comping a closed hotel

[George Lekas]

Hi, everyone,

I need some input. My broker sent me an opportunity to buy a 90 room, full service hotel in a rural area, and the price seems low- the owner wants $475K. The biggest problem for me is: how do you comp a closed hotel? If it was up and operating, I' m sure the purchase price would be much higher. I am fighting the urge to just go ahead and pull the trigger right away based on the price, and would sure appreciate any advice from you guys. Thanks.