Determine whether comparables or cap rate method is the most important. Make sure you know the local market and what are the prevailing practices in the area. Pick a cap rate and look for discrepancies in the P&L.
Rather than insight into where people make mistakes in valuation, this book reads more like a checklist of CYA measures to ensure that the reader doesn’t lose their appraisal license. I think a better use of time would be to pick 10 hotels, get the p&L and try to put together a valuation, then see what they end up selling for. Something of a waste of time.