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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  • Boom and Gloom 

    Kosová, Renáta; Kumar, Praveen; Povel, Paul; Sertsios, Giorgo (2012-11-27)
    We use a novel database to study the performance of real assets created at different points of an investment cycle. Our database contains information on the construction year of virtually all hotels in the U.S., and ...
  • “Is Trading Behavior Stable across Contexts? Evidence from Style and Multi-Style Investors” 

    Blackburn, Douglas W.; Goetzmann, William N.; Ukhov, Andrey D. (2012-05-01)
    In this paper we use a sample of individual trading accounts in equity style funds taken from one fund family to test the hypothesis that trading styles are inherent vs. contextual. Our sample contains investors who invest ...
  • Diversification Benefits of REIT Preferred and Common Stocks: A Long-Run Empirical Analysis 

    Boudry, Walter I.; deRoos, Jan A.; Ukhov, Andrey D. (2013-01-31)
    We study the diversification benefits of REIT preferred and common stocks. Taking the view of a long run investor, we conduct our analysis using data from 1992 to 2012. We examine optimal mean-variance portfolios of an ...
  • Do Investors Flip Over Housing? 

    Guntermann, Karl L.; Horenstein, Alex R.; Liu, Crocker H.; Nowak, Adam D. (2011-03-11)
    The current study explores the investment performance of short-term investors known as flippers in the residential real estate market as well as the impact that flippers have on the housing market. The study finds that ...
  • Third Quarter 2019: Is Bad News Fake News? 

    Liu, Crocker H.; Nowak, Adam D.; White, Robert M. Jr (2019-10-01)
    Only hotels in the South Atlantic region experienced a positive price momentum during this period.* The performance of hotels in non-gateway cities declined at a faster rate relative to those in gateway cities. Hotel ...
  • Second Quarter 2018: Is It Still "Hot" This Summer? 

    Liu, Crocker H.; Nowak, Adam D.; White, Robert M. Jr. (2018-07-01)
    Hotels in gateway cities continue to shine, rising 11.6 percent year over year compared to a 1.2-percent gain for hotels in non-gateway cities. Hotel operating performance scaled by price is still in the black based on ...
  • What is a Gateway City?: A Hotel Market Perspective 

    Corgel, Jack (2012-04-01)
    The United States Office of Management and Budget designates 366 American cities as metropolitan statistical areas (MSAs).2 Fifty of these 366 MSAs contain the majority of the nation’s hotel rooms. For purposes of investing ...
  • The Quality of Real Assets, Liquidation Value and Debt Capacity 

    Liu, Peng; Liu, Crocker H. (2011-03-11)
    We use real estate firms to examine how asset liquidation values influence a firm’s debt capacity, since the productivity and quality of each asset is observable and potential measures of an asset’s liquidation value are ...
  • First Quarter 2019: Déjà Vu All Over Again: Reliving Groundhog Day 

    Liu, Crocker H.; Nowak, Adam D.; White, Robert M. Jr. (2019-04-01)
    Hotels in non-gateway cities outperformed those in gateway cities for the first time since the first quarter of 2006. That said, overall hotel financial performance still stands at breakeven, with operating profit similar ...
  • The Curtailment Mortgage: A Proposal to Benefit Homeowners 

    Quan, Daniel (2014-08-01)
    The Obama administration’s effort to encourage homeowners to refinance their mortgages under the Home Affordable Refinance Program (HARP) represents a reasonable approach at helping homeowners benefit from the current low ...

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