Hotel Online 
News for the Hospitality Executive


advertisement



Cornell Center for Real Estate and Finance Offers New Report Series

To Provide Hotel Real Estate Indices and an Analysis of Gateway Cities


Ithaca, NY, May 21, 2012 - With reports explaining a new series of hotel real estate indices and an analysis of gateway cities, the new report series from the Center for Real Estate and Finance (CREF) at the School of Hotel Administration fills a gap in publications for the hospitality real estate and finance industry. "Our faculty have been actively publishing in the discipline academic journals," observed CREF executive director Jan deRoos. "What we are doing here is to make this valuable research accessible to the industry, students, and other academics." All CREF reports are available at no charge.

New Cornell Hotel Indices will track real estate prices and transactions involving repeat sales

Three new hotel real estate market indices from the Cornell Center for Real Estate and Finance (CREF) will fill a key gap in information about the hotel industry. As explained in a new CREF Report, these indices will monitor real estate transaction price changes in the hotel market for hotels with sale prices of $10 million or more, for hotels selling for less than $10 million, and for hotels involved in repeat sales. The indices will be updated quarterly and are available at no charge through the CREF website, http://www.hotelschool.cornell.edu/industry/centers/cref/reindex/.

Also available at no charge on the CREF website is the report explaining the indices, "Cornell Real Estate Market Indices," by Crocker H. Liu, Adam D. Nowak, and Robert M. White, Jr. Liu is the Robert A. Beck Professor of Hospitality Financial Management at the Cornell School of Hotel Administration, Nowak is an assistant professor at West Virginia University, and White is founder and president of Real Capital Analytics, which is providing data for the indices.

"The hotel industry has needed indices like these for some time, since other commercial property has them and so does residential real estate," commented Jan A. deRoos, CREF executive director and the HVS Professor of Hotel Finance and Real Estate at the School of Hotel Administration. "I want to express my appreciation for our data analyst, Real Capital Analytics, for making these indices possible, and to CoStar for their support. These measures represent a large step up from reports of average transaction prices, because the average price doesn't really tell you what you need to know about real estate transactions."

Cornell Analysis Identifies U.S. Gateway Cities

A groundbreaking analysis has identified eight gateway cities in the United States, based on international enplanements and overall visitation. The new study, "What Is a Gateway City? A Hotel Market Perspective," by Jack Corgel, is available at no charge from the Cornell Center for Real Estate and Finance (CREF).

"We know that international tourism brings in foreign exchange, and hotels located in gateway cities tend to perform more strongly than others, so knowing which cities fit this definition can be valuable for investors," said Corgel, who is the Robert C. Baker Chair of Real Estate at the Cornell School of Hotel Administration. "I used an empirical analysis that compared cities based on two measures of the volume of international travel as compared to the number of available hotel rooms."

Using 2010 figures, the analysis takes into account the number of enplanements and overall visitation by international travelers, as those figures relate to the number of hotel room-nights sold in each particular market. Topping the list of gateway cities are New York and Miami, followed by San Francisco, Honolulu, Los Angeles, Boston, Chicago, and Washington, D.C. Each of these received over 1 million visitors in 2010. Certain cities, notably, Orlando and Las Vegas are major markets for international travelers, but are not considered gateways because they tend not to be the entry point for visitors. Other cities, such as Philadelphia, are entry points for international arrivals, but do not have as large a volume of visitation as the gateway cities.

About The Center for Real Estate and Finance
Established in 2009, the Center for Real Estate Finance provides a platform for educating students, creating new knowledge through research activities, and exchanging information about real estate with a broad set of audiences. CREF is at the forefront of research in all areas of commercial real estate, from the study of the behavior of real estate assets in investment portfolios to an understanding of real estate capital markets to the science of hedging real estate risk. To learn more about CREF, visit www.cref.cornell.edu.


Contact:

Jane Henion
607.254.8987
jmh222@cornell.edu




Receive Your Hospitality Industry Headlines via Email for Free! Subscribe Here
 

 To Learn More About Your News Being Published on Hotel-Online Inquire Here

Also See: Cornell's Center for Hospitality Research Hospitality Tools Series Posts New Items; A New Restaurant Table Tool, a Roundtable Discussion on International Challenges and Opportunities, and a Profile of Schneider Electric's Energy University / May 2012

Cornell Center for Hospitality Research to Present 2012 Hospitality Research & Analytics Award; Honor Recognizing Hospitality Industry Best Practices Driven by Research and Analytics will be Awarded During the Cornell Hospitality Research Summit in October 2012 / May 2012

Cornell Center for Hospitality Research Names 2012 Industry Relevance Award Winners Recognizing Faculty who Have Created a Report or Tool that has had a Significant Impact on the Hospitality Industry / May 2012

New Tool from Cornell Center for Hospitality Research Helps Hotels Communicate Their Green Story; Additional Reports Analyze Corporate Strategies / April 2012

New Reports from Cornell Center for Hospitality Research Focus on Effects of Hotel Strategic Pricing and Financial Benefits of Management Integrity / March 2012

Paula Zahn to Emcee the Cornell Hospitality Icon & Innovator Awards Gala Helping to Honor the Tisch Family, the 2012 Recipients of the Cornell Icon of the Industry Award / February 2012

Tisch Family Named 2012 Recipients of the Cornell Icon of the Industry Award / December 2011

Two New Cornell Center for Hospitality Research Studies Examine How Social Couponing is Working for the Hospitality Industry / Novmeber 2011

Cornell's Hospitality Design Roundtable Aimed to Define the Rapidly Expanding Boutique Hotel Segment and What Customers Want / October 2011

Cornell Research Surveys Restaurant Takeout Operators Regarding Online Ordering and Introduces a Spreadsheet-based Tool Assisting Hotel Managers in Making Strategic Comparisons Among Competitors / September 2011

Cornell Center for Real Estate and Finance Presents HVS Hotel Valuation Software Tool Free of Charge / August 2011

Cornell Center for Hospitality Research Study Finds Customers Give More Credibility to the Green Activities of Large Restaurant Companies When Small Competitors Launch Green Initiatives; Consumers are Skeptical When Large Chains Promote Initiatives in the Absence of These Small Competitors / August 2011

August 2011 Cornell Hospitality Quarterly Features Study of Hotel Guests' Preferences Regarding Sustainability in Hotels / July 2011

Cornell Study Proposes Uniform Sustainability Reporting Framework for the Hospitality Industry / July 2011

Employment Law, Service Innovation, and Brand Management Addressed at the Cornell Center for Hospitality Research Spring Roundtables / May 2011

Cornell Hospitality Research Summit Participants Say that the Focus of Internet Presence Must be on Customer Experiences to Build Your Brand / May 2011

Cornell Hospitality Research Summit Explores the Dimensions of Electronic Distribution and Revenue Management; Chief Thread is Need for Hotels to Establish and Maintain Price Integrity / April 2011

Cornell Study Finds That Well-Designed Hotel Energy Saving Treatments Do Not Diminish the Guest Experience; Study Tested Reduced Television Power Levels and Alterations in Bathroom Lighting in Guest Rooms by Surveying 192 Guests of the Hotel Statler / March 2011

Cornell Report Outlines Six Step Process on How to Develop a Destination Brand; Student Team Created Plan for Marketing and Branding Zambia as a Tourism Destination / January 2011


To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch

Home | Welcome | Hospitality News | Industry Resources

Please contact Hotel.Onlinewith your comments and suggestions.