Katy Black

Consulting Experience

A Director with the HVS Colorado office and Candidate for Designation in the Appraisal Institute, Katy Black is an appraisal and consulting expert in the lodging markets throughout the Rocky Mountain region. She has diverse experience spanning limited-service motels, city-center hotels, luxury resorts, and mixed-use developments. Since joining HVS in 2013, Katy has specialized in high-end, complex resorts and has gained experience with the valuation of gaming assets and large hotel portfolios. Katy graduated from the University of Delaware with an honors BS in Hotel, Restaurant, and Institutional Management. She earned an MS in Accounting from the University of Akron.

Testimonials

"HVS is extremely detail-oriented and thorough in their valuation assignments." – Sebastian Vail, Duff & Phelps

"Initially I was hesitant given HVS' previously limited know-how in spa related valuations. But I can testify that the work, efficiency, and thorough, in-depth analysis of the valuation done by Mia Mackman and Katy Black for Glen Ivy Hot Springs, California, in January 2018 is a fabulous example of true professional work on a complex 85-acre, mixed-used project on the outskirts of Orange County. It was a true pleasure to work with them. Thank you." - Ingo Schweder, GOCO Hospitality

"Report turnaround time was quick. Everyone I worked with was very professional. Analysis was very thorough. Thank you!" – Matt Weston, MMR Investments, LLC

"HVS is my go-to company and I recommend them to my banks and use them for all my feasibility studies. They clearly understand the hotel segment and the region and provide a fair and balanced report." – Mr. Ranchhod, Hospitality Management Inc.

Employment History

2013 to present
HVS CONSULTING AND VALUATION SERVICES
Denver, Colorado
Los Angeles, California

2010 – 2013
DOUBLETREE BY HILTON AKRON/FAIRLAWN, RDA MANAGEMENT
Akron, Ohio

2008 – 2010
HILTON AKRON/FAIRLAWN, RDA MANAGEMENT
Akron, Ohio

2007
CROWNE PLAZA QUAKER SQUARE, RDA MANAGEMENT
Akron, Ohio

Education

UNIVERSITY OF AKRON
Master of Science
Accounting

UNIVERSITY OF DELAWARE
Bachelor of Science
Hotel, Restaurant, and Institutional Management

Other Specialized Training Classes Completed:
Uniform Standards of Professional Appraisal Practice – 15 hours
Basic Appraisal Principles – 30 hours
Basic Appraisal Procedures – 30 hours
General Appraiser Income Approach (Parts I and II) – 60 hours
General Appraiser Market Analysis and HBU – 30 hours
General Appraiser Site Valuation and Cost Approach – 30 hours
General Appraiser Sales Comparison Approach – 30 hours
Statistics, Modeling and Finance – 15 hours
General Appraiser Report Writing and Case Studies – 30 hours
Advanced Income – 35 hours
Advanced Concepts & Case Studies – 40 hours
Advanced Market Analysis & HBU – 35 hours
Quantitative Analysis – 35 hours
Biennial USPAP Updates

State Certification

Colorado
Montana
New Mexico
Wyoming

Hotels Evaluated

Sample List for Illustrative Purposes

PORTFOLIO ANALYSIS 
Portfolio of 40 InTown Suites Hotels
Portfolio of 11 Hilton-Branded Hotels
Portfolio of 4 Resorts in Eagle County
Portfolio of 5 Proposed Hotels, Various Locations
Portfolio of 4 DoubleTree Properties
Portfolio of 4 Residence Inn Properties
Portfolio of 2 Best Western Properties, Colorado Springs
 
ARIZONA 
Hilton Phoenix Chandler, Chandler
Proposed Residence Inn, Chandler
Proposed TownePlace Suites by Marriott, Chandler
Hampton Inn, Lake Havasu City
Proposed Hampton Inn & Suites, Page
Proposed Hyatt Place Downtown Phoenix, Phoenix
Waldorf Astoria Arizona Biltmore, Phoenix
Hampton Inn, Scottsdale
Proposed Holiday Inn, Scottsdale
 
ARKANSAS 
Clarion Resort On The Lake Hot Springs, Hot Springs National Park
 
CALIFORNIA 
Hilton, Anaheim
Sheraton Park, Anaheim
Hampton Inn & Suites, Arroyo Grande
La Quinta Inn Berkeley, Berkeley
Ventana Inn & Spa, Big Sur
Embassy Suites, Brea
Proposed Hampton Inn, Buena Park
Carmel Mission Inn, Carmel
The GlenRoy, Coachella
Hyatt House, Coachella
Glen Ivy Hot Springs, Corona
Park Inn by Radisson Covina, Covina
Monarch Beach Resort, Dana Point
Furnace Creek, Death Valley
Hampton Inn & Suites, Folsom
Hilton Garden Inn Grover Beach, Grover Beach
AutoCamp Russian River, Guerneville
Proposed AC Hotel, Irvine
Four Seasons Hotel Los Angeles at Beverly Hills, Los Angeles
Dream Hollywood, Los Angeles
Malibu Beach Inn, Malibu
Proposed Great Wolf Manteca, Manteca
Proposed Hotel - Merced Gateway, Merced
Proposed Hotels - Placer Creek Development, Rocklin
Proposed Hotel Sacramento, Sacramento
Continental Motel, Salinas
Marriott San Diego Mission Valley, San Diego
Sheraton San Diego Hotel & Marina, San Diego
Proposed Sheraton Hotel, San Gabriel
Proposed the Lodge at San Clemente, San Clemente
Scarlet Huntington, San Francisco
Stanford Court, San Francisco
Embassy Suites, Santa Ana
Hilton Santa Cruz Scotts Valley, Santa Cruz
Proposed Hyatt Place, Santa Cruz
Cavallo Point Lodge, Sausalito
Best Western Station House Inn South Lake Tahoe, South Lake Tahoe
Embassy Suites, Temecula
Ritz-Carlton Lake Tahoe, Truckee
Hyatt Regency Valencia, Valencia
Proposed Fairfield Inn & Suites by Marriott, Winter
Proposed SpringHill Suites Yuba City, Yuba City
 
COLORADO 
Proposed Hilton Garden Inn, Arvada
Proposed Boomerang Hotel, Aspen
Holiday Inn Express & Suites Denver Aurora Medical Campus, Aurora
Hyatt Place Denver Airport, Aurora
Proposed Courtyard by Marriott, Aurora
Proposed Courtyard by Marriott, Aurora
Proposed Element Hotel, Basalt
Park Hyatt, Beaver Creek
Courtyard by Marriott, Boulder
Hyatt Place Boulder Pearl Street, Boulder
Marriott, Boulder
Proposed Mockingbird Hotel, Boulder
Residence Inn by Marriott Boulder, Boulder
St. Julien, Boulder
Best Western Brighton Inn, Brighton
Proposed Hotel Brighton, Brighton
Proposed Select-Service Hotel, Brighton
Proposed Fairfield Inn by Marriott, Broomfield
Hotel St. Cloud, Canon City
Academy Hotel, Colorado Springs
Fairfield Inn & Suites Colorado Springs North/Air Force Academy, Colorado Springs
Great Wolf Lodge, Colorado Springs
Holiday Inn Colorado Springs Airport, Colorado Springs
Holiday Inn Express Hotel & Suites, Colorado Springs
Hyatt House, Colorado Springs
Proposed Dual Brand SpringHill Suites by Marriott and Element by Westin, Colorado Springs
Radisson, Colorado Springs
SpringHill Suites by Marriott Colorado Springs South, Colorado Springs
TownePlace Suites by Marriott Colorado Springs South, Colorado Springs
WoodSpring Suites, Colorado Springs
Proposed Hotel at Wildwood Casino, Cripple Creek
Courtyard by Marriott Denver Stapleton, Denver
Embassy Suites DIA, Denver
Halcyon a Hotel in Cherry Creek, Denver
Hyatt House Denver Airport, Denver
Hyatt Regency Denver Tech Center, Denver
Proposed AC Hotel by Marriott Pena Station, Denver
Proposed Four Points by Sheraton Gateway Park, Denver
Proposed Four Points Gateway Park, Denver
Proposed Fairfield Inn & Suites, Denver
Proposed Hotel University of Denver Campus Hotel, Denver
Proposed Hyatt Place DIA, Denver
Proposed Wingate Denver, Denver
Proposed AC by Marriott, Durango
Proposed Hampton Inn & Suites, Durango
AmericInn, Eagle
Proposed Condo Hotel Edwards, Edwards
Courtyard by Marriott, Englewood
Hilton Denver Inverness, Englewood
Hilton Garden Inn Denver South Meridian, Englewood
Inverness Hotel & Conference Center, Englewood
Proposed TownePlace Suites DTC, Englewood
Residence Inn by Marriott, Englewood
Comfort Suites Golden West on Evergreen Parkway, Evergreen
Value Place Denver Firestone, Firestone
Cambria Suites, Fort Collins
Homewood Suites, Fort Collins
Marriott, Fort Collins
Hampton Inn & Suites Denver Cherry Creek, Glendale
Staybridge Suites Cherry Creek, Glendale
Fairfield Inn & Suites by Marriott, Greeley
Courtyard by Marriott Denver Tech Center, Greenwood Village
Fairfield Inn by Marriott Denver Tech Center South, Highlands Ranch
Proposed Courtyard by Marriott, Highlands Ranch
Hyatt Place, Keystone
Courtyard by Marriott Southwest Lakewood, Lakewood
Hampton Inn Denver Southwest Lakewood, Lakewood
Hampton Inn Denver West Federal Center, Lakewood
Holiday Inn, Lakewood
Hyatt House Denver Lakewood at Belmar, Lakewood
Proposed Hampton by Hilton, Lakewood
Residence Inn by Marriott Southwest Lakewood, Lakewood
Holiday Inn Express, Limon
Homewood Suites by Hilton, Littleton
Proposed TownePlace Suites by Marriott, Lone Tree
Proposed Full-Service Hotel, Loveland
Proposal Hotel Convention Center, Loveland
Proposed Youth Sports Venues, Loveland
Proposed Element by Westin, Silverthorne
Hotel Madeline, Telluride
Proposed Hotel, Telluride
Proposed Hotel Ajax, Telluride
Hotel Talisa Vail, Vail
Lodge At Vail, Vail
Sebastian Vail, Vail
Fairfield Inn & Suites Denver North Westminster, Westminster
Proposed Aloft, Westminster
Proposed Home2 Suites by Hilton, Westminster
Proposed Hyatt Place, Westminster
 
FLORIDA 
Hilton Orlando Altamonte Springs, Altamonte Springs
Comfort Inn, Chipley
Reunion Resort and Club of Orlando, Kissimmee
Hilton Melbourne Rialto Place, Melbourne
Fontainebleau Miami Beach, Miami Beach
 
GEORGIA 
DoubleTree by Hilton Atlanta Perimeter Dunwoody, Atlanta
Georgia Tech Hotel & Conference Center, Atlanta
Southern Pine Cottages, Pine Mountain
 
HAWAII 
Hilton Hawaiian Village Waikiki Beach Resort, Honolulu
Ritz-Carlton Kapalua, Kapalua
Grand Wailea, A Waldorf Astoria Resort, Wailea
 
IDAHO 
Residence Inn by Marriott Boise Downtown City Center, Boise
 
ILLINOIS 
Best Motel, Chicago
Country Inn & Suites, Elgin
Proposed Holiday Inn Express & Suites, Mokena
Best Western, Morton Grove
Sheraton Chicago Northbrook, Northbrook
Super 8, Peru
 
INDIANA 
Econo Lodge, South Bend
Proposed Motel 6, South Bend
 
KANSAS 
Proposed Crowne Plaza, Aquatic Center, and Sports Complex, Goddard
 
MINNESOTA 
Homewood Suites by Hilton, Bloomington
Proposed Hotel Market Study, Edina
Courtyard by Marriott Minneapolis St. Paul Airport, Mendota Heights
DoubleTree by Hilton Hotel Detroit Novi, Novi
DoubleTree by Hilton Park Place, St. Louis Park
Embassy Suites Saint Paul Downtown, Saint Paul
Proposed Holiday Inn, Waite Park
Proposed Staybridge Suites, Waite Park
 
MISSISSIPPI 
Palm Tree Hotel, Taylorsville
 
MONTANA 
Motel 6 Billings South, Billings
Fairfield Inn by Marriott, Bozeman
Hilton Garden Inn, Bozeman
Fairfield Inn by Marriott, Great Falls
Motel 6, Helena
Holiday Inn Express, Sidney
 
NEBRASKA 
Days Inn, McCook
 
NEVADA 
Home2 Suites by Hilton, Elko
Cal Neva Resort & Casino, Crystal Bay
Caesars Palace, Las Vegas
Fairfield Inn by Marriott Las Vegas Airport, Las Vegas
Hard Rock Hotel & Casino, Las Vegas
Howard Johnson on East Tropicana, Las Vegas
Lodge at Edgewood Tahoe, Stateline
 
NEW JERSEY 
Ocean Resort Casino, Atlantic City
 
NEW MEXICO 
Best Western, Los Alamos
DoubleTree by Hilton, Santa Fe
La Posada de Santa Fe Resort & Spa, Santa Fe
Proposed Little Pueblo Inn, Taos
 
NEW YORK 
Tioga Downs, Nichols
 
NORTH DAKOTA 
Proposed Candlewood Suites, West Fargo
 
OHIO 
Hilton Cincinnati Netherland Plaza, Cincinnati
Proposed Hotel Dayton, Dayton
SpringHill Suites by Marriott Columbus Airport Gahanna, Gahanna
TownePlace Suites by Marriott Columbus Gahanna, Gahanna
Proposed Hotel Longaberger Basket Building, Newark
Hampton Inn & Suites Cleveland Southeast Streetsboro, Streetsboro
Proposed Boutique Hotel Tiffin, Tiffin
 
OKLAHOMA 
Holiday Inn Express Hotel & Suites OKC, Bethany
Hampton Inn, Chickasha
Holiday Inn Express Hotel & Suites, Chickasha
 
OREGON 
Sunriver Resort, Sunriver
 
PENNSYLVANIA 
Sands Casino Resort, Bethlehem
 
PUERTO RICO 
Waldorf Astoria El Conquistador Resort, Fajardo
El Conquistador, Las Croabas
El San Juan Hotel & Casino, San Juan
Hilton Condado Plaza Hotel & Casino, San Juan
 
TENNESSEE 
Inland Suites Elvis Street, Memphis
Inland Suites Lamar Street, Memphis
 
TEXAS 
DoubleTree by Hilton Hotel, Austin
Schlitterbahn Riverpark & Resort, Corpus Christi
Le Méridien Stoneleigh, Dallas
Comfort Inn & Suites, Lubbock
Holiday Inn Express Hotel & Suites, Lubbock
Super 8, Lubbock
Holiday Inn Express Hotel & Suites, Wolfforth
 
UTAH 
Proposed Hampton Inn, Logan
Park Inn by Radisson Salt Lake City Midvale, Midvale
DoubleTree Salt Lake City Airport, Salt Lake City
Marriott Salt Lake City University Park, Salt Lake City
Proposed 1 Hotel and Residences, Salt Lake City
Proposed Full-Service Hotel, Salt Lake City
Proposed Hotel and Condominium Salt Lake City, Salt Lake City
Sheraton, Salt Lake City
Proposed SpringHill Suites St. George, Washington
 
WASHINGTON 
Proposed Indigo Hotel and Condominium Development, Vancouver
 
WISCONSIN 
Wilderness Hotel & Resort, Wisconsin Dells
 
WYOMING 
Courtyard by Marriott, Casper
Motel 6, Casper
Ramada Plaza Riverside Hotel & Convention Center, Casper
Americas Best Value Inn, Cheyenne
Motel 6, Cheyenne
Amangani, Jackson
Lodge at Jackson Hole, Jackson
Motel 6, Jackson
Spring Creek Ranch, Jackson
Rustic Inn, Jackson Hole
Motel 6, Rock Springs
Four Seasons Resort Jackson Hole, Teton Village
Proposed Americas Best Value Inn, Wheatland

Press Coverage

HVS Market Connections showcase city performance, 2016

My Articles

Equity Yield Rates Shifting Higher As Interest Rates Decline and Discount Rates Remain Steady

In our most recent review, we found that equity yield rates, on average, have shown a continued trend of decline in the full-service and luxury hotels sector, as well as the lower-tier limited-service sector, with the select-service and upscale limited-service sector showing stability.

• November 19, 2019 By Katy Black , Rodney G. Clough

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

HVS Market Pulse: Colorado Springs, Colorado

With multiple hotels having opened since 2012 and several hotel projects in the pipeline, understanding the current mix of products types and brands is an important part of maximizing market share for both existing and proposed assets.

• October 17, 2019 By Katy Black

HVS Market Pulse: Gaylord Rockies – Impact on Denver Lodging Submarkets

Denver has experienced record levels of lodging demand over the past several years; however, new supply, including the recent opening of the Gaylord Rockies, is expected to result in increased competition for full-service hotels throughout Denver.

• February 27, 2019 By Ryan Mark , Katy Black

HVS Market Pulse: Salt Lake City, Utah

Salt Lake City’s hospitality market has grown in virtually every metric over the past several years. Demand growth continues to outpace supply, especially with Utah’s ski visitation on the rise.

• January 3, 2017 By Katy Black , Ryan Mark

HVS Market Pulse: Colorado Springs 2016

Following a series of setbacks that hindered recovery, the Colorado Springs hotel market sprang back in 2014. Government travel levels and economic conditions improved in 2015, and lodging-tax revenues year-to-date reflect a positive trend of growth.

• August 8, 2016 By Katy Black