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NEW YORK CITY-Hotel sales are ticking upward again for the first time in three years, with first-quarter totals of $1.5 billion coming within shouting distance of the $2.5-billion tally for all of 2009. Yet that’s still only a fraction of the $15.6 billion recorded for 2004, let alone the colossal $79.8-billion tally seen in 2007.

Given the still-meager deal flow and depressed NOI levels, how are investors arriving at valuations? Through estimates backed by judgment and experience, Cushman & Wakefield’s Eric Lewis says in a new report.

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