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Annual Report 2018: Innovating across Health, Hospitality, and Design
Full text link[Excerpt] Some wise person once said that “time flies when you are having fun. This has definitely been the case for me serving as the Executive Director of Cornell Institute for Healthy Futures since July 2015 (with the institute being formally inaugurated in November 2015).
With generous support from Cornell University’s School of Hotel Administration and College of Human Ecology, we started our institute with a bold vision and some inspirational ideas to bring together the concepts, experiences, challenges, and thought and industry leaders in health, wellness, hospitality, and senior living. It has been an exciting journey, and I am extremely proud of what we have achieved. Please allow me to list some of our major accomplishments: We now have a corporate advisory board comprising a prominent group of senior executives from 26 different global organizations. Thanks to their support, the institute is in excellent financial health. We currently have 50 faculty fellows from different colleges across Cornell, 39 academic scholars from some of the leading universities around the world, and 21 industry scholars. The institute is also the home base for both undergraduate and graduate student clubs. During the last three years we have organized a major conference, roundtables focused on senior living, mental and behavioral health, hospitality and healthcare interface, and most recently, a symposium on patient experience. We have hosted at least 75 industry speakers on campus either as part of panels or as guest lecturers during our classes. Many of their inspiring videos have been archived by CornellCast and are regularly used in classes. We have an active series of ongoing research projects, and soon we will start producing reports that highlight key insights. Last but not the least, we have initiated several educational initiatives, including launching a new minor on healthy futures; a new summer course; and started preparing two online certifications for Senior Living and Healthcare (to be launched later this year)
Hotel Valuation Software
No full text[Updated May 2018]
The Hotel Valuation Software is available as a commercial product from www.hotelvaluationsoftware.com. The software consists of three Excel templates and an accompanying software manual. The software has been updated to provide numerous enhancements and is compatible with the most current version of the Uniform System of Accounts for the Lodging Industry. The software is compatible with any Windows, OSX, Google Sheets, and the web-based version of Excel without the need for macros or Visual Basic.
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酒店评估软件手册和三个程序（点击这里 ) Users desiring a Mandarin version of the Hotel Valuation Software should click here
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The Hotel Valuation Software remains the only non-proprietary computer software designed specifically to assist in the preparation of market studies, forecasts of income and expense, and valuations for lodging property. The software provides an accurate, consistent, and cost-effective way for hospitality professionals to forecast occupancy, revenues and expenses and to perform hotel valuations. The current version of the Hotel Valuation Software includes the following updates – a complete update to reflect the 11th edition of the USALI – the most significant change to the chart of accounts in a generation, an average daily rate forecasting tool, and a sophisticated valuation module. Using established methodology, the Hotel Valuation Software is a sophisticated tool for lodging professionals. The tool consists of three separate software programs written as Microsoft Excel files and a software users\u27 guide. The tool is provided through the generosity of HVS and the School of Hotel Administration.
The three software modules are:
Room Night Analysis and Average Daily Rate: Enables the analyst to evaluate the various competitive factors such as occupancy, average room rate, and market segmentation for competitive hotels in a local market. Calculates the area-wide occupancy and average room rate, as well as the competitive market mix. Produce a forecast of occupancy and average daily rate for existing and proposed hotels in a local market. The program incorporates such factors as competitive occupancies, market segmentation, unaccommodated demand, latent demand, growth of demand, and the relative competitiveness of each property in the local market. The program outputs include ten-year projections of occupancy and average daily rate.
Fixed and Variable Revenue and Expense Analysis: The key to any market study and valuation is a supportable forecast of revenues and expenses. Hotel revenue and expenses are comprised of many different components that display certain fixed and variable relationships to each other. This program enables the analyst to input comparable financial operating data and forecast a complete 11-year income and expense statement by defining a small set of inputs: The expected future occupancy levels for the subject hotel Base year operating data for the subject hotel Fixed and variable relationships for revenues and expenses Expected inflation rates for revenues and expenses
Hotel Mortgage-Equity Valuation: A discounted cash flow valuation model utilizing the mortgage-equity technique forms the basis for this program. Values are produced using three distinct underwriting criteria: A loan-to-value ratio, in which the size of the mortgage is based on property value. A debt coverage ratio (also known as a debt-service coverage ratio), in which the size of the mortgage is based on property level cash flow, mortgage interest rate, and mortgage amortization. A debt yield, in which the size of the mortgage is based on property level cash flow. By entering the terms of typical lodging financing, along with a forecast of revenue and expense, the program determines the value that provides the stated returns to the mortgage and equity components
Dubai: Exposition 2020
No full textDubai will have the honor of hosting Expo 2020 from October 20, 2020 through April 10, 2021. This universal exposition is designed to showcase the achievements of the United Arab Emirates as well as other nations. The theme of Expo 2020 is “Connecting Minds, Creating the Future,” placing an emphasis on how opportunity, mobility, and sustainability affect humanity worldwide (Expo 2020, 2018)
Survey Highlights: 2017 Institutional Real Estate Allocations Monitor
Full text linkCornell University’s Baker Program in Real Estate and Hodes Weill & Associates are pleased to present the findings of the fifth annual Institutional Real Estate Allocations Monitor (the “2017 Allocations Monitor”). The 2017 Allocations Monitor focuses on the role of real estate in institutional portfolios, and the impact of institutional allocation trends on the investment management industry. Founded in 2013, the Allocations Monitor is a comprehensive annual assessment of institutions’ allocations to, and objectives in, real estate investments. This report analyzes trends in institutional portfolios and allocations by region, type and size of institution
Consumer Perception of Hotel Competitive Sets
Full text linkThis research explores consumer perception of hotel competitive sets by analyzing TripAdvisor data collected from 11 cities internationally. The study included running regressions, generating visual displays (scatter plots and histograms), and performing K-means clustering. The results were encouraging, as the outcomes demonstrated that there is an ability to generalize consumer preference when it comes to hotel competitive sets. The research identifies a strong need for industry executives to begin focusing their attention on consumer perception when conducting competitive analysis
Fourth Quarter 2016: Hotels Are Getting Costlier to Finance
Full text linkOur Standardized Unexpected Price (SUP) metric continued to show positive momentum in the price of large hotels with continued decline in the price of small hotels. Costlier financing for hotels is occurring due in part to lenders’ perceptions of the increasing relative riskiness of hotels compared to other commercial real estate. We expect higher hotel financing costs going forward. Our early warning indicators suggest that prices of large hotels and small hotels should rise during the first quarter of 2017. This is report number 21 of the index series.
Supplemental File: Hotel Valuation Model (HOTVAL) We provide this user friendly hotel valuation model in an excel spreadsheet entitled HOTVAL Toolkit as a complement to this report which is available for download from http://scholarship.sha.cornell.edu/creftools/1
The Food-Service Industry: Best of Times, Worst of Times
Full text linkTechnology has long been a factor in restaurants’ back-of-house operations, but the actual amount of automation depends on the restaurant operator’s preferences and, to some extent, the type of restaurant. Technology is now expanding in the front of the house, as part of the service interaction with guests, but again the implementation is uneven and depends in part on the restaurant’s concept. Whatever technology is introduced should at minimum not damage the guest experience and preferably should boost service levels. Participants in a recent roundtable at the School of Hotel Administration examined these and other issues in the foodservice industry, with a particular emphasis on the entrepreneurial aspects of the restaurant industry. Food service now stretches beyond the restaurant business, as grocery stores have entered the meal replacement sector, and food-kit deliveries are growing in popularity. Changes in the restaurant industry have influenced vendors, whether they offer a broad line or systems distribution. One other issue that is in flux is tipping, as some restaurateurs have eliminated tipping and raised menu prices to balance payrolls throughout the restaurant, while others retain tipping due to customers’ price sensitivity
The Tension between Monetary Policy and Financial Stability: Evidence from Agency Mortgage REITs
Full text linkThe prolonged use of unconventional monetary policies since the financial crisis has resulted in concerns about the potential for such policy accommodation to undermine financial stability. Recent research identifying a “risk-taking channel” of monetary policy suggests that rapidly growing shadow banking organizations are of particular concern. In this paper, we study Agency mortgage REITs (Agency MREITs), which are specialized, tax-exempt financial institutions, whose rapid growth raised systemic risk concerns by the Financial Stability Oversight Council.
After controlling for key variables that drive the Agency MREIT business (level, slope, and expected volatility of the term structure as well as the mortgage yield spread) we find that the growth (and associated equity issuance) of these institutions was concentrated during QE2 and reversed course following the implementation of QE3 and on through asset purchase tapering. We also show that Agency MREIT equity returns rose during QE1 and into QE2 (likely owing to gains on existing holdings), but then declined during the Maturity Extension Program, QE3, and tapering periods. Dividend yields, which are negatively related to the policy rate and positively related to the slope of the term structure, declined during both QE2 and QE3.
In terms of risk-taking, Agency MREITs decreased their leverage during QE1. While these institutions increased their use of repo financing during the MEP, QE3, and Tapering periods, this was not concentrated in the shortest tenors
The Implications of Bank Loyalty Card Programs for Hotel Owners
Full text linkThis thesis looks into hotel loyalty programs and the relationships between the involved players: hotel brands, hotels, guests, and financial institutions (co-branded credit card partners). Past studies have been conducted around loyalty programs structures and their associated value to guests. To better understand the intricacies of loyalty programs, phone interviews were conducted with industry professionals. This thesis examines the business relationships of the industry players and the flow of loyalty points. Hotel owners emerge as the net losers from the expansion and growth of these loyalty programs
The Effects of Service Charges versus Service-included Pricing on Deal Perception
No full textStudy participants rated menu prices with an automatic percentage service gratuity as better deals than equivalent service-included prices when the service component of price was below the standard 15 percent tipping rate. However, the reverse was true when the service component of price was above 15 percent. Furthermore, a move from percentage service gratuity toward dollar service gratuity impeded participants’ menu price judgment. These findings provide some insights regarding which pricing alternative to tipping should be implemented if and when restaurateurs decide to abandon voluntary tipping