Carrie Russell is a Senior Managing Partner with HVS Canada based in Vancouver. She is a graduate of the University of Victoria, obtaining a Bachelor of Commerce with Distinction. Carrie joined HVS as an associate almost 25 years ago. During this time, Carrie has been influential in establishing HVS’s presence in Canada as the leading hospitality consulting and valuation firm.
Over the course of her career, Carrie has provided hospitality consulting services including appraisals, feasibility and market studies, and other specialized consulting services including asset management guidance for over 1,000 hotel properties throughout Canada and the United States. She has authored several articles on various topics relevant to the industry and is a highly sought-after speaker. Carrie is a regular speaker at several conferences including the Canadian Hotel Investment Conference and the Western Canadian Hotel & Resort Investment Conference.
Carrie has attained designation in both Canada and the United States, having completed the requirements to obtain the AACI designation from the Appraisal Institute of Canada and the MAI designation from the Appraisal Institute in the United States. As well, Carrie is a member of the Real Estate Institute of BC (RIBC) and the International Society of Hospitality Consultants (ISHC). She currently sits on the National Board for the Appraisal Institute of Canada after several years as serving as co-Chair on the AIC Vancouver Chapter Board.
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HVS is the nation's leading consulting firm that is laser-focused on the hospitality sector. The firm provides expertise through every phase of ownership across a wide range of hospitality assets. We help clients succeed in the complex consulting arena, from feasibility studies to exit strategies and everything in between.
"We were very satisfied with the work that HVS has done for us. They delivered a thorough analysis in a timely manner." – Andrew Jakubiz, Ridge North America
"We engaged HVS to do a valuation for us of a proposed new Resort Hotel and Marina in Gibsons, BC. We found them to be extremely professional and transparent in their work, and the report they provided at the end of the assignment was succinct, yet very detailed and comprehensive. We would have no hesitation in recommending their services, and we may be contacted as a reference point." – Mike Levitt, Klaus Fuerniss Enterprises Inc.
"I would highly recommend using the services of HVS as they produce a report of the highest quality. Their team is most professional with a depth of knowledge that allows them to provide high-level recommendations that are backed up by detailed research. Their integrity is without reproach, and it is a pleasure working with HVS." – Mike Levitt, The George Gibsons Development Ltd.
"It is always a pleasure to use HVS on the various assignments that I'm involved in. Their methodology and openness to 'think outside the box' is appreciated and makes the briefing and deliverable process more timely and comprehensive. I was asked good questions of clarification, in order to generate the most accurate potential scenarios." – Stephen Darling, Stephen Darling Hospitality Consulting
"HVS was transparent, on time, and provided insights into valuation criteria with great value for service." – Bill Pigden, Canada ICI Capital
"Carrie's and Jason's hospitality market expertise and proactive interactions have been a great help in planning our hotel development strategy. I would not hesitate to use them again or recommend them to others." – Andrew Boblin, PBA Land Development
"HVS was prompt in providing us the necessary insight, market intelligence, and background information for making an educated decision in proceeding with our hotel project. At the same time, their valuable information stopped us from proceeding with another hotel project in another city. HVS would be the first go-to stop for all hotel projects." – Babu Kadiyala, Berezan Management
"We recently engaged HVS to carry out a valuation exercise for a hotel in Whistler. We found them to be professional, detailed and meticulous. They have a strong research team and network. Their report was of a high standard that met our needs. Their knowledge of the subject matter is excellent and up to date. We have no hesitation to recommend them for any future hotel consultancy and valuation exercise." – James Tan Keen Meng, Raine & Horne International Zaki + Partners Sdn Bhd
"HVS always provides us with up-to-date market area information and a deep-rooted analysis for all our proposed hotel developments and existing properties, and delivers this information a timely, detailed, bankable report. The client services and attention to detail provided by HVS with each project they engage us on remain unmatched." – Aaron Laurie, Pomeroy Lodging
"HVS experts are very professional and provide accurate market information. All information given in the appraisal is accurate, so it is easy for financial institution to finance hotels. We will surely use HVS services in the future and recommend to other hoteliers." – Hero Parikh (Quality Inn Kamloops), RSRSM Holdings Inc.
"Jason and the HVS team exceeded expectations for our project. They are very knowledgeable about the hotel industry and extremely resourceful in getting data and information to better understand a hotel market." – Juan Duran, Choice Hotels International
"We are very happy working with HVS; the staff are professional and the reports are precise. We gained confidence in our due diligence process with HVS's valuable input and insight on hotel business." – Joanna Kwan, Reliance Properties
1997 to present
HVS
Vancouver, British Columbia
Managing Director - Canada
1995-1996
SWANS HOTEL
Victoria, British Columbia
1994
VERNON GOLF & COUNTRY CLUB
Vernon, British Columbia
University of Victoria, Victoria, BC
Faculty of Business
Bachelor of Commerce, specializing in Tourism Management
University of British Columbia, Vancouver, BC
Diploma-Urban Land Economics Programme
Appraisal Institute of Canada - Member (AACI)
Real Estate Institute of BC - Member (RIBC)
International Society of Hospitality Consultants (ISHC)
“Outlook for the BC Hotel Industry”, InnFocus, 2020
“Hotel Performance in Western Canada”, Western Hoteliers, 2013-2020
“A Tale of Two Provinces: Snapshots of the Lodging Markets of BC and Alberta”, Western Investor, February 2020
“Hotel Transaction Activity in Canada”, Hotel Association of Canada Influencer, 2019
“BC and Alberta Hotel Market, Strength, Challenges, and Opportunities for the Next Year”, Western Investor, February 2019
“Under Utilized Space in Hotels”, InnFocus, 2018
“Hotel Investment Strategies and Potential Opportunities in Western Canada”, Western Investor, March 2018
“Canadian Hotel Transaction Survey,” Canadian Lodging Outlook, 2008-2015
“Hotel Development Trends in Alberta” Alberta Hospitality, Winter 2013
“Hotel Financing Parameters in Canada,” Canadian Lodging Outlook, November 2012
“Back to Peak? A Look at Canadian Hotel Operating Performance: 2008-2011” Colliers International INNvestment Canada, Q1 2012
“State of the Hospitality Industry” Western/Eastern Hotelier Magazine, October 2011
“A Look at the Canadian Lodging Industry in 2011 and Ahead to 2012,” Canadian Lodging Outlook, October 2011
“Who will be the Winners in this Downturn?” Canadian Lodging Outlook, March 2009
“How Does Debt Financing Impact the Value of a Hotel?” Canadian Lodging Outlook, June 2008
“A Crash Course in Cap Rates,” Canadian Lodging Outlook, January 2005
“Have Hotel Values in Canada Declined Since September 11? You Bet They Have” Canadian Lodging Outlook, August 2001
“Does Supply Generate Demand?” Canadian Lodging Outlook, February 2001
“Should You Build a Spa in Your Hotel?” Canadian Lodging Outlook, November 1999
“Winnipeg Downtown Hotel Market,” Canadian Lodging Outlook, July 1999
“Downtown Toronto Hotel Market,” Canadian Lodging Outlook, January 1999
“Franchising – Ready or Not?” InnFocus, Spring 1998
“Another Blockbuster Year For Canadian Hotel Sales,” InnFocus, Winter 1998
0704007 BC (Chand Kumar)
0803275 BC Ltd (Paul Choi)
0828887 B. C. Ltd.
1002174 BC (Katie Chen)
1003730 BC Ltd. (Andrew Cho)
1162938 BC Ltd (Ingyu Han)
1300199 BC Ltd.
1339850 Alberta Ltd. (Alim Jessa)
1351228 BC Ltd.
1583432 Alberta (Jas Dugal)
1924977 Alberta Limited (Ajay Patel)
404980 Alberta Ltd. (Karima Suleman)
7421428 Manitoba Ltd. (Rajpal Dhillon)
Aareal Bank
A-1 Hospitality
Advantage Hope
AHG Thompson
AIG
Ajay Patel
Albert Street Project
Alex Watson
All Fortune Consulting
Allied Holdings
Aly Kanani
Amacon
Amber Magee
AMC Group
Aquilini Group
Amar Bains
Amar Developments
Amber Magee
Amble Ventures
AMC Development Management
American Hotel Income Properties
Amin Suleman
Andrew Mowat
Anoop Sekhon
Anthem Properties
APX Hotels
Archon Financial
Argus Properties
Ariel Development
Armstrong Group / Rocky Mountaineer
ASHG Holdings Ltd.
Arun Deo
ASPAC Developments
ATB Financial
ATCO
Atlas Capital Corporation
AUM Hotel Group
Avison Young
AVS Windows
B.A.C. Capital Corp.
Babson Capital Management
Balboa Hotels
Bank of America
Bass Hotels and Resorts
bcIMC Real Estate (Bootsite) LP
BC Housing Management Commission
Bear Stearns
Beech Developments
Berezan Management
Best Western International
Bhanji Brothers Investment
Bill Frankish
Bill Ross
Bill Sidhu
Blackcomb Lodge Owner’s Strata
BMO Financial Group
Bob Gylytuik
Bob’s Mini Mart
Bodega Ridge Lodge and Cabins Ltd.
Borelli Walsh
Bosa Development
Bosa Properties
Braemar Group
Brentwood Bay Lodge Ltd.
Bridge Road Developments
British Pacific Properties
Broadstreet Properties
Bruce McPherson
Business Development Bank of Canada
Builders Bank (Chicago)
C & H Developments
C.S. First Boston
Cadim
Calgary Exhibition and Stampede
Calgary Municipal Land Corporation
Calgary Tourist Development
Canad Inns
Canadian Western Bank
CanAlta Real Estate Services
Capital Co. of America
CapStar Hotel Company
Carcross Tagish Management Corporation
Carlisle Group
Cellcom Wireless
Centron Group
Century Group
Century West Developments
Cervera Real Estate
Charan Rai
Chase Manhattan Bank
Chelsea Properties
Chemainus Inn Management Services
Chin Hong
Choi & Han Investment
Choi & Sons Enterprises
Choice Hotels International
Chongqing Huayu Group
Chris and James Concepcion
Chu Niikwan Development Corporation
CIBC
CIBT Education Group
CIGNA Investments Management
Citifund Capital Corporation
CitiGroup Private Bank
City Centre Group
City of Calgary
City of Maple Ridge
City of Penticton
City of Port Townsend, WA
City of St Albert
City of Vancouver
Clifton Blake
Clique Hotels & Resorts
CMLS Financial
CNJ Investment
Coast Hotels & Resorts
Coast Swift Current
Command Developments
Concert Properties
Continental Wingate Capital
Coronado Properties
Corville Group
County of Thorhild
Cultus Lake Golf Club
Credit Suisse
Credit Suisse First Boston
Crystal Square Development Corp.
D3H Hotels
Dagan Enterprise
Daniel Goff
David W. Regehr Holdings Ltd.
Dawson Creek General Partnership
Days Hospitality
Dean Johnson
Decision Streams
Delcon Development Group
Delta Hotels & Resorts
Delta Land Developments
Delta Overseas Investments
Delta Whistler Village Suites Strata Council
Denis Jones
Desert Inn Osoyoos
Destination British Columbia
Devonian Properties
DHI Holdings
Diamond Trust
Direct Capital Investments
Discover Langley City
District of Sicamous
District of Vanderhoof
Diversified Financial
Dominion Lending Centre
Donaldson, Lefkin & Jenrette
DSDL Canada Investments
DTZ
Eagle River Hospitality
Eastdil Secured
Economic Development Lethbridge
Ed Bulley
Alberta – Existing Hotels
Nova Inn, Acheson
Best Western Regency Inn, Airdrie
Hampton by Hilton, Airdrie
Holiday Inn Express & Suites, Airdrie
Motel 6, Airdrie
Wingate by Wyndham, Airdrie
Best Western, Athabasca
Banff Inn, Banff
Converted Moxy Hotel, Banff
Douglas Fir Resort, Banff
Rimrock Resort Hotel, Banff
Tunnel Mountain Resort, Banff
Voyager Inn, Banff
Comfort Inn & Suites, Bonnyville
Motel 6, Brooks
Acclaim Hotel, Calgary
Acclaim Hotel Airport, Calgary
Best Western Calgary Suites, Calgary
Best Western Village Park, Calgary
Candlewood Suites Airport, Calgary
Clarion Hotel & Conference Ctr. Calgary
Clique Hotel Expanded, Calgary
Converted Aloft Hotel, Calgary
Courtyard by Marriott South, Calgary
Days Inn Airport, Calgary
Deerfoot Inn & Casino, Calgary
Delta Bow Valley, Calgary
Delta Calgary South, Calgary
Dorian Autograph Collection/Courtyard by Marriott, Calgary
Fairmont Palliser, Calgary
Four Points Airport, Calgary
Four Points by Sheraton, Calgary
Hampton Inn & Suites, Calgary
Hampton Inn & Suites Airport, Calgary
Hilton Garden Inn, Calgary
Hilton Garden Inn/Homewood Suites Downtown, Calgary
Holiday Inn, Calgary
Homewood Suites Calgary Airport North
Hyatt Regency, Calgary
International Hotel Suites, Calgary
Le Germain, Calgary
Marriott Downtown, Calgary
Radisson, Calgary
Ramada Plaza Downtown, Calgary
Ramada Hotel, Calgary
Ramada Plaza Airport, Calgary
Residence/Courtyard Airport, Calgary
Residence Inn Downtown Beltline, Calgary
Riviera Plaza & Conference Centre, Calgary Airport
Stampeder Inn, Calgary
Super 8 Shawnessy, Calgary
Westin, Calgary
Basecamp Lodge and Resorts, Canmore
Doubletree Conversion, Canmore
Holiday Inn, Canmore
Inn of the Rockies, Canmore
Sheraton Four Points, Canmore
Super 8, Canmore
Ramada Inn, Clairmont
Redwood Inn & Suites, Clairmont
Holiday Inn Express, Drayton Valley
Lakeview Inn & Suites, Drayton Valley
Service Plus, Drayton Valley
Super 8, Drayton Valley
Best Western, Edmonton
Best Western Cedar Park Inn, Edmonton
Best Western Westwood, Edmonton
Chateau Lacombe Hotel, Edmonton
Chateau Nova Hotel & Suites, Edmonton
Coast Hotel, Edmonton
Coast Terrace Inn, Edmonton
Coast West Edmonton Hotel & Conference Centre, Edmonton
Coliseum Inn, Edmonton
Courtyard by Marriott, Edmonton
Courtyard by Marriott West, Edmonton
Crowne Plaza Chateau Lacombe, Edmonton
Days Inn Downtown, Edmonton
Delta South, Edmonton
Four Points Airport, Edmonton
Hampton Inn & Suites West, Edmonton
Hilton Garden Inn West, Edmonton
Holiday Inn Convention Ctr, Edmonton
Holiday Inn Express, Edmonton
Holiday Inn West, Edmonton
Holiday Inn Express South, Edmonton
Holiday Inn & Suites, West Edmonton
Hotel & Convention Centre, Edmonton
Howard Johnson, Edmonton
Market Study Downtown, Edmonton
Marriott at River Cree, Edmonton
Metterra Hotel on Whyte, Edmonton
Matrix Hotel, Edmonton
Nova Yellowhead, Edmonton
Quality Inn Chateau, Edmonton
Quality Inn & Suites Airport, Edmonton
Radisson South, Edmonton
Renaissance by Marriott Airport, Edmonton
Staybridge Suites, West Edmonton
Sutton Place, Edmonton
Varscona Hotel on Whyte, Edmonton
Westin, Edmonton
Lakeview Inn & Suites, Edson East
Howard Johnson North Ridge Inn, Edson
Nova Hotel & Court, Edson
Nova Inn & Nova Suites, Edson
Ramada, Edson
Red Coat Inn Motel, Fort MacLeod
Advantage West Inn & Suites, Fort McMurray
Best Western Nomad Inn, Fort McMurray
Chateau Nova, Fort McMurray
Clearwater Suite Hotel, Fort McMurray
Franklin Suites Hotel, Fort McMurray
Merit Hotel, Fort McMurray
Merit Inn and Suites, Fort McMurray
Nomad Hotel, Fort McMurray
Nomad Inn and Suites, Fort McMurray
Platinum Hotel, Fort McMurray
Radisson Hotel, Fort McMurray
Super 8, Fort McMurray
Vantage Inn & Suites, Fort McMurray
Best Western Fort Inn, Ft. Saskatchewan
Lakeview Inn & Suites, Ft. Saskatchewan
Lakeview Inn, Fox Creek
Super 8, Fox Creek
Grande Cache Hotel, Grande Cache
Best Western, Grande Prairie
Four Points by Sheraton, Grande Prairie
Holiday Inn, Grande Prairie
Holiday Inn Express, Grande Prairie
Motel 6, Grande Prairie
Podollan Rez-idence, Grande Prairie
Pomeroy Hotel & Conference Centre, Grande Prairie
Pomeroy Inn and Suites, Grande Prairie
Quality Inn, Grande Prairie
Stonebridge Inn, Grande Prairie
Super 8, Grande Prairie
Pomeroy Inn & Suites, Grimshaw
Super 8, High Level
Pomeroy Inn and Suites, High Prairie
Days Inn, Hinton
Hinton Lodge, Hinton
Nova Inn, Hinton
Nova Lodge, Hinton
Whistler’s Inn, Jasper
BW Kananaskis Inn, Kananaskis
Delta Lodge, Kananaskis
Kananaskis Mountain Lodge, Kananaskis Village
Killam Krossing Hotel, Killam
Post Hotel & Spa, Lake Louise
Hilton Garden Inn, Leduc
Coast Hotel & Conference Centre, Lethbridge
Days Inn, Lethbridge
Holiday Inn Express, Lethbridge
Lethbridge Lodge Hotel, Lethbridge
BW Wayside Inn & Suites, Lloydminster
Days inn, Lloydminster
Hampton by Hilton, Lloydminster
Holiday Inn & Suites, Lloydminster
Ramada Inn, Lloydminster
Days inn by Wyndham, Medicine Hat
Home Inn Express, Medicine Hat
Lakeview Inn & Suites, Okotoks
Pomeroy Inn & Suites at Olds College, Olds
Chateau Nova, Peace River
Nova Hotel, Peace River
Travelodge by Wyndham, Pincher Creek
Greenhead Motel & Restaurant, Provost
Best Western, Red Deer
Best Western Plus Inn & Suites, Red Deer
Capri Hotel, Red Deer
Comfort Inn & Suites, Red Deer
Converted Delta Hotel, Red Deer
Days Inn by Wyndham, Red Deer
Home2, Red Deer
Market Study, Red Deer
Microtel Inn & Suites, Red Deer
Sandman Hotel, Red Deer
Sheraton Inn, Red Deer
Best Western Rimstone Ridge, Rimbey
Tamarack Motor Inn, Rocky Mountain House
Coast Edmonton East, Sherwood Park
Holiday Inn Express, Sherwood Park
Best Western, Slave Lake
Holiday Inn Express & Suites, Slave Lake
Northwest Inn, Slave Lake
Super 8, Slave Lake
Comfort Inn & Suites, Sylvan Lake
Super 8, Three Hills
Holiday Inn & Suites, Vegreville
Pomeroy Inn & Suites, Vegreville
Nova Hotel, Wabasca
Bayshore Inn, Waterton
Waterton Glacier Suites, Waterton
Cloud 9 Inn, Whitecourt
Holiday Inn Express, Whitecourt
Lakeview Inn & Suites, Whitecourt
Nova Inn, Whitecourt
Quality Inn, Whitecourt
Super 8, Whitecourt
Some hotels could pivot to multi-family rentals, 2020
Hotel industry still struggling to improve occupancy rates, 2020
Province pays $18.5 million to buy hotel for homeless, 2020
B.C. hotel industry sideswiped by virus outbreak, 2020
Province’s hotel industry cratered by virus, 2020
British Columbia's hotel industry cratered by virus, 2020
B.C. hotel activity stays strong as the sector languishes in Alberta. Revenue slows but still grows in tourism-heavy B.C., while oil-hit Alberta struggles to fill rooms, 2019