Amway Grand Plaza Hotel v. City of Grand Rapids

N/A

OUTCOME: Although Petitioner received some value reduction, the valuation theories advanced by Respondent were largely upheld by the Tribunal.

MTT Docket No. 237807 As Assessor, I represented the city in defense of its assessment. The decision in this major hotel/conference center appeal was far-reaching in that the Tribunal accepted an Inc ... ome Approach to value which began with enterprise value; rejected petitioner's fictitious replacement model in the Cost Approach; and insisted that comparable sales be similar when used in the Sales Comparison Approach to value.