How to value hotels?

The Market Updates Report reveals some of the ranges of multiples of EBITDAs currently in use by at least one valuer in this country. Putting this into the public domain is perhaps not sharing any state secrets given the wide range of values in each category but the difference in categories is of note perhaps.

And caveat emptor - no mention is made of management fees so can one assume these are after management fees?

Do these multiples ring true? Interested to hear from you