And there is Tobin's q, a ratio of the stockmarket value to the replacementcost of its tangible assets an attempt to measure what it would cost to recreate a company from scratch.
For insurance purposes, the replacementcost of a home is NOT the market value of the home, its purchase price or the outstanding amount of any mortgage loan.
After that, it can't compete with newer, fresher hotels unless its renovated at a cost approaching its replacementcost (which isn't really worth doing unless it's in a really high-value location, near a major mall, hospital, or other serious demand generator).