A shopping centre is worth its rental stream, a hotel is worth its occupancy, and a development project is worth what it will deliver once complete — minus every risk along the way. The Kanzas company provides independent valuation of commercial real estate, hospitality businesses and construction companies in Ukraine, for owners, lenders and investors. Reports follow the International Valuation Standards (IVS); the team includes RICS- and TEGoVA (REV)-certified valuers.
Restaurant valuation: methods, multiples and what a restaurant is worth
Owners often start from revenue multiples and rules of thumb — a useful anchor, but two restaurants with identical revenue can differ in value severalfold. A defensible restaurant valuation builds the income approach from actual cash flows — covers, average check, seasonality, lease terms — and only then cross-checks against market multiples. We value restaurants for lending and sale; the practice includes such untypical assets as floating restaurants on the Dnipro river.
Hotel and resort valuation
Hotels are valued as operating businesses together with their property: occupancy, rate structure and seasonality drive value more than floor area. Our track record covers hotel complexes in various Ukrainian cities valued for sale and for lending, resort properties of industrial enterprises valued for financing, and recreation complexes and sanatoriums.
Commercial property and construction company valuation
The practice includes major retail, entertainment and office centres valued for lending and sale, unfinished construction valued through the residual model, and construction companies with their fleets of special machinery. On the development side, we have prepared construction concepts for large residential complexes in Kyiv and Dnipro, cottage communities near Kyiv and a seaside resort development — from market analysis and highest-and-best-use to the project financial model (the UK term of art is a development appraisal).
Frequently asked questions
How do you value a restaurant or hotel — as property or as a business? It depends on the purpose. Collateral engagements usually focus on the property with equipment; sale engagements value the operating business, including name, reputation and customer flow.
Are revenue multiples enough? They are a starting point. Occupancy, seasonality, lease terms and dependence on the operator can move value far from any generic multiple.
Can you value unfinished construction? Yes — through the residual model: completed value at current market conditions minus cost to complete, adjusted for risk and timing. Banks and courts accept such reports.
Do you inspect structural condition? No — structural surveys belong to construction-engineering experts. We determine value.
Hospitality and property deals run on hard deadlines — credit committees, signings, construction seasons. Write to us by email or messenger, describe your task, and we will respond with a clear scope, timeline and fee proposal.
