Hotel Valuation

Hi guys, so it's my first time valuating a hotel, I've done the standard DCF, comps ... analysis to value the business, however, my question is: do we value the business and the real estate value separately?

Let's say the business is valued at 1 M$ and the real estate at 2 M$ - is the total value 3 M$? Or is the Real estate value implicit in the business valuation of 1 M$?

Any help will be much appreciated !!!

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