How to Value a Hotel
A course to become a Certified Hotel Appraiser or a Certified Hotel Valuer
A course to become a Certified Hotel Appraiser (CHA) or a Certified Hotel Valuer (CHV)
I’m Steve Rushmore- Founder of HVS and creator of the "Modern Hotel Valuation Methodology." I want to tell you about a new course I recently developed- "How to Value a Hotel."
After more than 40 years of evaluating thousands of hotels throughout the world, I have learned there is one skill hotel consultants/appraisers, asset/revenue managers, brokers, lenders, and owners use continuously in their professions is How to Value a Hotel.
With my course, you will learn everything needed to perform a hotel valuation. You will also receive a copy of my Hotel Valuation Software- used by thousands of hotel professionals around the world. After successfully completing the course you will become a Certified Hotel Appraiser (CHA) or a Certified Hotel Valuer (CHV)- the world's only certification recognizing your hotel valuation skills.
My Modern Hotel Valuation Methodology is a three-step process that considers all the elements affecting a hotel's value
Perform a Hotel Market Analysis- How does the hotel compete with other properties in the market and how to measure the impact of new hotels entering the area? It is also used for doing hotel feasibility studies.
Forecast Revenue and Expense- How to evaluate the hotel’s financial performance and forecast Net Operating Income into the future.
Convert the forecast of revenue and expense into value. Also, consider how market sales and replacement cost might impact the hotel's value.
Every operational decision ultimately affects a hotel's value. My course details the procedures for valuing a hotel along with strategies to enhance its value.
If you want to learn these essential skills, I have boiled them down into my comprehensive 35-hour online course, "How to Value a Hotel," giving you everything needed to perform a hotel market analysis, forecast revenue and expense, and develop a hotel valuation.
You will be working with the latest version of my Hotel Market Analysis and Valuation Software- three state-of-the-art models used by thousands of hotel owners, operators, lenders, and consultants all over the world. The course includes your personal copy of this software package which will become a valuable component of your hotel analysis toolkit.
Most importantly, I will play a vital role during your learning process- through the wonders of Zoom- you can reach out to me with your questions and I will personally assist. After completing the course, I will also be available to mentor your professional development. Hopefully, this will be the start of a long-term friendship.
Lastly, upon successfully completing my course you can earn the prestigious certification- “Certified Hotel Appraiser” (CHA) or "Certified Hotel Valuer" (CHV) designation. This is the world's only certification recognizing hotel valuation skills which further enhances your resume and sets you apart from other hotel industry professionals.
This course and software package also provides answers to a wide range of key hotel investment questions such as- How much is my hotel worth? What can I do to maximize value? What is the likely impact of new competition? How much value will a refurbishment add? Is my market strong enough to support adding more hotel rooms? What is the impact of my brand adding another hotel to the market?
So why should you take this course? Valuing a hotel is not a simple process. You need to understand the interrelationship between a hotel’s operational and real estate components and how this impacts the hotel valuation process. My course will lead you step-by-step through this process so upon completion, you will have learned How to Value a Hotel.
Look forward to seeing you in my class.
All the best,
Steve Rushmore, MAI, CHA
Ready to Enroll?
Click the Video Arrow to Start
This online course containing 75 lessons teaches how to perform a hotel valuation using Rushmore's Modern Hotel Valuation Methodology which includes a market analysis, financial projections, and valuation.
You will be working with the latest version (6.0) of his Hotel Market Analysis and Valuation Software- three powerful software models that have become the hotel industry standard for hotel valuations and investment analysis throughout the world. By the end of the course, you will have all the tools and knowledge to perform your own hotel market analysis and valuation plus many other applications.
The course consists of video lectures, readings, hands-on software case studies, quizzes, and a final project valuing an actual hotel. It should take about 20-35 hours to complete the 75 short lessons. You can start anytime and proceed at your own pace.
Steve Rushmore will be available via Zoom to answer your questions and provide support.
The software used during the course is the latest Version 6 which contains a number of important enhancements. You will receive a copy of the software for your professional use.
The cost for the How to Value a Hotel course is $895 which includes the following:
Ready to Enroll?
The World's Only Hotel Valuation Certification
If you are an experienced appraiser looking to specialize in valuing hotels or a new valuer starting your career, you need to obtain a hotel valuation certification. By successfully completing my course and a final project, you will become a Certified Hotel Appraiser (CHA) or a Certified Hotel Valuer (CHV) the world's only hotel valuation certification. (Note: Both certifications are the same. Depending on your local professional terminology, you may want to be certified as an "Appraiser" or "Valuer.") Adding CHA or CHV certification to your resume and LinkedIn profile will certainly set you apart from all other appraisers/valuers and industry professionals.
Obtaining the Certification requires the demonstration of proficiency in valuing hotels and the use and application of the Hotel Valuation Software during the final project where you value an actual hotel.
After successfully passing the "How to Value a Hotel" course you will receive a certificate suitable for framing (via email). With your permission, we will e-mail pdf copies of your certificate to prospective employers and anyone else you designate acknowledging your Certification. Your name will also appear in a Directory of CHA and CHV members located at www.certifiedhotelappraiser.org or www.certifiedhotelvaluer.org
Steve’s "How to Value a Hotel" course consists of 75 short lessons using videos, reading materials, software, quizzes, and a final project to analyze and value an actual hotel. The course takes 20 to 35 hours to complete and you can start at any time and proceed at your own pace during your free time.
You will be learning directly from Steve Rushmore the creator of the Modern Hotel Valuation Methodology. Through Zoom, Steve will be available to personally answer your questions and guide you through the course. In addition, Steve’s course goes into significant depth on all the topics related to performing a hotel valuation such as the market analysis, financial forecasts, and valuation modeling. He teaches not only how to value a hotel, but also how to use the powerful Hotel Valuation Software that comes with the course and you keep for your professional use. Your final project is valuing an actual hotel. In most online courses, students never interact with the course developer- Steve Rushmore will personally be with you throughout the course
After successfully passing Steve’s course you have earned the Certified Hotel Appraiser/Valuer (CHA or CHV) certification and will receive (via e-mail) a certificate suitable for framing. With your permission, Steve will e-mail pdf copies of your certificate to prospective employers and anyone else you designate acknowledging your Certification. Your name will also appear in a Directory of CHA and CHV members. Adding CHA or CHV certification to your resume and LinkedIn profile will certainly set you apart from other appraisers and hotel professionals. For more information on the CHA and CHV certification: https://certifiedhotelappraiser.org/ or https://certifiedhotelvaluer.org
Yes, you will be using the latest Version 6.0 which you will download during the course. After taking the course you are entitled to free upgrades of Version 6.0 for three years.
Steve first developed this software for his firm- HVS. It was then enhanced by Professor Jan deRoos of the Cornell Hotel School. This software has been the most downloaded product on the Cornell website and is used by thousands of hotel professionals around the world. It consists of three models: • Hotel Market Analysis and ADR Forecasting Model • Hotel Revenue and Expense Forecasting Model • Hotel Mortgage Equity Valuation Model. This software package also provides answers to a wide range of key hotel investment questions such as- How much is my hotel worth? What can I do to maximize value? What is the likely impact of new competition? How much value will a refurbishment add? Is my market strong enough to support adding more hotel rooms? What is the impact of my brand adding another hotel to the market? If your role includes responsibility for performing hotel valuations and associated financial analyses- you need to include this software in your business toolbox. For more information on Hotel Market Analysis and Valuation Software go to www.hotelvaluationsoftware.com
Steve’s course was designed to teach new HVS associates the Hotel Valuation Methodology. His course is now used by a number of major hotel valuation/consulting and brokerage organizations around the world to train both new hires and experienced real estate professionals. Hotel lenders, investors, management companies, and owners also use Steve's course. Steve teaches hotel valuation at many of the major hotel schools and universities. The consortium of The Hong Kong Polytechnic University, EHL Hotel Management School, and the Conrad N. Hilton College, University of Houston, uses the course for their Master of Science HES-SO in Global Hospitality Business program. Glion Institute of Higher Education and Les Roches hotel schools during the COVID lockdown had more than 500 students take Steve's course, and you can see their comments and feedback at https://certified-hotel-valuation-software-consultant.org/testimonials The Jonathan Tisch Center of Hospitality at New York University recently added this course to their graduate-level hotel development program.
Most real property appraisers/valuers are generalists. Their valuation education is focused on properties such as office, industrial, retail and residential which are largely real estate investments. Hotels are quite different because not only do they consist of real property but they also have a business component. It is the business component that Steve’s course “How to Value a Hotel” focuses on. To value a hotel you need to know how a hotel functions as a going business. Terminology such as REVPAR, ADR, GOP, OTA’s, Uniform System of Accounts for Hotels, Competitive Indices, Segmentation, Limited Service, SMERF, and Owner’s Priority will become part of your vocabulary. You need to be able to evaluate your property’s relative competitiveness, its market share, fair share, penetration, and market mix in order to project future occupancy and average rate. You then need to perform a fixed and variable component analysis in order to forecast income and expense. Lastly, the most accurate hotel valuation model utilizes a mortgage-equity approach. Instead of going to hotel school to learn the business of operating a hotel- Steve’s course will provide you with the appropriate knowledge. Steve has helped experienced appraisers become hotel valuation experts. He has taken starting valuers and trained them to handle hotel valuation assignments, general managers seeking to move to corporate, career changers looking to get into hotel consulting, lenders needing to understand hotel economics, owners looking to expand their portfolios, and operators wanting to make more accurate budgets.
The tuition is $895 for "How to Value a Hotel" which includes access to the course. Unlimited downloads of the software, articles, and publications. One-on-one Zoom calls with Steve Rushmore. Upon completion of the course and a passing grade on the final project, you will receive CHA or CHV certificate (via e-mail) suitable for framing With your permission copies of your certificate will be e-mailed to prospective employers and anyone else you designate. Your name will appear in the Directory of CHA and CHV members located at www.certifiedhotelappraiser.org or www.certifiedhotelvaluer.org Free software upgrades of Version 6.0
Happy to answer your questions. Contact me via e-mail- email@example.com I can also do a Zoom call if you want to speak directly with me- send me an e-mail and I will set up the call.
Ready to Enroll in Steve's Course?
1.0 Welcome to the Course and Introduction- Video and Table of Contents
1-A Course Description and Learning Outcomes- Article
1-B What Is a Hotel Market Analysis and Valuation- Article
1-C More About Steve Rushmore- Article
2.0 How to Value a Hotel- Intro Case Study- Introduction- Video
2-A Case Study- How to Value a Hotel- Case Material
3.0 How to Value a Hotel- Intro Case Study- Solution- Video
4.0 How to Value a Hotel- Intro Case Study- Cost Approach- Video
5.0 How to Value a Hotel- Intro Case Study- Sales Approach- Video
6.0 How to Value a Hotel- Intro Case Study- Income Approach, Final Value- Video
6-A Hotel Appraisal Theory- Article
6-B Phases of Performing a Hotel Market Analysis and Valuation- Article
6-C Hotel Data Collection Checklist- Article
6-D Hotel Data Collection Checklist- Download
6-E Quiz #1- Let's See How Much You Have Learned
7.0 Introduction to Hotel Market Analysis- Video
7-A Projecting Hotel Occupancy Using the Build-up Approach Based on an Analysis of Hotel Activity- Article
8.0 Hotel Market Overview- Demand Generators and Competitive Supply- Video
8-A Introduction to the Case Study- How to Perform a Hotel Market Analysis and Valuation- Article
8-B Define the Primary Hotel Market Area- Article
8-C Identify Generators of Transient Visitation- Article
8-D Case Study- Analysis of Hotel Demand Generators- Information
8-E Major Hotel Market Segments- Article
8-F Identify Primary and Secondary Competitive Hotels- Article
8-G Case Study- Analysis of Primary Competitive Hotel Supply- Information
9.0 Buildup Approach Based on an Analysis of Hotel Activity- Calculations- Video
9-A Case Study- Analysis of the Secondary Competition- Competitive Weighting Factor- Information
9-B Quiz #2- Let's See How Much You Have Learned
10.0 Estimate Latent Hotel Demand- Video
10-A Estimate Latent Hotel Demand- Article
10-B Case Study- Calculation of Latent Demand- Information
11.0 Forecast Demand Growth Rates- Video
11-A Projecting Hotel Room Night Demand into the Future- Article
11-B Case Study- Projecting Room Night Demand Growth Rates- Information
12.0 Quantify Existing and Expected Competitive Rooms Supply- Video
12-A Classification of Hotels and Their Facilities- Article
12-B Evaluating the Potential of Future Competitive Hotel Supply- Article
12-C How to Calculate the Total Market Demand Adjusted for Unaccommodatable Demand- Article
13.0 Develop Base Year Competitive Indices- Video
14.0 Project the Competitive Indices of Each Hotel- Video
15.0 Calculate Market Share, Fair Share, Room Nights Capture, Occupancy- Video
15-A How to Estimate a Hotel’s Stabilized Occupancy- Article
15-B Quiz #3- Let's See How Much You Have Learned
16.0 Project Average Daily Rate- Video
16-A What is a Hotel's Average Daily Rate- Article
16-B Projecting a Hotel’s Average Daily Rate- Article
16-C Forecasting ADR Using the Competitive Positioning Method and the Market Segmentation Approach- Article
17.0 Introduction to Hotel Market Analysis and Valuation Software- Video
17- A Hotel Market Analysis & ADR Forecasting Model- v6.6- (Blank Copy)- Software Download
17-B Hotel Market Analysis & ADR Forecasting Model- v6.6- (With Case Data)- Software Download
17-C Hotel Market Analysis & ADR Forecasting Model- v6.6- (With Case Data)- PDF Download
17-D Manual- Hotel Market Analysis & Valuation Software- Publication Download
18.0 Inputting Accommodated Hotel Demand Data- Primary Competitors- Software- Video
19.0 Inputting Accommodated Hotel Demand Data- Secondary Competitors- Software- Video
20.0 Inputting Latent Demand and Future Growth Data- Software- Video
21.0 Inputting Hotel Supply Data and Competitive Indices- Software- Video
21-A How to Use the Long-Term Supply Growth in the Supply Addition Tab- Article
22.0 Software Output Sheets- Video
22-A Quiz #4- Let's See How Much You Have Learned
23.0 Project Average Daily Rate- Software- Video
24.0 Hotel Market Analysis Calculation Sheets- Software- Video
25.0 Forecasting Hotel Revenues and Expenses- Video
25-A Forecasting Hotel Revenues and Expenses- Fixed and Variable Component Approach- Article
25-B What is the Uniform System of Accounts for the Lodging Industry?- Article
25-C Quiz #5- Let's See How Much You Have Learned
26.0 Hotel Revenue and Expense Forecasting Software Model- Video
26-A Hotel Revenue & Expense Forecasting Model- v6.8 (Blank Copy)- Software Download
26-B Hotel Revenue & Expense Forecasting Model- v6.7 (With Case Data)- Software Download
26-C Hotel Revenue & Expense Forecasting Model- v6.7- (With Case Data)- PDF Download
27.0 Hotel Mortgage Equity Valuation Procedure- Video
27-A Hotel Valuation Articles- Optional Readings
28.0 Hotel Mortgage Equity Software Input- Video
28-A Hotel Mortgage-Equity Valuation Model- v6.3 (Blank Copy)- Software Download
28-B Hotel Mortgage-Equity Valuation Model- v6.3 (With Case Data)- Software Download
28-C Hotel Mortgage-Equity Valuation Model- v6.3 (With Case Data)- PDF Download
28-D How a Lender will Evaluate Your Hotel Loan Using a Debt Yield Ratio- Article
29.0 Hotel Mortgage Equity Software- Output- Video
30.0 Final Conclusion- Video
30-A Quiz #6- Let's See How Much You Have Learned
31.0 Final Project- Video
31-A Final Project- Case Study Hotel Market Analysis & Valuation- Instructions and Appraisal Report Download
31-B Instruction for Submitting the Written Deliverables for the Final Project
31-C Submit 1st Deliverable File
31-D Submit 2nd Deliverable File
31-E Submit 3rd Deliverable File
31-F Submit 4th Deliverable File
32.0 Thank You! - Video
Please complete this Survey and give us feedback on your experience with this course.
Important Download- Updated Software
Become a Certified Hotel Appraiser/Valuer
A great student who benefitted from my one-on-one coaching.
Over 200 Hoteliers Have Earned Their Certifications
See what Steve's students say about his course- "How to Value a Hotel." As you can see this elite group are excited about the skills they learned and how this knowledge will further their hotel career.
Thank you, Mr. Steve Rushmore, for this amazing Market Analysis Valuation Certificate. It was very useful working through subjects such as Hotel Market Valuation, Forecasting Revenues and Expenses, ADR and occupancy, and Competitive Index. Full of interesting information included software that will help me a lot in my career. Thank you so much. The CHVSC Directory is now live, and you can access it at www.chvsc.org
On this day, I successfully completed a certification course in Hotel Market Analysis and Valuation, conducted by Steve Rushmore, one of the leading experts in the hospitality industry and founder of HVS Global Hospitality Services.
During this course, I have been guided to a deeper understanding of hotel market studies in the process of analyzing and valuing a hotel. By using the three major models in the valuation software, we were able to estimate operating performance, generate financial forecasts, and ultimately appraise a hotel’s value. The previous methods are being used by consultants all over the world, which provided me with relevant insights into hospitality consulting.
My thanks goes to Steve Rushmore for sharing with us his expertise which will be pertinent throughout our studies and future careers.
I have recently obtained a certificate in Hotel Market Analysis and Valuation managed by Steve Rushmore. Founder of HVS, a global hospitality consulting organization that has provided consultation services for more than 15,000 hotels!
The course introduced an overall overview of the Hotel Market and provided us with all the necessary tools to gather and process all the data for a comprehensive Hotel Market Analysis. Through 3 crucial Software (RNAADR, FIXVAR & HMEV). These valuation paradigms provide a structured and approved methodology for undertaking the analysis. The software consists of three excel workbooks, which collaborate together to give us a potential hotel value.
The valuation models are often used by experts willing to assess or reassess the value of any specific hotel. Especially, if we take into consideration the current circumstances (COVID-19), most of the hotels will certainly be revalued.
Thank you, Steve Rushmore, for sharing all the valuable information.
Download Additional Testimonials from Notable Hotel Schools
Testimonial- Dr. Catherine Cheung- Assoc. Dean- Hong Kong Polytechnic.pdf
Ready to Enroll?
Creator of the Modern Hotel Valuation Methodology
Steve Rushmore, MAI, CHA is the Founder of HVS- a global hotel consulting organization with more than 50 offices around the world. He has provided consultation services for more than 15,000 hotels during his 50-year career and specializes in complex issues involving hotel valuation, feasibility, and financing.
As a leading authority and prolific author on the topic of hotel valuations, Steve has written all five hotel valuation textbooks and two seminars for the Appraisal Institute and is known as the “Creator of the Modern Hotel Valuation Methodology.” He has also authored three reference books on hotel investing and has published more than 300 articles. Steve developed the Hotel Market Analysis & Valuation Software used by HVS and thousands of hotel appraisers/consultants, owners, and lenders throughout the world.
Steve lectures extensively on hotel valuations and has taught hundreds of classes and seminars to more than 20,000 industry professionals. He is also a frequent lecturer at major hotel schools and universities including Cornell, Glion, Hong Kong Polytechnic, EHL, Florida International University, IMHI, Michigan State, Penn State, Houston, NYU, and the Harvard Business School.
Steve’s most recent contribution to hotel valuation education is his online course- “How to Value a Hotel.” Designed for experienced appraisers looking to specialize in valuing hotels or new valuers starting their careers, the course provides all the knowledge and tools needed to evaluate hotel markets, forecast income and expense, and value all types of hotels. For the final project, students value an actual hotel. Upon successfully completing Steve’s course- students receive the Certified Hotel Appraiser (CHA) or Certified Hotel Valuer (CHV) certification recognizing their unique knowledge and skills used to value hotels.
Steve has a BS degree from the Cornell Hotel School, an MBA from the University of Buffalo, and attended the OPM program at the Harvard Business School. He held the MAI and FRICS appraisal designations and is a CHA (certified hotel administrator).
In his free time, Steve enjoys tennis, skiing, hiking, diving, sailing, and cooking with his wife (who is a trained Chef). He holds a commercial pilot’s license with instrument, multi-engine, and seaplane ratings.
Become a Certified Hotel Appraiser/Valuer
Add your email to the mailing list to get the latest updates.