hotel valuation techniques - hvs.pdfVIP

Hotel Valuation Techniques By Jan deRoos, Ph.D., and Stephen Rushmore, CHA, MAI Jan deRoos, Ph.D., is the HVS International Professor of Hotel Finance and Real Estate at the Cornell University School of Hotel Administration. On the faculty of the Hotel School since 1988, he has devoted his career to research and teaching in the area of hospitality real estate, with a focus on hotel valuation and investment decision-making. Prior to joining Cornell University, Professor deRoos worked extensively in the hospitality industry. His current research interests concentrate on hotel leases as an alternative to management contracts and the value of goodwill in hotel property. Stephen Rushmore, CHA, MAI, is President and Founder of HVS International, a global hospitality consulting organization with 19 offices worldwide. He directs the global operation of HVS International and is responsible for future office expansion and new product development. HVS International has provided consulting and valuation services for more than 10,000 hotels in all 50 states and more than 60 foreign countries. Mr. Rushmore specializes in complex issues involving hotel feasibility, valuations, and financing. He was one of the creators of the Microtel concept, and has written numerous books and articles on hotel feasibility studies, appraisals, and other aspects of hotel investing. IN THIS CHAPTER, we provide a thorough overview of lodging valuation models. Hotel valuation, like all real estate valuation, must be seen in the context of establishi