This desk is not publishing a universal boutique-hotel cap rate. The research assembled here does not establish a sufficiently comparable set of verified transactions, earnings definitions and capital requirements to support one.
For an initial screening workbook, explicitly define a simplified unlevered cash-yield bid ceiling:
Maximum purchase price = normalized annual cash after recurring capital provision ÷ the buyer’s chosen cash-yield hurdle − other upfront investment.
This is a desk screening method, not a market valuation. Reconcile it with a full cash-flow model, appropriate transaction evidence and any required formal appraisal. Do not quietly replace missing comparable sales with a convenient national average.