Steve Rushmore

Consulting Experience

Steve Rushmore is the founder of HVS, a global hospitality consulting organization with 30 offices around the globe. He is focused on future office expansion and new product development outside the United States. Steve has provided consultation services for more than 15,000 hotels throughout the world during his 40-year career and specialized in complex issues involving hotel feasibility, valuations, and financing. He was one of the creators of the Microtel concept and was instrumental in its IPO.

HVS, which Steve founded in 1980, has provided consulting services for thousands of clients in all 50 states and more than 60 foreign countries. Its professional staff of more than 400 industry specialists offers a wide range of services, including market feasibility studies, valuations, strategic analyses, development planning, and litigation support. Through its divisions, HVS supplies unique hotel consulting expertise in the areas of executive search, food and beverage operations, gaming, technology, hotel operations, asset management, marketing, interior design, parking, golf, and investment counseling. HVS is the industry's primary source of hotel sales information. Its databases contain information on more than 13,000 hotel transactions and thousands of financial statements. HVS is also the most comprehensive source of hotel compensation data.

As a leading authority and prolific author on the topic of hotel feasibility studies and appraisals, Steve Rushmore has written all five textbooks and two seminars for the Appraisal Institute covering this subject. He has also authored three reference books on hotel investing and has published more than 300 articles. . Steve lectures extensively on hotel trends and has taught hundreds of classes and seminars to more than 20,000 industry professionals. He is also a frequent lecturer at major hotel schools around the world, including Lausanne, Cornell, Houston, and IMHI.

Steve has a BS degree from the Cornell Hotel School and an MBA from the University of Buffalo. He holds MAI and FRICS appraisal designations and is a CHA (certified hotel administrator). He is a member of numerous hotel industry committees, including IREFAC. In 1999, Steve was recognized by the New York chapter of the Cornell Hotel Society as "Hotelie of the Year.” In his free time, he enjoys skiing, diving, and sailing. He holds a commercial pilot's license with multi-engine instrument rating, collects hotel key tags, and is one of the foremost authorities on regional dining (www.roadfood.com).

Education

BS – School of Hotel Administration, Cornell University

MBA – Graduate School of Business Administration (Finance), University of Buffalo

Affiliations

Appraisal Institute – Member (MAI) (SREA)
– Developer and Instructor, Hotel Investment and Valuation Seminar
– Developer and Instructor, Hotel Computer Valuation Seminar

Royal Institution of Chartered Surveyors (FRICS)

American Hotel & Lodging Association
– Certified Hotel Administrator (CHA)
– Industry Real Estate Financing Advisory Council (IREFAC)

Hotel Brokers International
– Certified Hotel Broker (CHB)

Michigan State University – Honorary Faculty, Honorary Alumnus

Board of Directors – Winthrop-University Hospital

Teaching and Lecture Assignments

Cornell University – Computer Valuation Techniques

Michigan State University – Hotel Management Contracts

University of North Carolina – Hotel Market Studies

University of Virginia – Assessing Hotels

American Arbitration Association – Real Estate Arbitration

American Hotel & Lodging Association – Hotel Obsolescence

Appraisal Institute – Hotel Valuation (over 50 seminars)

International Association of Assessing Officers – Hotel Valuation

Montreal Appraisal Society – Total Project Analysis

Society of Real Estate Appraisers – Lease Seminar

Authored Publications

Books Published

The Valuation of Hotels and Motels
Chicago, IL, American Institute of Real Estate Appraisers, 1978.

Hotels, Motels and Restaurants: Valuations and Market Studies
Chicago, IL, American Institute of Real Estate Appraisers, 1983.

The Computerized Income Approach to Hotel/Motel Market Studies and Valuations
Chicago, IL, American Institute of Real Estate Appraisers, 1990.

Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations
Chicago, IL, Appraisal Institute, 1992.

Hotels and Motels – Valuations and Market Studies
Chicago, IL, Appraisal Institute, 2001.

Articles Published

AAHOA Hospitality
“What Does it Cost to Fly a Flag?” September, 1997

The Appraisal Journal
“Using Total Project Analysis to Compete for Investment Capital,” October, 1975
“The Appraisal of Food Service Facilities,” July, 1980
“Publish and Prosper,” October, 1980
“Valuation of Hotels and Motels for Assessment Purposes,” April, 1984
“Adjusting Comparable Sales for Hotel Assessment Appeals,” July, 1986
“Hotel Business Value and Working Capital: A Clarification,” January, 1987
“Ethics in Hotel Appraising,” July, 1993
“Growth and Development of the Hotel-Motel Industry,” April, 2002

The Appraiser
“Hotel-Motel Appraisal Misconceptions Set Straight,” January, 1979
“No Conventional Financing Available for Hotels: Rushmore,” December, 1979
“Estimating Hotel Land Values Using Comparable Ground Leases,” April, 1980

Bulletin of the Cornell Society of Hotelmen
“Employment Philosophy for a Consulting Practice,” July, 1984

Business Travel News
“A Snapshot of a Classic Recovery,” July, 1995

The Canadian Appraiser
“Hotel/Motel Market Sales Update,” Summer, 1987

Canadian Lodging Outlook
“Hotel Appraisal Myths,” September, 1998
“Making the Ideal Hotel Investment,” July, 2002

Capital Sources for Real Estate
“Stephen Rushmore Discusses the Future of the Lodging Industry,” December, 1994

Cayuga Advisor
“Secrets to Success in Consulting,” October, 1992

Chapter News and Notes
“Quantifying a Hotel’s Business Value,” November, 1979

Cornell Hotel & Restaurant Administration Quarterly
“A Preliminary Market Study,” November, 1974
“How Much is Your Place Worth Today? A Case Study in Hotel – Motel Valuation,”May, 1975
“What Can Be Done About Your Hotel’s Real Estate Taxes?” May, 1977
“The Appraisal of Lodging Facilities,” August, 1978
“The Appraisal of Food Service Facilities,” February, 1979
“The Appraisal of Lodging Facilities – Update,” November, 1984
“Hotel Sales Prices Down More Than 12%,” May, 1991
“Seven Current Hotel Valuation Techniques,” August, 1992
“The Valuation of Distressed Hotels,” October, 1992
“Hotel Lending in the 1990's: Amateurs Beware,” December, 1994
“Investment Values of Lodging Property: Modeling the Effects of Income Taxes and Alternative Lender Criteria,” December, 1995
“Investment Values of Lodging Property: Proof of Value for Selected Models,”February, 1996
“Hotel Value Trends: Yesterday, Today, and Tomorrow,” December, 1997
“Keys and Hotel Security – From Metal to Plastic,” December, 1998

FCI Spec Sheet
“Employment Philosophy for a Consulting Practice,” September, 1984

FIU Review
“Making Alan Greenspan Your Hotel Investment Partner,” Fall, 2001

Florida Hotel & Motel Journal
“Rushmore Reports Rising Hotel Prices,” February, 1995

Global Hospitality Advisor
“Top Market Predictions & Opportunities for Developers,” January, 2001
“Hotel Values After 9/11 – Which way are They Going?” July, 2002
“Outlook 2002: A Roundtable Discussion,” January, 2002
“Outlook 2003: A Roundtable Discussion,” January, 2003

Hospitality Business Review
“Economic Trends in the U.S. Lodging Industry,” Fall, 1999

Hospitality Industry International
“Investing in Luxury Hotels?” December, 1997

Hotel & Motel Management
“Average Rate vs. Project Cost,” May 1, 1974
“How to Increase the Marketability of Your Motel,” April, 1981
“Tougher Lending, Lower Room Rate Hikes On Way?” June, 1981
“What is That Mortgage Loan Going to Cost You?” August, 1981
“How to Perform a Study of Your Property’s Market,” October, 1981
“How do High Interest Rates Affect Your Motel’s Value?” December, 1981
“How to Buy a Feasibility Study That Works for You,” February, 1982
“Settling Lease Conflicts Quickly Through Arbitration,” April, 1982
“Are Casino Hotels Really Worth $500,000 Per Room?” June, 1982
“Discount Rates and Internal Rate of Return,” August, 1982
“Determining a Property’s Extended Life Cycle,” November, 1982
“Using Microcomputers for Forecasting,” December, 1982
“Update on Hotel Development Costs,” January, 1983
“Estimating a Site’s Worth by Finding Its Profit Value,” June, 1983
“Hotel Construction May Be Slowing Down a Little Bit,” April, 1983
“The Investor’s Risk Sways to Prevailing Economic Winds,” August, 1983
“Is Your Property Tax at as Low a Level as it Should Be?” October, 1983
“The Ultimate Guest Room: Could it Ever Exist Anywhere?” December, 1983
“Rushmore Uses Expertise to Create Personal Niche,” January, 1999

Hotel-Motor Inn Journal
“A Preventive Maintenance System for Motels,” March, 1975

HOTELS
“How to Make Money in Today’s Market,” April, 1999
“Structuring Management Contracts,” May, 1999
“Using Cycle Analysis to Increase Your Investment Returns,” June, 1999
“Bad Year For Hotel Values,” July, 1999
“Maybe The Reserve For Replacement Should Be 7% to 11% Of Revenue,”August, 1999
“The Real Cost Of Hotel Franchises,” September, 1999
“Taking Care Of Business,” October, 1999
“Using Hotel Development Cost To Determine Feasibility,” November, 1999
“Even With Overbuilding, Hotel Values Continue To Rise,” January, 2000
“Making Alan Greenspan Your Partner,” February, 2000
“How To Get The Best Sales Price,” March, 2000
“Internet 101: Introduction To Building A Hotel Web Site,” April, 2000
“Mid-Rate Extended-Stay Provides Best Return,” May, 2000
“’e-‘ Is For Employment,” June, 2000
“Good Time To Invest In U.S. Hotels,” July, 2000
“Europe, Asia Values Show Slow To Moderate Growth,” August, 2000
“Bringing Hotel Market Studies Into The 21st Century, September, 2000
“Save With Your Healthcare Program,” October, 2000
“System For Selecting Management Company,” November, 2000
“Six Things To Consider Before Obtaining A Hotel Franchise,” January, 2001
“How To Manage The Lower Returns Of Luxury, 5-Star Hotels,” February, 2001
“The Global Approach To Hotel Valuations,” March, 2001
“Don’t Worry About the Recession,” May, 2001
“What do Hotel Franchises Actually Cost?”, June, 2001
“Timeshare 101,” July, 2001
“Great Time to Own Hotels in the United States,” August, 2001
“Hidden Costs of Franchise Agreements,” October, 2001
“Support Travel, Tourism, Hospitality,” November, 2001
“Terrorist Attack’s Impact on Hotel Values,” January, 2002
“Don’t Overpay for Hotel Sites,” February, 2002
“Development Cost Can Determine Feasibility,” March, 2002
“Disastrous Year for Hotel Values,” April, 2002
“Identifying Distressed Hotel Acquisitions,” May, 2002
“Random Thoughts About the Hotel Industry,” June, 2002
“Separating Lookers from Buyers,” July, 2002
“Making the Ideal Hotel Investment,” August, 2002
“Replacement Cost Crucial Investment Factor,” September, 2002
“Valuing Hotels During Distressed Times,” October, 2002
“Performance Clauses Essential in Contract,” November, 2002

Hotel Valuation Journal
“Hotel Valuation Index Peaks During 1989,” Fall, 1990
“Hotel Development Costs,” Winter, 1991
“Hotel Valuation Index for 1990,” Spring, 1991
“Bad Year for Hotel Sales Prices Confirmed,“ Spring, 1992
“Hotel Sales Prices on the Rise,” Fall, 1994
“United States Hotel Values Climb,” Spring/Summer, 1995
“It's Time for Franchise Reform,” Fall, 1995

HVS International Journal
“Hotel Land Values And The Ground Lease Approach,” January, 2001
“Hotel Values Confirm a Strong Recovery,” June, 1996

Input
“Hotel Appraisal Myths,” Fall, 1998

Institutions/Volume Feeding
“Greater Risk/Greater Profit Potential: Hotel Management Contract,” May, 1973

Lodging Hospitality
“How to Finance Renovation Projects,” January, 1974
“Controlling Your Real Estate Taxes,” July, 1978
“Putting Together a Sound Financial Package,“ December, 1978
“Favorable Outlook for Lodging Values,” December, 1983
“Are Your Property Taxes Too High? (Part I and II),” May and June, 1984
“Hotel Development Costs,” July, 1984
“The Right Management Contract for You,” September, 1984
“Selecting the Firm to Prepare Your Feasibility Study,” October, 1984
“A Quick How-To In Hotel Valuation,” November, 1984
“Updating Lodging Interest Rates,” December, 1984
“Is Your Guest Experience Up to Par?” January, 1985
“How to Perform a Breakeven Analysis,” May, 1985
“Evaluating Operating Performance,” June, 1985
“Hotel Lenders Toughen Underwriting Requirements,” July, 1985
“Don’t Forget the Pre-Opening Agreement,” August, 1985
“Management Companies Should Participate in Financing,” October, 1985
“Current Techniques for Valuing Hotel Land,” November, 1985
“Hotel Development Costs,” December, 1985
“Sourcing Debt Into the 1990’s,” January, 1986
“Hotel Valuation Thumb Rule,” February, 1986
“Value in Use Versus Value in Exchange,” March, 1986
“Stretching Feasibility,” April, 1986
“The Management Question,” May, 1986
“How to Commission a Feasibility Study,” June, 1986
“Macro Trends Affecting Property Values,” July, 1986
“Hotel-Motel Market Sales Update,” August, 1986
“Financing Alternatives: Zero Coupon Mortgages,” September, 1986
“Forecasting Lodging Energy Costs,” October, 1986
“Portfolio Financing a Better Way,” November, 1986
“Profit by Looking at History,” December, 1986
“Why New York Isn’t Overbuilt,” February, 1987
“How to Discourage Hotel Overbuilding: A Case Study,” April, 1987
“Structuring an Incentive Management Fee,” June, 1987
“Franchising Questions and Answers,” July, 1987
“Comparing Hotel Development Costs,” August, 1987
“Understanding Economic Life,” September, 1987
“Prices Rise for Lodging Properties,” October, 1987
“Management Companies Are Key to Success,” November, 1987
“Evaluating a Management Contract Fee Structure,” December, 1987
“Check Profits Before Selecting Hotel Operator,” January, 1988
“It’s a Good Time to Review Your Taxes,” February, 1988
“How to Use a Management Company Rating System,” March, 1988
“Make Sure Management Contracts Contain These Terms,” April, 1988
“Hotel Access and Visibility,” May, 1988
“Chain Sale Strategies,” July, 1988
“Evaluating a Hotel Franchise,” August, 1988
“Evaluating Franchise Fees,” September, 1988
“Opportunities in Economy Lodging,” October, 1988
“How to Obtain a Hotel Mortgage,” November, 1988
“Arbitration in the Hospitality Industry,” December, 1988
“Lodging Development Cost Update,” January, 1989
“Amenities as Profit Builders,” February, 1989
“Hotel Values Mirror the Times,” March, 1989
“Forecasting Revenue and Expenses,” April, 1989
“Real Estate Jargon Made Simple,” May, 1989
“Pricing a Management Contract,” June, 1989
“Trends in Valuation,” July, 1989
“Rescuing the Distressed Hotel,” August, 1989
“Shielding Against Incompetence,” September, 1989
“Hotel Valuation Revisited,” October, 1989
“New Breed of Hard Budgets,” November, 1989
“Figuring Cap Rates,” December, 1989
“A Glance Backward,” January, 1990
“Costs Creeping Up,” February, 1990
“Valuing Distressed Properties,” March, 1990
“Cap and Discount Rates,” April, 1990
“An Open Letter,” May, 1990
“Misconceptions About Appraisals,” June, 1990
“Hotel Values Still Growing,” July, 1990
“Hotel Renovation is Key to ‘90s,” August, 1990
“Time Right for Hotel Leases,” September, 1990
“Getting a Fix on Rates,” October, 1990
“The Wrinkles of Class,” November, 1990
“A Glance Backward,” December, 1990
“The Price Dropoff,” January, 1991
“The Cost Washout,” February, 1991
“Survival of the Fittest,” March, 1991
“Looking Out and Up,” April, 1991
“The Bottom is in Sight,” May, 1991
“The Pitfalls of Liquidation,” June, 1991
“Extra! Extra! Hospitality News,” July, 1991
“The Art of Hotel Renovation,” August, 1991
“No Better Time for a Tax Review,” September, 1991
“No Time for Passivity,” October, 1991
“What a Franchise Really Costs,” November, 1991
“In Case You Hadn’t Heard,” January, 1992
“Negotiation – The Name of the Game,” February, 1992
“Now Could be the Time to Build,” March, 1992
“The Well May Stay Dry,” April, 1992
“Hotel Life Expectancy,” May, 1992
“Hotel Values – What a Downer,” June, 1992
“How to Make Money Now,” July, 1992
“Hotel Chain Class Survey,” August, 1992
“Budget Dining with Rushmore,” September, 1992
“Bookings Up, Rates Will Follow,” October, 1992
“Hospitality Master’s Good Preparation,” November, 1992
“What’s New on the Job Front?” January, 1993
“Where Have All the Hotels Gone?” February, 1993
“Hotel Building Costs Continue to Fall,” March, 1993
“Hotel Values Head Upward,” April, 1993
“The Rise and Fall of Trophy Hotels,” May, 1993
“Hotel Sales and Prices Rebound,” June, 1993
“Third Parties Loosening Purse Strings,” July, 1993
“Beyond Recycling: The Ecotel,” August, 1993
“Time to Reduce Property Taxes,” September, 1993
“Lodging: The Way I See It,” October, 1993
“Choosing an Appraiser,” November, 1993
“Who Needs an Asset Manager?” January, 1994
“Investing by the Numbers,” February, 1994
“Fire Your Staff and Lease Them Back,” March, 1994
“Published Rates Hint at Recovery,” April, 1994
“Now is the Time to Start Building,” May, 1994
“Hotel Values Heading Up,” June, 1994
“Farewell, Friend,” July, 1994
“Sales Prices Creeping Up,” August, 1994
“Selecting Green Hotel Supplies,” September, 1994
“Don’t Write Off Full-Service Hotels,” October, 1994
“Lodging REIT's Are on the Rise,” November, 1994
“Going Back to the Future,” January, 1995
“How much do Managers Make?” March, 1995
“Lodging Transactions Soared in '94,” April, 1995
“Hotel Development Costs on the Rise,” May, 1995
“Hotel Values up Significantly,” June, 1995
“What a Franchise Costs over the Long Term,” July, 1995
“Road Food Part II,” August, 1995
“It's Time for Franchise Reform,” September, 1995
“Extended Stay May Not Extend Your Profits,” October, 1995
“The Year as I See It,” November, 1995
“Cap Rate 101,” January, 1996
“Best Investment Bets for '96,” February, 1996
“Large Hotels Starting to Sell,” March, 1996
“It's Time to Build,” May, 1996
“Hotel Values Confirm a Strong Recovery,” June, 1996
“The Truth About Extended Stay,” July, 1996
“Management Contracts Evolve,” August, 1996
“How Much Should that Loan Cost You?” September, 1996
“Feasibility Studies: Fact or Fiction,” October, 1996
“REITs: The Tenant's Perspective,” November, 1996
“The Ups and Downs of Operating Leverage,” January, 1997
“The Anatomy of a UFOC,” February, 1997
“Road Food, Part 3,” March, 1997
“Record Year for Hotel Sales,” April, 1997
“How Much Does that Franchise Really Cost?” May, 1997
“Occupancy Build-Up Rules Change,” June, 1997
“Hotel Chain Class Survey,” July, 1997
“Next Decade's Hotel Investment Opportunities,” August, 1997
“Values Up for Fifth Straight Year,” September, 1997
“Consolidation and Data Overload,” October, 1997
“New Business Opportunities,” November, 1997
“A Simple Solution to Impact,” January, 1998
“Get Ready for Another Round of Overbuilding,” February, 1998
“Luxury Hotel Buying Spree,” March, 1998
“The Guarantee Payoff,” April, 1998
“Don't Forget Your Waste Audit,” May, 1998
“Look Across the Pond for Acquisition Opportunities,” June, 1998
“Bucking the Hospitality Trend,” July, 1998
“Road Food Part 4,” August, 1998
“How Design Affects Valuation,” September, 1998
“Two Golden Opportunities,” October, 1998
“Why all the Fuss?”, November, 1998
“History is not Repeating Itself,” January, 1999
“Franchisors Starting to Clean up Their Act,” February, 1999

Lodging Unlimited Quarterly
“Let's Support the Work of Smith Travel Research,” January, 1998

Michigan Lodging
“Hotel Development Costs,” January, 1988

The Mortgage and Real Estate Executives Report
“Atlantic City Building Game Involves High Stakes,” August, 1979
“How Interest Rates Affect Real Estate Values,” June, 1982
“Update on Hotel Development Costs,” May 1, 1983

Mortgage Banking
“Have Hotels Reached Their Peak?” July, 1997

Motel-Hotel Insider
“The $100,000 Plus Hotel Room Has Become a Reality,” November 19, 1979
“Update on Hotel Development Costs,” April 4, 1983

Real Estate Digest
“Why Should the Management Team be Important to Hotel Lenders,” Fall, 1988

Real Estate Finance Journal
“What is a Typical Fee for a Hotel Management Contract?” Fall, 1988
“Hotel Franchise Fees,” Winter 1989
“Why the Management Team Should be Important to Hotel Lenders,” Spring, 1989
“Hotel Values and Costs,” Summer, 1989
“Structuring a Hotel Investment,” Fall, 1989
“A Guide for Lenders Holding Distressed Hotel Loans,” Winter, 1990
“Estimating Current Interest Rates for Hotel Financing,” Spring, 1990
“Hotel Valuation Techniques,” Summer, 1990
“Now is the Time to Review Your Hotel’s Property Taxes,” Fall, 1990
“Property Tax Assessments for Hotels and Motels,” Winter, 1991
“Putting Together Hotel Management Agreements - Part I,” Spring 1991
“Putting Together Hotel Management Agreements - Part II,” Summer, 1991
“The 1980s – The Decade of Change,“ Fall, 1991
”An Overview of the Hotel Industry: Past, Present, and Future,“ Spring, 1994
“Recent Trends in Hotel Management Contracts,” Summer, 1996
“Invest with Success: Where are the Future Investment Opportunities in the U.S.Lodging Industry?” Fall, 1996
“Estimating the Current Cost of Hotel Financing,” Winter, 1997
“The Broker vs. the Appraiser: How to Value a Hotel,” Spring, 1997
“Hotel Franchising: How to be a Successful Franchisee,” Summer, 1997
“Economic Trends in the U.S. Lodging Industry,” Winter, 1998

Real Estate Forum
“Casino Hotels Raise Valuation Questions,” November, 1981
Real Estate Investment Ideas
“How Fuel and Energy Shortages Should Affect Investment Decisions in the Hospitality Industry,” March, 1974
“Hotel-Sales Update,” Winter, 1986
“Upward Trend Continues for Sales Price of Hotel-Motel Properties,” May, 1988
“High Prices Paid for Hotel-Motel Properties,” February, 1990

Real Estate Issues
“Employee Compensation for a Consulting Practice,” Fall/Winter, 1985
“Hotel/Motel Market Sales Update,” Spring/Summer, 1987

Real Estate Newsletter
“Computers in Hotel Appraising,” May 15, 1989

Real Estate Review
“Valuing Motels and Hotels in the Current Market,” Fall, 1972
“Dealing With Distressed Hostelry Loans,” Fall, 1975
“The Mortgage Underwriting Consultant Comes of Age,” Fall, 1977
“Real Estate Compensation,” Winter, 1987

Real Estate Workouts and Asset Management
“Stephen Rushmore on Directions in the Hospitality Industry,” September, 1992

Real Values
“Hotel Construction Cost Update,” April, 1986

Restaurant and Hotel Design
”How Much Should the Renovation Be?” March, 1986
“14 Notable Hotel Development Firms,” December, 1987

Rushmore on Hotel Valuation
“Mortgage – Equity,” Winter, 1979
“Atlantic City – From Bust to Boom,” Winter, 1979
“Mortgage – Equity,” Spring, 1979
“Developing Mortgage Data,” Spring 1979
“Gasoline and Market Values, ” Spring, 1979
“Mortgage – Equity,” Fall, 1979
“Quantifying a Hotel’s Business Value,” Fall, 1979
“What Has Happened to Typical Hotel–Motel Development Costs?,” Fall, 1979
“Mortgage–Equity,” Winter, 1980
“Extending Hotel Economic Life Through Renovation,” Winter, 1980
“Estimating Hotel Land Values Using Comparable Ground Leases,” Winter, 1980
“Quantifying the Value of Personal Property to a Going Hotel,” Spring, 1980
“Recent Changes in New York City’s Hotel Market,” Spring, 1980
“Hotel–Motel Economic Lives,” Fall, 1980
“Mortgage – Equity,” Fall, 1980
“Mortgage – Equity,” Winter, 1981
“Developing Mortgage Data,” Winter, 1981
“Statistical Support for Food and Beverage Projections,” Winter, 1981
“Mortgage – Equity,” Spring/Summer, 1981
“Quantifying a Hotel’s Demand,” Spring/Summer, 1981
“A Five-Year Overview of Typical Hotel-Motel Development Costs,” Spring/Summer, 1981
“Mortgage – Equity,” Winter/Spring, 1982
“Update on Hotel Capitalization Rates,” Winter/Spring, 1982
“Mortgage – Equity,” Summer/Fall, 1982
“Are Casino Hotels Really Worth $500,000 Per Room?” Summer/Fall, 1982
“The Hotel-Motel Life Cycle, Summer/Fall, 1982
“Mortgage – Equity,” Winter/Spring, 1983
“Update on Hotel Development Costs,” Winter/Spring, 1983
“The Valuation of Hotels and Motels for Assessment Purposes,” Winter, 1984
“Hotel Capitalization Rates,” Summer, 1984
“Hotel Development Cost Survey,” Summer, 1984
“Selecting a Hotel Management Company,” Fall, 1984
“Hotel Capitalization Rates,” Spring, 1985
“How to Perform a Breakeven Analysis,” Spring, 1985
“Hotel Capitalization Rates,” Winter, 1986
“Hotel Development Costs,” Winter, 1986
“Hotel Valuation Survey,” Winter, 1987
“Impact of New Tax Laws on Hotel Values,” Winter, 1987
“Hotel–Motel Market Sales Update,” Winter, 1987
“Structuring an Incentive Management Fee,” Fall, 1987
“Understanding Your Hotel’s Economic Life,” Fall, 1987
“Hotel Development Costs,” Fall, 1987
“Hotel, Motel Market Sales Update,” Winter, 1988
“Amenity Creep,” Winter, 1989
“Hotel Franchise Fees,” Winter, 1989
“Hotel Valuation Index,” Fall, 1989
“Latest Trends in Hotel Values,” Fall, 1989

Tri-State Real Estate Journal
“Across the Nation: Hotel Sale Prices Escalate on Average,” December 23, 1994

U.S. Real Estate Week
“All-Suites Market Entering Second Phase,” May 4, 1987

Vacation Industry Review
“Interval-HVS Strategic Alliance: An Opportunity For Developers,” September/ October, 1999

Valuation
“Hotel-Motel Market Sales Update,” February, 1987

Valuation Insights And Perspectives
“Hotels and Motels,” Fall, 1996

Computer Software Hospitality Valuation Software
Hotel financial software for room night analyses, income and expense forecasts, and valuation calculations – developed and distributed for the Appraisal Institute

Hotel Franchise Fees Analysis Guide
Analysis of hotel franchise fees and costs

My Articles

Culinary Institute of America

The Culinary Institute of America (CIA) is currently accepting proposals for the development of a parcel of property owned by the college that overlooks the majestic Hudson River in historic Hyde Park, NY.

• August 8, 2018 By Steve Rushmore , Preston K. Puleo

• Hotel Investments & Ownership , Development & Construction

Hotel Value Fundamentals Signal Positive Trend in Transactions and Development in the United States

Is it a buyer’s market, a seller’s market, or simply time to develop?

• July 1, 2013 By Steve Rushmore , Yuxi Zhu

• Hotel Investments & Ownership , Valuations & Market Studies

Steve Rushmore's 2013 NYU Presentation

Hotel Valuation & Transaction Trends For the US Lodging Industry.

• June 3, 2013 By Steve Rushmore

• Valuations & Market Studies , Brokerage & Transactions , Economic Trends and Cycles

2013 United States Hotel Franchise Fee Reference Guide

2013 United States Hotel Franchise Fee Reference Guide

• April 16, 2013 By Steve Rushmore , Jaimie Choi , Teresa Y. Lee

• Hotel Investments & Ownership , Hotel Operations , Asset Management , Sales & Marketing , Hotel Brands , Hotel Companies , Hotel Franchises , Hotel Management , Management Contracts

HVS U.S. Hotel Franchise Fee Guide 2013

A survey of the fees charged by major hotel franchisors in the economy, mid-rate, and first-class market segments. This guide enables hotel owners to easily compare the total cost of one hotel franchise with that of another.

• February 28, 2013 By Steve Rushmore

• Hotel Investments & Ownership , Hotel Operations , Asset Management , Sales & Marketing , Development & Construction , Hotel Brands , Hotel Companies , Hotel Franchises , Hotel Management , Management Contracts

2011 United States Franchise Fee Guide

HVS has just released the 2011 U.S. Hotel Franchise Fee Guide – a survey of the fees charged by major hotel franchisors, which enables hotel owners to easily compare the total cost of one hotel franchise with that of another.

• February 13, 2012 By Steve Rushmore , Michael L. Mele , Chu Y. Xu

• Hotel Franchises

Canadian Monthly Lodging Outlook November, 2011

How to Test Hotel Feasibility -Reprint of Steve Rushmore's August 2011 column in Lodging Hospitality magazine.

• January 9, 2012 By Steve Rushmore

Comparing Same Hotel Across Five Regions

Steve Rushmore's October 2011 column in Lodging Hospitality magazine.

• November 7, 2011 By Steve Rushmore

• Valuations & Market Studies

Overview of the U.S. Lifestyle and Boutique Hotel Market

Steve Rushmore projects the economic future of Lifestyle and Boutiques hotels in the United States. His presentation also compares the financial performance of Boutique Hotels vs. Chain Affiliated normal hotels.

• October 24, 2011 By Steve Rushmore

• Hotel Investments & Ownership , Valuations & Market Studies , Travel & Tourism , Economic Trends and Cycles

How to Test Hotel Feasibility

Steve Rushmore's August 2011 column in Lodging Hospitality magazine.

• September 26, 2011 By Steve Rushmore

• Hotel Franchises

Industry Recovery Ahead of Pace

Steve Rushmore's July 2011 column in Lodging Hospitality magazine.

• August 12, 2011 By Steve Rushmore

Making Sense Of Debt Yield Ratios

Steve Rushmore's June 2011 article for Lodging Hospitality magazine.

• June 27, 2011 By Steve Rushmore

• Valuations & Market Studies

Evaluating the Total Cost of a Hotel Franchise

Steve Rushmore's May 2011 article for Lodging Hospitality magazine.

• June 13, 2011 By Steve Rushmore

• Valuations & Market Studies

2011 NYU Conference Presentation

Steve Rushmore presents his review of rate and recovery, transactions, turnaround and timing at the 33rd Annual New York University International Hospitality Industry Investment Conference.

• June 6, 2011 By Steve Rushmore

• Valuations & Market Studies

Making Sense Of Low Cap Rates

Steve Rushmore's April 2011 article for Lodging Hospitality magazine.

• June 2, 2011 By Steve Rushmore

• Valuations & Market Studies