ADR Cycles in the U.S. Hotel Industry By: Hans Detlefsen, Carter Wilson, and Hannah Smith Hotels always recover from economic downturns, right? Wrong. It is true the U.S. hotel industry, in aggregate, has always rebounded from past recessions. But this trend masks the fact that each cycle has winners and losers. Many hotels never recover. …
A Checklist For Hotel Underwriters As the owner of a hotel appraisal and advisory company, I get the opportunity to review hundreds of hotel appraisals, feasibility studies, investment pitch books, and offering memoranda each year. One of the things I’ve learned over the past two decades is that a few small changes in underwriting assumptions …
History Repeats Itself In June of 1857 the U.S. economy entered its 30th consecutive month of expansion. But banks were already starting to feel the impact of bad loans piling up. As the gold rush slowed, the pace of migration westward across the country also slowed. Railroad stocks began to decline. Land speculators lost big …
