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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  • Beware the Ides of March 

    Liu, Crocker; Nowak, Adam; White, Robert Jr (2022-04-18)
    The price of large hotels fell by .25 percent, while that of smaller hotels increased 3.3 percent this quarter. On a regional basis, the MidAtlantic had the best quarterly gains, with the Pacific region also doing well, ...
  • Converging Towards Normalcy 

    Liu, Crocker; Nowak, Adam; White, Robert Jr (2022-01-20)
    Hotel prices continue to converge toward pre-pandemic levels. Gains posted were smaller relative to the previous quarter but higher year over year. Hotels in both gateway and non-gateway cities continue to exhibit positive ...
  • Pole Vaulting to New High 

    Liu, Crocker; Nowak, Adam; White, Robert Jr (2021-11-01)
    Hotel prices continued to gain ground during the recent quarter, regaining losses incurred during the pandemic. Prices in all regions are reverting to their long-term average, with hotels in the Pacific and South Atlantic ...
  • Real Estate: Private Equity Investment in Shanghai 

    Liu, Peng; Loh, Terence (2021-10-22)
    In this case study, you are a consultant engaged to assess whether to invest in Project Innov Star, a Class A office project in Zhangjiang Shanghai, which currently is stalled. The hold up, and thus the opportunity to ...
  • 2020-2021 Annual Review 

    Center for Real Estate and Finance (2021-10-18)
    2020-2021 Annual Review published by the staff of the Center for Real Estate and Finance (CREF) at Cornell University's School of Hotel Administration.
  • Second Quarter 2021: Are We There Yet? 

    Liu, Crocker; Nowak, Adam; White, Robert Jr (2021-07-15)
    United States hotel prices have rebounded above their statistical lower bound in all regions except the Mountain states, signaling a return toward their pre-pandemic level—although we are not quite there yet. Prices of ...
  • The Phoenix Is Rising 

    Liu, Crocker; Nowak, Adam; White, Robert Jr (2021-04-19)
    Although the price of hotels along the east coast declined again this quarter the rate of decline has continued to lessen. Hotels in gateway cities reversed course, outperforming hotels in non-gateway cities. Our moving ...
  • 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.

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