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Second Quarter 2019: Gradual Hotel Slowdown: Has the Party Ended?
Full text linkIn this issue, we introduce our new regional indices of hotel performance. Based on these indices, hotels in the Midwest and Mountain regions (mostly hotels in Arizona, Colorado, and Nevada) have outperformed other regions, while hotels in the Pacific region (primarily California) and South Atlantic region (mostly Florida) have grown at a more moderate pace in the post-recession era. The performance of hotels in gateway cities declined this quarter, narrowing the gap in performance relative to hotels in non-gateway cities. Hotel financial performance overall is now in the red zone: operating profit stands below a hotel property’s borrowing cost based on economic value analysis (EVA). The price performance of small hotels and repeat sale hotels has reversed course and has started to weaken, while larger hotels continued their downward price spiral. The cost of hotel debt financing and equity financing have declined, with no change in the relative risk premium for hotels. However, the spread between the 10-year U.S. Treasury bond and the 3-month bond is now in negative territory, which might affect market liquidity as well as contribute to slower price growth in hotels. A reading of our tea leaves suggests prices are expected to decline for both large and small hotels. This is report number 31 of the index series
The Hurdles to Financing Modular Development
Full text linkRevenues from the permanent modular construction (PMC) sector jumped 62% in one year to reach $3.3 billion in 2016 and its quick growth has not gone unnoticed. The industry has attracted investment from sources such as Soft Bank’s Vision Fund and Amazon’s Alexa Fund, an indication of the perceived feasibility of modular building that is further illustrated in PMC’s growing market share that increased 37% from 2014 to 2017 (Bousquin, 2019). Rising construction costs, tight labor markets, and an unprecedented demand for housing have pushed modular construction towards being one of the disruptors of an industry that has suffered a decline in productivity since the 1990’s (Changlie, 2015). However, early adopters of modular still face hurdles, especially when searching for institutional sources of capital to finance their projects
Farm Mechanization and Rural Migration in the Great Depression
Full text linkWe study sectoral labor realloaction in the U.S. during the Great Depression by examining transitions between the farm and nonfarm sectors as well as movement within the farm sector. Towns and cities that are hit harder by the downturn see higher levels of out-migration to farms, suggesting that the widespread movement to farms serves as a source of migratory insurance. We also show that the more mechanized farming areas are far less able to provide this insurance function. In fact, while the subsistence agricultural sector gains large numbers of people during the crisis, the mechanized agricultural sector sheds workers. Instead of being released into more productive occupations, many of the workers leaving these mechanized areas are themselves moving into low-productivity or subsistence farming. This evidence suggests that economic downturns can interrupt the process of structural transformation and that the job losses associated with structural change may exacerbate the employment problem during economic downturns
2019 Annual Report: Innovating Across Health, Hospitality and Design
Full text link[Excerpt] We are pleased to present the Cornell Institute for Healthy Futures\u27 fourth Annual Report. The 2018-2019 academic year ushered in many exciting changes for us, including:
• CIHF Leadership Changes Brooke Hollis (Professor of the Practice in Policy Analysis and Management and Associate Director of Sloan Program in Health Administration) served his first full year as Executive Director. Heather Kolakowski (Lecturer in Food & Beverage Management in School of Hotel Administration) joined us as Associate Director. Nikki Cerra and Ellie Valenzuela-Menodoza joined the Institute as Program Manager and Program Assistant, respectively.
• In 2018, we officially launched our new summer course, DEA 1110 Making a Difference by Design: Tackling Hospitality & Healthcare Challenges. It was a very successful class, enrolling over 40 students.
• We started creating our new on-line certificate programs through eCornell, with the expectation of officially launching these in 2020.
• Our Healthy Futures undergraduate minor was officially launched in the Department of Design & Environmental Analysis and Alexina Federhen graduated as our first minor in May 2019!
• In May, we co-hosted a Thought Leadership Forum Service Imperative for Health, Hospitality, and Design, which will result in a special issue of Journal of Service Management publishing papers from the nine themes of the conference. Over 65 academics and industry leaders participated in the forum.
• This year saw many new student-industry collaborative research projects, including: Hilton Wellness Project, Digital Transformation Hackathon, Pacific Life Design Engagement Project and Keeping People 60 and Better at their Best research project with Meredith Oppenheim.
With these new changes, we also continued our essential work through growing the Institute. Our corporate advisory board composed of senior-level leaders from 26 different global organizations, continued to help guide our work and bridge the fields of hospitality, design and health management/policy. We continued to grow our community of affiliates, so we currently have 54 faculty fellows from different colleges across Cornell, 45 academic scholars from leading universities A YEAR OF EXCITING CHANGES AT CIHF. and 29 industry scholars.
Over 110 industry leaders, academics, researchers, students, healthcare professionals, government representatives and nonprofit administrators participated in our fall and spring Roundtables: Dining and Service Innovations Across the Health Care Continuum, and Nature, Health and Wellbeing.
As we settle into our new and continuing roles this coming year, we will harness the energy from this past years\u27 changes to further engage our community, inspire students to look through the different lenses simultaneously, and maximize our resources to innovate across health, hospitality and design. We could not do this important work without your support and participation and we look forward to further building our community
Third Quarter 2019: Is Bad News Fake News?
Full text linkOnly hotels in the South Atlantic region experienced a positive price momentum during this period.* The performance of hotels in non-gateway cities declined at a faster rate relative to those in gateway cities. Hotel financial operating performance has finally returned to positive profitability with operating profit exceeding both a hotel property’s operating costs as well as financial (borrowing) cost, based on economic value analysis (EVA). The price of larger hotels has spiraled downward at a faster rate than that of smaller hotels and repeat sale hotels. The cost of hotel debt financing, as well as equity financing, has declined, with virtually no change in the relative risk premium for hotels. However, the spread between the 10-year Treasury and the 3-month Treasury has fallen even further into negative territory, which continues to raise concerns over its impact on market liquidity as well as its contribution to slower price growth in hotels (since this is a recession indicator). A reading of our tea leaves suggests prices are expected to decline for both large and small hotels. This is report number 32 of the index series
CHR Reports Compendium 2019
No full textThe 2019 CHR Compendium provides a summary of the Cornell Hospitality Reports published by the faculty of the School of Hotel Administration in the Cornell SC Johnson College of Business. The compendium also includes articles published in the Cornell Hospitality Quarterly, the school’s journal of applied research. Sorted by topic, the reports and articles contain direct implications for hospitality executives and those in related industries. CHR Reports are available for download at no charge
International Trek: Shanghai, China
Full text link[Excerpt] Beginning their international trek, the Baker Program in Real Estate students visited the Colliers International office in Shanghai. The firm currently has 15,000 professionals and staff in 396 offices in 68 countries across six continents. Colliers has two billion square feet under management and $2.6 billion in annual revenue. Colliers Shanghai is the regional headquarters for east China and the company’s largest office in the country. This office provides a full range of services for industrial, office, retial and residential. Its landmark Shanghai projects include Platinum, L’Avenue, Ecocity, Chamtime Corporate Avenue, and Longyu International Plaza. The Baker Program was honored to be welcomed by Colliers executives Dave Chiou, Senior Director of Research, North, East, and West China, Timothy Chen, Director of Advisory Services, East China, and Jie Li (MPS ’01), Managing Director, North China, and Head of Valuation and Advisory Services, China. They offered students insights into the country’s changing real estate landscape
2018 Institutional Real Estate Allocations Monitor, Survey Highlights
No full text[Excerpt] Cornell University’s Baker Program in Real Estate and Hodes Weill & Associates are pleased to present the findings of the sixth annual Institutional Real Estate Allocations Monitor (the “2018 Allocations Monitor”). The 2018 Allocations Monitor focuses on the role of real estate in institutional portfolios, and the impact of institutional allocation trends on the investment management industry. Launched in 2013, the 2018 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
Highlights: WX New York Women Executives in Real Estate
Full text link[Excerpt] For the fourth consecutive year, the Cornell Center for Real Estate and Finance and Cornell Real Estate Women hosted its annual WX Panel Discussion held at Statler Hall on March 11. WX New York Women Executives in Real Estate is an invitation-only association for New York’s executive-level women actively engaged in the commercial real estate industry. Through networking opportunities and educational seminars, WX promotes the advancement of women in the industry for its diverse membership of owners, developers, brokers, architects, engineers, bankers, and lawyers.
Sylvia Melikian (MBA ’76) moderated the four member panel of distinguished WX executives who shared their experiences and strategies for achieving success in the industry and their respective fields of hospitality, banking, development, and asset management. Over forty undergraduate and graduate students in hotel administration, city and regional planning, real estate, and business attended the event. After the discussion, panelists and students enjoyed a networking reception in Statler Hall. Below are some highlights from the evening
Leveraging Bike-Share Systems to Improve Guest Experiences and Attract Tourists
Full text linkBike-share systems have become a popular method for traveling within a city, and they are rapidly growing in many cities around the world, including New York, Paris, and Shanghai. This rapid growth allows tourists to explore a city on their own, using a communal bike, giving them an essential new way to discover the city. As a result, access to a bike-share system is becoming a big part of a tourist’s experience of a city and an essential hotel amenity. In this paper, we provide (1) guidance to hotels on the choice between offering guests an in-house bike-share system and supporting their use of a city-run bike-share system, and (2) prescriptions for cities on how to best design and run tourist-friendly bike-share systems