Impact of COVID-19 on property tax assessment appeals and valuations discussed.
The Hotel Owners Academy of the Asian American Hotel Owners Association (AAHOA) invited David Wolfe, Skoloff & Wolfe P.C. co-managing partner, to share his insights regarding the impact of the pandemic in depressing hotel valuations, as well as strategies for preparing for property tax relief. Mr. Wolfe was joined by Jonathan Falik, the CEO of JF Capital Advisors, a company that specializes in the hospitality industry and provides clients and partners with a broad range of strategic and capital market solutions.
The COVID-19 pandemic has touched virtually every corner of our personal and professional lives, as well as commercial interests. For hotel owners, steep downturns in business and leisure travel due to stay-at-home orders and other restrictions have combined to hit the hotel industry especially hard. The webinar title, “Understanding the Intricacies of Hotel Valuation,” led viewers through a wide-ranging discussion covering the complexities of hotel valuations for property tax purposes, the fundamentals of hotel property tax appeals, the different approaches to hotel valuations in that context, and Covid-19 specific valuation issues related to hotels.