Suzanne R. Mellen

Senior Managing Director - Practice Leader, San Francisco at HVS

Suzanne Mellen, CRE, MAISuzanne R. Mellen, MAI, CRE, FRICS, ISHC, is the Senior Managing Director – Practice Leader of HVS. She has unparalleled experience, having appraised thousands of hotels, gaming assets, and related real estate throughout the world over the past 40 years. She specializes in complex hotel and casino feasibility issues. In 2012 and 2013, she led the valuation of several high-profile, multibillion-dollar hotel portfolios. In that time, she also developed an expertise in the valuation of casinos for assessment purposes and recently testified as an expert witness in one of the nation’s largest casino property tax cases. Suzanne opened the second office of HVS in 1985, locating in San Francisco to expand the firm’s hospitality valuation services to the West Coast. She also led HVS’s expansion to Las Vegas in 2009 and Los Angeles in 2013. Suzanne has developed innovative appraisal methodologies such as a mortgage-equity income capitalization formula for variable income properties, a refinancing model for hotel investments, and a methodology for valuing the real property component of casinos in Pennsylvania, where gaming has been newly established. As an in-demand presenter for conferences throughout the United States, Suzanne has spoken at numerous industry events and makes annual appearances at JMBM’s Meet the Money and the Americas Lodging Investment Summit (ALIS). Suzanne holds the following designations: MAI (Appraisal Institute), CRE (Counselor of Real Estate), FRICS (Fellow of the Royal Institution of Chartered Surveyors), and ISHC (International Society of Hospitality Consultants). Her professional experience prior to HVS includes consulting and appraisal positions with HVS New York, Morgan Guaranty Trust, Laventhol & Horwath, and Helmsley-Spear Hospitality Services, Inc. in New York City and Harley-Little Associates in Toronto, Canada. She gained operational experience at the Plaza Hotel in New York. Suzanne earned her BS in Hotel Administration from Cornell University.

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Insights by Suzanne R. Mellen (17)

Property Taxes Post COVID-19

After realizing record-high RevPAR levels with over 100 consecutive months of growth, the lodging industry continued to strengthen through 2019, albeit at a significantly more tempered rate. Then, in the first quarter of 2020, COVID-19 struck.

HVS: Temporarily Closed Hotels Due to COVID-19: When to Reopen?

With the advent of the COVID-19 pandemic in the U.S. in early to mid-March 2020, hotel owners and managers watched demand for their rooms suddenly evaporate. Since then, tough decisions have been made regarding whether to remain open or temporarily suspend operations.

The Impact of COVID-19 on Hotel Values

The COVID-19 pandemic and the related restrictions on travel, business activity, and individual movement are having an unprecedented impact on our industry and economy. Hotel owners, operators, lenders, and investors are all facing greater challenges than ever anticipated, as they grapple with plummeting occupancy, average rate (ADR), and RevPAR and seek solutions to mitigate the impact on EBITDA.

Hotel Values Moderate, Cap Rates Stable

Despite increasing concerns about a global economic slowdown, the trade war, and geopolitical risks, the U.S. hotel transaction market remained healthy and active in 2019. According to preliminary data generated by Real Capital Analytics (RCA), total sales volume declined by 15%, from $43.

Hotel Cap Rates Hold Steady - Values Under Pressure

Following a year of robust transaction activity, hotel capitalization rates remain stable, while hotel NOI and values are under pressure due to slowing RevPAR growth and increasing operating expenses.
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