BBG’s Hospitality Practice offers broad valuation and advisory services in an unbiased and assignment focused manner. 

With well over 50 years of combined experience with hospitality assignments, the team focuses on delivering the highest quality of advisory services and credible valuations in a cost effective manner.  These appraisals are used for financing, acquisition/disposition decisions, litigation, equity offerings and tax appeals.

The practice focuses on hotels, resorts, mixed-use assets with hospitality being an integral part, and golf courses. The firm has proven experience in appraising traditional full-service, select-service, extended-stay and limited-service hotels in urban and suburban markets, as well as resorts with conference centers, golf courses, marinas, live-performance theaters, expansive wellness facilities and equestrian offerings.

Our advisory services include third-party appraisal reviews, marketing and feasibility studies as well as studies focusing on brand selection and rebranding options.

Waleta Spear, MAI

Managing Director - Hospitality Practice Leader  +  214-269-0555 Austin Office

Waleta has over 25 years in the real estate appraisal and consulting field and has significant expertise with complex valuation and consulting assignments of all property types throughout the United States, including mixed-use urban and rural land developments as well as office and industrial properties with an emphasis on retail and hospitality properties. Hotel assignments include luxury, upscale and midscale hotels, historic and proposed hotels, lodges, and limited-service hotels, located in major to smaller-sized markets. Consulting assignments include supply and demand studies, rental studies, lease-purchase studies and litigation support. She has vast experience with cash flow analysis of institutional-grade properties and assignments involving leased fee, leasehold and sub-leasehold estates.

In addition to the appraisal of real estate, Waleta has experience with valuation of an assortment of partial ownership interests. Additionally, she has qualified as an expert witness in Federal District Court in the State of Texas. Prior to joining BBG, Waleta was a Vice President with Henry S. Miller Consulting, LLC in Dallas, Texas for three years and she was formerly a Senior Appraiser with Butler Burgher/LandAmerica Commercial Services for four years. She was a Senior Associate with Knipe Janoush Knipe in Boise, Idaho; President of Realty Counselors of Texas, Inc., located in Houston, Texas; and Vice President of First American Appraisal Consultants, Inc., managing the Houston office.

She began her real estate appraisal career with Michael B. O’Connell and Company in Houston, Texas in 1985. Prior to entering real estate appraisal and consulting, Waleta was a Lecturer in the Department of Finance at the University of Texas at Austin.

Bundled Services

One-stop shop for valuation + assessment services.

Our Services

Valuation Services

  1. Appraisals - Single Asset and Portfolios
  2. Appraisal Management
  3. Appraisal Review
  4. Arbitration & Consulting
  5. Estate Planning
  6. Evaluation
  7. Feasibility Studies
  8. Highest and Best Use Studies
  9. Insurance Valuation
  10. Investment Analysis
  11. Lease and Cost Analysis
  12. Litigation Support
  13. Tax Appeals
  14. Valuation for Financial Reporting

Assessment Services

  1. Environmental Due Diligence
    • Phase I/II ESA
    • TSA, RSA, and other Streamlined Services
  2. Property Condition Assessment Reports
    • Debt/Equity
  3. Construction Risk Management
  4. Energy Efficiency Services
  5. HUD
  6. Indoor Air Quality
    • IAQ/Radon
    • ACM/LBP
  7. Seismic Services
  8. Survey Services
  9. Zoning Services

Advisory Services

  1. ASC 805 Business Combinations
  2. ASC 840 Leases
  3. Purchase Price Allocations
  4. Portfolio Valuations for Reporting Net Asset Values (NAV)
  5. Public and Non-Traded REIT Valuations
  6. Valuations for Litigation and Litigation Support
  7. Sale-Leaseback Valuation Analysis
  8. Valuations for Bankruptcy/Fresh Start Accounting
  9. Cost Segregation Analysis

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