Services
Hospitality, senior living, healthcare, cannabis, and specialized industrial assets where the real estate and the operations are inseparable.
What this covers
Going-concern appraisal of properties whose value depends materially on the operating business they house. The work covers hotels (full-service, select-service, extended-stay), senior living (independent, assisted, memory care, CCRC), healthcare (medical office, ambulatory surgery, skilled nursing), licensed cannabis cultivation, manufacturing, and retail facilities, and specialized industrial (cold storage, data center, food processing), across fee-simple, leased-fee, and going-concern interests as required.
Allocation of going-concern value between real property, FF&E, and intangibles is a recurring methodology issue, and one LHM scopes carefully against the standard the engagement will face.
Who this is for
Built for the review audiences who actually scrutinize this work.
When to call LHM
Why this gets complicated
Going-concern real estate sits at the intersection of two analytical traditions: the income-property appraisal tradition (capitalization of NOI, comparable sales, replacement cost) and the operating-business tradition (DCF on after-tax cash flows, market-based multiples, intangible identification). Practitioners trained in only one tradition often produce conclusions that miss the other side of the value.
The right method also depends on the buyer universe. A hotel underwritten as fee-simple sells to a different pool than one underwritten as a going concern, and the implied value is different. A sound valuation picks the buyer the property would actually clear to.
What LHM evaluates
Standards and review audiences
Deliverables
Related reading
Sep 2026
Hotels, senior housing, healthcare campuses, gas stations, car washes, restaurants, and industrial facilities don’t fit a standard CRE template. The question is what specifically is being valued, under what standard, for what purpose.
Dec 2025 · 9 min read
Olympic turned on the answer to a question that came earlier in the assignment. Most appraisal disputes do.
Sep 2026
An assessment appeal is a value dispute, not a tax-bill complaint. For income-producing, special-purpose, or operationally complex properties, the question is whether the assessor’s mass-appraisal model captures the facts of the property, and whether the evidence can show that it did not.
Most engagements begin with a 20–30 minute conversation about scope, timing, and the right analytical path. There is no charge for an initial conversation.