This paper has two key objectives: first, to analyse the application of the RICS apprasial and valuation standards (ISBN 1842191233) to trade-related valuations, paying particular attention to the treatment of goodwill; and second, to critically evaluate the accounting treatment of goodwill and in particular the application of Financial Reporting Standard 10, "Goodwill and intangible assets" (ISBN 1857120663). In order to understand the workings of the market, the corporate hotel sector was used as a case study. The key findings of the research are that valuers expressed considerable unease with the apportioning of market value between tangible assets and goodwill, there was no consensus on how (or if) goodwill could be measured reliably. Second, that the valuation methods adopted are, to a degree, naive. While the research focused on the corporate hotel sector, the findings have wider implications for other sectors of the market where operational entities are valued with regard to their trading potential. [Taken from journal abstract].