A 3 year old, 250 keys hotel is built on 2.5 acres of land. Your architect estimates a construction cost (for the present date) of $ 115K per key. FF&E costs are estimated at $ 10K per key. All other costs are estimated to be $ 8K per key. The hotel depreciates at an average rate of 3.6% per year. Current land prices per acre are estimated at $ 650K. From the cost approach, what is your value estimate for the hotel?