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PKF hotelexperts Munich has specialized in hotel consultancy for over 30 years. We provide support throughout the entire life cycle of a hotel. Our clients include project developers, investors, banks, hotel owners, hotel operators and public-sector clients (local authorities).

PKF Feasibility Study

Feasibility studies ascertain the economic feasibility of a project and the suitability of a location or market for a hotel. The PKF feasibility study is an internationally acknowledged quality product and widely accepted by project developers, investors, financial institutions and hotel groups, and therefore provides an ideal basis for decision-making for the development, financing or operation of a hotel.

Depending on the specific requirements, we offer the following products:

  • Location and market analysis - short assessment of general location and market suitability as a first indication
  • Short feasibility study (short version) - overview of financial viability; especially for internal purposes
  • Feasibility study (full version) - detailed presentation of financial viability; for internal and external use (e.g. financing and operator searches)
  • Analysis of future potential with regard to the repositioning of a hotel
  • Hotel market studies for municipalities for assessing the necessity of new hotel developments

The core elements of our studies comprise location analysismarket analysis, product positioning and forecast of results (based on USALI).


  • LSR Europe GmbH (feasibility study for a hotel project in Moscow)
  • Deutsche Hypothekenbank (several feasibility studies for hotel projects in Germany)
  • Deka Immobilien GmbH

PKF Valuation

A valuation is usually required in the event of property sale or purchase or for accounting purposes. The combined experience of our hotel consultants, auditors, accountants and tax accountants are your guarantee of expertise and security in our valuation of your hotel.

Our valuation services include:

  • Determination of market value in compliance with German (§ 194 BauGB) and international (Discounted Cash-Flow (DCF) method in line with IVS, EVS) valuation standards
  • Property valuation by expert architects
  • Valuation in regard to the preparation of financial statements (e.g. impairment tests according to IAS and HGB)
  • Determination of loan value according to §16 PfandBG


  • MEAG MUNICH ERGO Asset Management GmbH (valuation of Ritz-Carlton hotels in the USA)
  • Bayerische Versorgungskammer
  • LHI Leasing GmbH (valuation of several hotel portfolios)

Operator Search

PKF Munich provides expert assistance in identifying and selecting suitable hotel operators, in which we utilize our long-standing close relations to major hotel companies. Our services, which are always carried out in close coordination with the client, include contact, comparison and selection.

We also advise with regard to the negotiation of economic aspects of an operating contract (lease, management, franchise or licensing contracts). Drawing on our numerous successful contract negotiations, we input our experience to draw up fair and clear contracts as the basis for long and successful collaborations.


  • S&G Development Partners Objekt Leipzig GmbH (search & selection of the operator for a double-brand hotel)
  • THE SQUAIRE GmbH & Co. KG (consultancy services concerning the conclusion of an operating contract for the project "The Squaire" at Frankfurt Airport)
  • Allianz Real Estate Germany GmbH

Asset Management / Ownership Controlling

PKF Munich provides ongoing assistance in optimizing hotel cash flow to assure the maintenance of hotel value over the long-term or medium to long-term value appreciation.

We offer the following services/products:

  • Owner-operated hotels
    Operation analysis, preparation and monitoring of profit & loss, financing and investment budgets, preparation of marketing budgets, coaching of executive staff, searching and selecting operators (when operation type is changed)
  • Operator-run hotels
    Owner controlling (plausibility check and monitoring of owner’s business plans and budgets), benchmark comparisons, plausibility check of investment decisions, FF&E analysis and disposition of FF&E reserves), Mystery Guest Check (undercover quality inspection of amenities and services), moderation of discussions with operating companies


  • Owner's controlling of a luxury hotel for a family office in Hamburg for many years
  • Regular ownership controlling of an upscale-hotel in Berlin
  • Monthly owner's controlling of a hotel in Dresden 

Property Transactions / Due Diligence

Our team of hotel and property experts act as your consultants in sale or purchase transactions for hotels and hotel portfolios.

We offer the following services/products:

  • Consultancy and assistance in transaction process
  • Commercial due diligence
  • Legal due diligence
  • Tax due diligence
  • Technical due diligence


  • S&G Development Partners Objekt Leipzig GmbH (consultancy services with regard to the sale of a double-brand hotel in Leipzig to a family office)
  • Commercial Due Diligence with regard to the transaction of an upscale-hotel in Vienna
  • Transaction advice for a double-brand hotel project in the budget/economy segment in Munich

Redevelopment / Restructuring Advice

If a hotel is experiencing financial instability and needs to be restructured, it is often difficult for stakeholders to identify weaknesses and find the right solutions from an internal point of view. Financing banks may also be pushing for quick results.

The basis of a reorganisation consultation can be the preparation of a restructuring or redevelopment report in accordance with IDW Standard S 6 to assess the ability to reorganisation and to develop a future concept agreed among all stakeholders.

Core components usually include

  • Description of the economic status quo
  • Analysis of weaknesses/crisis stages
  • Presentation and, if necessary, adaptation of the company's mission statement
  • Operational and financial concept optimization
  • Integrated business plan (profit, finance and asset plan)

Reference example

  • Redevelopment concept for a resort in northern Germany

Project Development Support

Based on our experience, we offer support throughout the entire process of hotel project developments. We work together with skilled partners who are also experienced in the hotel business. We support you by providing services including:

  • Support in the selection of suitable properties for a hotel development
  • Integration of experienced architects and planners
  • Identification of USPs for the planned hotel in conjunction with the development of a product concept in line with location and market conditions
  • Search and selection of a suitable operating company and identification of end investors and financing institutions
  • Support in project management and controlling

Reference example

  • S&G Development Partners Objekt Leipzig GmbH (search & selection of the operator for a double-brand hotel)
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