Board approves Drovert Inn motel value at $1 million after owner submits 2025 financials

The Oklahoma County Board of Equalization voted to set the fair‑market value of the Drovert Inn at $1,000,000 after the property owner submitted a 2025 profit‑and‑loss statement showing lower revenue than the county had used in its pro forma.

Owner representative Peter told the board the motel’s 2025 room revenue was roughly $2,200,126 and asked the board to consider the actual revenue rather than the county’s industry model. "The room revenue that we're showing for 2025 is the $2,200,126," the owner said during testimony.

The assessor reviewed income and sales approaches. Using average daily rates and comparable independent‑hotel sales, assessor staff explained an income approach that factored a cap rate and excess land; assessor staff said including the excess land would ‘‘put it up to $1,000,000 even.’’ The board accepted a motion to set the value at $1,000,000 (motion moved, seconded; voice vote approved).

Why it matters: The board’s ruling sets the taxable fair‑market value for the motel for the assessment year, which determines the base for property taxes and is important to the motel's owner and management.

What happened at the hearing: The owner provided three documents (industry model, the owner’s 2025 P&L, and a one‑page statement) and argued actual room revenue was about half of the assessor’s pro forma. The assessor acknowledged variability in ADRs and offered a blended approach but ultimately accepted a valuation consistent with the parties’ evidence and board preference.

Next steps: The board will mail the written decision; the owner may appeal if dissatisfied.