Jack B. Corgel

Managing Director, CBRE Hotels’ Americas Research

Jack Corgel

Jack Corgel is Managing Director, CBRE Hotels’ Americas Research. Jack holds the Robert C. Baker Chair (Professorship) in Real Estate at the Cornell University School of Hotel Administration and holds the position of the director of graduate studies for the Baker Program in Real Estate. He was the first director of the Center for Hospitality Research at SHA. After receiving undergraduate and PhD degrees from the University of Georgia in real estate and corporate finance, he held faculty positions in several business schools at major universities before joining Cornell. Corgel serves as senior advisor to PKF Hospitality Research (PKF-HR), where he helps the firm develop products for the hotel industry based on property-level financial and real estate performance information, including Hotel Horizons econometric forecast of U.S. hotel market performance.

Corgel published 80 articles in academic and professional journals, mainly on the subjects of real estate finance, investment, valuation, and hospitality real estate. His research appeared in the most prestigious journals in real estate (Real Estate Economics), urban economics (Journal of Urban Economics), insurance (Journal of Risk and Insurance), business law (Journal of the American Business Law Association), and hospitality management (Cornell Quarterly and International Journal of Hospitality Management). In addition, he has written for nearly every national journal read by real estate professionals. His textbook, Real Estate Perspectives (with Smith and Ling), was used throughout the nation for introductory real estate courses. He co-edited and wrote chapters for The Cornell School of Hotel Administration on Hospitality: Cutting Edge Thinking and Practice. Corgel’s current research interests include the relationship between the macro-economy and hotel markets and real estate price and capitalization rate forecasting.

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Insights by Jack B. Corgel (9)

Recovery of Business Travel – ‘Everybody Talks but Nobody Knows’

The media, when communicating about the prospects for airlines, aircraft manufactures, the hotels, and vendors that serve these sectors report on the return of business travel to pre-pandemic levels. But nobody knows! It’s reasonable to estimate an upcoming business travel recovery with an abstraction from what occurred after prior recessions, especially the post-financial crisis period.

Touring NCREIF's Property Total Return Index

Hotel real estate investors need to measure both the absolute and relative financial performance of their properties. A 10% annual return may appear solid unless a collection of comparable investments earned 15%.

Recent Urban Migrations And Hotel Markets

Long-run future economic activity and hotel business opportunity will materialize in outlying areas of major MSAs, medium and small cities, and tax and cost-of-living friendly states. Many urban centers and high tax states run counter to the trend.

U.S. Hotel Interest Coverage

According to the March 2019 edition of CBRE's Hotel Horizons® forecast report, RevPAR growth for the U.S. lodging industry will be limited to under 2.5 percent through 2020. Further, CBRE is projecting a 0.

Which US hotel markets are on the bubble?

At a recent gathering, I was involved in a group conversation with hotel property investors who agreed that they have been "choking on the numbers" in certain U.S. hotel markets. Stated differently, their spreadsheet models explode once either acquisition prices or development costs are entered to evaluate hotel opportunities, especially in red-hot markets.
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