Thanks to the availability of transaction data and the work of Real Capital Analytics (RCA), hotel operators and investors now have access to indices that track the price appreciation of hotels.1 RCA’s data is one basis of the recently developed Cornell Real Estate Market Indices, which track hotel transaction prices. While the technology used to create these indices has been around for decades,2 the major limitation was the availability of reliable transactions data. Now that we have such indices, the question this paper seeks to address is to determine the extent to which the indices track a hotel investor’s portfolio. By determining how representative these indices are of the price appreciation we actually observe in hotels, we can examine the usefulness of these indices for benchmarking a hotel investor’s portfolio.