This study estimates the value of forest ecosystem services provided by a protected area in a biodiversity hotspot in India. It also addresses some of the shortcomings identified in existing literature by estimating the value of several intangible benefits, and disservices of forests ignored in most valuation studies, as well as the added value from intact forests as compared to from alternative landscapes. Using primary and secondary data, and economic valuation techniques the study shows that the total net benefits provided by the Nagarhole national park in Karnataka, India are considerable. The added value of benefits from the park is also higher as compared to from alternative landscapes considering just three ecosystem services. If these are factored in decision making it could strengthen the economic case for conserving forests in tropical countries such as India where there is immense pressure to divert forests for meeting development needs.