Kasia M. Russell, MAI

Consulting Experience

A Managing Director, Senior Partner, and head of HVS’s office in Portland, Oregon, Kasia Russell, MAI, has completed or overseen hundreds of assignments, spanning hotel appraisals, market studies, and feasibility studies for proposed hotels, resorts, and mixed-use assets. She has experience with a broad range of clients, including independent investors, hotel owners and management companies, and major banks. Since joining HVS in 2006, Kasia has focused on hospitality markets across the Pacific Northwest. In addition to her consulting and valuation work, Kasia has represented HVS at several major hotel industry events, also having hosted the HVS Market Connections event in Portland in 2016. Kasia authors the firm’s annual Franchise Fee Guide and has written on the dynamics, demand generators, and hotel-supply shifts in the Portland, Seattle, 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. She is a Designated Member of the Appraisal Institute (MAI).

Testimonials

"Ms. Kasia Russell was my contact person. Throughout the process she was very professional, friendly and caring. She worked with me as one would work with a longtime trusted friend. Kasia provided answers to all of my questions regarding my business needs for the study and even emailed me after the project was completed to see if I had any further question or if she could help me understand our report in depth. Because of Kasia's service, I will call HVS for my future projects." – Devin Singh, Phoenix, AZ

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
Appraisal of Owner-Occupied Commercial Properties – 7 hours
Appraisal of Land Subject to Ground Lease – 7 hours
Annual USPAP Updates

State Certification

Alaska
California
Hawaii
Idaho
Oregon
Utah
Washington

Affiliations

Appraisal Institute – Designated Member (MAI)

Hotels Evaluated

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
Proposed Holiday Inn Express/Staybridge Suites, Goodyear
Proposed Homewood Suites by Hilton, Lake Havasu
Hilton Phoenix East, Mesa
Candlewood Suites, Nogales
Proposed Wingate Inn Page Arizona, Page
Arizona Grand Resort, Phoenix
Country Inn & Suites, Phoenix
Crowne Plaza, Phoenix
Hilton Garden Inn Airport North, Phoenix
Hilton Suites, Phoenix
Hyatt Regency, Phoenix
Red Roof Inn, Phoenix
Sheraton Phoenix Downtown, Phoenix
Travelodge, Phoenix
Holiday Inn Express, Pinetop
Days Inn, Sedona
Holiday Inn Express, Show Low
Candlewood Suites, Sierra Vista
Holiday Inn Express, Sierra Vista
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
Sheraton Hotel & Suites, Tucson
Holiday Inn Express, Winslow
 
CALIFORNIA 
Proposed Fairfield Inn & Suites, Alameda
Hotel Menage, Anaheim
Proposed Azusa Hotel, Azusa
Chase Suites Hotel, Brea
Proposed Hampton Inn, Buena Park
Crowne Plaza, Burlingame
Residence Inn by Marriott, Corona
Residence Inn, Cupertino
Propose Hotels, Davis
Courtyard by Marriott, Fairfield
Courtyard Airport, Fresno
Radisson, Fresno
Hyatt Regency Orange County, Garden Grove
Residence Inn Anaheim/Garden Grove, Garden Grove
Proposed Hilton Garden Inn, Irvine
Proposed Hampton Inn & Suites by Hilton, La Habra
La Jolla Inn (Conversion to Ascend Collection), La Jolla
Proposed Select-Service Hotel, Lake Havasu
Homewood Suites, La Quinta
Proposed Select-Service Hotel, Livermore
Hilton Garden Inn, Lompoc
Proposed Hilton Garden Inn, Lompoc
Claremont Hotel Tiverton, Los Angeles
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
Proposed Autograph Hotel, Menlo Park
Stanford Park Hotel, Menlo Park
Marriott, Monterey
Proposed Hotel, Napa
Fairfield Inn & Suites Riverside Corona Norco, Norco
Proposed Hampton by Hilton, Oakland
Ontario Airport Hotel & Conference Center, Ontario
Radisson Ontario Airport, Ontario
Sheraton, Ontario
Embassy Suites, Orange
Proposed Autograph Hotel, Palm Desert
Hampton Inn & Suites, Palm Desert
Villa Royale Inn, Palm Springs
Proposed Upscale Hotel, Palo Alto
Lancer Motel, Pico Rivera
Hilton at the Club Expansion, Pleasanton
La Quinta Inn & Suites, Pomona
Proposed Hotel, Rocklin
Lexington Inn & Suites Sacramento Cal Expo, Sacramento
Proposed Hampton Inn, Sacramento
Proposed Hilton Garden Inn, Sacramento
Proposed Hotel, Sacramento
Fairfield Inn by Marriott, San Bernardino
DoubleTree by Hilton Hotel San Diego Downtown, San Diego
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
Proposed Select-Service Hotel, San Luis Obispo
Marriott San Mateo San Francisco Airport, San Mateo
Crowne Plaza, San Pedro
Travelodge, Santa Monica
Proposed Lexington Hotel, Scotts Valley
Proposed Unscripted, South Lake Tahoe
Holiday Inn Express Stockton Southeast, Stockton
Proposed Hampton Inn, Tehachapi
Hotel Truckee Tahoe, Truckee
Embassy Suites, Valencia
Holiday Inn Express, Walnut Creek
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
Proposed Hyatt Place DIA, Denver
Quality Inn (Brand Analysis), Denver
Rocky Mountain Park Inn, Estes Park
Gateway Canyons Resort, Gateway
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
 
HAWAII 
Courtyard by Marriott Kaua'i at Coconut Beach, Kapa'a
 
IDAHO 
Motel 6 Boise Airport, Boise
Holiday Inn Express, Coeur d'Alene
Shilo Inn Suites, Coeur d'Alene
Proposed SpringHill Suites, Coeur d’Alene
SpringHill Suites by Marriott, Coeur d’Alene
Proposed Hotel, Idaho Falls
Shilo Inn, Idaho Falls
Fairfield Inn & Suites, Moscow
Proposed Fairfield Inn & Suites, Moscow
Hampton Inn & Suites, Mountain Home
Hampton Inn, Twin Falls
Holiday Inn Express, Twin Falls
Motel 6, 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
Proposed Hotel, South Sioux City
 
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
 
NORTH DAKOTA 
Grand Williston Hotel & Conference Center, Williston
 
OHIO                      
Comfort Inn, Austintown
Sheraton, Independence
The Elms Holiday Inn, Oxford
 
OREGON 
DoubleTree, Beaverton
Proposed AC by Marriott, Beaverton
Proposed Limited-Service Hotel, Beaverton
Proposed Hotel, Bend
Proposed Limited-Service Hotel, Boardman
Holiday Inn Express, Corvallis
Proposed OSU Campus Hotel, Corvallis
Proposed EVEN Hotels, Eugene
Proposed Home2 Suites by Hilton, Hillsboro
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 Olympic Inn, Klamath Falls
Motel 6, Klamath Falls
Best Western Plus Rama Inn & Suites, LaGrande
Hilton Garden Inn, Lake Oswego
Hampton Inn, Medford
Proposed Hilton Garden Inn, Medford
Best Western Agate Beach Inn, Newport
Proposed Kiwanda Lodge & Spa, Pacific City
Country Inn & Suites PDX, Portland
Courtyard by Marriott Portland Downtown/Convention Center, Portland
DoubleTree Lloyd Center, Portland
Hotel Lucia, Portland
Proposed Canopy by Hilton Portland Pearl District, Portland
Proposed Cornelius & Woodlark, Portland
Proposed Hilton Garden Inn, Portland
Proposed Hilton-Branded Hotel, 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
Motel 6 Portland Tigard West, Tigard
Proposed IHG Hotel, Tigard
Washington Square Hotel, Tigard
The Resort at the Mountain, Welches
 
PENNSYLVANIA                 
Courtyard by Marriott, Altoona
Fairfield Inn by Marriott, Butler
SpringHill Suites by Marriott, Washington

PUERTO RICO
Waldorf Astoria El Conquistador Resort, Fajardo
El Conquistador, Las Croabas
El San Juan Hotel & Casino, San Juan
Hilton Condado Plaza Hotel & Casino, San Juan
 
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
Hilton Garden Inn, Saint George
Rodeway Inn, Salina
Peery Hotel, Salt Lake City
Home2 Suites by Hilton Salt Lake City, South Jordan
 
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
Proposed Upscale Hotel, Bellevue
Residence Inn, Bellevue
Westin, Bellevue
Proposed Limited-Service Hotel, Blaine
Proposed SpringHill Suites and TownePlace Suites, Bothell
Residence Inn, Bothell
SpringHill Suites, Bothell
Proposed Holiday Inn Express, Camas
Proposed Candlewood Suites, Camas
Proposed Holiday Inn Express, Camas
Proposed Parker's Landing Hotel, Camas
Hampton Inn & Suites, DuPont
Proposed Limited-Service Hotel, DuPont
Proposed Fairfield Inn & Suites by Marriott, East Wenatchee
Proposed Hotel Silver Lake, Everett
Proposed Hotel, Federal Way
Proposed Limited-Service Hotel, Kennewick
Value Inn, Kent
Embassy Suites, Lynnwood
Proposed Hilton Garden Inn, Lynnwood
Residence Inn, Lynnwood
Proposed Home2 Suites, Marysville
Proposed Fairfield Inn & Suites, Moses Lake
Shilo Inn, Moses Lake
Belmont Hotel, Port Townsend
Proposed Hastings Landing Hotel, Port Townsend
Proposed Lodge at Columbia Point, Richland
Cedarbrook Lodge & Conference Center, SeaTac
Proposed Wingate Hotel, SeaTac
DoubleTree Airport, Seattle
DoubleTree Arctic Club Hotel, Seattle
Hilton Airport, Seattle
Hilton Downtown, Seattle
Hilton Seattle, Seattle
Homewood Suites, Seattle
Mayflower Park Hotel, Seattle
Proposed Autograph, Seattle
Proposed Curio Hotel, Seattle
Proposed Full-Service Hotel, Seattle
Proposed Residence Inn, Seattle
Residence Inn, Seattle
Proposed Hotel, Shelton
Proposed Limited Service Hotel, Silverdale
Fairfield Inn, Spokane
Quality Inn Spokane Valley (Conversion to Fairfield Inn), Spokane
Proposed Hotel, Tacoma
Courtyard by Marriott Seattle South Center, Tukwila
Home2 Suites by Hilton Seattle Airport, Tukwila
Proposed Full-Service Hotel, Tukwila
Proposed Home2 Suites, Tukwila
Residence Inn, Tukwila
Candlewood Suites Vancouver-Camas, Vancouver
Homewood Suites by Hilton, Vancouver
Proposed Hampton Inn, Vancouver
The Proposed Penrose Hotel, Walla Walla
SpringHill Suites, Wenatchee
Proposed Home2 Suites by Hilton, Yakima
 
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

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