You should be able to do it with what you already have. At some point your software will give you some sort of a measures (such as cap rate, IRR, NPV, etc.) which you can compare to similar properties. None of those measures will give you FMV per say. What they do give you measures which allow you to compare. If for example cap rates for the type of property you are looking at have been in the 8% range and the one you are looking at is 6% it is probably overpriced?
There are a lot of things that change FMV. Maybe there has been a need for hotel rooms in the town the hotel is in and hotels have been selling at an 8 cap. However over the weekend the main employer in the area that fills a large amount of hotel space announced severe cutbacks which will reduce the need for hotel rooms. The cap may have just changed from 8 to 12, 20 ???? who knows?
Look on LoopNet to see what is being offered and maybe purchase comps from them. From what I have read hotels may be taking a big hit this year? Do your research.
Apr 20, 2009