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The Rushmore Letter - Hotel Investments: A Guide for Lenders and Owners

Dear Friends, In 1990, I wrote a book entitled Hotel Investments: A Guide for Lenders and Owners which described the process of making sound hotel investments. The book covered many topics including hotel market studies and valuations, franchises and management contracts, acquisition checklists and documents, leases, financing and ownership strategies. In 2002, this book was updated and republished as the Hotel Investments Handbook.

Stephen Rushmore
By Stephen Rushmore, Hotel Valuation Expert and Founder of HVS, Hotel Valuation Software

Dear Friends,

In 1990, I wrote a book entitled Hotel Investments: A Guide for Lenders and Owners which described the process of making sound hotel investments. The book covered many topics including hotel market studies and valuations, franchises and management contracts, acquisition checklists and documents, leases, financing and ownership strategies. In 2002, this book was updated and republished as the Hotel Investments Handbook.

Unfortunately the publisher has discontinued publishing my text, but has allowed me to offer its contents in PDF format.

As a token of my appreciation to all my friends who have read my many books and articles for the past 30 years, a PDF copy of the Hotel Investments Handbook is below for you to download at no charge. In addition, you have permission to make an unlimited number of copies for distribution to your colleagues and friends.

To download a file, right click on the appropriate link and select "Save Target As...":

  • Complete Dowload .zip file - Entire contents of Hotel Investments Handbook - (Size: 9,172 KB)
  • Chapter 1 - Overview of the U.S. Lodging Industry (Size: 2,106 KB)
  • Chapters 2-7 (Size: 1,243 KB)
    • Chapter 2 - History of the Lodging Industry
    • Chapter 3 - National Supply
    • Chapter 4 - National Demand
    • Chapter 5 - Market, Product, and Site Selection
    • Chapter 6 - Site Analysis
    • Chapter 7 - Neighborhood and Market Area Analysis
  • Chapters 8-15 (Size: 1,150 KB)
    • Chapter 8 - Lodging Supply Analysis
    • Chapter 9 - Lodging Demand Analysis
    • Chapter 10 - Analysis of Market Share, Occupancy, and Average Room Rates
    • Chapter 11 - Revenue Forecast
    • Chapter 12 - Expense Forecast
    • Chapter 13 - Property Valuation
    • Chapter 14 - Investment Strategies
    • Chapter 15 - Ownership Considerations
  • Chapters 16-18 (Size: 963 KB)
    • Chapter 16 - Capital Sources and Financing
    • Chapter 17 - Buying, Selling, and Exchanging Hotel Properties
    • Chapter 18 - Hotel Franchises
  • Chapters 19-21 (Size: 1,162 KB)
    • Chapter 19 - Property Management
    • Chapter 20 - Hotel Management Contracts and Related Documents
    • Chapter 21 - Hotel Development
  • Chapters 22-24 (Size: 1,382 KB)
    • Chapter 22 - International Markets
    • Chapter 23 - Analysis of Casino Gaming
    • Chapter 24 - Selecting a Consulting and Appraisal Firm
  • Appendices (Size: 1,546 KB)

HVS International is a hospitality services firm providing industry skill and knowledge worldwide. The organization and its specialists possess a wide range of expertise and offer market feasibility studies, valuations, strategic analyses, development planning, and litigation support. Additionally, HVS International supplies unique knowledge in the areas of executive search, investment banking, environmental sustainability, timeshare consulting, food and beverage operations, interior design, gaming, technology strategies, organizational assessments, operational management, strategy development, convention facilities consulting, marketing communications, property tax appeals and investment consulting. Since 1980, HVS International has provided hospitality services to more than 10,000 hotels throughout the world. Principals and associates of the firm have authored textbooks and thousands of articles regarding all aspects of the hospitality industry. Click here for more...

Finance Finance
Stephen Rushmore
Stephen Rushmore
Hotel Valuation Expert and Founder of HVS, Hotel Valuation Software

As a leading authority and prolific author on the topic of hotel valuations and feasibility studies, and the Founder of HVS, Steve Rushmore has written all six textbooks and two seminars for the Appraisal Institute covering this subject and is known as the “Creator of the Hotel Valuation Methodology.” He has also authored three reference books on hotel investing and has published more than 300 articles.

HVS
Consultant

HVS is the world's leading consulting and services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 2,000 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe.