24 Íàïðèìåð:
Determinants of Hotel Property Prices. Jack B. Corgel, Crocker H. Liu, Robert M. White. An Automated Valuation Model for Hotels. JOHN W. O’NEILL.
1266 • l`i • 2017 109 a~kkeŠem| • RWAY
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