Show simple item record

dc.contributor.authorCorgel, John B.
dc.contributor.authorLiu, Crocker H.
dc.contributor.authorWhite, Robert M.
dc.date.accessioned2020-09-12T21:13:30Z
dc.date.available2020-09-12T21:13:30Z
dc.date.issued2015-01-01
dc.identifier.other10445418
dc.identifier.urihttps://hdl.handle.net/1813/72420
dc.description.abstractPricing commercial real estate has its foundations in present value theory. Recent improvements for accessing transaction data have stimulated interest in commercial property hedonic pricing models, the structures of which follow traditions in single-family real estate in that the implicit prices of property characteristics and site-specific variables represent city and national market conditions. Adding present value variables has become increasingly common to account for general market conditions. We test two hedonic pricing models; one that follows the residential tradition and another that departs by incorporating city-specific net operating incomes and the discount rates. Modeling prices in these alternative ways allows for recognition of the relative contributions of property, city, and capital market determinants. Empirical testing relies on a sample of hotel transactions from 2005–2010. The responsiveness of hotel cash flows to market changes is an important consideration. We find that models with property characteristics perform about the same as models that also include present value variables. A plausible explanation for this phenomenon is that implicit prices corresponding to property characteristics and site-specific variables appear to reflect income streams associated with city and nationwide economic conditions.
dc.language.isoen_US
dc.relation.isversionofAn earlier version of this article is also available in eCommons.
dc.relation.hasversionCorgel, J. B., Liu, C., & White, R. M. (2015). Determinants of hotel property prices. Journal of Real Estate Finance and Economics, 51, 415-439.
dc.relation.urihttps://hdl.handle.net/1813/70908
dc.rightsRequired Publisher Statement: © Springer. Final version published as: Corgel, J. B., Liu, C., & White, R. M. (2015). Determinants of hotel property prices. Journal of Real Estate Finance and Economics, 51, 415-439. Reprinted with permission. All rights reserved.
dc.subjectcommercial real estate
dc.subjecthedonic model
dc.subjecthotel
dc.titleDeterminants of Hotel Property Prices
dc.typearticle
dc.relation.doihttps://doi.org/10.1007/s11146-015-9494-3
dc.description.legacydownloadsCorgel102_Determinants.pdf: 636 downloads, before Aug. 1, 2020.
local.authorAffiliationCorgel, John B.: jc81@cornell.edu Cornell University School of Hotel Administration
local.authorAffiliationLiu, Crocker H.: chl62@cornell.edu Cornell University School of Hotel Administration
local.authorAffiliationWhite, Robert M.: Real Capital Analytics


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record

Statistics