Natural Occupancy Rates in Hotels

Calculation of natural occupancy rates can assist market analysts in assessing the relationship between supply and demand in a market. In turn, this could help determine whether the market could absorb more supply in the short term and the long term. This paper outlines the procedure for estimating natural occupancy rates within the lodging industry

Development in the ’80s: The Facts of Life After Tax Reform

U.S. hotel development now consists of deals that are built to make money, not tax breaks. Here\u27s a look at the many complications that can beset hotel developers

An Estimate of the Value of a Hotel Management Agreement in Involuntary Termination Settings

The spreadsheet is prepared for use in conjunction with the Cornell University School of Hotel Administration Center for Hospitality Research Report entitled Calculating Damage Awards in Hotel Management Agreement Terminations by Jan A. deRoos and Scott D. Berman. The spreadsheet is provided as an example of an estimate of the value of a HMA as an academic exercise. The individual pages are a methodical approach that follows the outline of the article: Estimate hotel revenues and expenses into the future (first three tabs give 10-year proforma) Estimate fees (next three tabs) Present Value the fees (PV Calcs) Summarize and add any additional losses (last tab) The spreadsheet accommodates an HMA of up to 100 years duration and a termination date in any month

Gearing Up for Guide Dogs: An Exercise Video

According to the World Health Organization (2007), age-related visual impairment is increasing. It is estimated that 65% of people who are visually impaired are over age 50 and 82% of those visually impaired over age 50 are blind (WHO, 2014). • Guide Dogs for the Blind (GDB) is a national training program that serves individuals with blindness or low vision. As a non-profit organization, GDB provides all services free of charge to participants. Training lasts for two weeks with a class size of 6-8 students and instructor/student ratio of 1:2. Participants learn how to perform daily tasks with their dogs and venture out in the community during the on-campus training. • When walking with a guide dog, different upper extremity muscles and postures are adopted. Older adults with low vision may not be in the proper physical condition to meet the strenuous demands of handling a guide dog due to the normal aging process and decreased mobility. • There is an overall lack of research studies regarding muscles used with either a long cane or a guide dog; the project developers supplemented current literature with experts’ opinion from GDB. • Occupational exercises can be integrated into older adults’ daily activities to stretch and strengthen the necessary muscles to handle a guide dog. • Short-term goals of this project are to decrease muscle pain and injury when handling a guide dog and to facilitate older adults’ success in the GDB program. • In the long term, this project may potentially help to increase the eligibility of older adults in preparing and maintaining the physical capability when partnering with a guide dog.https://scholar.dominican.edu/ug-student-posters/1017/thumbnail.jp

Buying High and Selling Low Revisited: The “Quiet Industry”

In summary, while there may be some potential for extraordinary profits from investing in hotels, we believe that the ability to simply buy low and sell high as a result of lodging market cycles or capital market cycles will be greatly diminished in the future. Opportunities to take advantage of noise traders (that is, those whose motivations are based on factors other than the economics of the deal) are gone, and there is no evidence of distressed selling in the current environment, even though the challenges to the industry have been great. Disciplined equity and debt capital, smart underwriting, and broad capital markets will continue to weaken the ability for noise trading to exist in the market for hotels as investment property. Paraphrasing John Houseman’s words in the old Smith Barney advertisement, in today’s lodging market, you have to make money the old fashioned way, you have to earn it

Increasing Occupational Participation of Older Adults with Low Vision Through an Occupation-Based Exercise Video

With the increasingly large population of older adults with low vision, many older adults would benefit from having a guide dog as an assistive device. When walking with a guide dog, different upper extremity muscles and postures are adopted to handle the guide dog. However, older adults with low vision may not be in the proper physical condition to meet the strenuous demands of handling a guide dog due to the normal aging process and decreased mobility. To prevent pain and injury, stretching and strengthening muscles used when handling a guide dog may benefit older adults before entering the Guide Dogs for the Blind (GDB) training program. The objective of the project is to improve older adults’ strength and endurance through the use of an evidence-based, occupational exercise video. The exercises within the video are integrated into daily life activities to promote habituation and adherence to the exercises

Investment Values of Lodging Property: Modeling the Effects of Income Taxes and Alternative Lender Criteria

When taxes and lender criteria are considered, the estimated value of a hotel property can change. The effect of taxes, for instance, may well be to increase to a potential buyer’s bid for a given property

The ADR Rule-Of-Thumb as Predictor of Lodging Property Values

In a positive context, asset valuation models may be judged on the basis of their predictive ability rather than on the number and elegance of the underlying assumptions. The Average Daily Rate (ADR) rule-of-thumb has been used for decades as a quick way of estimating hotel and motel room rates and, more recently, as a simple gross-income multiplier model for predicting values of lodging properties. This study examines how well the ADR rule-of-thumb model predicts property values. The results of our comparative analysis of estimates from the ADR model with those from a hedonic valuation model indicate that the ADR model performs well in the aggregate, but is an inconsistent estimator at various levels of disaggregation, such as when property subsamples were organized by number of rooms, age, occupancy rate and number of restaurants

Investment Values of Lodging Property: Proof of Value for Selected Models

In an earlier article the authors introduced two models that demonstrated the effects of taxes and lender criteria on a property estimated value. Here’s the proof of value for those models

Buying High and Selling Low in the Lodging-Property Market

[Excerpt] In this article we explore the idea that the transaction price may be different for a given lodging property in the case of one buyer and seller pair relative to another. The findings reported here are from a statistical exploration that is made possible by a large database of lodging-property transactions that occurred throughout the United States during the late 1980s and early 1990s. We begin with a discussion of previous research on the influence of buyers and sellers on property prices, then we present the findings from our study and their implications