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By Jerod S. Byrd, Rodney G. Clough 

Our fourth-quarter Market Pulse shows key indicators of economic and hotel investment market data, including yield rates, cap rates, and additional forward-looking metrics. Takeaways reflect that equity yields have dropped concurrent with interest-rate increases, keeping discount rates in check. Additional interest-rate hikes remain on the horizon in the coming months, which could shift this dynamic. Future hotel bookings continue to add modest room-rate increases and should keep occupancy strong, bolstered by a high employment rate and healthy economy, which should be sustained through 2019.

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About Jerod S. Byrd

Jerod Byrd, MAI is Managing Director, Senior Partner and Director of Operations of the HVS Philadelphia Consulting and Valuation division. Jerod earned his bachelor’s degree in the hospitality and real estate programs from The University of Memphis and has gained front-line experience in both restaurant and hotel operations. Jerod also gained valuable internship experience with a private real estate equity firm. Jerod travels and works extensively in the mid-Atlantic region. He is a state certified general appraiser. Contact Jerod at (901) 481-3058, or

About Rodney G. Clough

Rod Clough, MAI, is the Senior Managing Director of the HVS Denver office; Rod is also a partner in the HVS Atlanta, Dallas, Houston, Minneapolis, Philadelphia, St. Louis, and Mexico City offices. This group of offices represents over 60 hotel industry professionals and executes over 2,000 assignments a year. Rod has been working in the hospitality industry for 20 years and is a graduate of Cornell's School of Hotel Administration. He is a Designated Member of the Appraisal Institute (MAI) and a state-certified general appraiser. Contact Rod at (303) 443-3933 or Follow Rod on Twitter at: @rodneyclough

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