Third Quarter 2016: Hotels Exhibit Positive Momentum

Liu, Crocker H.; Nowak, Adam D.; White, Robert M. Jr.

dc.contributor.author	Liu, Crocker H.
dc.contributor.author	Nowak, Adam D.
dc.contributor.author	White, Robert M. Jr.
dc.date.accessioned	2020-09-09T17:01:02Z
dc.date.available	2020-09-09T17:01:02Z
dc.date.issued	2016-10-27
dc.identifier.other	9315705
dc.identifier.uri	https://hdl.handle.net/1813/70931
dc.description.abstract	Our Standardized Unexpected Price (SUP) metric showed an uptick in the price of large hotels during the third quarter of 2016, with a continued decline in the price of small hotels. Although debt and equity financing for hotels were still relatively inexpensive during this quarter, we remain concerned that the increasing relative riskiness of hotels compared to other commercial real estate suggests that lenders will eventually start to tighten hotel lending standards if this trend continues. Our early warning indicators continue to suggest an eventual downward trend in large hotel prices. This is report number 20 of the index series.
dc.language.iso	en_US
dc.relation	Supplemental 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.relation.uri	https://hdl.handle.net/1813/72548.2
dc.rights	Required Publisher Statement: © Cornell University. This report may not be reproduced or distributed without the express permission of the publisher.
dc.subject	Cornell
dc.subject	commercial real estate
dc.subject	hotel valuation models
dc.subject	HOTVAL
dc.subject	economic value added (EVA)
dc.subject	hotel lending
dc.subject	early warning indicators
dc.title	Third Quarter 2016: Hotels Exhibit Positive Momentum
dc.type	article
dc.description.legacydownloads	vol5_no4.pdf: 83 downloads, before Aug. 1, 2020.
local.authorAffiliation	Liu, Crocker H.: chl62@cornell.edu Cornell University School of Hotel Administration
local.authorAffiliation	Nowak, Adam D.: West Virginia University
local.authorAffiliation	White, Robert M. Jr.: Real Capital Analytics, Inc.