This ebook contains chapters focusing on valuation. Norman Hutchinson introduces the ebook with his Guest Editorial 'Why the gross redemption yield on gilts is not a suitable 'risk free' rate (in 2015)'.

Denis Camilleri aims to establish whether a terminal value is a substantial amount of the final figure in a hotel's valuation in his chapter 'Hotel valuations earning multipliers—terminal value: Malta's scenario'.

Presenting a basic model of commercial real estate valuation in which the Capitalisation Rate is the critical variable, and presenting empirical results for a study of office building capitalisation rates is the topic of John McDonald's chapter 'Capitalisation rates for commercial real estate investment decisions'.

Sherif Roubi's chapter 'Towards a transaction-based hotel property price index for Europe' introduces a transaction-based hotel price index (HPI) for Europe, constructed to provide a true measure for hotel real estate performance.

David Gilbert's Practice Briefing 'Dilapidations in the UK– diminution valuations' looks at the practical considerations of valuations undertaken in the UK at the end of leases when the Landlord and the Tenant are negotiating on the dilapidations claim.

Our last two chapters are Education Briefings, the first is 'Years purchase revisited: quarterly in advance cash flows' by Mike Patrick provides an overview of the YP quarterly in advance formula in the context of the UK real estate market.

And in our final chapter entitled 'Obsolescence—a cause for concern?' Richard Grover and Christine Grover review what is known about obsolescence and it's causes, and provide a critique of how it is reflected in valuations.