Gardening Services Chester | 01244 293 002, 2017 Manchester College
Gardening Services Chester | 01244 293 002, Gabriel Miles
Do Property Characteristics Or Cash Flow Drive Hotel Real Estate Value? The Answer Is Yes, 2017 Cornell University School of Hotel Administration
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 ...
Garden Care Manchester, 2017 Selected Works
Garden Care Manchester, Nathan Mason
Gardening Services Liverpool, 2017 Selected Works
Gardening Services Liverpool, Louie Farell
Incomplete Takings, 2017 University of San Diego
Incomplete Takings, Abraham Bell, Gideon Parchomovsky
Incomplete takings are vital and extremely common. Yet, they present unique challenges that cannot be resolved by standard rules of eminent domain. In particular, incomplete, or partial, takings may result in the creation of suboptimal parcels, and even unusable and unmarketable ones. Additionally, partial takings create nettlesome assessment problems that do not arise when parcels are taken as a whole. Finally, incomplete takings engender opportunities for inefficient strategic behavior on the part of the government after the partial taking has been carried out. Current partial takings jurisprudence fails to resolve these problems, and, in some instances even exacerbates them.
Subprime Mortgage Lending As It Relates To The 2007-2009 Financial Crisis, 2017 Liberty University
Subprime Mortgage Lending As It Relates To The 2007-2009 Financial Crisis, Josiah Bardy
The 2007-2009 financial crisis was the worst recession in recent economic history. The financial crisis has been the subject of much academic scrutiny, and many authors have arrived at different conclusions concerning the cause of the crisis and the effects. One of the most interesting real estate investments occurred during the crisis: certain investors and organizations predicted the bursting of the housing bubble and shorted real-estate backed securities, yielding huge profit. This paper will explore the financial crisis as well as the concurrent short selling to gain better understanding of financial markets, economic bubbles and recessions, and real-estate backed securities.
Fourth Quarter 2016: Hotels Are Getting Costlier To Finance, 2017 Cornell University School of Hotel Administration
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 ...
Should I Stay Or Should I Go? How Land Use Regulation Impacts Housing Choice, 2017 Claremont McKenna College
Should I Stay Or Should I Go? How Land Use Regulation Impacts Housing Choice, Parker Mallchok
CMC Senior Theses
Ideally, land use policies correct for negative externalities. However, the barriers they impose on individuals and communities have serious implications. Existing studies on this topic focus on singular, specific areas because land regulation is determined at the local level and varies extensively across the nation. Furthermore, current housing literature focuses on the “norm” of single family housing. This ignores the changing attitudes toward different types of dwellings. My study examines local regulatory environments across the nation by using Gyourko et al. 2008’s Wharton Residential Land Use Regulation Index, which develops a comparative scale for the otherwise impossibly varied regulatory ...
Decomposing The Value Effects Of Sustainable Investment: International Evidence, 2016 University of Guelph
Decomposing The Value Effects Of Sustainable Investment: International Evidence, Avis Devine, Eva Steiner, Erkan Yonder
Capital Expenditures, Asset Dispositions, And The Real Estate Cycle, 2016 The Pennsylvania State University
Capital Expenditures, Asset Dispositions, And The Real Estate Cycle, Brent Ambrose, Eva Steiner
Playing With Real Property Inside Augmented Reality: Pokemon Go, Trespass, And Law's Limitations, 2016 Chapman University School of Law
Playing With Real Property Inside Augmented Reality: Pokemon Go, Trespass, And Law's Limitations, Donald J. Kochan
Donald J. Kochan
The Role Of Reit Preferred And Common Stock In Diversified Portfolios, 2016 Cornell University School of Hotel Administration
The Role Of Reit Preferred And Common Stock In Diversified Portfolios, Walter I. Boudry, Jan A. Deroos, Andrey D. Ukhov
Center for Hospitality Research Publications
While “maximizing returns” is a stated goal of many investors, it is clear that some are more willing than others to embrace risk in their pursuit of those returns. An analysis of risk-return profiles finds that investors see different purposes for real estate investment trust (REIT) common stock and preferred stock depending on their tolerance for risk. Using a utility-based approach and imposing realistic constraints on the investor’s portfolio, this report shows that REIT preferred and common stock provide diversification benefits, but to different sets of investors. Risk tolerant investors find REIT common stock beneficial, while risk averse investors ...
History In Collaboration: Equalizing The Arts And The Humanities In San Francisco, 2016 University of San Francisco
History In Collaboration: Equalizing The Arts And The Humanities In San Francisco, Nicole C. Meldahl
Historically, there has been a critical imbalance in the way history and preservation organizations are civically supported in comparison with the amount of funding that is available to arts organizations in the United States. To correct this imbalance in San Francisco, I propose the creation of a San Francisco Department of Culture that would place the San Francisco Arts Commission equally alongside a San Francisco History Commission within a department that absorbs responsibilities currently managed by other divisions with in city government, such as the Planning Department and the Office and Economic and Workforce Development. City government necessarily takes time ...
Finding The Optimum Point Of Leverage In Real Estate Investment Trusts (Reits), 2016 Loyola Marymount University and Loyola Law School
Finding The Optimum Point Of Leverage In Real Estate Investment Trusts (Reits), Alex B. Stamas
Research & Exhibition
This research expands on the study conducted by Sun, Titman and Twite in 2014 that developed a method of separating pure leverage from the effects of financial conditions by differentiating between debt ratios and maturity structures of debt. Using a broader data set that includes both equity and mortgage REITs and the methodology of Sun, Titman and Twite, this research aims to find the optimum degree of leverage in any set of conditions by examining the amount of pure leverage in equity and mortgage REITs and various market conditions and investment types and ratios. This optimum degree of leverage could ...
Entry-Level Loan Officer Training: A Framework With Sales Oriented Learning Modules, 2016 University of Massachusetts Boston
Entry-Level Loan Officer Training: A Framework With Sales Oriented Learning Modules, Eric Brooks
Instructional Design Capstones Collection
An aging workforce and a shift in strategy calls for a comprehensive training initiative in order to develop entry-level loan officers for a large retail mortgage company. The overall framework for the training initiative is analyzed to identify goals and objectives for learning modules that are well-aligned with stakeholder expectations and business needs. Despite limited access to stakeholders and existing material, three objectives were derived that are well-aligned with the organization’s sales approach. The learning modules developed only cover a portion of the overall training initiative and are designed to be learner-centered and performance-based. Specifically, learners will be able ...
The Effect Of A Rise In Interest Rates On Hotel Capitalization Rates, 2016 Cornell University School of Hotel Administration
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 ...
The Impact Of Publicly Owned Hotels On Competing Properties, 2016 University of Delaware, Newark
The Impact Of Publicly Owned Hotels On Competing Properties, Robert R. Nelson, Jan A. Deroos, Andrey D. Ukhov
Articles and Chapters
Substantial public subsidies, and even outright public ownership, of hotels have become common in the United States as communities target tourism as an integral economic development tool. A critical question that is increasingly being raised about the public sector entering the hotel business is, are these government-funded facilities unfair competition to properties developed by the private sector? The common reply to these concerns is that the publicly owned hotel is critical to growing demand for lodging accommodation and that once it opens, the new hotel will attract enough new business that all hotels will benefit. We use an event study ...
Hotval Toolkit, 2016 Cornell University School of Hotel Administration
Hotval Toolkit, Crocker H. Liu
Center for Real Estate and Finance Tools
Scroll down to "Additional Files" to access the HOTVal Toolkit.
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 ...
Third Quarter 2016: Hotels Exhibit Positive Momentum, 2016 Cornell University School of Hotel Administration
Third Quarter 2016: Hotels Exhibit Positive Momentum, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr.
Cornell Real Estate Market Indices
Our Standardized Unexpected Price (SUP) metric showed an uptick in the price of large hotels during the third quarter of 2016, with a continued decline in the price of small hotels. Although debt and equity financing for hotels were still relatively inexpensive during this quarter, we remain concerned that the increasing relative riskiness of hotels compared to other commercial real estate suggests that lenders will eventually start to tighten hotel lending standards if this trend continues. Our early warning indicators continue to suggest an eventual downward trend in large hotel prices. This is report number 20 of the index series.
The Consequences Of Reit Index Membership For Return Patterns, 2016 Simon Fraser University
The Consequences Of Reit Index Membership For Return Patterns, Andrey Pavlov, Eva Steiner, Susan Wachter
We study the impact of S&P index membership on REIT stock returns. Given the hybrid nature of REITs, their returns may become more like those of other indexed stocks and less like those of their underlying properties. The existing literature does not offer clear predictions on these potential outcomes. Taking advantage of the inclusion of REITs in major S&P indexes starting in 2001, we find that shared index membership significantly increases the correlation between REIT returns after controlling for the stock characteristics that determine index membership. We also document that index membership enhances the link between REIT stock ...