The Rushmore Letter - Hotel Investments Handbook

Steve Rushmore's Hotel Investments Handbook made available for free download.
Steve Rushmore


April 11, 2008

Dear Friends,

In 1990, I wrote a book entitled Hotel Investments: A Guide for Lenders and Owners which described the process of making sound hotel investments. The book covered many topics including hotel market studies and valuations, franchises and management contracts, acquisition checklists and documents, leases, financing and ownership strategies. In 2002, this book was updated and republished as the Hotel Investments Handbook.

Unfortunately the publisher has discontinued publishing my text, but has allowed me to offer its contents in PDF format.

As a token of my appreciation to all my friends who have read my many books and articles for the past 30 years, a PDF copy of the Hotel Investments Handbook is below for you to download at no charge. In addition, you have permission to make an unlimited number of copies for distribution to your colleagues and friends.

To download a file, right click on the appropriate link and select "Save Target As...":

  • Complete Dowload .zip file - Entire contents of Hotel Investments Handbook - (Size: 9,172 KB)

  • Chapter 1 - Overview of the U.S. Lodging Industry (Size: 2,106 KB)

  • Chapters 2-7 (Size: 1,243 KB)
    • Chapter 2 - History of the Lodging Industry
    • Chapter 3 - National Supply
    • Chapter 4 - National Demand
    • Chapter 5 - Market, Product, and Site Selection
    • Chapter 6 - Site Analysis
    • Chapter 7 - Neighborhood and Market Area Analysis
  • Chapters 8-15 (Size: 1,150 KB)
    • Chapter 8 - Lodging Supply Analysis
    • Chapter 9 - Lodging Demand Analysis
    • Chapter 10 - Analysis of Market Share, Occupancy, and Average Room Rates
    • Chapter 11 - Revenue Forecast
    • Chapter 12 - Expense Forecast
    • Chapter 13 - Property Valuation
    • Chapter 14 - Investment Strategies
    • Chapter 15 - Ownership Considerations
  • Chapters 16-18 (Size: 963 KB)
    • Chapter 16 - Capital Sources and Financing
    • Chapter 17 - Buying, Selling, and Exchanging Hotel Properties
    • Chapter 18 - Hotel Franchises
  • Chapters 19-21 (Size: 1,162 KB)
    • Chapter 19 - Property Management
    • Chapter 20 - Hotel Management Contracts and Related Documents
    • Chapter 21 - Hotel Development
  • Chapters 22-24 (Size: 1,382 KB)
    • Chapter 22 - International Markets
    • Chapter 23 - Analysis of Casino Gaming
    • Chapter 24 - Selecting a Consulting and Appraisal Firm
  • Appendices (Size: 1,546 KB)
  • Management Contract Terms

I hope you will find this publication helpful and informative.

Steve Rushmore is the founder of HVS, a global hospitality consulting organization with 30 offices around the globe. He is focused on future office expansion and new product development outside the United States. Steve has provided consultation services for more than 15,000 hotels throughout the world during his 40-year career and specialized in complex issues involving hotel feasibility, valuations, and financing. He was one of the creators of the Microtel concept and was instrumental in its IPO.

HVS, which Steve founded in 1980, has provided consulting services for thousands of clients in all 50 states and more than 60 foreign countries. Its professional staff of more than 400 industry specialists offers a wide range of services, including market feasibility studies, valuations, strategic analyses, development planning, and litigation support. Through its divisions, HVS supplies unique hotel consulting expertise in the areas of executive search, food and beverage operations, gaming, technology, hotel operations, asset management, marketing, interior design, parking, golf, and investment counseling. HVS is the industry's primary source of hotel sales information. Its databases contain information on more than 13,000 hotel transactions and thousands of financial statements. HVS is also the most comprehensive source of hotel compensation data.

As a leading authority and prolific author on the topic of hotel feasibility studies and appraisals, Steve Rushmore has written all five textbooks and two seminars for the Appraisal Institute covering this subject. He has also authored three reference books on hotel investing and has published more than 300 articles. . Steve lectures extensively on hotel trends and has taught hundreds of classes and seminars to more than 20,000 industry professionals. He is also a frequent lecturer at major hotel schools around the world, including Lausanne, Cornell, Houston, and IMHI.

Steve has a BS degree from the Cornell Hotel School and an MBA from the University of Buffalo. He holds MAI and FRICS appraisal designations and is a CHA (certified hotel administrator). He is a member of numerous hotel industry committees, including IREFAC. In 1999, Steve was recognized by the New York chapter of the Cornell Hotel Society as "Hotelie of the Year.” In his free time, he enjoys skiing, diving, and sailing. He holds a commercial pilot's license with multi-engine instrument rating, collects hotel key tags, and is one of the foremost authorities on regional dining (


  1. Emil TingulstadApr 15, 2009

    Thank you for publishing the text. I did download it and found it very useful. However, the section of what was of most importance for me was not there: Apendix 5 - Hotel Goround lease. Hence, is this appendix still available and if so is it possible to send it to me. Thank you in advance for handling my request. Kindest Regards, Emil Tingulstad

    • Sorry - it appears that Apendix 5- Hotel Ground Lease was omitted. I will look for a copy of the original text and send it to you. Please provide me your e-mail address. Steve Rushmore

  2. Zara ZhaoOct 23, 2009

    To whom it may concern, As recommended by our professor in Purdue, we find the handbook--Hotel Investments Handbook, 2002--is very valuable, we are interested in translating it into Chinese. So, we are wondering whether you have already had the Chinese version for this handbook. If you have not, it would be great for us to cooperate. I am looking forward to your email. I could be reached by 765-491-4489 as well. Thanks and have a nice day.

    • thank you for your e-mail. No we don't have a Chinese version of this text and I would be delighted if you would like to translate it. Please contact me at

  3. Is there a glossary available for this text? Thank you for your question. We are actually putting together a dictionary of hotel terms which will be a very useful tool for those of us woking in the hotel industry. We will send you information on the dictionary as soon as it is available. Steve Rushmore

    • Thank you for your question. We are actually putting together a dictionary of hotel terms which will be a very useful tool for those of us woking in the hotel industry. We will send you information on the dictionary as soon as it is available. Steve Rushmore

  4. Matthew FreemanDec 5, 2009

    In a search for information about Hotel Ground leases I came across "Replied by Steve Rushmore on Apr 18, 2009Sorry - it appears that Apendix 5- Hotel Ground Lease was omitted. I will look for a copy of the original text and send it to you. Please provide me your e-mail address. Steve Rushmore" I would be interested in Appendix 5 if it is available. I have a copy of the Hotel Investment Handbook (circa 1990?!) but I do not find an Appendix 5 listed. Thank you. Matt Freeman

  5. Many thanks for the publishing. Here in Ukraine it is hard to find any book of this kind even to buy.

  6. Nehme W. HamadeJun 9, 2010

    Dear Sir I would just like to thank you for your works in the hospitality feild, and thanks to your work i have been able to start my senior project to accomplish my BA in hospitality management. Thank You Nehme W. Hamade

  7. Eric BergstromNov 26, 2010

    Steve, Thanks for making this information available!...much appreciated. In reading throught the material it appears Appendix 4 is missing...any chance that can be posted or sent ( Any plans on an update or supplement to the original Handbook? Last question: who do you suggest i contact at HVS regarding a private ski resort located in British Columbia, Canada?...I have emailed Betsy MacDonald, but cannot get a response. Thanks again...Eric

  8. Eiki TamamaApr 13, 2011

    I am a real estate professional based in Japan. Currently I study in the real estate development program at Columbia University. I had your book introduced by our professor and found the book very valuable. I would like Japanese professionals to read this book. I am considering translating and publish it in Japan. Would you agree that I and the company will publish it in Japan? Considering that everything goes well and we finally move ahead with publishing, I wondered how we should share the profits with you. Profits would not be as much as this book deserves because our objective is to make this great book available for more professionals and cover the costs for publishing.

  9. WANG Nai KungAug 16, 2011

    I am making a research on hotel investment opportunities in Asia Pacific region particularly in Eastern anc Central China, Japan and Taiwan. Wish to have your guidances if possible. THANKS!

  10. Vania Christy RaharjaJan 26, 2012

    Dear Steve, Thank you so much for making this book available for free as this will helps and guides a lot for me and my mother. We are planning to start new business in hotel franchising, but we don't have any backgrounds in hotel inside out. so thank you so much and I'm keen to know if you have another helpful book like this again. :) Greetings from Indonesia :)

  11. Joe JaegerMar 10, 2012

    Steve: Amazing that you would make this resource available for free. It's truly a measure of your love for the field and desire to share your deep industry knowledge. As part of a newly formed restaurant venture looking to tailor some ventures for the boutique hotel business, I am eager to understand as much of the business as I can from the Hotel owner/operator pov and this info will be very helpful to that end. If I ever have need for the services of an expert such as HVS, I will feel indebted to use your company. Thanks so much! Joe.

  12. Yogesh Rathi,Founder & CEO EtoursCrsAug 17, 2012

    Dear Mr. Steve thanks for this gesture.This will definitely help everybody who is or wish to be in hospitality space.We respect HVS for its contribution to this space.Is their any way the other publication of HVS which has been old may have lost the commercial value to HVS , can be offered on free download,.This will help the industry professionals who can not afford these documents on paid basis,at the same time it will not have much of commercial loss to HVS.This approach will bring the professional in hospitality space more involved with HVS.

  13. Maher a. Hakeim, CHANov 2, 2012

    I cannot find the right words to thank you for your great contribution to the hospitality industry. The book is great and covers all what the operators and owners need to know about hotels business. I wonder if there is a book or an article that covers the international standard percentage or guide line for the direct (cost of sales for rooms, F&B and payroll) and indirect (A&G, Marketing, Property Operating and Maintenance and Energy) operational expenses. Once again I thank you very much and I'll be honored to assist you in any data related to the hospitality industry in Egypt in case needed Maher A. Hakeim, CHA (32 years in hotel business and (3 diamonds) CHA from 2000 till 2015 CEO and co-owner of Lion Hotels Management Dubai, UAE Cell phone 002 01000968212 Skype (

  14. Dear Mr. Steve, Thank you so much for uploading this precious document, it's very useful to my job, hope it would be okay if i ask some questions in here later on, best regards

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