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Hotel Appraising - New Techniques for Today's Uncertain Times Seminar |
| Date(s): |
5/21/2010 to 5/21/2010 |
| Times: |
08:00 am - 04:00 pm |
| Location: |
Holiday Inn Select North Dallas
2645 LBJ Freeway
Dallas
Texas 75234 |
| Instructor(s): |
Stephen Rushmore, MAI |
| Hours: |
AI: 7 hours
ACE: 7 hours
MCE: to be submitted
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| Tuition: |
| Members |
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| Cash/Visa/MC |
$175 |
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| Non-Members |
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| Cash/Visa/MC |
$225 |
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Registration
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Please note: Online registration and payment is handled through the national website.
It is no longer handled through the AI North Texas website. Click the 'registration' button
to submit your registration and payment for this course at appraisalinstitute.org.
To register by telephone, contact Ruth Kelton at (972)-233-2244
To register online through the AI National website, click here:
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Course Details
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SEMINAR DESCRIPTION:
With the downturn in the U.S. economy and the resulting cutbacks in all types of travel, hotels are experiencing rapidly declining occupancies, room rates and profits. Coupled with a total lack of debt capital, hotel transactions have come to a complete halt and many hotel owners are under extreme stress because their property’s cash flow is insufficient to cover debt service. These are challenging times for hotel appraisers who must thoroughly understand the current hotel economic environment and apply the correct valuation techniques in order to develop a realistic estimate of value. This seminar provides hotel owners, operators and appraisers the tools, software and knowledge needed to evaluate the dynamically changing local supply and demand trends, quantify the relative competitiveness of nearby hotels, forecast occupancy, room rate and REVPAR, project a detailed income and expense statement and utilize the appropriate appraisal techniques to estimate market and liquidation values. In addition to hotel appraisals, this seminar also illustrates how hotel market and feasibility studies are performed. Seminar participants will work with HVS Hotel Valuation Software, three state-of-the-art programs developed by HVS that forecasts hotel occupancy, room rate, income and expense and value. The HVS software programs and user manual, along with a demonstration hotel market study and valuation, a handbook on hotel investments and numerous research studies and articles will be included in each participant’s take-home package.
SEMINAR OUTLINE:
· Introduction and Overview of the U.S. Hotel Industry
· Hotel Risks -Economic Life and Obsolescence (physical, functional and external)
· Types of Hotel Facilities
· New Hotel Products and Services
· Historic Trends and Hotel Cycles
· Current Hotel Economic Environment and Outlook for the Future
· Franchising and Management Contracts
· Product Segmentation and Consolidation
· Hotel Valuation- Cost, Sales Comparison, Income
· Hotel Valuation- Data Sources
· Supply and Demand Room Night Analysis Model & Case Study
· Income and Expense Forecasting Model & Case Study
· Hotel Valuation Model & Case Study
· Hotel Business and Personal Property Components
SEMINAR EQUIPMENT REQUIREMENTS:
Students need to bring their own personal computer containing a USB port and a charger. Class materials, software, and the complete PowerPoint presentation will be loaded on a flash disk and given to each student upon registration.
SEMINAR DEVELOPER AND INSTRUCTOR:
Steve Rushmore, MAI, FRICS, CHA is President and Founder of HVS, a global hotel consulting organization with 24 offices around the world. He directs the worldwide operation of this firm and is responsible for future office expansion and new product development. Steve has provided consultation services for more than 15,000 hotels during his 40-year career and specializes 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. Steve is a partner in HEI Hospitality, LLC, a private equity hotel investment fund which owns and operates 35 full-service hotels.
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. He writes a monthly column for Lodging Hospitality magazine. Steve lectures extensively on hotel trends and has taught hundreds of classes and seminars to more than 20,000 industry professionals.
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). 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). |
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