Kasia M. Russell, MAI

Consulting Experience

A Managing Director, Senior Partner, and head of HVS’s office in Portland, Oregon, Kasia Russell, MAI is a powerhouse of hotel expertise, providing clients with appraisals and analyses that form the cornerstone for good decisions. Clients including independent investors, hotel owners and management companies, and major banks depend on Kasia’s expertise, attention to detail, and professional conviction on assignments, including hotel appraisals, market studies, and feasibility studies for proposed hotels. Since joining HVS in 2006, Kasia has orchestrated hundreds of hotel assignments nationwide, with a focus on hospitality markets across the Pacific Northwest.

In addition to her consulting and valuation work for hotels, resorts, and mixed-use assets, Kasia has represented HVS at several major hotel industry events, also having hosted the HVS Market Connections event in Portland in 2016. Kasia has also written on the dynamics, demand generators, and hotel-supply shifts in the Portland, Seattle, Minneapolis, and Phoenix lodging markets. Kasia earned her bachelor's degree from Western Washington University; she has front-line hotel experience with a variety of hotels, casinos, and resorts throughout the state of Washington.

Kasia loves to spend time in the mountains of the Pacific Northwest with her husband and three young daughters. Their trekking takes them through the wilds of Mt. Adams and Mt. Hood, which lie on neighboring sides (in Washington and Oregon, respectively) of the Columbia River. In the city, Kasia, Matt, Olivia, Winnie, and Reese often seek out local and visiting performers in concert. Along with experimenting with Polish, Chinese, Indian, Italian, and Spanish cuisines in the kitchen at home, the family also enjoys the local “farm to fork” dining.

Employment History

2006 – Present
HVS CONSULTING AND VALUATION SERVICES
Boulder, Colorado

2005 – 2006
SKAGIT VALLEY CASINO RESORT
Bow, Washington

2003 – 2004
HOTEL BELLWETHER
Bellingham, Washington

Education

WESTERN WASHINGTON UNIVERSITY
Bachelor of Arts

Other Specialized Training Classes Completed:

Uniform Standards of Professional Appraisal Practice – 15 hours
Basic Appraisal Procedures – 30 hours
Basic Appraisal Principles – 30 hours
General Appraiser Income Approach – 60 hours
General Appraiser Market Analysis and HBU – 30 hours
General Appraiser Sales Comparison Approach – 30 hours
General Appraiser Site Valuation and Cost Approach – 30 hours
Business Practices and Ethics – 8 hours
Statistics, Modeling and Finance – 15 hours
General Appraiser Report Writing and Case Studies – 30 hours
Advanced Income Capitalization – 40 hours
Report Writing and Valuation Analysis – 40 hours
Small Hotel Valuation – 7 hours
Fundamentals of Separating Real, Personal Property, and Intangible Business Assets – 15 hours
Advanced Market Analysis and Highest & Best Use – 35 hours
Advanced Concepts & Case Studies – 40 hours
General Demonstration Appraisal Report Writing (Demo)
OR Supervisor/Trainee Class – 4 hours
Advanced Income – 35 hours
CA Laws and Regulations – 4 hours
Nevada Law – 4 hours
Mortgage Fraud – 7 hours
Oddball Appraisals – 7 hours
Business and Equipment Values in a Real Estate Appraisal – 2 hours
Advanced Hotel Appraising – Full-Service Hotels – 7 hours
Annual USPAP Updates

State Certification

Alaska
Arizona
California
Hawaii
Idaho
Nevada
Oregon
Utah
Washington

Affiliations

Appraisal Institute – Designated Member (MAI)

Hotels Appraised

Sample List for Illustrative Purposes

PORTFOLIO ANALYSIS
JPMorgan Portfolio of 6, Various Locations
JPMorgan Portfolio of 9, Various Locations
Natixis Portfolio of 14, Various Locations
Quarterly Clarion Portfolio of 47, Various Locations
Portfolio of 14 Shilo Inns, Various Locations in the Western U.S.

ALABAMA
Homewood Suites, Huntsville
Comfort Inn, Prattville
Courtyard by Marriott, Prattville
Proposed Homewood Suites, Prattville

ALASKA
Coast International Inn, Anchorage
Proposed Home2 Suites, Anchorage

ARIZONA
Carefree Resort (Conversion to DoubleTree), Carefree
Red Roof Inn, Chandler
Best Western, Cottonwood
Hilton Phoenix East, Mesa
Arizona Grand Resort, Phoenix
Country Inn & Suites, Phoenix
Crowne Plaza, Phoenix
Hilton Garden Inn Airport North, Phoenix
Hyatt Regency, Phoenix
Red Roof Inn, Phoenix
Sheraton Phoenix Downtown, Phoenix
Travelodge, Phoenix
Holiday Inn Express, Show Low
Proposed Hilton Garden Inn/Home2 Suites by Hilton, Tempe
Ramada, Tempe
Red Roof Inn Phoenix Airport, Tempe
Proposed Best Western, Topock
Holiday Inn Express, Tucson
Holiday Inn Express, Winslow

CALIFORNIA
Proposed Fairfield Inn & Suites, Alameda
Hotel Menage, Anaheim
Proposed Azusa Hotel, Azusa
Proposed Hampton Inn, Buena Park
Crowne Plaza, Burlingame
Residence Inn by Marriott, Corona
Residence Inn, Cupertino
Courtyard by Marriott, Fairfield
Courtyard Airport, Fresno
Radisson, Fresno
Residence Inn Anaheim/Garden Grove, Garden Grove
Proposed Hilton Garden Inn, Irvine
La Jolla Inn (Conversion to Ascend Collection), La Jolla
Proposed Select-Service Hotel, Lake Havasu
Homewood Suites, La Quinta
Proposed Hilton Garden Inn, Lompoc
Proposed Hampton Inn & Suites Korea Town, Los Angeles
Proposed Hotel, Los Angeles
The Standard Hotel, Los Angeles
Proposed Residence Inn by Marriott, Mammoth Lakes
Belamar Hotel, Manhattan Beach
Marriott, Monterey
Proposed Hotel, Napa
Sheraton, Ontario
Embassy Suites, Orange
Proposed Autograph Hotel, Palm Desert
Proposed Upscale Hotel, Palo Alto
Hilton at the Club Expansion, Pleasanton
Proposed Hotel, Rocklin
Proposed Hotel, Sacramento
Fairfield Inn by Marriott, San Bernardino
Best Western Americania, San Francisco
Carriage Inn, San Francisco
Good Hotel, San Francisco
Hotel Metropolis, San Francisco
Hotel Vertigo, San Francisco
Mark Twain Hotel, San Francisco
Proposed Crowne Plaza, San Gabriel
Proposed Sheraton Hotel, San Gabriel
Proposed Hotel, San Jose
Crowne Plaza, San Pedro
Travelodge, Santa Monica
Proposed Unscripted, South Lake Tahoe
Embassy Suites, Valencia
Proposed Fairfield Inn & Suites by Marriott, Woodland

COLORADO
Proposed Limited-Service Hotel, Breckenridge
Hyatt Summerfield Suites, Colorado Springs
Proposed Sheraton Downtown, Colorado Springs
Cameron Motel, Denver
Quality Inn (Brand Analysis), Denver
Regency Hotel (Brand Analysis), Greeley
Proposed Hotel, Telluride

CONNECTICUT
Fairfield Inn by Marriott, Milford
Fairfield Inn by Marriott, Wallingford
Fairfield Inn, Windsor Locks

FLORIDA
Wakulla Suites, Cocoa Beach
Multi-use Commercial Property, Deerfield Beach
Hampton Inn, Ft. Lauderdale
Hampton Inn, Jacksonville
Residence Inn, Jacksonville
Residence Inn, West Palm Beach

GEORGIA
Candlewood Suites, Athens
Embassy Suites, Kennesaw
Hotel Indigo, Vinings

IDAHO
Proposed SpringHill Suites, Coeur d’Alene
SpringHill Suites by Marriott, Coeur d’Alene
Proposed Hotel, Idaho Falls
Proposed Fairfield Inn & Suites, Moscow
Hampton Inn & Suites, Mountain Home
Hampton Inn, Twin Falls
Holiday Inn Express, Twin Falls
Quality Inn, Twin Falls

ILLINOIS
Holiday Inn Merchandise Mart, Chicago
Hilton Oak Lawn, Chicago
Proposed Renaissance Blackstone, Chicago
Renaissance, Chicago
Danville Inn & Convention Center, Danville
Marriott Suites, Deerfield
Proposed Hampton Inn & Suites, Edwardsville
Comfort Inn, Elk Grove Village
Days Inn, Matteson
Holiday Inn, Moline
Holiday Inn Express, Moline
Candlewood Suites, O’Fallon
Inn Town Motel, Rockford
Days Inn, Sheffield
Holiday Inn Express, Shiloh
The Blue Star Inn, Urbana
Holiday Inn, Willowbrook

INDIANA
Red Carpet Inn, Anderson
Proposed Suburban Extended-Stay, Castleton
Proposed Suburban Extended-Stay, Clarksville
La Quinta Inn & Suites, Fort Wayne
Quality Inn, Fort Wayne
Sheraton Keystone Crossing, Indianapolis
Quality Inn & Suites, Lebanon
Ramada Inn, Logansport
Super 8, Logansport
Super 8, Markle
Days Inn, Merrillville
Holiday Inn, Merrillville
Proposed Holiday Inn, Merrillville
Knights Inn, South Bend
Proposed Suburban Extended-Stay, South Bend
Hilton Garden Inn, West Lafayette

IOWA
Days Inn, Davenport
Hampton Inn, Des Moines
Quality Inn, Newton
Econo Lodge, West Liberty

KANSAS
Econo Lodge, Wichita

KENTUCKY
Baymont Inn & Suites, Bowling Green
Rodeway Inn, Florence

LOUISIANA
Proposed Courtyard by Marriott, Houma

MARYLAND
Hampton Inn, Lexington

MICHIGAN
Comfort Suites, Benton Harbor
Best Western, Grand Haven
Econo Lodge, Lansing
The Regent Inn, Lansing
Econo Lodge, Petoskey

MINNESOTA
Hampton Inn, Eagan
Hampton Inn, Eden Prairie
Proposed aloft, Edina
Super 8, Granite Falls
Super 8, Marshall
DoubleTree Park Place, Minneapolis
Hotel IVY, Minneapolis
Proposed Westin, Minneapolis
Westin, Minneapolis
Hampton Inn, Minnetonka

MISSISSIPPI
Car Wash, Magee

MISSOURI
Hampton Inn, Bloomington
Proposed Indigo Hotel, Kansas City

MONTANA
Proposed Limited-Service Hotel, Culbertson
Proposed Best Western Plus, East Glacier Park

NEBRASKA
Days Inn, McCook

NEVADA
Siena Hotel, Reno

NEW JERSEY
Sheraton, Eatontown
Rest Inn, Williamstown

NEW MEXICO
Hampton Inn, Albuquerque
Hawthorn Suites, Albuquerque
Hotel Parq Central, Albuquerque
Wyndham, Albuquerque
Proposed Home2 Suites, Farmington
Hotel Encanto de Las Cruces, Las Cruces
Hotel St. Francis, Santa Fe

NEW YORK
Rodeway Inn, Ithaca
Fairfield Inn, Spring Valley
Proposed Hilton Garden Inn, Williamsville

OHIO
Comfort Inn, Austintown
Sheraton, Independence
The Elms Holiday Inn, Oxford

OREGON
DoubleTree, Beaverton
Proposed Limited-Service Hotel, Beaverton
Holiday Inn Express, Corvallis
Proposed OSU Campus Hotel, Corvallis
Courtyard Portland Hillsboro, Hillsboro
Proposed Full-Service Orenco Station, Hillsboro
Proposed Residence Inn by Marriott, Hillsboro
Proposed Staybridge Suites, Hillsboro
Residence Inn by Marriott Portland West Hillsboro, Hillsboro
TownePlace Suites Portland Hillsboro, Hillsboro
Best Western Plus Rama Inn & Suites, LaGrande
Hilton Garden Inn, Lake Oswego
Hampton Inn, Medford
Proposed Hilton Garden Inn, Medford
Country Inn & Suites PDX, Portland
Courtyard by Marriott Portland Downtown/Convention Center, Portland
DoubleTree Lloyd Center, Portland
Hotel Lucia, Portland
Proposed Hilton Garden Inn, Portland
Proposed Hyatt Place, Portland
Proposed St. Johns Hotel, Portland
River’s Edge Hotel & Spa, Portland
Staybridge Suites PDX, Portland
Westin, Portland
Hilton Garden Inn, Springfield
DoubleTree, Tigard
Embassy Suites, Tigard
The Resort at the Mountain, Welches

PENNSYLVANIA
Courtyard by Marriott, Altoona
Fairfield Inn by Marriott, Butler
SpringHill Suites by Marriott, Washington

TENNESSEE
Clarion Airport Graceland, Memphis
Residence Inn, Nashville

TEXAS
Holiday Inn Express, Cedar Hill
Proposed Hotel Developments, DFW Airport
DoubleTree by Hilton, El Paso
La Quinta, Granbury
Courtyard by Marriott Medical Center, Houston
La Quinta Inn & Suites, Katy

UTAH
Proposed La Quinta, La Verkin
Best Western Plus Midvale, Midvale
Proposed Microtel, Naples
TownePlace Suites, Orem
Proposed Upscale Hotel, Park City
Best Western, Richfield
Super 8, Richfield
Rodeway Inn, Salina
Peery Hotel, Salt Lake City

VIRGINIA
Hampton Inn Petersburg Southpark Mall, Colonial Heights
Holiday Inn Petersburg North Fort Lee, Colonial Heights
DoubleTree Airport, Richmond
Courtyard by Marriott, Vienna

WASHINGTON
Embassy Suites, Bellevue
Fairfield Inn, Bellevue
Proposed AC Hotel, Bellevue
Proposed Marriott, Bellevue
Residence Inn, Bellevue
Westin, Bellevue
Proposed Limited-Service Hotel, Blaine
Residence Inn, Bothell
SpringHill Suites, Bothell
Proposed Candlewood Suites, Camas
Proposed Holiday Inn Express, Camas
Hampton Inn & Suites, DuPont
Proposed Limited-Service Hotel, DuPont
Proposed Hotel Silver Lake, Everett
Proposed Hotel, Federal Way
Proposed Limited-Service Hotel, Kennewick
Value Inn, Kent
Embassy Suites, Lynnwood
Residence Inn, Lynnwood
Proposed Home2 Suites, Marysville
Proposed Lodge at Columbia Point, Richland
Cedarbrook Lodge & Conference Center, SeaTac
DoubleTree Airport, Seattle
DoubleTree Arctic Club Hotel, Seattle
Hilton Airport, Seattle
Hilton Downtown, Seattle
Hilton Seattle, Seattle
Homewood Suites, Seattle
Proposed Residence Inn, Seattle
Residence Inn, Seattle
Proposed Hotel, Shelton
Fairfield Inn, Spokane
Quality Inn Spokane Valley (Conversion to Fairfield Inn), Spokane
Proposed Hotel, Tacoma
Courtyard by Marriott Seattle South Center, Tukwila
Proposed Full-Service Hotel, Tukwila
Proposed Home2 Suites, Tukwila
Residence Inn, Tukwila
Homewood Suites by Hilton, Vancouver
Proposed Hampton Inn, Vancouver
SpringHill Suites, Wenatchee

WISCONSIN
Courtyard by Marriott, Brown Deer
Residence Inn, Glendale
Clearwaters Convention Center Hotel, Marshfield
Holiday Inn Express, Milwaukee
Proposed Hotel, Verona

WYOMING
The Lodge at Jackson Hole (Best Western), Jackson
Rustic Inn, Jackson
Best Western The Lodge at Jackson Hole, Jackson Hole
The Rustic Inn, Jackson Hole
Paintbrush Motel, Riverton

INTERNATIONAL

Puerto Rico

El Conquistador, Las Croabas
El San Juan Hotel & Casino, San Juan
Hilton Condado Plaza Hotel & Casino, San Juan

Press Coverage

HVS Market Connections showcase city performance, 2016

My Articles

2016/17 United States Hotel Franchise Fee Guide

The HVS U.S. Hotel Franchise Fee Guide provides a comparative review of various hotel franchises based on their applicable franchise fees.

• September 11, 2017 By Kasia M. Russell , Bomie Kim

• Development & Construction , Valuations & Market Studies , Hotel Brands , Hotel Companies , Hotel Franchises

HVS Perspectives: Center Stage at ALIS

For 2017, the highest RevPAR growth is anticipated for markets such as Sacramento, Washington D.C., Tucson, Chicago, Salt Lake City, Albuquerque, Houston, and Nashville, per the ALIS presentations.

• February 6, 2017 By Tanya J. Pierson , Kasia M. Russell , Jessica White

• Lending , Valuations & Market Studies , Economic Trends and Cycles

2015/16 United States Hotel Franchise Fee Guide

The selection of an appropriate franchise affiliation affects a property’s ability to compete in its local market, generate profits, and achieve a desirable image and market orientation.

• July 25, 2016 By Kasia M. Russell , Bomie Kim

• Valuations & Market Studies , Economic Trends and Cycles , Hotel Brands , Hotel Franchises

Key Takeaways: Hunter Hotel Conference

The Hunter Hotel Conference brought out insights from every corner of the industry, marking potential upsets and opportunities to gain ground for U.S. hoteliers in 2016.

• April 25, 2016 By Michael E. Brophy , Kasia M. Russell , Janet L. Snyder

• Development & Construction , Valuations & Market Studies , Travel & Tourism , Economic Trends and Cycles

In Focus: Seattle, WA

Occupancy swung above 75% for Seattle’s hotel industry in 2014, a reflection of the city’s blossoming economy. High demand has also supported strong average rates and rising hotel values.

• December 14, 2015 By Kasia M. Russell , Desiree M. Flanary

Market Intelligence Report 2013 Seattle

Seattle, WA is known worldwide for its reputation as a coffee & music haven, as well as extraordinary attractions including the Space Needle and Pike Place Market. This article shows trends in hotel supply, demand, & performance within the city.

• July 15, 2013 By Desiree M. Flanary , Kasia M. Russell

Portland Market Intelligence Report 2013

Portland, Oregon’s reputation rests on its well-known microbreweries, cuisine, culture, city parks, innovative mass transient system, & arts and music scene. The following article shows trends in hotel supply, demand, & performance within the city.

• July 8, 2013 By Desiree M. Flanary , Kasia M. Russell

HVS Hotel Market Intelligence Report: Portland, Oregon

Wounded by the strikes against the national economy, Portland’s hotel market has suffered since 2008. But the city’s resourcefulness and diverse commercial and government base should help it make the most of an economic recovery.

• July 9, 2010 By Kasia M. Russell

• Valuations & Market Studies , Economic Trends and Cycles

The Recession's Effects on Seattle's Hotel Industry

The Emerald City, in recent years thought to be recession-proof, has lost a bit of luster in the national economic downturn.

• September 4, 2009 By Kasia M. Russell

• Valuations & Market Studies , Economic Trends and Cycles , Hotels - Distressed

HVS Market Intelligence Report: Downtown Phoenix, Arizona

Real estate developments, biotech firms, billion-dollar investments, and big conventions are cropping up in Downtown Phoenix, helping to secure demand for area hotels.

• August 21, 2008 By Kasia M. Russell

• Valuations & Market Studies , Economic Trends and Cycles

HVS Market Intelligence Report: Minneapolis, Minnesota

The "City of Lakes" boasts a lodging market with remarkable resilience to national economic trends.

• November 13, 2007 By Kasia M. Russell

• Lending , Valuations & Market Studies , Economic Trends and Cycles