Courtyard by Marriott Tupelo

Lee County, MS • Tax Year 2024 • pending

Assessment Details

Current Assessed

$14,200,000

Calculated Value (Income Approach)

$11,800,000

Difference

$2,400,000

Rooms Revenue

$4,068,144

Total Revenue

$4,556,321

Net Operating Income (NOI)

$1,680,000

÷ Cap Rate (9.0%)= Total Property Value

$18,666,667

\u2212 FF&E Deduction

($2,800,000)

\u2212 Business Enterprise Value Deduction

($1,067,000)

= Real Property Value$14,799,667

Generic 7.5% cap rate applied — hotel-specific rate should be 8.5-9.0% for select-service in secondary market

$1,200,000

No FF&E deduction — furniture/fixtures/equipment represents 15% of total investment ($3.35M) which is personal property, not real

$950,000

No business enterprise value deduction — Marriott franchise adds 8% intangible value that should not be assessed as real property

$250,000

Strong Appeal — Estimated annual savings of $32,000