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dc.contributor.authorLiu, Crocker H.
dc.contributor.authorNowak, Adam D.
dc.contributor.authorWhite, Robert M. Jr.
dc.description.abstractOur Standardized Unexpected Price (SUP) metric continues to show a decline in the price of large hotels, and now also the price of small hotels has eased—even though hotel transaction volume has increased. Although debt and equity financing for hotels remain relatively inexpensive, we are concerned that the total volatility of hotel returns is greater relative to the return volatility for other commercial real estate. If this trend continues, lenders will eventually start to tighten hotel lending standards. Our early warning indicators all continue to suggest that the downward trend in hotel prices should continue into the next quarter. This is report number 19 of the index series.
dc.relationSupplemental File: Hotel Valuation Model (HOTVAL). We provide this user friendly hotel valuation model in an excel spreadsheet entitled HOTVAL Toolkit as a complement to this report.
dc.rightsRequired Publisher Statement: © Cornell University. Reprinted with permission. All rights reserved.
dc.subjectcommercial real estate
dc.subjecthotel valuation models
dc.subjecteconomic value added (EVA)
dc.subjecthotel transactions
dc.titleSecond Quarter 2016: Slowdown for Large Hotels Continues; Small Hotels Have Now Slowed as Well
dc.description.legacydownloadsCREMI_2016_Second_Quarter.pdf: 148 downloads, before Aug. 1, 2020.
local.authorAffiliationLiu, Crocker H.: Cornell University School of Hotel Administration
local.authorAffiliationNowak, Adam D.: West Virginia University
local.authorAffiliationWhite, Robert M. Jr.: Real Capital Analytics Inc.

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