HVS provides thousands of articles on all aspects of hospitality, including hotel valuations, investing, lending, operations, asset management, and much more.
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The Hotel Industry Outlook- U.S. Hotel Transactions

Suzanne Mellen's Presentation at the ALIS Conference on January 23, 2012

Dramatic Decline in Hotel Capitalization Rates Reflects Shift in Market Sentiment

The increase in hotel transactions and low cost of debt and equity have driven down rates of return to pre-recession levels. This article sets forth an overview of recent hotel cap and discount rate trends and provides an outlook for 2011.

Paid Publication Hotel Valuation Software: Version 4.0

Hotel Valuation Software Version 3.0 with Tabs is comprised of four sophisticated, state-of-the-art software models for performing hotel market studies, financial projections and valuations. Developed by Steve Rushmore and Suzanne Mellen of HVS and Professor Jan deRoos of the Cornell Hotel School, this software package is used by leading hotel chains and lenders around the world to assist with their hotel investment decisions. HVS is the exclusive distributor of the advanced "tabbed version" of the software. The tabbed version enables more enhanced financial analyses by providing user access to the calculation pages of the software. The flash disk contains the recently released version 3.0 of Hotel Valuation Software with Tabs which runs on Microsoft (not Apple) operating systems with Windows 7 and Excel 2007 or newer. Also included on the flash disk is the previous version 2.5 of the software which runs on both Microsoft and Apple operating systems.

Additional Resources

In addition to Hotel Valuation Software, your flash disk contains several valuable bonuses which will provide tools and resources to enhance your skills and knowledge of the hotel and travel industry.

  1. Hotel Valuation Software (HVS) Live Instruction Seminar - Sit in on one of Steve Rushmore's seminars where he explains the logic and calculations behind Hotel Valuation Software using a case study. Steve explains the inner working of the three software models; the supply/demand and occupancy forecasting program, the 10-year income and expense projection program and the mortgage equity DCF valuation model. Experience the rare opportunity of listening to the actual software creator as he explains its use.
  2. HVS Library - Access more than 1,250 articles, research publications and textbooks written by the industry's leading professionals at HVS. These publications are considered essential reading for hotel owners, operators and investors. Every topic related to the hotel and travel industry is covered including valuations and market studies, management contracts and franchising, market overviews, human resources, economic trends and cycles, gaming, architecture and interior design, asset management, finance and transactions, food and beverage, hotel management, shared and fractional, risk management, convention centers, parking, sales and marketing. The HVS Library is fully searchable and user friendly. The articles and research can be downloaded from the flash disk and distributed to your business associates.
  3. Hotel Market Study and Valuation Seminar - Steve Rushmore has given hundreds of seminars to thousands of hotel owners, investors, and consultants throughout the world. His most popular presentation is the one-day seminar "Hotel Market Studies and Valuations" which teaches procedures and techniques. The flash disk contains Steve's complete PowerPoint presentation and hand out materials.
  4. HVS Demonstration Appraisals - As the leading hotel consulting firm performing thousands of hotel market studies and appraisals each year throughout the world, HVS has developed state-of-the-art hotel appraisal methodologies and software. Peruse six examples of HVS studies demonstrating the sophisticated analysis and forecasting techniques and procedures HVS pioneered.
  5. Hotel Investment Handbook - This "how-to" guide shares information on hotel investing, including from how to buy a hotel, how to negotiate a management contract, financing, selling a hotel and more.

For questions or to request information, please contact Steve Rushmore.

The Impact of Seller Financing Upon Hotel Values

Seller financing is becoming more prevalent in hotel real estate transactions. This analysis outlines contemporary thinking on seller financing while illustrating its impact on value in a hypothetical case study.

Hotel Capitalization Rates on the Rise

With limited recent sales and survey data upon which to rely, capitalization and discount rates can be developed based on the current cost of capital. Suzanne Mellen, MAI outlines the approach.

Hotel Values in Transition - An Appraisal Technique for These Uncertain Times

Recent trends in hotel capitalization and discount rates are discussed and a basis for developing capitalization rates and discount rates in today’s uncertain market environment is set forth. And I have attached the edited

Hotel Cap Rates and Values in a Changing Market Environment

A summary on gauging just how much hotel values have been impacted by the recent stock market plunge and impending recession.

Does Your Underwriting Adequately Compensate for the Timing of Future Cash Flow?

Investors are pursuing property turnarounds and repositionings to generate higher yields. Are investors and lenders adequately considering the increased risk of earning future cash flows?

Hotel Capitalization Rates Bottom Out

Hotel capitalization rates have bottomed out, as rates of return remain at record low levels and NOI upside has begun to subside. This article updates data that were presented in a previous article on hotel capitalization rates.