HVS provides thousands of articles on all aspects of hospitality, including hotel valuations, investing, lending, operations, asset management, and much more.

Paid Publication JN+A & HVS Design Hotel Cost Estimating Guide

Jonathan Nehmer + Associates, Inc. (JN+A) and HVS Design, leading Architecture, Interior Design, and Project Management firms specializing in the hospitality industry, have published the Hotel Cost Estimating Guide, whcih is a comprehensive listing of capital expenditure construction and FF&E costs for hotel renovations.     

Now in its twelfth year, the 2020 Hotel Cost Estimating Guide evaluates costs in a variety of hotel tiers including Economy, Extended Stay, Midscale, Upscale, Upper Upscale, and Luxury.  Within each tier, costs are separated into the categories of Guestrooms; Guest Bathrooms; Guestroom Corridors; Public Areas; Food & Beverage Outlets; Function Space; Recreational Facilities; Infrastructure; and Common Additives. 

The 2020 Hotel Cost Estimating Guide also features estimated percentages for freight and warehousing for each tier along with contributing cost variables.  The Guide includes sample schedules for select service renovations (both prototype and custom) and for a full service renovation.   

The following firms contributed unit cost data to the 2020 Hotel Cost Estimating Guide: Audit Logistics; Benjamin West; Continental Contractors; Ironstar Construction, Inc., Reliance Construction; and The Allied Group.

The Hotel Cost Estimating Guide is available as a complimentary download.

Download the 2020 Guide


The Journey to Alternative Management

Hala Matar Choufany is discussing with Khalid Anib, Bani Haddad and Christophe Landais at AHIC on the Road, about the evolution of different type of hotel agreements as well as the journey to the alternative management.

The Transformation of Management Agreements

Hala Matar Choufany is in discussion with James Donald and Tara Marlow at AHIC on the road, on the transformation of management agreements and what the reaction has been from owners and operators.

HVS Monday Musings: The Dichotomy between Management Fee and Franchising Fee in India

Franchising provides an efficient growth model with lower risk for both hotel brands as well as asset owners, but it has still not gained significant traction in India. Read on to know more.

Paid Publication HVS Guide to Hotel Management Contracts

Why is this guide more relevant that ever?

Among all the many peculiarities of the hotel industry, the hotel management contract is likely the most unique. A binding contract between owners and operators which has evolved over almost six decades. In fact, the first hotel management contract was signed for the Hong Kong Hilton, which opened in 1963.

The management contract structure allowed hotel companies to expand rapidly and become what is nowadays known as “asset light”. Of course, hotel owners stand to benefit in that they can bring in sound management expertise to their property and partake in the financial upside, unlike a traditional lease model which preceded it. Leveraging their management expertise, operators pushed for the hotel management contract to rapidly become the norm in the industry as a ‘take it or leave it’ proposition to owners.

Over time, the hotel management contract has become an intricate web of terms and clauses that defines the relation between owner and operator. The balance of power in this relationship needs to be carefully established, which was, and unfortunately still is, not always a given. Owners need to be on their toes and bring in expert advice from consultants and lawyers to navigate the complexities of an agreement which can bind them for decades to come.

As the role of the hotel asset manager stands to become more prevalent around the globe and the COVID-19 pandemic ushers in a new era, this is a space that needs to be closely watched. These testing times will cast a shadow on management contracts and call for change on multiple provisions. As we have observed in numerous instances, a strong property that is appealing to operators can secure significantly more favorable terms than a “standard” hotel. After all, gaining market share to impress investors may be more important to some operators than securing strong contracts.

This year’s HVS Guide to Hotel Management Contracts by Daniel J Voellm and Eunice Wong gives insights into prevalent terms and how contracts have evolved in the last six years. This guide provides a global reference for owners to understand the language of hotel management contracts while demonstrating our extensive hands-on experience. The authors provide insight into the five principal sections of a management contract: term and renewals, operator management fees, performance test, budget and expenditures, and termination of the contract by owner. Key money and indemnification are also addressed.

We hope this guide can serve the industry as a reference to make better decisions, effecting better and more balanced relations between owners and operators.




  • The full guide and survey report comprising around 100 pages can be purchased for US$2,000.

All reports are available in PDF (soft copy) only. A personalized copy of the report will be sent.

For more information, please contact Eunice Wong at [email protected].

HVS U.S. Lodging Tax Report

This study examines the current status and historical trends of lodging taxes and policy trends in the US and analyzes lodging tax rates and revenues across a broad range of US cities. It includes lodging tax rates/collections on 150 US cities and all 50 US states.

2020 HVS Lodging Tax Report - USA

The ninth annual Lodging Tax Study also looks forward and assesses the impact of the COVID-19 pandemic. This analysis of 25 major US markets illustrates the depth of the impact on the hospitality industry and projects a pattern of recovery over the next few years. HVS also provides historical data on tax rates and the collection and distribution of revenue from lodging taxes levied in all 50 States and the 150 largest US cities.

HVS Monday Musings: Dynamic Pricing, Perishability, Decoupling in India's Service Industry

Is it time for the hotels sector to embrace some of the revenue management practices followed by the aviation industry? Read on to know more.

HVS U.S. Development Cost Survey

This research report is a benchmark for development cost across different hotel classes, with research and a compilation of development costs from actual hotel construction budgets, including an illustrated total development cost per room/per product type.

U.S. Hotel Development Cost Survey 2020

Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source provides the basis for our illustrated total development costs per room/per product type.
Hotel Valuation Index