Preston K. Puleo, MAI

Consulting Experience

Testimonials

"HVS was very responsive with thorough proposals to a request for multiple feasibility studies in different markets. They executed their work timely and delivered a very high-quality product, thoroughly researched and documented. I would certainly recommend HVS!" – Gary W. Parkes, Parkes Companies

Education

BS – School of Hotel Administration, Cornell University

Other Specialized Training Classes Completed:

Advanced Concepts & Case Studies - 40 hours
Advanced Hotel Appraising - 7 hours
Advanced Income Capitalization - 40 hours
Advanced Market Analysis and Highest & Best Use - 35 hours
Appraisal Law Update - 3 hours
Appraisal of Owner-Occupied Commercial Properties - 7 hours
Appraiser as an Expert Witness: Preparation & Testimony - 15 hours
Appraisal of Land Subject to Ground Leases - 7 hours
Basic Appraisal Principles – 30 hours
Basic Appraisal Procedures – 30 hours
Basic Hotel Appraising - 7 hours
Business Practices and Ethics - 5 hours
Eminent Domain and Condemnation - 7 hours
General Appraiser Income Approach – 60 hours
General Appraiser Market Analysis and Highest and Best Use - 30 hours
General Appraiser Report Writing and Case Studies - 30 hours
General Appraiser Sales Comparison Approach - 30 hours
General Appraiser Site Valuation and Cost Approach – 30 hours
General Demonstration Report Writing - 7 hours
Hotel Valuation and Transaction Trends - 2 hours
Real Estate Finance Statistics and Valuation Modeling - 15 hours
Statistics, Modeling and Finance – 15 hours
Quantitative Analysis – 35 hours
Advanced Highest and Best Use – 35 hours
General Demonstration Report Writing – 7 hours
MI Law Class – 2 hours
General Demonstration – Capstone
CT Law Update with Supervisor/Provisional Education – 3 hours
Basic Hotel Appraising-Limited Service – 7 hours
Advanced Hotel Appraisals-Full Service Hotels – 7 hours
Appraisal of Owner-Occupied Commercial Properties – 7 hours
General Demonstration – Capstone
CT Law Update with Supervisor/Provisional Education – 3 hours
Appraiser as an Expert Witness – 15 hours
Biennial USPAP Updates 

Employment History

2011 – Present
HVS
Boston, Massachusetts

2010 – 2011
HOTEL ASSET VALUE ENHANCEMENT
Providence, Rhode Island

2009-2010
CORNELL UNIVERSITY
Ithaca, New York

2009
CLUBCORP
Atlanta, Georgia

2008
PINEHURST RESORT & COUNTRY CLUB
Pinehurst, North Carolina

2007
PINE NEEDLES LODGE & GOLF CLUB
Southern Pines, North Carolina

Affiliations

Appraisal Institute – Designated Member (MAI)
Cornell Hotel Society - New England Chapter
Cornell Rowing Association
Young Hospitality Investment Professionals (YHIP)
 

State Certification

Connecticut
Maine
Massachusetts
Michigan
New Hampshire
New Jersey
New York
Rhode Island
Vermont

Hotels Evaluated

Sample List for Illustrative Purposes

ALABAMA
Hampton Inn, Alexander City
Hampton Inn, Birmingham
 
CALIFORNIA
Proposed Hotel, Mammoth Lakes
Proposed Homewood Suites by Hilton, Redondo Beach
 
COLORADO
Silverleaf Suites, Eagle
 
CONNECTICUT
Residence Inn by Marriott, Avon
Days Inn, Berlin
Mount Royal Inn, Berlin
Holiday Inn Express, Branford
Residence Inn by Marriott, Danbury
Hartford Hotel & Conference Center (conversion to Four Points by Sheraton), East Hartford
Ramada, East Hartford
Baymont Inn & Suites, East Windsor
Courtyard by Marriott, Farmington
Extended Stay America, Farmington
Homewood Suites by Hilton, Farmington
Marriott, Farmington
Hilton Garden Inn, Glastonbury
J House Hotel, Greenwich
Best Western (conversion to Wyndham Garden), Groton 
Hawthorne Suites by Wyndham, Manchester
Comfort Inn & Suites, Meriden
Four Points by Sheraton, Meriden
Holiday Inn Express Hotel & Suites, Meriden
Quality Inn & Suites, Meriden
Comfort Inn, Milford
Fairfield Inn by Marriott (conversion to Days Inn), Milford
Hyatt Place, Milford
Howard Johnson, Mystic
Hyatt Place, Mystic
Mystic River Inn, Mystic
Residence Inn by Marriott, Mystic
Sleep Inn & Suites, Niantic
La Quinta Inn & Suites, New Britain
Red Roof Inn, New Britain
La Quinta Inn & Suites, New Haven
Premiere Hotel & Suites, New Haven
Proposed Hotel, New Haven
Proposed Hotel, New Haven
Clarion, New London
Americas Best Value Inn, New London
Courtyard by Marriott, Norwalk
Homestead Studio Suites, Norwalk
Holiday Inn Express, Newington
Comfort Suites, Norwich
Holiday Inn, Norwich
Fairfield Inn & Suites by Marriott, Plainville
Quality Inn & Suites, Plainville
Riverdale Motel, Portland
Hampton Inn, Rocky Hill
Residence Inn by Marriott, Rocky Hill
Hampton Inn, Shelton
Homestead Studio Suites, Shelton
Hilton Garden Inn, Shelton
Hyatt House, Shelton
Residence Inn by Marriott, Southington
Hilton, Stamford
Marriott, Stamford
La Quinta Inn & Suites, Stamford
Honey Spot Inn, Stratford
Proposed Hotel, Stratford
Hyatt Place, Uncasville
Motel 6, Vernon
Proposed SpringHill Suites by Marriott, Vernon
Courtyard by Marriott, Wallingford
Homewood Suites by Hilton, Wallingford
Marriott, Windsor
Homewood Suites by Hilton, Windsor Locks
La Quinta, Windsor Locks
Hampton Inn, Waterbury
SpringHill Suites by Marriott, Waterbury
Proposed Delamar, West Hartford
Hampton Inn & Suites, West Haven
Comfort Inn & Suites, Wethersfield
Candlewood Suites, Windsor Locks
Econo Lodge, Windsor Locks
Homewood Suites by Hilton, Windsor Locks
Ramada Inn, Windsor Locks
 
DISTRICT OF COLUMBIA
Comfort Inn
 
FLORIDA
Proposed Aloft, Coral Gables
Residence Inn by Marriott, Daytona
Candlewood Suites, Fort Myers
SpringHill Suites by Marriott, Gainesville
DoubleTree by Hilton, Orlando
Econo Lodge, Orlando
Quality Inn & Suites, Orlando
Hilton Garden Inn, Riverview
Holiday Inn Express, Spring Hill
 
GEORGIA
Holiday Inn Express, Atlanta
Proposed Hampton Inn, Augusta
Red Lion, Atlanta
Sheraton, Atlanta
Horizon Inn, Norcross
 
ILLINOIS
Proposed Home2 Suites by Hilton, Chicago
Proposed Westin, Chicago
Skyway Motel & Suites, Chicago
Country Inn Suites by Carlson, Romeoville
Sleep Inn, Tinley Park
Crossland Studios, Waukegan
Proposed Hampton Inn, Waukegan
 
INDIANA
Holiday Inn Express, Brownsburg
Relax Inn, Fort Wayne
Holiday Inn Express, Kokomo
Proposed Hampton Inn, Michigan City
Motel 6, Mishawaka
Best Western, Portage
Baymont Inn, Plainfield
 
KENTUCKY
Holiday Inn Express, Lexington
Motel 6, Louisville
Sleep Inn, Owensboro
 
MAINE
Hilton Garden Inn, Auburn
Proposed Homewood Suites by Hilton, Augusta
Hampton Inn, Freeport
Super 8, Freeport
Old Saco Inn, Fryeburg
Kings Port Inn, Kennebunk
Proposed Hampton Inn, Kennebunk
Coachman Motor Inn, Kittery
Proposed Hotel, Kittery
Proposed Hampton Inn, Oxford
Westin, Portland
Proposed Hotel, Saco
Extended Stay America, Scarborough
Econo Lodge, South Portland
Proposed Home2 Suites by Hilton, South Portland
Hampton Inn, Kennebunk
Hampton Inn, Waterville
 
MARYLAND
Comfort Suites, Chestertown
Comfort Suites Elkridge
Econo Lodge, Takoma Park
Quality Inn, Takoma Park
Harrison House Country Inn, Tilghman Island
 
MASSACHUSETTS
Hampton Inn by Hilton, Amesbury
La Quinta Inn & Suites, Andover
Proposed Hampton Inn by Hilton, Amesbury
Proposed Hampton Inn, Amesbury
Courtyard by Marriott, Andover
Fairfield Inn & Suites by Marriott, Auburn
Holiday Inn Express, Auburn
La Quinta, Auburn
DoubleTree by Hilton, Bedford
Homewood Suites by Hilton, Billerica
Embassy Suites by Hilton, Boston
Hampton Inn, Boston
Hilton, Boston
Homewood Suites by Hilton, Boston
Hotel Commonwealth, Boston
Mandarin Oriental, Boston
Proposed Limited-Service Hotel, Boston
Proposed Hyatt Place, Boston
Residence Inn by Marriott, Boston
Westin, Boston
Extended Stay America, Braintree
Holiday Inn Express Hotel & Suites, Braintree
Motel 6, Braintree
Homestead Studio Suites, Burlington
Hilton Garden Inn, Burlington
Hyatt House, Burlington
Marriott, Burlington
Proposed Residence Inn by Marriott, Cambridge
Proposed Holiday Inn Express, Chelmsford
Radisson Hotel & Suites, Chelmsford
Proposed Home2 Suites by Hilton, Chelsea
Motel 6, Chicopee
Quality Inn, Chicopee
Extended Stay America, Danvers
Motel 6, Danvers
Proposed Hotel, Easton
Motel 6, Framingham
Fairfield Inn & Suites by Marriott, Great Barrington
Cape Cod Resort, Hyannis
Econo Lodge, Lee
Hampton Inn, Lenox
Motel 6, Leominster
Super 8, Leominster
New Englander Motor Court, Malden
Proposed Hyatt Place, Marlborough
Fairfield Inn & Suites, Milford
La Quinta Inn & Suites, Milford
The Beachside at Nantucket, Nantucket
Crowne Plaza, Natick
Hampton Inn, Natick
Hotel Indigo (conversion to Tapestry Collection by Hilton), Newton
Extended Stay America, Norton
Hampton Inn, Norwood
Hawthorn Suites by Wyndham, North Chelmsford
Wesley Hotel, Oak Bluffs
Hampton Inn, Peabody
Homewood Suites by Hilton, Peabody
Mirbeau Inn & Spa, Plymouth
Hotel 1620 at Plymouth Harbor, Plymouth
Proposed Hotel, Salem
Red Roof Inn, Saugus
Comfort Inn, Seekonk
Motel 6, Seekonk
La Quinta Inn & Suites, Somerville
Days Inn, Sturbridge
Holiday Inn, Somerville
Proposed Holiday Inn Express, Springfield
Extended Stay America, Tewksbury
Motel 6, Tewksbury
Extended Stay America, Waltham
Homestead Studio Suites, Waltham
Proposed Home2 Suites by Hilton, Watertown
Red Roof Inn, West Springfield
Courtyard by Marriott, Westborough
Extended Stay America, Westborough
Comfort Inn, Woburn
Hampton Inn (conversion to Holiday Inn Express), Worchester
 
MICHIGAN
Holiday Inn Express Hotel & Suites, Ann Arbor
Comfort Suites, Auburn Hills
Country Inn & Suites by Carlson, Dearborn
Hilton Garden Inn, Detroit
Proposed Foundation, Detroit
Proposed Hotel, Detroit
Proposed Hotel, Detroit
Proposed Staybridge Suites, Detroit
AmeriHost Inn & Suites, DeWitt
Proposed Hotel, Flint
Proposed Hotel, Flint
Proposed Hotel, Grosse Pointe
Woodward Inn, Highland Park
Holiday Inn (conversion to Delta by Marriott), Kalamazoo
Redwood Inn, Lewiston
Crossland Studios, Livonia
Ramada, Ludington
Quality Inn & Suites, Novi
Proposed Hotel, Royal Oak
Comfort Suites, Southgate
Holiday Inn, Southgate
Proposed Hotel, St. Clair Shores
Surfari Joe’s (conversion to Fairfield Inn & Suites by Marriott), Watervliet
 
MINNESOTA
Proposed Home2 Suites, Bloomington
Proposed AC by Marriott, Minneapolis
Proposed Courtyard by Marriott, Minneapolis
 
NEW HAMPSHIRE
Proposed Comfort Inn, Berlin
Rodeway Inn, Claremont
Proposed Hotel, Hampton
Hampton Falls Motor Inn, Hampton Falls
Proposed Hotel, Hooksett
Fairfield Inn & Suites, Hooksett
Proposed WoodSpring Suites, Hooksett
Eastgate Inn, Littleton
Fairfield Inn by Marriott (conversion to Red Roof Inn), Manchester
Extended Stay America, Manchester
Hilton Garden Inn, Manchester
Super 8, Manchester
Proposed Hotel, Merrimack
Quality Inn, Merrimack
Residence Inn by Marriott, Merrimack
Extended Stay America, Nashua
 
NEW JERSEY
Marriott, Bridgewater
Comfort Suites, East Brunswick
Proposed Hotel, East Brunswick
Proposed Residence Inn by Marriott, East Brunswick
Proposed Hotel, Edgewater
Red Roof Inn, Edison
Hotel Park East, Elizabeth
Ramada, Flemington
Hampton Inn & Suites, Harrison
Proposed Hotel, Hackensack
Days Inn, Iselin
Hilton, Iselin
Proposed Hotel, Jersey City
Holiday Inn Express, Paramus
Hilton Garden Inn, Ridgefield Park
Proposed Hotel, Ridgefield Park
Proposed Hotel, Rockleigh
La Quinta Inn & Suites, Somerset
Hampton Inn, Voorhees
Hilton, Woodbridge

NEW MEXICO
Proposed Hotel, Taos
 
NEW YORK
Hampton Inn, Albany
Holiday Inn, Albany
Holiday Inn Express, Albany
Marriott, Albany
Motel 6, Albany
Boulevard Inn, Amherst
Lincoln Park Motel, Amherst
Motel 6, Amherst
Proposed Hampton Inn, Amherst
Proposed Hotel, Amherst
University Manor Inn, Amherst
Proposed Summerfield Suites, Amherst
Proposed Holiday Inn Express, Arcade
Country Inn by Carlson, Big Flats
Fairfield Inn & Suites by Marriott, Brooklyn
Hotel Bliss, Brooklyn
Kings Motel, Brooklyn
Linden Motor Inn, Brooklyn
Oasis Motel, Brooklyn
Proposed Hotel, Brooklyn
Proposed Hotel, Brooklyn
Proposed Hotel, Brooklyn
Proposed TownePlace Suites by Marriott, Brooklyn
Sleep Inn, Brooklyn
Residence Inn by Marriott, Buffalo
Proposed Tru by Hilton, Camillus
Proposed Tapestry Collection by Hilton, Canandaigua
Holiday Inn Buffalo Airport, Cheektowaga
Proposed Holiday Inn, Cheektowaga
Red Roof Inn, Clifton Park
Radisson, Corning
Marriott, East Elmhurst
Days Inn, Elmsford
Elmsford Motel, Elmsford
Motel 6, East Syracuse
Days Inn, Fishkill
Hyatt House, Fishkill
Proposed Hotel, Geneva
Country Inn & Suites, Ithaca
Econo Lodge, Ithaca
Proposed Hotel, Ithaca
Proposed Sleep Inn, Ithaca
Proposed Hotel, Highland Falls
Holiday Inn Express, Horseheads
Rodeway Inn, Huntington Station
Proposed Hotel, Hyde Park
Quality Inn Hyde Park
Best Western, Jamaica
Crowne Plaza, Jamaica
Days Inn, Jamaica
Holiday Inn Express, Jamaica
Par Central Motor Inn, Jamaica
Proposed Marriott, Jamaica
Proposed Residence Inn by Marriott, Jamaica
Proposed Holiday Inn Express, Kinston
Residence Inn by Marriott, Kinston
Rodeway Inn, Kinston
Hampton Inn, Johnson City
Red Roof Inn, Johnson City
Wingate by Wyndham, Lake George
Ascend Collection (conversion to Tribute Collection by Marriott), Lake Placid
Proposed Home2 Suites by Hilton, Lake Katrine
Best Western, Liverpool
Fairfield Inn by Marriott, Liverpool
Fairfield Inn & Suites by Marriott, Long Island City
Proposed Hotel, Long Island City
Budget Inn, Massapequa
Proposed Ascend Collection, New Rochelle
Proposed Hotel, New Rochelle
Proposed Hotel, New Rochelle
Bentley, New York
Broadway at Times Square, New York
Hampton Inn, New York
Hampton Inn, New York
Hotel at New York City, New York
Hotel at Times Square, New York
La Quinta, New York
James, New York
MOXY Hotel, New York
NoMo SoHo, New York
Proposed AC by Marriott, New York
Proposed Hotel, New York
Proposed Motel One, New York
Proposed Motel One, New York
Proposed Ritz Carlton, New York
Renaissance, New York
Royalton, New York
Westin, New York
Hyatt Place, Niagara Falls
Holiday Inn (conversion to Quality Inn), Oneonta
Erwin Motel, Painted Post
Ramada, Painted Post
Proposed Holiday Inn Express, Peekskill
Beacon Motel, Plattsburgh
Proposed Holiday Inn Express Hotel & Suites, Plattsburgh
Proposed Hotel, Plattsburgh
Hampton Inn & Suites, Poughkeepsie
Red Roof PLUS+, Poughkeepsie
Wyndham Garden, Rego Park
Best Western, Rochester
Comfort Inn, Rochester
Comfort Suites, Rochester
Holiday Inn Express, Rochester
Homewood Suites by Hilton, Rochester
Hilton Garden Inn, Rochester
Hyatt Regency, Rochester
Hilton Garden Inn, Rochester
Motel 6, Rochester
Proposed Hotel, Rochester
Claremont Hotel, Roslyn
Courtyard by Marriott, Rye
Curio Collection by Hilton, Saranac Lake
Proposed Hotel, Saranac Lake
Proposed Homewood Suites by Hilton, Saratoga Springs
Comfort Inn, Staten Island
Holiday Inn Express, Staten Island
Proposed Holiday Inn, Staten Island
Proposed Hotel, Staten Island
Best Western, Syracuse
DoubleTree by Hilton, Tarrytown
Proposed Hotel, Tupper Lake
Proposed Hotel, Valhalla
Best Western, Utica
Proposed Home2 Suites by Hilton, Utica
Del Lago Resort & Casino, Waterloo
Proposed Hilton Garden Inn, Waterloo
Holiday Inn Express Rochester Webster, Webster
Thayer Hotel, West Point
Motel 6, Williamsville
Hampton Inn & Suites, Yonkers
Tuckahoe Motor Inn, Yonkers
 
NORTH CAROLINA
Red Roof Inn, Greensboro
Super 8 (conversion to Hawthorn Suites by Wyndham), Kinston
Econo Lodge, Morehead City
Candlewood Suites, Rocky Mount
DoubleTree by Hilton, Rocky Mount
Hampton Inn, Spring Lake
Proposed Tru by Hilton, Wake Forest
Hilton Garden Inn, Winston-Salem
 
OHIO
Proposed Kimpton, Cincinnati
Hilton Garden Inn, Cleveland
All American Inn & Suites, Norwalk
Best Western, Norwalk
 
PENNSYLVANIA
Holiday Inn (conversion to Delta by Marriott), Breiningsville
Homewood Suites by Hilton, Canonsburg
Proposed Candlewood Suites, Harrisburg
Hampton Inn & Suites, Homestead
Best Western Sayre
Hampton Inn & Suites, Washington
 
RHODE ISLAND
Extended Stay America, East Providence
Courtyard by Marriott, Providence
Curio Collection by Hilton (conversion to Graduate), Providence
Marriott, Providence
Proposed Holiday Inn Express, Providence
Proposed WoodSpring Suites Signature, Providence
Hampton Inn & Suites, Smithfield
Extended Stay America, Warwick
Homestead Studio Suites, Warwick
La Quinta Inn & Suites, Warwick
Residence Inn by Marriott, Warwick
Extended Stay America, West Warwick
SpringHill Suites by Marriott, West Warwick
Holiday Inn Express Hotel & Suites, Woonsockett
 
TENNESSEE
Courtyard by Marriott, Brentwood
La Quinta, Franklin
La Quinta Inn & Suites, Jackson
La Quinta Inn & Suites, Kingsport
La Quinta, Knoxville
Courtyard by Marriott, Memphis
Baymont Inn, Memphis
La Quinta Inn & Suites, Memphis
La Quinta, Nashville
La Quinta, Nashville
La Quinta Inn & Suites, Nashville
 
VERMONT
Rodeway Inn, Bellows Falls
Colonial Motel and Spa, Brattleboro
Putney Inn, Putney
DoubleTree by Hilton (conversion to Delta by Marriott), South Burlington
Super 8, Brattleboro
La Quinta Inn & Suites, South Burlington
La Quinta, St. Albans
Proposed Hampton Inn, St. Albans
Topnotch Resort, Stowe
 
VIRGINIA
La Quinta, Bristol
Quality Inn, Christiansburg
Days Inn, fburg
Quality Inn, Richmond
Courtyard by Marriott, Virginia Beach
Courtyard by Marriott, Virginia Beach
 
WEST VIRGINIA
Proposed Holiday Inn Express, Cross Lanes
Quality Inn, Morgantown

My Articles

HVS Market Pulse: Boston, MA

Boston continues to strengthen on several fronts. The entrance of new lodging supply has been back in full force in recent years. This article highlights some of the major commercial and hotel developments occurring throughout Boston.

• November 20, 2018 By Brian F. Bisema , Preston K. Puleo

Culinary Institute of America

The Culinary Institute of America (CIA) is currently accepting proposals for the development of a parcel of property owned by the college that overlooks the majestic Hudson River in historic Hyde Park, NY.

• August 8, 2018 By Steve Rushmore , Preston K. Puleo

• Hotel Investments & Ownership , Development & Construction

Access HVS Boston Key Takeaways

Access HVS Networking Event in Cambridge reveals strengths and challenges for New England markets.

• April 18, 2016 By Erich Baum , Brian F. Bisema , Preston K. Puleo

• Lending , Development & Construction , Valuations & Market Studies , Travel & Tourism , Economic Trends and Cycles

In Focus: Boston, MA

Commercial, leisure, and meeting and group demand has risen in the Boston market over the past two years, resulting in near-record occupancy levels for hotels. Though new supply is set to arrive over the next 2 years, demand is expected to hold pace.

• December 1, 2015 By Preston K. Puleo , Brian F. Bisema

Three Key Takeaways | 2015 HELP - Hotel Equity & Lender Perspectives Conference

Hotel experts and stakeholders convened in Boston to present positive trends in U.S. hotel lending, development, performance, and values. For Boston-area hoteliers, the potential impacts of a 2024 Olympics bid took center stage.

• May 4, 2015 By Anne R. Lloyd-Jones , Brian F. Bisema , Preston K. Puleo

• Travel & Tourism , Convention, Sports, Entertainment , Economic Trends and Cycles , Hotel Brands

Trends and Opportunities: New England Hotel Market

Over two centuries of transformation have made the region a major center in fields as diverse as aquaculture, education, finance, health care, insurance, high technology, and defense. This article looks at recent trends and prospects for New England.

• September 15, 2014 By Preston K. Puleo

In Focus: Buffalo, New York

Buffalo, New York’s “Second City” behind the Big Apple, has a diversity of industries at work to keep the area’s economy and hotel demand flowing. What parts of the region are undergoing the most change?

• August 4, 2014 By Preston K. Puleo , Patrick S. Bursey

Market Intelligence Report 2013 Boston

Biotechnology and cutting-edge health care have helped fortify Boston’s economic foundation over the past several years, putting unemployment well below national levels. With demand keeping pace with new supply, hotel values are projected to rise.

• August 12, 2013 By Preston K. Puleo

• Economic Trends and Cycles

Market Intelligence Report 2013: Detroit

Greater Detroit is bridging a recovering automotive industry with investments in competitive emerging technologies and hospitals. These and other efforts at economic recovery will prove crucial for Detroit’s hotel industry in the coming years.

• May 28, 2013 By Preston K. Puleo

• Valuations & Market Studies , Economic Trends and Cycles

Boston’s Waterfront District: Harboring Potential for Hotels

Boston’s burgeoning Waterfront District has been part of a rising tide of demand for local hotels, and expansion of the city’s convention market has created a need for thousands of additional rooms.

• April 30, 2012 By Preston K. Puleo , Brian F. Bisema

• Hotel Investments & Ownership , Hotel Operations , Valuations & Market Studies , Economic Trends and Cycles