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Sheraton Hotel Valuation Dispute Centers on Treatment of Food‑and‑Beverage Income and Management Fees
Summary
The Board of Equalization reviewed an appeal concerning the Sheraton hotel, a 396‑room property, at its June 23 hearing; the owner and assessor disagreed over whether food‑and‑beverage income and management fees should be included in the income approach.
The Board of Equalization reviewed an appeal concerning the Sheraton (account 0113485), a 396‑room hotel, at its June 23 hearing. The assessor’s consistent 2023–24 valuation for the property stood at $29,547,680 for 2024; the owner sought a valuation of $21,099,639, contending the assessor’s income approach improperly included food‑and‑beverage profit and that the hotel’s restaurant and banquet spaces should be valued as leased real estate rather than as operating business income.
The dispute is consequential for hotel taxation because including food‑and‑beverage net income materially raises net operating income…
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