Shiv N. Ariyakula, CFA

Consulting Experience

A Vice President with HVS Miami, Shiv Ariyakula, CFA, conducts consulting and valuation services, market studies, and financial feasibility studies for full-service hotels, resorts, hostels, condominiums,  condominium-hotels, private residence clubs, and mixed-use projects. He also has expertise in consulting and valuation of shared-ownership real estate assets, including fractional developments, and timeshare assets in markets spanning the U.S., the Caribbean, and Latin America and valuation of sale and valuation of sale and leaseback transactions of real estate assets. Shiv’s background includes investment analysis, valuations, and consulting services for hotel and resort developers, owners, lenders, branded management companies, and operators. This work extends from existing to proposed properties and across every major domestic hotel brand, as well as numerous boutique and independent hotels. Shiv’s past engagements total $10 billion in assets, including the $1.5-billion Brickell City Centre in Downtown Miami, which features the first EAST hotel in the U.S. Shiv earned his MBA in finance from the University of Florida. He is a CFA Charter holder and member of the CFA Institute and the CFA Society of Miami.

Testimonials

"HVS provided us with a very high quality report showing their conclusions based on thorough and thoughtful analysis. HVS's consultants were responsive to our needs, responded promptly to our questions, and were receptive to our comments. They are a pleasure to work with. HVS has unparalleled credibility in the industry, which is of utmost importance when sharing their reports to potential investors and lenders." - Mr. Rivera, Willow Street Capital

"We have been working with HVS for over 2 decades; regardless of the team assigned to our projects, the quality of work is second to none. We are very pleased with our relationship with HVS and will continue to engage their services in the future." – Angus Rogers, CEO & Founder, Floridays Development Company

“As a hotel owner, we have relied upon HVS on many occasions.Their team is dedicated to communicating and explaining the process from beginning to end in easy-to-understand terms. If you want an honest, thoughtful and very experienced appraisal, look no further." – Mr. Kanji, Impact Properties

Education

Master of Business Administration, Finance – University of Florida (2005)

- Recipient of “Peer Professionalism Award” for best outgoing student of 2005

Master of Science, Mechanical Engineering – University of Florida (2001)

Bachelor of Science, Mechanical Engineering – PSG Institute of Technology, India (1999)

Other specialized training classes completed:
Basic Appraisal Principles – 30 hours
USPAP – 15 hours
Basic Appraisal Procedures – 30 hours
State of Florida Laws – 15 hours
Residential Report Writing – 15 hours
General Appraiser Income Approach (Parts I and II) – 60 hours
General Appraiser Market Analysis and HBU – 30 hours
General Appraiser Site Valuation and Cost Approach – 30 hours
General Appraiser Sales Comparison Approach – 30 hours
Statistics, Modeling and Finance – 15 hours
General Appraiser Report Writing and Case Studies – 30 hours
Commercial Appraisal Review – 15 hours
Expert Witness – 15 hours
State of Florida Laws – 3 hours
Biennial USPAP Updates

Employment History

2006 to present
HVS CONSULTING AND VALUATION
Miami, Florida

2006
JABIL CIRCUIT INC.
St. Petersburg, Florida

2004
PULTE HOMES INC.
Orlando, Florida

Affiliations

CFA Institute
CFA Society Miami

Qualifications

Passed Levels I, II and III of the Chartered Financial Analyst (CFA) Exam
Advanced proficiency in Microsoft Excel and financial modeling
Advanced proficiency in Equity Valuation, Fixed Income Securities, Portfolio Theory, Financial Statement Analysis, Corporate Financial Planning & Analysis and Derivatitve Securities

Hotels Evaluated

Sample List for Illustrative Purposes

FLORIDA 
Proposed Mainsail Marina, Anna Marie Island
Hampton Inn, Boca Raton
Proposed Hotel, Boca Raton
Wyndham Garden, Boca Raton
Proposed Boutique Hotel, Bonita Springs
Hampton Inn & Suites, Boynton Beach
Proposed TownePlace Suites, Boynton Beach
Hampton Inn, Cape Coral
Hyatt Aqualea Resort, Clearwater
Sandpearl Resort, Clearwater
Proposed Aqualea Resort, Clearwater Beach
International Palms Resort & Conference Center Cocoa Beach, Cocoa Beach
Proposed Westin, Cocoa Beach
Proposed Hotel, Davie
Daytona Beach Resort, Daytona Beach
Proposed Convention Hotel, Daytona Beach
Proposed Full-Service Hotel, Daytona Beach
Hampton Inn Boca Raton Deerfield Beach, Deerfield Beach
Proposed Seagate Hotel, Delray Beach
Proposed AC Marriott, Doral
Fenway Hotel, Dunedin
Buchan’s Landing Resort, Englewood
Hyatt Place, Estero
Proposed Extended-Stay Hotel, Estero
Proposed Hotel, Estero
Proposed TownePlace Suites by Marriott, Estero
Hilton, Fort Lauderdale
Proposed AC Hotel by Marriott, Fort Lauderdale
Proposed Home2/Tru, Fort Lauderdale
Proposed Luxury Hotel, Fort Lauderdale
Proposed Mandarin Oriental, Fort Lauderdale
Renaissance Fort Lauderdale Cruise Port Hotel, Fort Lauderdale
Ritz-Carlton, Fort Lauderdale
Hampton Inn & Suites Fort Myers Colonial Boulevard, Fort Myers
Aloft Gainesville University Area, Gainesville
Hom Hotel + Suites, Gainesville
Hilton, Gainesville
Homewood Suites, Gainesville
Proposed Candlewood Suites, Gainesville
Proposed Element Hotel, Gainesville
Proposed Crowne Plaza, Hialeah
Proposed Hilton Garden Inn, Hollywood
The Circ, Hollywood
Proposed Dual-Branded Hotel, Hollywood
Proposed Hotel, Hollywood
Marriott, Hollywood Beach
Proposed Margaritaville Hotel, Hollywood Beach
Proposed Courtyard by Marriott, Jacksonville
Proposed Residence Inn by Marriott, Jacksonville
Quality Suites, Jacksonville
Proposed Harbourside Hotel, Jupiter
Proposed Hotel, Jupiter
Sheraton Suites, Key West
Proposed Four Points by Sheraton, Kissimmee
Proposed Holiday Inn Express, Kissimmee
Proposed Staybridge Suites, Kissimmee
Proposed Tru by Hilton Lakewood Ranch, Lakewood Ranch
Proposed Tapestry Collection by Hilton, Melbourne
Conrad, Miami
Crowne Plaza, Miami
Gabriel, Curio Collection by Hilton, Miami
Hampton Inn & Suites by Hilton Miami Midtown, Miami
Hilton Garden Inn, Miami
Holiday Inn Express Kendall East Miami, Miami
Holiday Inn Port of Miami, Miami
Homewood Suites by Hilton, Miami
Homewood Suites by Hilton Miami Downtown Brickell, Miami
Hyatt Place Miami Airport West Doral, Miami
Mandarin Oriental, Miami
ME Miami by Melia, Miami
Melia, Miami
OD Hotel Miami, Miami
Proposed 550-unit Hotel and Condo-Hotel, Miami
Proposed Commonwealth, Miami
Proposed Dual-Brand Hotel, Miami
Proposed Duos Hotel, Miami
Proposed East Hotel, Miami
Proposed Hilton, Miami
Proposed Hotel Design District, Miami
Proposed Hotel Health District, Miami
Proposed Hotel, Miami
Proposed Luxury Hotel, Miami
Proposed OD Hotel, Miami
Proposed Peninsula Hotel, Miami
Proposed Residence Inn, Miami
Proposed Sheraton, Miami
Proposed SLS Brickell, Miami
Proposed Standard Hotel, Miami
Proposed Tru by Hilton Brickell, Miami
Proposed Virgin Hotel, Miami
Proposed Westin, Miami
Proposed Yotel Miami, Miami
Sonesta, Miami
W Hotel, Miami
Alton Hostel, Miami Beach
Astor Hotel, Miami Beach
Crest Suites, Miami Beach
Delano, Miami Beach
Eden Roc Hotel, Miami Beach
Greystone Hotel South Beach, Miami Beach
Henrosa Hotel, Miami Beach
Hotel Astor, Miami Beach
Marriott, Miami Beach
Ocean Five Hotel, Miami Beach
Proposed Civilian Hotel, Miami Beach
Proposed Generator Hostel, Miami Beach
Proposed Hampton Inn, Miami Beach
Proposed Hilton Garden Inn, Miami Beach
Proposed Hilton Garden Inn, Miami Beach
Proposed Hotel, Miami Beach
Proposed Lennox Hotel, Miami Beach
Proposed Residence Inn, Miami Beach
Setai, Miami Beach
Shelborne by Wyndham Grand, Miami Beach
Soho Beach House, Miami Beach
W South Beach, Miami Beach
Hilton, Naples
Proposed Hotel, Naples
Proposed Extended-Stay Hotel North, Miami Beach
Proposed Select-Service Hotel North, Miami Beach
Crowne Plaza, Orlando
Floridays Resort (Minority Interest), Orlando
Floridian Hotel, Orlando
Hampton Inn, Orlando
Hyatt Regency Orlando Airport, Orlando
Nickelodeon by Holiday Inn, Orlando
Proposed Aloft Hotel by Starwood and Element Hotel by Westin, Orlando, FL, Orlando
Proposed Hampton Inn, Orlando
Proposed Hotel Rollins College, Orlando
Proposed Lake Nona Hotels, Orlando
Proposed Sheraton, Orlando
Vista Club, Orlando
Comfort Suites, Palm Bay
Proposed Hotel, Palm Bay
Hampton Inn, Palm Beach Gardens
Proposed PGA Resort, Palm Beach Gardens
Hampton Inn & Suites, Palm Coast
Grand Palms Resort, Pembroke Pines
Marriott, Pompano Beach
Sleep Inn & Suites, Port Charlotte
Proposed Amrit Hotel, Riviera Beach
Hotel Zamora, St. Pete Beach
Proposed Mixed-Use Development, St. Pete Beach
Proposed Home2 Suites, St. Petersburg
Proposed Hotel, St. Petersburg
Shalimar Resort, Sanibel
Song of the Seas, Sanibel
Hyatt Regency, Sarasota
Proposed Aloft, Sarasota
Proposed Embassy Suites, Sarasota
Proposed Hampton Inn, Sarasota
Proposed Residence Inn by Marriott, Sarasota
Proposed Westin, Sarasota
Ritz-Carlton, Sarasota
SpringHill Suites by Marriott, Sarasota
Proposed Element, Satellite Beach
Proposed Hotel, Satellite Beach
Holiday Inn Express, Sebring
Hampton Inn, Seffner
Hyatt Fractional Development, Siesta Key
Marriott Singer Island Beach Resort & Spa, Singer Island
Proposed Limited-Service Hotel, Stuart
Sole on the Ocean, Sunny Isles
La Quinta Inn & Suites Fort Lauderdale Sunrise, Sunrise
La Quinta Inn & Suites Sunrise Sawgrass Mills, Sunrise
Residence Inn Miami Beach Surfside, Surfside
Wyndham Garden Tallahassee Capitol, Tallahassee
Proposed Fairfield Inn & Suites, Tamarac
Proposed Home2 Suites Hotel, Tamarac
Encore Hotel, Tampa
Proposed AC by Marriott, Tampa
Proposed Aloft, Tampa
Proposed Downtown Hotel, Tampa
Proposed Epicurean Hotel, Tampa
Proposed Home2 Suites & Hampton Inn, Tampa
Proposed Hyatt House, Tampa
Proposed SpringHill Suites, Tampa
Proposed Tapestry by Hilton Tampa, Tampa
SpringHill Suites by Marriott Tampa Brandon, Tampa
Westin Tampa Bay, Tampa
Proposed Element, Tampa Heights
Costa d'Este Beach Resort, Vero Beach
Proposed Extended-Stay Hotel Downtown Vero Beach, Vero Beach
Proposed Hotel, Wellington
Brazilian Court, West Palm Beach
Hampton Inn West Palm Beach Florida Turnpike, West Palm Beach
Home2 Suites West Palm Beach Airport, West Palm Beach
Palm House, West Palm Beach
Proposed Autograph Hotel, West Palm Beach
Proposed Boutique Hotel, West Palm Beach
Proposed Hotel, West Palm Beach
 
GEORGIA 
Proposed Hostel, Savannah
 
NEW YORK 
Proposed Belleayre Resort, Highmount
 
PUERTO RICO 
Proposed AC by Marriott, San Juan
 
SOUTH CAROLINA 
Wyndham Garden Greenville Airport, Greenville
 
 
INTERNATIONAL 
Proposed Hotel Eliese & Resort Farquhar Beach, Clarendon, Jamaica
Proposed Mandeville Hotel, Mandeville, Jamaica
Land Valuation, Northwest Point, Turks & Caicos
Proposed Resort and 50 Villas, NW Point, Providenciales, Turks & Caicos

My Articles

HVS Market Pulse: Fort Lauderdale, FL

This article investigates how hotel supply in the greater Fort Lauderdale area has moved from an inventory of limited- and select-service hotels to an inventory of upscale to luxury hotels associated with well-known brands in the industry.

• November 20, 2018 By Shiv N. Ariyakula , John P. Lancet

HVS Market Pulse: Miami, FL

In recent years, Miami has become a magnet for real estate investments from overseas. We discuss the dynamics of Miami’s evolving role on the world stage of hospitality, including foreign investment driving new hotel construction in the city.

• December 19, 2016 By Shiv N. Ariyakula

Hostel Market In America: Potential For Growth

Over the past decade, Europe’s hostel market has shifted from budget-oriented, owner-operated assets to a more corporate model that promotes hostels’ social attributes. Can the success of the European model be replicated in certain U.S. markets?

• November 7, 2016 By Shiv N. Ariyakula