Patricia Shih

Consulting Experience

Patricia Shih is a Director with HVS New York, harnessing more than 15 years of hospitality experience in the preparation of hundreds of hotel appraisals, feasibility studies, and market studies in the Tri-State area and the Southeast region. Prior to beginning her consulting and valuation career, Patricia spent more than a decade under the Hilton umbrella. She was first a sales representative for the company’s southeastern region. As a liaison for top accounts including the American Cancer Society, Bank of America, and IBM, Patricia was responsible for the placement of groups and events, as well as contract negotiations and problem resolution for group meetings and events (requiring up to 100 peak guestrooms) held at the domestic Hilton family of hotels. Patricia later served as Corporate Sales Manager, responsible for revenue maximization of the corporate transient and group segments at Embassy Suites by Hilton Atlanta Perimeter Center.

She also worked in sales management roles at the 656-room Harvey Hotel and the Harvey Suites - Dallas/Fort Worth International Airport and held a management recruiter position at the 1,842-room Adam’s Mark Hotel in Downtown Dallas. Patricia graduated cum laude from the University of North Texas with a BBA in Strategic Management, emphasis in Organizational Behavior, and is a state-certified general appraiser.

Connect with Patricia on LinkedIn.

Testimonials

"Patricia Shih, Roland de Milleret, and Sandra Myers were great to work with and completed the assignment in a timely manner. Well done!" – Patrick O'Donnell, Esquire Bank

"It's been a pleasure working with HVS and Patricia Shih. She combines in-depth market knowledge with a thorough appreciation for brand, product age, comp set determination and assessment, and sub-market factors that must be fully considered in a valuation. Finally, her report writing and client communication are excellent." – Walker Geyer, Chief Development Officer, MJM Group

"Patricia Shih impresses her with her knowledge and expertise in Charlotte markets. She is a great asset to discuss feasibility of new projects and she does not shy away in calling spade a spade." – Anuj N. Mittal, MJM Group

"Cronheim Hotel Capital works exclusively with hospitality assets and we have come to rely upon the professionals at HVS as one of our preferred sources for valuation. We have confidence in their market knowledge and valuation expertise." – David Turley, Cronheim Hotel Capital

"HVS delivers a very credible final product that helps to advance deals because lenders and investors can rely on the conclusions presented. How is this achieved? HVS provides a wonderful combination of rigorous analysis, pragmatic assumptions, extensive market knowledge, an unparalleled database, responsive and professional associates, fast turnaround times, and a high-quality written product." – Miguel Rivera, Willow Street Capital

"HVS is best practices in the hospitality investment and development industry. They are an essential resource and partner." – George J. Tsunis, CEO Chartwell Hotels, LLC

Employment History

2014 to present
HVS CONSULTING AND VALUATION SERVICES
New York, New York

2006–2014
EMBASSY SUITES ATLANTA-PERIMETER CENTER
Atlanta, Georgia

2003–2006
HILTON WORLDWIDE SALES
Dallas, Texas

2001–2003
HARVEY HOTEL
Irving, Texas

1998–2001
ADAM’S MARK HOTEL
Dallas, Texas

Education

BBA – University of North Texas

Other Specialized Training Classes Completed:
Uniform Standards of Professional Appraisal Practice
Basic Appraisal Procedures
Basic Appraisal Principles
General Appraiser Income Approach (Parts I and II)
General Appraiser Market Analysis and HBU
General Appraiser Site Valuation and Cost Approach
General Appraiser Sales Comparison Approach
Statistics, Modeling and Finance
NC Trainee Supervisor Class
General Appraiser Report Writing and Case Studies
Expert Witness for Commercial Appraisers
Commercial Appraisal Review
Appraisal of REO and Foreclosure Properties
Appraisal of Fast-Food Facilities
Appraisal of Owner-Occupied Commercial Properties
Introduction to Fair Housing and Fair Lending Instruction
Update to Fair Housing and Fair Lending Instruction
Appraisal of Self-Storage
Green Building Concepts
Biennial USPAP Updates

Hotels Evaluated

Sample List for Illustrative Purposes

PORTFOLIO WORK
19 Extended Stay America Hotels, North Carolina
3 Limited-Service Hotels, Jamaica, New York
 
ALABAMA
American Inn, Camden
Quality Inn, Huntsville
TownePlace Suites by Marriott, Huntsville
 
ARIZONA
Millennium Resort Scottsdale McCormick Ranch, Scottsdale
Red Roof Inn Phoenix Airport, Tempe
 
COLORADO
Millennium Harvest House, Boulder
 
CONNECTICUT
Proposed Bridgeport Hotel, Bridgeport
J House, Greenwich
The J House Greenwich, Riverside
Stamford Hotel, Stamford
 
FLORIDA
Rodeway Inn, Apopka
Holiday Inn Express, Bonita Springs
Holiday Inn Express Fort Pierce Sunshine Park, Fort Pierce
Quality Inn, Jacksonville
Maingate Lakeside Resort, Kissimmee
Nautilus a SIXTY Hotel, Miami Beach
Great Value Suites, Orlando
Hampton Inn International Drive/Convention Center, Orlando
Homewood Suites by Hilton International Drive/Convention Center, Orlando
Sunstyle Suites, Orlando
Quality Inn, Pensacola
Super 8, Pensacola
 
GEORGIA
Holiday Inn Express Hotel & Suites, Acworth
La Quinta Inn, Acworth
Courtyard by Marriott, Albany
Hyatt Place, Alpharetta
Days Inn & Suites Atlanta Six Flags, Atlanta
Four Seasons Atlanta, Atlanta
Home2 Suites by Hilton Cartersville, Cartersville
La Quinta Inn & Suites, Calhoun
Motel 6, Calhoun
Residence Inn by Marriott, Columbus
Days Inn, Forsyth
Holiday Inn Express, Forsyth
Hyatt Place, Norcross
Hotel 400, Roswell
Hampton Inn Atlanta/Stone Mountain, Stone Mountain
Courtyard by Marriott, Valdosta
 
KENTUCKY
Microtel Inn & Suites, London
Proposed Courtyard by Marriott, Somerset
 
ILLINOIS
Millennium Knickerbocker Hotel, Chicago
 
MARYLAND
Homewood Suites by Hilton Columbia/Laurel, Laurel
 
MINNESOTA
Millennium Hotel, Minneapolis
 
NEW JERSEY
Super 8 by Wyndham, Asbury Park
Courtyard by Marriott Basking Bridge, Basking Ridge
Proposed Hotel Belleville, Belleville
Bridgewater Marriott, Bridgewater Township
Colts Neck Inn Hotel, Colts Neck
Embassy Suites by Hilton Newark Airport, Elizabeth
Home2 Suites by Hilton Hasbrouck Heights, Hasbrouck Heights
Delta Hotels Woodbridge, Iselin
Proposed Holiday Inn Express Linden, Linden
Proposed Hotel, Linden
Rodeway Inn Capri, Little Ferry
The MC Hotel, Autograph Collection, Montclair
Courtyard by Marriott Newark Downtown, Newark
DoubleTree by Hilton Newark Penn Station, Newark
Fairfield by Marriott Newark Liberty International Airport, Newark
Best Western Premier NYC Gateway Hotel, North Bergen
Meadowlands View Hotel, North Bergen
Proposed North Bergen Hotel, North Bergen
Hampton by Hilton Ridgefield Park, Ridgefield Park
Hilton Garden Inn Ridgefield Park, Ridgefield Park
Proposed Hotel Secaucus, Secaucus
 
NEW YORK
Holiday Inn Express Albany Downtown, Albany
Bay Shore Inn, Bay Shore
7 Days Hotel Bronx, Bronx
Baychester Motel, Bronx
Best Western Plus Stadium Inn, Bronx
Proposed Bronx Hotel, Bronx
Proposed Limited-Service Hotel, Bronx
Proposed Super 8 by Wyndham Bronx Near Stadium, Bronx
Ramada by Wyndham Bronx Terminal, Bronx
Wheeler Hotel Bronx, Bronx
1 Hotel Brooklyn Bridge, Brooklyn
Ascend Collection Union Hotel Brooklyn, Brooklyn
Baltic Huis, Brooklyn
Best Western Brooklyn-Coney Island Inn, Brooklyn
Dual-Brand Ramada Inn/Red Roof Inn, Brooklyn
EVEN Hotel Brooklyn, Brooklyn
GLo Best Western Brooklyn NYC, Brooklyn
Henry Norman Hotel, Brooklyn
The L Hotel, Ascend Hotel Collection, Brooklyn
LOOK Red Hook, an Ascend Hotel Collection Member, Brooklyn
NU Hotel, Brooklyn
Proposed Best Western Brooklyn, Brooklyn
Proposed Bogart Hotel, Brooklyn
Proposed Boutique Hotel Eckford Street, Brooklyn
Proposed Dual-Branded Hotel Brownsville, Brooklyn
Proposed Hotel 42, Brooklyn
Proposed Hotel – Brooklyn, Brooklyn
Proposed Hotel Brooklyn Pennsylvania Ave, Brooklyn
Proposed Hotel Brooklyn Pitkin Avenue, Brooklyn
Proposed Hotel North Henry Street, Brooklyn
Proposed Marriott Autograph Hotel, Brooklyn
Proposed Monumental Hotel Brooklyn, Brooklyn
Proposed TownePlace Suites by Marriott, Brooklyn
The William Vale, Brooklyn
Holiday Inn LaGuardia Airport, Corona
Marriott LaGuardia Airport, East Elmhurst
Courtyard by Marriott Republic Airport Long Island, Farmingdale
Proposed Hampton Inn Farmingdale, Farmingdale
Proposed Hotel Farmingdale, Farmingdale
TownePlace Suites Republic Airport Long Island/Farmingdale, Farmingdale
Marco LaGuardia Hotel & Suites by Lexington, Flushing
Proposed Hotel Flushing, Flushing
Dual-Branded Courtyard and Fairfield Inn & Suites by Marriott New York Queens/Fresh Meadows, Fresh Meadows
Garden City Hotel, Garden City
Proposed AC Hotel Roosevelt Field, Garden City
Proposed Hotel, Hampton Bays
Proposed Hampton Inn & Suites, Huntington
Proposed Hampton Inn by Hilton, Jamaica
Proposed Hilton Garden Inn at Jamaica Station, Jamaica
Proposed Jericho Hotel, Jericho
Proposed Residence Inn, Jericho
Home2 Suites by Hilton New York Long Island City Manhattan View New York, Long Island City
The Local Hostel Long Island City, Long Island City
Hotel Vetiver, Long Island City
The Local NYC, Long Island City
The Modernist Hotel, Long Island City
Proposed Ascend Hotel Collection Hotel, Long Island City
Proposed LIC Hotel, Long Island City
Proposed Tryp by Wyndham Long Island City, Long Island City
Super 8, Long Island City
Proposed Ferncliff Hotel, Melville
Proposed Residence Inn by Marriott, Melville
Hero Beach Club, Montauk
102 Greenwich Street Hotel, New York
1Hotel Central Park, New York
AC Hotel New York Downtown, New York
AKA Central Park, New York
AKA Times Square, New York
Allen Hotel, New York
Aloft Harlem, New York
Andaz Wall Street, New York
Arlo Midtown, New York
Arlo NoMad, New York
Beekman A Thompson Hotel New York, New York
Best Western Bowery Hanbee Hotel, New York
Bryant Park Hotel, New York
Carlyle A Rosewood Hotel New York, New York
Carvi Hotel New York, New York
Club Quarters Hotel Grand Central, New York
Club Quarters Hotel Wall Street, New York
Comfort Inn Midtown West, New York
Conrad New York Midtown, New York
Courtyard New York Downtown Manhattan Financial District, New York
DoubleTree by Hilton New York Times Square South, New York
Edition New York, New York
Element New York Times Square, New York
Fairfield by Marriott New York Manhattan/Times Square, New York
Former Hilton Times Square, New York
Graduate Roosevelt Island New York, New York
Hampton by Hilton Manhattan Chelsea, New York
Hampton by Hilton Manhattan Downtown Financial District, New York
Hampton by Hilton Manhattan Madison Square Garden Area, New York
Hampton Inn Manhattan/Downtown Financial District, New York
High Line Hotel, New York
Hilton Garden Inn Central Park South, New York
Hilton Garden Inn New York Manhattan Midtown East, New York
Holiday Inn Express Manhattan Midtown West, New York
Holiday Inn Express New York City-Wall Street, New York
Holiday Inn Manhattan-Financial District, New York
Holiday Inn New York City-Wall Street, New York
Hotel @ Fifth Avenue, New York
Hotel Central Times Square, New York
Hotel Nyma, New York
Hyatt Centric Times Square New York, New York
Hyatt Place New York City Times Square, New York
Joie De Vivre Hotel 50 Bowery New York, New York
Langham New York Fifth Avenue, New York
La Quinta Inn & Suites by Wyndham Times Square South, New York
Martinique New York on Broadway Curio Collection by Hilton, New York
Moxy NYC Downtown, New York
NYMA (New York Manhattan Hotel), New York
Pod 39, New York
Proposed AC Hotel New York Downtown, New York
Proposed Aloft West 28th Street, New York
Proposed Dual-Branded Courtyard and Residence Inn by Marriott Manhattan/Downtown Financial District, New York
Proposed Fifth Avenue Hotel, New York
Proposed Hotel 11th Avenue, New York
Proposed Le Meridien Fifth Avenue, New York
Proposed Margaritaville Hotel, New York
Proposed Mixed-Use Development at Penn Plaza, New York
Proposed Staybridge Suites, New York
Proposed Virgin Hotel, New York
Radisson Hotel New York Midtown Fifth Avenue, New York
Renaissance New York Midtown Hotel, New York
Residence Inn By Marriott New York Downtown Manhattan Financial District, New York
Riff Downtown (Closed), New York
Ritz-Carlton New York NoMad, New York
Roger New York, New York
Sheraton Tribeca New York, New York
SoHo 54 Hotel, New York
SpringHill Suites by Marriott New York Manhattan Midtown Fifth Avenue, New York
The Hotel at Fifth Avenue, New York
The Standard High Line, New York
TownePlace Suites by Marriott New York Manhattan Chelsea, New York
W New York – Downtown, New York
Wyndham Garden Chinatown, New York
Steinway Hotel, Queens
Wyndham Garden LaGuardia South, Rego Park
Ramada by Wyndham Rockville Centre, Rockville Centre
The Pridwin Hotel, Shelter Island
Westchester Marriott, Tarrytown
Red Roof Inn Long Island Garden City, Westbury
Hyatt House, White Plains
Proposed Holiday Inn Express & Suites, Woodside
 
NORTH CAROLINA
Quality Inn, Albemarle
Country Inn & Suites by Carlson Asheville West Biltmore Estate, Asheville
Courtyard by Marriott, Asheville
Proposed Holiday Inn & Suites Biltmore, Asheville
Proposed Moxy Hotel Downtown Asheville, Asheville
Quality Inn, Battleboro
Proposed Autograph by Marriott, Bright’s Creek
Aloft Charlotte Uptown at the EpiCentre, Charlotte
The Ballantyne Hotel, Charlotte
Courtyard by Marriott Charlotte South Park, Charlotte
Days Inn Charlotte/Woodlawn, Charlotte
DoubleTree by Hilton Charlotte Airport, Charlotte
Embassy Suites by Hilton Ayrsley, Charlotte
Embassy Suites Charlotte Concord Golf Resort & Spa, Charlotte
Four Points by Sheraton, Charlotte
Hampton Inn Charlotte University Place, Charlotte
Hilton Charlotte University Place, Charlotte
Holiday Inn Express Hotel & Suites Charlotte North, Charlotte
Home2 Suites by Hilton Charlotte Uptown, Charlotte
Hyatt Place Arrowood, Charlotte
Hyatt Place Charlotte Airport/Tyvola Road, Charlotte
Hyatt Place Charlotte Downtown, Charlotte
InTown Suites Extended Stay Living University, Charlotte
MainStay Suites Charlotte Arrowood, Charlotte
Proposed Aloft, Charlotte
Proposed Best Western Premier Charlotte Airport, Charlotte
Proposed Charlotte Airport Area Hotel, Charlotte
Proposed Courtyard/Residence Inn Dual-Branded Hotel, Charlotte
Proposed Design Center of the Carolinas Hotel, Charlotte
Proposed EVEN, Charlotte
Proposed Hotel Charlotte Plaza Midwood, Charlotte
Proposed InterContinental, Charlotte
Proposed Residence Inn by Marriott, Steele Creek/Charlotte
Proposed Uptown Charlotte Hotel, Charlotte
Residence Inn by Marriott Charlotte Northlake, Charlotte
Rodeway Inn, Charlotte
Sleep Inn, Charlotte
Holiday Inn Express & Suites Cherokee Casino, Cherokee
Fairfield Inn & Suites by Marriott Dunn I-95, Dunn
Marriott Research Triangle Park, Durham
Millennium Hotel, Durham
Quality Inn & Suites Medical Park, Durham
Comfort Inn, Fayetteville
Proposed Select-Service Hotel, Fayetteville
Suburban Extended Stay, Fayetteville
TownePlace Suites by Marriott, Fayetteville
Value Place, Fayetteville
TownePlace Suites by Marriott, Goldsboro
Hampton Inn Greensboro Airport, Greensboro
Holiday Inn Express Hotel & Suites Greensboro East, Greensboro
Holiday Inn Greensboro Airport, Greensboro
Home2 Suites by Hilton, Greensboro
Proposed Westin, Greensboro
Residence Inn by Marriott Greensboro Airport, Greensboro
Suburban Extended Stay, Greensboro
Wingate by Wyndham, Greenville
Conversion to Four Points by Sheraton, Huntersville
Country Inn & Suites by Carlson, Huntersville
Hampton Inn & Suites, Huntersville
Suburban Extended Stay Camp LeJeune, Jacksonville
Proposed Holiday Inn Express, Lumberton
InTown Suites, Matthews
Jameson Inn, Monroe
Wingate Inn, Mooresville
Hyatt House Raleigh Durham Airport, Morrisville
Candlewood Suites, New Bern
Hampton Inn, New Bern
SpringHill Suites by Marriott, New Bern
Hampton Inn Brevard, Pisgah Forest
Holiday Inn Express Hotel & Suites, Reidsville
Comfort Suites, Rockingham
Quality Inn, Rockingham
Hampton Inn, Sanford
Fairfield Inn & Suites by Marriott, Smithfield
Hampton Inn Sneads Ferry North Topsail Beach, Sneads Ferry
Holiday Inn Express, Sneads Ferry
Best Western, Southern Pines
Wingate by Wyndham, Southport
Holiday Inn Express & Suites, Statesville
Comfort Inn, Sylva
Magnuson Hotel, Washington
Value Place, Wilmington
Proposed Hyatt Place, Winston-Salem
 
OHIO
Proposed Hotel, Bellefontaine
Ramada Cleveland Airport West, Cleveland
Econo Lodge, Franklin
Holiday Inn Express, Marion
Holiday Inn Express, Sunbury
 
SOUTH CAROLINA
Proposed Hotel, Columbia
Courtyard by Marriott Greenville Haywood Mall, Greenville
Hilton, Greenville
Hilton Garden Inn, Greenville
Hyatt Place Greenville Haywood, Greenville
Proposed Greenville Legacy Suites, Greenville
Savannah Suites, Greenville
Baymont Inn & Suites, Greenwood
Hawthorne Suites by Wyndham, North Charleston
Crown Inn, Orangeburg
Palmetto Inn & Suites, Orangeburg
Proposed SpringHill Suites by Marriott, Orangeburg
Quality Inn & Suites, Orangeburg
 
TENNESSEE
Motel Sleepers, Chattanooga
Proposed Limited-Service Hotel, Chattanooga
Days Inn, Gatlinburg
Motel 6, Gatlinburg
Courtyard by Marriott Cedar Bluff, Knoxville
Residence Inn Knoxville Cedar Bluff, Knoxville
 
VIRGINIA
Proposed Staybridge Suites, Charlottesville
InTown Suites Chesapeake/Greenbrier, Chesapeake
Comfort Inn, Farmville
Crowne Plaza Dulles Airport, Herndon
Holiday Inn Express, Pounding Mill
Country Inn & Suites by Carlson, Richmond
South Boston Inn, South Boston
The Inn at Wise, Wise
Comfort Suites, Wytheville

My Articles

The Continued Evolution of Newark, New Jersey

Newark, New Jersey, has been undergoing gradual revitalization efforts during the last roughly 15 years. The city has been gaining recognition given the ease of access to Manhattan and within New Jersey, the newly renovated Newark Liberty International Airport, and waterfront areas along the Passaic River and Newark Bay.

• August 13, 2024 By Patricia Shih

• Development & Construction , Travel & Tourism , Convention, Sports, Entertainment , Economic Trends and Cycles , Mixed Use , Newark , New Jersey , United States , North America

Takeaways from the 2024 Boutique Hotel Investment Conference by BLLA: Reviving the Spirit of Boutique Hotels

FIAF Florence Gould Hall Theater was bustling in early June with another successful Boutique Hotel Investment Conference. Kudos to the BLLA team for executing a great event! This article presents some key takeaways from HVS attendees Patricia Shih (HVS Consulting & Valuation) and Marcus Lee (HVS Asset Management & Advisory).

• June 13, 2024 By Marcus R. Lee , Patricia Shih , Lizzette Casarin

• Lending , Brokerage & Transactions , Economic Trends and Cycles , Hotel Management , United States , North America

Post-Pandemic Momentum in Manhattan

The Manhattan market was severely affected by the COVID-19 pandemic but has been experiencing a rebound, primarily driven by strong gains in average rate over the last three years. Legislative and supply changes are expected to positively affect hotel market trends going forward, and our demand forecast shows a rebound beyond 2019 levels by 2025.

• February 22, 2024 By Roland deMilleret, MAI , Patricia Shih

• Hotel Operations , Development & Construction , Convention, Sports, Entertainment , Economic Trends and Cycles , COVID-19 , New York , New York , United States , North America

Brooklyn Continues to Blossom in the Post-Pandemic Period

All five New York City boroughs were heavily affected by the COVID-19 pandemic. The strength of Brooklyn as a commercial center is partly attributed to the downtown core, distinct neighborhoods, public green spaces, and ease of access to/from Manhattan. These factors, combined with the availability of developable land, have continued to boost the Brooklyn market, especially in the post-pandemic period.

• January 18, 2024 By Patricia Shih

• Development & Construction , Technology , Brokerage & Transactions , Economic Trends and Cycles , New York , New York , United States , North America , New York City

Bringing New Energy to The Meadowlands in Northern New Jersey

The Meadowlands development in northern New Jersey features the Meadowlands Sports Complex, with the MetLife Stadium as a centerpiece, and hosts numerous major companies. This development is anticipated to strengthen its presence going forward with the addition of a convention center.

• September 21, 2023 By Patricia Shih

• Development & Construction , Travel & Tourism , Convention, Sports, Entertainment , Economic Trends and Cycles , Mixed Use , New Jersey , United States , North America , East Rutherford , Carlstadt , Little Ferry , Lyndhurst

Major Residential Developments and Remote Work Trends Lead to New Era for the Bronx

The Bronx’s distance from Manhattan and limited attractions have historically lacked appeal to people relocating to or within New York City. However, the availability of land, particularly along waterfront areas, and lower rent pricing have become catalysts for development over the last several years, bolstered by the popularity of the hybrid work model resulting from the COVID-19 pandemic. Continued gradual growth, coupled with increasing desirability, has created a resurgence for the Bronx.

• September 2, 2022 By Patricia Shih

• Hotel Operations , Development & Construction , Travel & Tourism , Economic Trends and Cycles , COVID-19 , New York , New York , United States , North America