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Hotval Toolkit, Crocker H. Liu 2019 Cornell University School of Hotel Administration

Hotval Toolkit, Crocker H. Liu

Center for Real Estate and Finance Tools

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Scroll down to "Additional Files" to access the HOTVal Toolkit.

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HOTVal is a hotel valuation spreadsheet based on a regression model discussed in the Center for Real Estate and Finance at Cornell called Cornell Hotel Indices: Second Quarter 2012: The Trend is Our Friend by Crocker H. Liu, Adam D. Nowak, and Robert M. White, Jr. The model which will be continually updated, provides a rough estimation of the value of a hotel property once the user inputs information on whether the hotel is a large or small hotel, the year and quarter of the valuation, the state where the ...


Third Quarter 2019: Is Bad News Fake News?, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr 2019 Cornell University School of Hotel Administration

Third Quarter 2019: Is Bad News Fake News?, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr

Cornell Real Estate Market Indices

Only hotels in the South Atlantic region experienced a positive price momentum during this period.* The performance of hotels in non-gateway cities declined at a faster rate relative to those in gateway cities. Hotel financial operating performance has finally returned to positive profitability with operating profit exceeding both a hotel property’s operating costs as well as financial (borrowing) cost, based on economic value analysis (EVA). The price of larger hotels has spiraled downward at a faster rate than that of smaller hotels and repeat sale hotels. The cost of hotel debt financing, as well as equity financing, has declined ...


The Mountain West: Affordable Housing Opportunities, Kaylie Pattni, Caitlin Saladino, William E. Brown 2019 University of Nevada, Las Vegas

The Mountain West: Affordable Housing Opportunities, Kaylie Pattni, Caitlin Saladino, William E. Brown

Housing & Real Estate

This fact sheet provides selected data pertaining to the Mountain West region from, The Gap: A Shortage of Affordable Homes, a 2018 report by the National Low Income Housing Coalition. The report includes statistics “based on data from the 2016 American Community Survey (ACS) Public Use Microdata Sample (PUMS). THE ACS is an annual nationwide survey of approximately 3.5 million addresses.”


China's Unethical Economic Development Practices, Kimberly A. Madsen 2019 Western Michigan University

China's Unethical Economic Development Practices, Kimberly A. Madsen

The Hilltop Review

The purpose of this research paper is to inform the public about some of the unethical economic development practices that China is performing with their citizens and global partners. These activities include escalating the national GDP at the detriment of their citizens through forced relocations in order to build new cities, dividing families with harmful public policies, and the imbalance between their citizens’ annual earnings and housing costs. Also discussed is the environmental pollution of the air, water, and soil, and poorly treating their international constituents when asked to provide consulting services to their nation.


Social Media And The C-Suite: The Ethical And Legal Implications, Toni P. Mulvaney J.D., Melissa Baldo J.D., Marleen Swerdlow J.D., Frank Cavaliere J.D. 2019 Lamar University

Social Media And The C-Suite: The Ethical And Legal Implications, Toni P. Mulvaney J.D., Melissa Baldo J.D., Marleen Swerdlow J.D., Frank Cavaliere J.D.

Southwestern Business Administration Journal

The last twenty years has seen phenomenal growth of social media, with companies such as Facebook, Linked In, and Twitter seeing their registered users growing into the hundreds of millions worldwide (and, in the case of Facebook, over a billion). The advantages of using social media have been touted by many, and fortunes have been made by savvy practitioners with a deft hand at using social media to their advantage. However, as with any new technology unintended consequences have begun to unfold. These consequences have been thrust to the forefront as several high-profile corporate executives and celebrities have sabotaged their ...


The Flipped Class: Experiential Learning Manifested, Johnnie Williams, Olusegun Felix Ayadi, Carlton Perkins, Ladelle M. Hyman 2019 Texas Southern University

The Flipped Class: Experiential Learning Manifested, Johnnie Williams, Olusegun Felix Ayadi, Carlton Perkins, Ladelle M. Hyman

Southwestern Business Administration Journal

Through the “flipped class,” students are introduced to new material outside the classroom before the traditional in-class lecture occurs. Ideally, flipping the class challenges students to engage in the lower levels cognitive work (remembering and understanding) outside of class. Students, then, are free to focus on higher order cognitive work (application, analysis, synthesis, and/or evaluation) in class, where they have the support of their peers and the instructor. To drive the requisite higher order cognitive work inside the classroom, it is important that in-class teaching and learning methodologies extend beyond simple information dissemination. Experiential learning, the process of transforming ...


Determinantes Macroeconómicos En El Incremento Del Salario Mínimo En Colombia Entre Los Años 2001-2017, Tatiana Catherine Vega Ramírez 2019 Universidad de La Salle, Bogotá

Determinantes Macroeconómicos En El Incremento Del Salario Mínimo En Colombia Entre Los Años 2001-2017, Tatiana Catherine Vega Ramírez

Economía

El incremento del salario mínimo en las compañías aseguradoras es importante ya que mediante el aumento anual del salario mínimo, se estima el cálculo del pago de las rentas vitalicias que las aseguradoras deben realizar a sus clientes.

Las rentas vitalicias son una forma de pensión vida-ahorro donde el individuo o beneficiario (Pensionado) acuerda con su aseguradora el pago de una renta periódica hasta su fallecimiento a cambio de una prima única.

El salario se define como todo lo que involucre alguna retribución de servicios, es entonces, no sólo la remuneración ordinaria, fija o variable, sino además todo lo que ...


Tiny Houses In Metropolitan Areas Of Nebraska: Seasonal Or Permanent Living Environments, Michele L. Hybner 2019 University of Nebraska - Lincoln

Tiny Houses In Metropolitan Areas Of Nebraska: Seasonal Or Permanent Living Environments, Michele L. Hybner

Interior Design Program: Theses

This study is designed to determine if tiny houses offer a viable seasonal and/or permanent living environment for Nebraska residents. Two objectives are used to assess the viability of tiny housing in this Midwestern state. The first analyzes the economics (demand, supply, and cost) of tiny housing in metropolitan areas of Nebraska. The second identifies barriers to occupancy of tiny houses in the state. The results of this research are significant because tiny housing presents a means to address the state’s need for more affordable housing options available to Nebraska residents. At the time of this study, 11 ...


Designing Single-Family Residences: A Study Of The Positive Impact Of Interior Design In Creating New Home Value, Shawn M. Falcone 2019 University of Nebraska-Lincoln

Designing Single-Family Residences: A Study Of The Positive Impact Of Interior Design In Creating New Home Value, Shawn M. Falcone

Interior Design Program: Theses

This study seeks to demonstrate that interior designers should be included as primary stakeholders in the home construction market. The market demand for new single-family homes in America is a relative constant. The primary stake and role that land developers, architects, draftsman, home builders, bankers, appraisers, real estate agents, and buyers have in the home construction market is clear. What is less clear is the role in value an interior designer has in the home construction market. This thesis examines the impact designers have on home value when their expertise is utilized in space planning (i.e.: layout, function, room ...


The Impact Of Hardening In The Homeowner's Insurance Market On Ohio Residential Real Estate Brokerage Markets, Joseph Coleman, James E. Larsen 2019 Wright State University - Main Campus

The Impact Of Hardening In The Homeowner's Insurance Market On Ohio Residential Real Estate Brokerage Markets, Joseph Coleman, James E. Larsen

James Larsen

A recently released study sponsored by the National Association of REALTORS® (NAR) documents hardening in the homeowner’s insurance market nationwide; i.e., property insurance premiums have increased sharply and coverage availability has often been limited. The NAR study did not, however, investigate the impact of this hardening on residential real estate transactions, nor did it include an examination of the transactional impact resulting from the increasing propensity of insurance companies to require property modifications as a condition of issuing a policy. In the present study, survey data collected from 406 members of the Ohio Association of REALTORS® (OAR) is ...


An Investigation Of Promotional Outlet Effectiveness For Ohio Real Estate Brokers, James E. Larsen, Joseph Coleman, Charles S. Gulas 2019 Wright State University - Main Campus

An Investigation Of Promotional Outlet Effectiveness For Ohio Real Estate Brokers, James E. Larsen, Joseph Coleman, Charles S. Gulas

James Larsen

This monograph presents survey data gathered from both Ohio residents and members of the Ohio Association of REALTORS®. The results of the public survey provide interesting information that may enable real estate licensees to effectively target their promotional efforts. The results suggest that if the objective is self promotion, any advertising medium is likely to have limited effectiveness. A large percentage of respondents indicated that they located the agent who assisted them in their housing transaction via reference from a friend or relative. Referrals are so important that a licensee should make every effort to cultivate this activity. Perhaps periodic ...


The Consequences Of Reit Index Membership For Return Patterns, Andrey Pavlov, Eva Steiner, Susan Wachter 2019 Simon Fraser University

The Consequences Of Reit Index Membership For Return Patterns, Andrey Pavlov, Eva Steiner, Susan Wachter

Eva Steiner

The impact of stock market index membership on REIT stock returns is unclear. Returns may become more like those of other indexed stocks and less like those of their underlying properties. Taking advantage of the inclusion of REITs in major S&P indexes starting in 2001, we find that shared index membership significantly increases the correlation between REIT returns. However, index membership also enhances the link between REIT returns and the underlying real estate, consistent with improved pricing efficiency.


Where, When And How Do Sophisticated Investor Respond To Flood Risk?, Piet M. A. Eichholtz, Eva Steiner, Erkan Yönder 2019 University of Maastricht

Where, When And How Do Sophisticated Investor Respond To Flood Risk?, Piet M. A. Eichholtz, Eva Steiner, Erkan Yönder

Eva Steiner

While the empirical evidence on the pricing of flood risk exposure in residential real estate held by uninformed households is mixed, this study shows that sophisticated investors in commercial real estate markets rationally respond to heightened flood risk by bidding down the prices of exposed assets. Using a detailed property-level database on commercial real estate transactions completed in New York, Boston, and Chicago before and after the shift in the salience of flood risk caused by Hurricane Sandy, we document that properties exposed to flood risk experience slower price appreciation after the storm than equivalent unexposed properties. We further show ...


The Rate Of Return On Real Estate: Long-Run Micro-Level Evidence, David Chambers, Christian Spaenjers, Eva Steiner 2019 University of Cambridge

The Rate Of Return On Real Estate: Long-Run Micro-Level Evidence, David Chambers, Christian Spaenjers, Eva Steiner

Eva Steiner

We provide evidence that direct real estate investments are less profitable and more risky in the long run than previously thought. We hand-collect property-level data on realized income, expenses, and transaction prices from the archives of four large institutional investors in the U.K.—historically important Oxbridge colleges—for the period 1901–1970. Gross income yields mostly fluctuate around 5%, but trend to lower (higher) levels for agricultural and residential (commercial) real estate near the end of our sample period. Operating costs mean that net yields are about one third lower than gross yields on average. Long-term real income growth ...


Financial Flexibility And Manager-Shareholder Confict: Evidence From Reits, Timothy RIddiough, Eva Steiner 2019 University of Wisconsin-Madison

Financial Flexibility And Manager-Shareholder Confict: Evidence From Reits, Timothy Riddiough, Eva Steiner

Eva Steiner

Using equity REIT data, we show empirically that the use of unsecured debt, which contains standardized covenants that place limits on total leverage and the use of secured debt, is associated with lower leverage outcomes. We then show that firm value is sensitive to leverage levels, where lower leverage is associated with higher firm value. In the presence of weak managerial governance, our results suggest that unsecured debt covenants function as a managerial commitment device that preserves the firm’s debt capacity to enhance financial flexibility.


Is There An Economic Case For The Olympic Games?, Chris Dempsey, Victor Matheson 2019 No Boston Olympics

Is There An Economic Case For The Olympic Games?, Chris Dempsey, Victor Matheson

Economics Department Working Papers

The Olympic Games are a major undertaking that promise both large costs and potentially large benefits to host cities. This paper lays out the potential economic benefits of hosting the Olympics and details how, in the vast majority of cases, these gains are unlikely to cover the costs of hosting the event. The ideas are then applied to the experience of Boston in its ultimately unsuccessful bid for the 2024 Summer Olympics.


Second Quarter 2019: Gradual Hotel Slowdown: Has The Party Ended?, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr 2019 Cornell University School of Hotel Administration

Second Quarter 2019: Gradual Hotel Slowdown: Has The Party Ended?, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr

Cornell Real Estate Market Indices

In this issue, we introduce our new regional indices of hotel performance. Based on these indices, hotels in the Midwest and Mountain regions (mostly hotels in Arizona, Colorado, and Nevada) have outperformed other regions, while hotels in the Pacific region (primarily California) and South Atlantic region (mostly Florida) have grown at a more moderate pace in the post-recession era. The performance of hotels in gateway cities declined this quarter, narrowing the gap in performance relative to hotels in non-gateway cities. Hotel financial performance overall is now in the red zone: operating profit stands below a hotel property’s borrowing cost ...


Where, When And How Do Sophisticated Investor Respond To Flood Risk?, Piet M. A. Eichholtz, Eva Steiner, Erkan Yönder 2019 University of Maastricht

Where, When And How Do Sophisticated Investor Respond To Flood Risk?, Piet M. A. Eichholtz, Eva Steiner, Erkan Yönder

Working Papers

While the empirical evidence on the pricing of flood risk exposure in residential real estate held by uninformed households is mixed, this study shows that sophisticated investors in commercial real estate markets rationally respond to heightened flood risk by bidding down the prices of exposed assets. Using a detailed property-level database on commercial real estate transactions completed in New York, Boston, and Chicago before and after the shift in the salience of flood risk caused by Hurricane Sandy, we document that properties exposed to flood risk experience slower price appreciation after the storm than equivalent unexposed properties. We further show ...


The Rate Of Return On Real Estate: Long-Run Micro-Level Evidence, David Chambers, Christian Spaenjers, Eva Steiner 2019 University of Cambridge

The Rate Of Return On Real Estate: Long-Run Micro-Level Evidence, David Chambers, Christian Spaenjers, Eva Steiner

Working Papers

We provide evidence that direct real estate investments are less profitable and more risky in the long run than previously thought. We hand-collect property-level data on realized income, expenses, and transaction prices from the archives of four large institutional investors in the U.K.—historically important Oxbridge colleges—for the period 1901–1970. Gross income yields mostly fluctuate around 5%, but trend to lower (higher) levels for agricultural and residential (commercial) real estate near the end of our sample period. Operating costs mean that net yields are about one third lower than gross yields on average. Long-term real income growth ...


Financial Feasibility Of Leed Certified Buildings For Developers And Investors, Erik P. Henriksen 2019 California Polytechnic State University, San Luis Obispo

Financial Feasibility Of Leed Certified Buildings For Developers And Investors, Erik P. Henriksen

Construction Management

This is a case study on a small to mid-size private equity firm that deals with real estate development as well as investment to find out the financial feasibility of LEED certified buildings in today’s building climate. Interviews with two investment analysts at this firm who are versed in LEED certification about how it is looked at in their company as well as the broader industry will give insights into the feasibility of developing or investing in environmentally friendly buildings. This impacts the real estate and construction industries due to the fact that developers and investors are often times ...


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