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The Appraisal Institute is pleased to present Hotels & Motels—Valuations and Market Studies by Stephen Rushmore, MAI, and Erich Baum. This new text updates and expands on the 1992 Hotels and Motels book, the classic text on the valuation and analysis of lodging facilities.

 

Like the earlier work, Hotels & Motels—Valuations and Market Studies presents an overview of the lodging industry and the fundamental supply and demand relationships that underlie hotel investments. A wealth of statistical data on recent trends in the lodging industry is provided and its applicability to the valuation process is demonstrated.

 

The text explores the collection and analysis of revenue and expense data and presents practical techniques for adjusting the data to reflect the individual characteristics of the subject property. The authors demonstrate how various capitalization and discounting procedures can be used to convert a property’s estimated net income into a final opinion of value.

 

Throughout the text two case study properties, an existing hotel and a proposed facility, are used to illustrate each step in the analytical process valuation professionals use to arrive at sound conclusions and recommendations.

The hotel industry continues to change and the methodologies employed by hotel analysts must evolve as well to reflect the investment strategy and rationale of typical hotel and motel investors.

 

About the Authors
Stephen Rushmore, MAI, is president and founder of HVS International, a global hospitality consulting organization. He has provided consultation services for more than 10,000 hotels throughout the world during his 30-year career and specializes in complex issues involving hotel feasibility, valuations, and financing. Mr. Rushmore helped create the Microtel concept and was instrumental in its IPO. He is on the faculty of the Cornell Hotel School’s professional development program and writes a monthly column for Hotels magazine. Mr. Rushmore can be contacted at HVS International, 372 Willis Ave., Mineola, NY 11501; by phone at (516) 248-8828 x204; by fax at (516)742-3059; or by e-mail: srushmore@hvsinternational.com. To view his Web site, visit www.hvsinternational.com.

 

Erich Baum started his appraisal and consulting career in 1990 at HVS International, where he continues to work. He has appraised or consulted on more than 200 hotels in 41 states and in Mexico and the Caribbean. Mr. Baum also has served as a contributing editor to the Hotel Investments Handbook and has been a guest lecturer at the University of Maryland. He can be reached at HVS International, 372 Willis Ave., Mineola, N.Y. 11501; by phone at (516) 248-8828 x242; by fax at (516) 742-3059; or by e-mail: ebaum@hvsinternational.com