I am of the same thought there as well in one of my other posts. Does this not increase the value twice as much if this was a construction appraisal as the other poster stated and now we add in all of the items you listed? Thank you. IMHO it would seem that the value is greater than the $45M, possibly to the $50M to $52M range when adding in the land, correct?
The buildings, land and all the furnishings would be considered assets that would be included in the appraisal.