Assume after the end of the scal year {June 30, 201(2) the real estate markets and the overall economyr continued to worsen such that a

Assume after the end of the fiscal year {June 30, 201(2) the real estate markets and the overall economyr continued to worsen such that a credit crisis developed. The result of this credit crisis was that the availability of loans to purchase real estate or lodging assets all but disappeared. Consequently, Kate estimates that if RP were forced to sell its assets in this new environment the selling price would he substantially reduced from the estimates of fair value at June 3!], 2030. 

Discuss how Kate would estimate fair value for the lodging and real estate assets in this environment and how the change in economic.