The Center for Real Estate and Finance (CREF), established in 2009, is the foremost clearinghouse for hospitality real estate and finance information. Defined by its intellectual capital, industry experience, and rigorous academics, the center is respected as a leader of real estate and finance. Built on a tradition of quality research in the hospitality industry and a growing real estate and finance faculty, the center is at the forefront of research in all areas of commercial real estate—from studying the behavior of real estate assets in investment portfolios to understanding real estate capital markets and science of hedging real estate risk.

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Recent Submissions

  • A Glimmer of Hope Amidst a Hemorrhage 

    Liu, Crocker; Nowak, Adam; White, Robert Jr (2021-01-20)
    Prices of hotels along the east coast continue to drop, although the rate of decline has moderated. Hotels on the west coast enjoyed positive price momentum, both on a quarter-over-quarter or year-over-year basis. Hotels ...
  • Is It Time for Bottom Fishing? 

    Liu, Crocker; Nowak, Adam; White, Robert Jr (2020-10-12)
    The prices of hotels in all regions continue to hemorrhage, with hotels in the Middle Atlantic and South Atlantic regions particularly hard hit. In contrast, hotels in the Mountain states suffered the fewest losses. Hotels ...
  • 2019-2020 Year in Review 

    Center for Real Estate and Finance (2020-09-30)
    2019-2020 Annual Review published by the staff of the Center for Real Estate and Finance (CREF) at Cornell University's School of Hotel Administration.
  • HOTVal Toolkit 

    Liu, Crocker H. (2020-01-27)
    HOTVal is a hotel valuation spreadsheet based on a regression model discussed in the Center for Real Estate and Finance at Cornell called Cornell Hotel Indices: Second Quarter 2012: The Trend is Our Friend by Crocker H. ...
  • The Commercial Lease Free Rent Calculator 

    Liu, Peng; Su, Luoyi; deRoos, Jan A. (2014-01-01)
    The Free Rent Calculator is a tool to help both tenants and landlords when negotiating concessions in a commercial lease. Using market rents as benchmark for negotiation, the actual lease contract information about the ...
  • Attribution Analysis Tool 

    Boudry, Walter I.; Green, Matthew C.; Liu, Crocker H.; Ukhov, Andrey D. (2013-01-01)
    The attribution analysis spreadsheet is developed based on the model discussed in the Center for Real Estate and Finance at Cornell report called "Measuring the Value Added of Hotel REIT Managers Using MSA Benchmarks: A ...
  • How Currency Exchange Rates Affect the Demand for U. S. Hotel Rooms 

    Corgel, John B.; Lane, Jamie; Walls, Aaron (2013-04-01)
    This study addresses the question of how currency exchange rates affect aggregate hotel demand in the U.S. over time, among chain scales, and gateway cities. The effect is isolated after controlling for hotel room rates, ...
  • Diversification Benefits of REIT Preferred and Common Stock: New Evidence from a Utility Based Framework 

    Boudry, Walter I.; deRoos, Jan A.; Ukhov, Andrey D. (2014-09-10)
    We study the diversification benefits of REIT preferred and common stock using a utility based framework in which investors segment based on risk aversion. Taking the view of a long run investor, we conduct our analysis ...
  • Fourth Quarter 2013: Flight to Quality: Big Trumps Small 

    Liu, Crocker H.; Nowak, Adam D.; White, Robert M. Jr. (2014-01-01)
    A new hotel investment performance metric is introduced. Starting with this issue, we will apply our new economic value added (EVA) indicator as a barometer of hotel investment performance. Complete details of how to use ...
  • Third Quarter 2013: Good Vibes (Nahenahe) 

    Liu, Crocker H.; Nowak, Adam D.; White, Robert M. Jr. (2013-10-01)
    Our hotel real estate cycle analysis based on the repeat sales approach indicates that we will continue to experience an upward price momentum. This quarter, for the first time since the commercial real estate boom in 2004, ...

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