April 11, 2008
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.
About Steve Rushmore
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 (www.roadfood.com).