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Full-Text Articles in Real Estate

Hotval Toolkit, Crocker H. Liu Oct 2019

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 ...


The Hurdles To Financing Modular Development, Daniel Feutz Apr 2019

The Hurdles To Financing Modular Development, Daniel Feutz

Cornell Real Estate Review

Revenues from the permanent modular construction (PMC) sector jumped 62% in one year to reach $3.3 billion in 2016 and its quick growth has not gone unnoticed. The industry has attracted investment from sources such as Soft Bank’s Vision Fund and Amazon’s Alexa Fund, an indication of the perceived feasibility of modular building that is further illustrated in PMC’s growing market share that increased 37% from 2014 to 2017 (Bousquin, 2019). Rising construction costs, tight labor markets, and an unprecedented demand for housing have pushed modular construction towards being one of the disruptors of an industry ...


Opportunity Zones And New Orleans: A Chance For Affordable Housing Growth, Wilson Blum Apr 2019

Opportunity Zones And New Orleans: A Chance For Affordable Housing Growth, Wilson Blum

Cornell Real Estate Review

In the year and a half since their introduction, Opportunity Zones have quickly become one of the hottest topics in real estate development. This exciting program offers a new chance to revitalize distressed communities around the country by significantly broadening the pool of potential investors and providing them with enticing incentives to pull their money out of the market and into these locales. The success or failure of the program will hinge on the ability of public-private partnerships to bridge an often fraught line between outside investment and local community. In addition to providing an overview of the Opportunity Zone ...


The U.S. Student Housing Market: Overlooked Opportunities, Joseph A. Mcfalls Apr 2019

The U.S. Student Housing Market: Overlooked Opportunities, Joseph A. Mcfalls

Cornell Real Estate Review

Student housing has emerged in recent years as one of the most in-demand asset classes in commercial real estate. Investors, both domestic and international, have been attracted to U.S. student housing projects for many reasons, including their steady yields and reliable returns during all market cycles (The Economist, 2018). As a result, investment in and development of student housing has increased dramatically over the past few years (Brass, 2018). Even with this increased focus on the sector, opportunities still remain in the student housing industry, particularly for investors and developers with differentiated projects. This paper will examine the current ...


Tailwinds On The U.S. Gulf Coast: How The Boom In U.S. Energy Production Is Creating Opportunities For Real Estate Investment, Christopher Trahan Apr 2019

Tailwinds On The U.S. Gulf Coast: How The Boom In U.S. Energy Production Is Creating Opportunities For Real Estate Investment, Christopher Trahan

Cornell Real Estate Review

The Federal Government’s commitment to deepen the Mississippi River channel and its decision to allow the exportation of crude have created many opportunities in the U.S. Gulf Coast region for private investment and development. Yet the country’s resurgence in energy production is temporarily impeded by a lack of sufficient infrastructure necessary to match supply with demand. As the glut of U.S. crude and demand for infrastructure increases, the need for industrial facilities on the Gulf Coast continues to grow. These facilities are essential to economic development along the nation’s southern energy corridor. The real estate ...


Letter From The Editors, Christopher Trahan, Ershad Chagani, Jennifer Spritzer, Joe Mcfalls, Wilson Blum Apr 2019

Letter From The Editors, Christopher Trahan, Ershad Chagani, Jennifer Spritzer, Joe Mcfalls, Wilson Blum

Cornell Real Estate Review

The Editorial Board of the Cornell Real Estate Review is pleased to present Volume 17 (2019). Under the direction of the Baker Program in Real Estate, the Review is a student run publication founded in 2002 as a forum for faculty, professionals, and real estate students to focus on the interdisciplinary nature of real estate. The Review covers a broad range of issues from various real estate fields including design, business economics, engineering, finance, law, planning, development, marketing, and property management. The publication blends informative articles on real estate practice with application-based academic research.


International Trek To Dubai: A City Built In The Desert, Sean Mashian May 2018

International Trek To Dubai: A City Built In The Desert, Sean Mashian

Cornell Real Estate Review

In December 2018, the second-year students of the Baker Program in Real Estate had the pleasure of visiting the United Arab Emirates. The main goal of the annual trek is to get an understanding of how the interests of the stakeholders in real estate differ globally, both in terms of private and public goals. To do this, the students needed to get an understanding of the recent history of Dubai and Abu Dhabi and their rapid rise to prominence as a major worldwide commercial center.


Alumni Highlight: Ian Mckay May 2018

Alumni Highlight: Ian Mckay

Cornell Real Estate Review

Ian McKay is a member of the Portfolio Management team at Clarion Partners. Ian manages projects for the firm’s value-add and development funds. Prior to Clarion Partners, Ian worked as a Summer Associate in the New York Development Group at The Related Companies in Manhattan. There, his responsibilities included acquisitions and deal structuring functions for multifamily and mixed-use developments. Ian holds a Masters Degree in Real Estate Finance from Cornell University and BS/BA from Babson College. Ian is a member of ULI and the ULI Multifamily Bronze Council.


Letter From The Editors, Daniel Wright, Matthew Farrell, Lera Covington May 2018

Letter From The Editors, Daniel Wright, Matthew Farrell, Lera Covington

Cornell Real Estate Review

The Editorial Board of the Cornell Real Estate Review is pleased to present Volume 16 (2018). The Review is a student run publication under the direction of the Baker Program in Real Estate founded as a forum for faculty, professionals, and real estate students to focus attention on current issues in the real estate industry. The Review focuses on the interdisciplinary nature of real estate, blending informative articles on real estate practice with application-based academic research. The Review covers a broad range of issues from the various real estate disciplines including design, business economics, engineering, finance, law, planning, development, marketing ...


Alumni Highlight: Jinseuk Lee, Simon Kim Jun 2017

Alumni Highlight: Jinseuk Lee, Simon Kim

Cornell Real Estate Review

Jinseuk Lee is the chief representative for Brookfield’s Private Funds Group in Korea. He graduated from Cornell in 2006. He has handled notable transactions at Samsung Life Insurance and Liberty Street Asset Management.


Letter From The Editors, Matthew Farrell, Matthew Green, Robert Lathan, Harrison Willis Jun 2017

Letter From The Editors, Matthew Farrell, Matthew Green, Robert Lathan, Harrison Willis

Cornell Real Estate Review

The Editorial Board of the Cornell Real Estate Review is pleased to present Volume 15 (2017). The Review strives to be a forum to advance discussions regarding topics in real estate and showcase the talents of students from the spectrum of academic disciplines at Cornell that make up the diverse range of subjects in the Real Estate Industry.


Alumni Highlight: Dylan Fonseca, Harrison Willis Jun 2017

Alumni Highlight: Dylan Fonseca, Harrison Willis

Cornell Real Estate Review

We are pleased to recognize Dylan Fonseca as a Cornell alumnus. Dylan Fonseca (MBA ‘12) is a founding member of Fondo Atlas, an owner and operator of real estate in Florida focused on direct asset level investments in retail and residential properties. Fondo Atlas focuses on strategic acquisitions and best-in-class financial reporting to its investors. Since their first acquisition in Q1 2015, Fonseca and his partners have grown the fund to control 300,000 square feet of retail space valued in excess of $70 million.


Alumni Highlight: Sandeep Chadha, Tiya Jain Jun 2017

Alumni Highlight: Sandeep Chadha, Tiya Jain

Cornell Real Estate Review

Sandeep Chadha is a Partner at Milestone Capital Advisors (AUM $800 million) and has 14-plus years of experience in fund raising, investments, asset management and divestments. As a part of senior management at Milestone, he oversees the private REIT portfolio including investments and asset management. Sandeep is responsible for setting up a domestic private REIT focused on investments in commercial assets. His past assignments include managing 25 million square feet of commercial real estate for Unitech and asset management of assets for Everstone Capital and IL&FS Milestone Realty.


2017 Argus University Challenge, The Editors Jun 2017

2017 Argus University Challenge, The Editors

Cornell Real Estate Review

The Baker Program in Real Estate continued its success in national real estate case competitions over the past year with a second place finish in the 2017 ARGUS University Challenge. This was Cornell’s first time placing in the ARGUS competition in its six years of existence. Cornell’s team included two second-year students (Yang Yang and Yufei Wang), as well as three first-year students (Paul Heydweiller, Julin Yong, and Alejandro Santander). Professor Crocker H. Liu served as the team’s faculty advisor.


Cornell Real Estate Women (Crew), The Editors Jun 2017

Cornell Real Estate Women (Crew), The Editors

Cornell Real Estate Review

The Baker Program in Real Estate is proud to announce the formation of Cornell Real Estate Women (CREW) during the 2016-2017 academic year. CREW is Cornell University’s primary graduate and professional student organization dedicated to the promotion and advancement of women in real estate. The organization was founded with three primary goals: (1) to support members by providing ample opportunities to network and engage with female real estate executives; (2) to attract female speakers for the Baker Program’s Distinguished Speaker Series and other similar events; and (3) to increase the visibility of women in the Baker Program in ...


Intercontinental Trek: South Korea, The Editors Jun 2017

Intercontinental Trek: South Korea, The Editors

Cornell Real Estate Review

With an exciting revised curriculum highlighting the importance of the global economy in real estate, second year Baker students participated in the first intercontinental real estate trek from December 19-22, 2016. For this inaugural intercontinental trek, students visited Seoul, South Korea. On the evening of December 18, 2016, Baker students were hosted by the Alumni Association of the Baker Program in Real Estate - Seoul, South Korea chapter at Spark Plus Yeoksam. The keynote speakers from the organization included Chaewook Im ‘05, Executive VP of Genstar, and Sungmok Ryu ’01, CEO of Hwasung ENC, who spoke of their fondness for the ...


2017-2018 Treks: Dubai, Seattle, The Editors Jun 2017

2017-2018 Treks: Dubai, Seattle, The Editors

Cornell Real Estate Review

As it has been discussed and proven, real estate continues to be more than just numbers and financial statements. It involves people, places, and relationships. With that continued understanding, the Baker Program In Real Estate, which functions jointly between Cornell’s School of Hotel Administration, Art, Architecture, and Planning, and the Samuel Curtis Johnson Graduate School of Management will further its mission to provide graduate candidates focused in the commercial business of real estate, the best holistic education available by embarking on Inter-Session trips during the 2017-2018 Academic Year. As second year students prepare for their future careers, they will ...


2017 Real Estate Industry Leader Award, The Editors Jun 2017

2017 Real Estate Industry Leader Award, The Editors

Cornell Real Estate Review

Cornell University and the Baker Program in Real Estate are pleased to announce the recipient of the 2017 Real Estate Industry Leader Award: Jonathan Rose, Founder and President of Jonathan Rose Companies. Rose’s visionary leadership in the areas of sustainability and affordable housing have made him an icon in the real estate industry, and it is our privilege to recognize him with this award.


Balancing Competing Corporate Objectives: The Case Of Texmark Real Estate Company, Morgan Zollinger, Ravikanth Pamidimukkala Jun 2017

Balancing Competing Corporate Objectives: The Case Of Texmark Real Estate Company, Morgan Zollinger, Ravikanth Pamidimukkala

Cornell Real Estate Review

As William Sullivan walked to his car to begin the commute home after a long day at work, he considered the different options before him. As the CEO of the Texmark Real Estate Company (TexREC), Sullivan was concerned about the future of the company he had been leading for four years now. During this time, TexREC had enjoyed considerable success, nearly doubling the value of assets under management to $7.5 billion; however, the rapid growth also meant new challenges for the company. Sullivan was focused on finding new lines of business and untapped markets with the potential for high ...


34th Annual Cornell Real Estate Conference Recap, Matthew Green, Jennifer Spritzer, Ershad Chagani, Sean Mashian Jun 2017

34th Annual Cornell Real Estate Conference Recap, Matthew Green, Jennifer Spritzer, Ershad Chagani, Sean Mashian

Cornell Real Estate Review

Every October, the Cornell Real Estate Conference draws together the real estate community of Cornell and other significant industry individuals to meet and discuss current issues in real estate. In 2016, the theme of the conference was Disruption in Real Estate. The central discussion was simple: as with many industries, the pace of change in real estate is accelerating. New technologies have affected every sector of real estate including property management, data analytics and investment sourcing.


Announcing The 35th Annual Cornell Real Estate Conference Jun 2017

Announcing The 35th Annual Cornell Real Estate Conference

Cornell Real Estate Review

No abstract provided.


Survey Highlights: 2016 Institutional Real Estate Allocations Monitor, The Editors Jun 2017

Survey Highlights: 2016 Institutional Real Estate Allocations Monitor, The Editors

Cornell Real Estate Review

Cornell University’s Baker Program in Real Estate and Hodes Weill & Associates are pleased to present the findings of the fourth annual Institutional Real Estate Allocations Monitor (the “2016 Allocations Monitor”). The 2016 Allocations Monitor focuses on the role of real estate in institutional portfolios, and the impact of institutional allocation trends on the investment management industry. Founded in 2013, the Allocations Monitor is a comprehensive annual assessment of institutions’ allocations to, and objectives in, real estate investments. This report analyzes trends in institutional portfolios and allocations by region, type and size of institution.


Brexit: Its Passing And Reverberations, Robert Lathan, Matthew Green, Ershad Chagani Jun 2017

Brexit: Its Passing And Reverberations, Robert Lathan, Matthew Green, Ershad Chagani

Cornell Real Estate Review

The most significant financial and economic news story in 2016 was the June 23 decision of the British public to terminate the U.K.’s membership in the European Union. Polls and bookmakers in the days leading up to the vote had constantly maintained that, while the vote would be close, a “Brexit” was unlikely. As we now know, that position proved false. Financial markets around the world reacted quickly and sharply to the unexpected news.


The Impact Of 3d Printing On Real Estate, Sean Mashian Jun 2017

The Impact Of 3d Printing On Real Estate, Sean Mashian

Cornell Real Estate Review

One of the most intriguing, and possibly disruptive, technologies now emerging is 3D printing. While still expensive and relatively unpolished, this new method of manufacturing products - from medical devices to airplanes - could be on a path to revolutionize retail, shipping, and the general need for space. Currently, 3D printing is most often used in the real estate industry as a way of creating scale models for new developments. As the technology grows and becomes more commonplace, there may be huge changes coming to real estate from this emerging technology.


State Intervention To (Un)Manage Growth, Laura Snider Jun 2017

State Intervention To (Un)Manage Growth, Laura Snider

Cornell Real Estate Review

The classic dream of moving to a spacious, single-family home in the suburbs has led urban sprawl to become the standard pattern of American growth. Unfortunately, this type of growth—in the aggregate—has created a vast array of unintended consequences. From increased commuting times and traffic congestion to the degradation of ecosystems to the demise of the classic, American “Main Street,” sprawl has left its footprint on many facets of the environment and human life. Sprawl’s harms are often periodic and delayed, thus it is unlikely that the underlying issues causing and exacerbating the harms will ever be ...


Fifteen Years Of Rebuilding The World Trade Center, Matthew Farrell Jun 2017

Fifteen Years Of Rebuilding The World Trade Center, Matthew Farrell

Cornell Real Estate Review

September 11, 2001 stands in history as one of the most tragic days this country has ever known. And nowhere was that tragedy felt more keenly than in New York City, where a senseless act of terrorism claimed the lives of thousands of innocent people and forever altered the city skyline. On that day, all 7 of the original World Trade Center buildings were destroyed, and over 12 million square feet of office space was converted to rubble. Fifteen years later, Ground Zero has undergone a transformation, and vitality and progress honor the memory of those who were taken.


Megachurches: A Growing Community Anchor, Daniel Wright Jun 2017

Megachurches: A Growing Community Anchor, Daniel Wright

Cornell Real Estate Review

Real estate value reflects a factor of risk. Community risk inherently is captured in real estate value and is a composition of such elements as employment, income, and population growth (Carr, et al., 2003). These elements provide tenants to rent space and customers to buy products thereby increasing property value. The inverse, then, is true - that the decline of employment, income, or population will negatively impact value. Employment and population growth are accelerated with anchors. The term “anchor” in real estate denotes a use that provides stability and attraction that ultimately lowers risk and increases value. While there are commercial ...


Do Property Characteristics Or Cash Flow Drive Hotel Real Estate Value? The Answer Is Yes, Crocker H. Liu, John B. Corgel Mar 2017

Do Property Characteristics Or Cash Flow Drive Hotel Real Estate Value? The Answer Is Yes, Crocker H. Liu, John B. Corgel

Center for Hospitality Research Publications

Analysts typically use two types of methods to value hotels: comparable sales and the present value of income (sometimes calculated as discounted cash flow). This report explores whether one model is superior to the other, and whether combining both models results in more precise hotel valuations. This evaluation addresses the issue of which property characteristics and income calculations are the most effective in explaining variation in the prices of hotels, how the descending influence of hotel property characteristics and income present value components determine the prices of hotels, and whether hedonic and income-based models produce similar estimates of hotel values ...


Fourth Quarter 2016: Hotels Are Getting Costlier To Finance, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr. Jan 2017

Fourth Quarter 2016: Hotels Are Getting Costlier To Finance, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr.

Cornell Real Estate Market Indices

Our Standardized Unexpected Price (SUP) metric continued to show positive momentum in the price of large hotels with continued decline in the price of small hotels. Costlier financing for hotels is occurring due in part to lenders’ perceptions of the increasing relative riskiness of hotels compared to other commercial real estate. We expect higher hotel financing costs going forward. Our early warning indicators suggest that prices of large hotels and small hotels should rise during the first quarter of 2017. This is report number 21 of the index series.

Supplemental File: Hotel Valuation Model (HOTVAL) We provide this user friendly ...


The Effect Of A Rise In Interest Rates On Hotel Capitalization Rates, John B. Corgel Nov 2016

The Effect Of A Rise In Interest Rates On Hotel Capitalization Rates, John B. Corgel

Center for Hospitality Research Publications

Capitalization rates for all commercial real estate are affected by changes in the general level of interest rates. Hotel capitalization rates should respond more quickly to interest rate changes than those of other property types because hotels do not experience the “lease friction” found in other commercial properties, with their lengthy leases. This analysis estimates the statistical connection between interest rate changes and cap rates. Holding other important factors constant, the model estimates that at current levels a 100-basis-point increase in the 10-year U.S. Treasury rate will produce a 28-basis-point uptick in hotel capitalization rates. Continuing improvement in the ...