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

Ithaca, NY, August 22, 2011 – The Cornell Center for Hospitality Research (CHR) in conjunction with the Cornell Center for Real Estate and Finance (CREF) is pleased to announce the recent update of the most-often-downloaded and widely used tool on the CHR site, the Hotel Valuation Software (HVS), Version 3. The HVS tool, which has had more than 6,600 user downloads thus far, now takes advantage of the latest computer hardware and software capabilities, adds new functionality and flexibility, and reflects current industry valuation practice. Both the new HVS tool and the former classic tool are available at no charge from CHR at

Developed by industry icon and hotel valuation pioneer Steve Rushmore, president and founder of HVS, and Jan DeRoos, HVS Professor of Hotel Finance and Real Estate and executive director of the Center for Real Estate and Finance, the tool replicates the software actually used by HVS to perform its hotel market studies and valuations worldwide.

"Over the years, Jan and I have been collaborating on the development and enhancement of Hotel Valuations Software," explains Rushmore. "This is a set of three innovative programs used by thousands of industry professionals to perform hotel market studies, financial projections, and valuations.

"This update represents a significant enhancement in its analytical capabilities and functionality by incorporating numerous upgrades–the ability to alter the projection period, value using debt coverage, and mortgage yields." Rushmore continues: "As a service to our industry, we provide the HVS tool free of charge so hotel owners, lenders, and operators can make educated and sound financial judgments."

According to deRoos, "The HVS tool is the only valuation software that is developed through the collaboration of the leading hotel school and the leading hotel consulting and services organization. Now in its third edition, the Hotel Valuation Software provides owners, investors, lenders and students a way to produce precise forecasts of hotel performance and to estimate value."

He adds: "The programs provide a user-friendly set of tools that are founded on economic principles and contemporary modeling techniques. Steve and I see the Hotel Valuation Software as our way to 'pay it forward' to the industry that has been so generous to us."

About HVS
A partner of the Center for Hospitality Research and a Founding Industry Fellow of the Center for Real Estate and Finance, HVS provides global consulting and valuation services for the hotel, restaurant, gaming, and leisure industries. Founded in 1980 by Steve Rushmore, author of The Valuation of Hotels and Motels and a pioneer in consulting and appraisal methodology for the hospitality industry, HVS offers a wide range of specialties including: valuation of hotels and resorts, executive search, investment banking, hotel management, gaming services, food and beverage services, hotel parking consulting, asset management, golf services, sales and marketing, interior design, shared-ownership services, spa consulting, eco services, and appraisals and consulting for convention, sports, and entertainment facilities. HVS' hotel and hospitality experts consistently generate a wide variety of articles, studies, and publications on all aspects of the industry, and the firm is represented at most of the major annual hotel industry conferences throughout the world.

HVS is client driven, entrepreneurial, and dedicated to providing the best advice and services in a timely and cost efficient manner. Learn more at

About the Cornell Center for Real Estate and Finance
The Center for Real Estate and Finance was established as the intellectual home of the real estate discipline at Cornell University. Building on a 30-year tradition of excellence in hospitality real estate, the Center has added faculty, facilities, and foundations to become one of the world's premier real estate education and research institutions. The Center's mission is to be a leader in commercial real estate education, research, and knowledge.

The CREF is supported by the following Industry Fellows: Abacus Lodging Investors, Archon Hospitality, Atlantic Pacific Companies, Chartres Lodging, Hersha Hospitality Trust, Hilton Worldwide, HVS, Jones Lang LaSalle Hotels, LaSalle Hotel Properties, Marquette Real Estate Group, Marriott International, National Realty and Development Corporation, Prudential, Real Capital Analytics, Sawyer Realty Holdings, Spring Bay Property Company, Starwood Capital Group, Sunstone Hotel Investors, W Holdings, and Westbrook Partners.

Thanks to the support of the CHR partners listed below, all publications posted on the center's website are available free of charge, at

About The Center for Hospitality Research

A unit of the Cornell School of Hotel Administration, The Center for Hospitality Research (CHR) sponsors research designed to improve practices in the hospitality industry. Under the lead of the center's 76 corporate affiliates, experienced scholars work closely with business executives to discover new insights into strategic, managerial and operating practices. The center also publishes the award-winning hospitality journal, the Cornell Hospitality Quarterly. To learn more about the center and its projects, visit


The Cornell School Of Hotel Administration
537 Statler Hall
USA - Ithaca, NY 14853
Phone: 607-255-9780

Jane Henion

 Leora Lanz

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