Due to their complexity and the required knowledge of their economic background, operator properties are among non-trivial appraisal subjects that a real estate appraiser are asked to address. The lecture Appraisal of Hotels and Restaurants provides insights into the economic environment (including the current market for hotel real estate), the basic knowledge of the economic fundamentals of the hotel industry in the form of performance indicators as well as the use of the passive investment method (dt. Pachtwertverfahren) to determine the value by income approach. In addition, various methods for checking the plausibility of sales are presented.