[Excerpt] In this article, we report on research to measure the temporal changes in the prices of lodging properties. Our specific objective is to present the results of an ongoing study at the Cornell University School of Hotel Administration to model and index the selling prices of lodging properties. The Cornell-index study reveals that prices responded quickly to changes in the tax treatment of real estate contained in the 1986 Tax Reform Act, and those prices have remained below 1985 levels ever since-this despite well-publicized Japanese investment in U.S. real estate.