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 Download .pdf file - Entire Hotel Investments Handbook - (Size: 10,083 KB) in PDF format.
• Complete Download .zip file - Entire contents of Hotel Investments Handbook - (Size: 9,627 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: 2,189 KB)

I hope you will find this publication helpful and informative.