When working on a hotel valuation, which is true:

A preliminary valuation can be done from the desk, assuming you

have the hotel's historical P&Ls & the competitors' historical

occupancy & ADR.

A more in$-$depth valuation, including visiting the hotel and walking

the market, should be done.

A preliminary valuation can be done prior to putting in a bid to

buy a hotel, but a more in$-$depth analysis should also be done, but

may occur later in the process.

All of the above