In an earlier article the authors introduced two models that demonstrated the effects of taxes and lender criteria on a property estimated value. Here’s the proof of value for those models.
deRoos, J. A., & Rushmore, S. (1999). Investment values of lodging property: Proof of value for selected models [Electronic version]. Cornell Hotel and Restaurant Administration Quarterly, 37(1), 89-96. Retrieved [insert date], from Cornell University, School of Hospitality Administration site: http://scholarship.sha.cornell.edu/articles/172/