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Editorial Board
Full text linkEditorial board members for Cornell Real Estate Review (2018), Volume 16, Issue 1
Dining and Service Innovations Across the Health Care Continuum: Insights from 2018 CIHF Roundtable
No full text[Excerpt] Hospitals, college campuses, and retirement communities all serve different populations, but they have one feature in common: the experience of the people they serve is significantly impacted by what hospitals sometimes call “hotel functions,” including dining, housekeeping, maintenence, and other support functions. Anecdotal evidence suggests that these services can both enhance the experience, and even potentially improve the outcomes of care, in healthcare and senior living settings.
The Cornell Institute for Healthy Futures (CIHF) sponsored a roundtable on October 9 and 10 that explored the trends in food and other services across a range of organizational settings. Nearly 60 industry leaders in health care, higher education, senior living, financial services, and wellness attended the conference at Cornell University in Ithaca, N.Y.
The roundtable opened with an overview of the emerging trends in dining services at senior living facilities, college campuses, hospitals, and spas. The conference then explored the innovations institutions have launched in other services, including housekeeping, maintenance, guest relations, and patient services. The roundtable concluded with a discussion on the need to integrate a culture of hospitality at their organizations so that they can better serve the needs of their patients, clients, and residents
Fourth Quarter 2017: Smaller Hotels Finish Strong; Larger Hotels Lag
No full textHotel performance is still in the black based on economic value analysis (EVA), although returns still exceed borrowing costs (for debt). The narrowing of the spread between the cap rate and cost of debt suggests that deals may be getting harder to pencil. Transaction volume declined this quarter relative to the previous quarter, although volume remained stable on a year-over-year basis. Our various pricing metrics point to continued positive price momentum for smaller hotels, with larger hotels still losing ground. From a reading of our tea leaves, we expect a continuing positive momentum, although prices will increase at a decreasing rate. This is report number 25 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
CHR Reports Compendium 2018
No full textThe 2018 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
Cornell Real Estate Women Spotlight: Tammy K. Jones
No full textTammy K. Jones has more than 24 years of experience in the commercial real estate industry investing and lending on behalf of pension funds, institutional investors, and family offices. Since 2009, Ms. Jones has served as both Co-Founder and Chief Executive Officer of Basis Investment Group (Basis). Under her leadership, Basis has succeeded in closing nearly $3 billion in commercial real estate debt and structured equity
Multifamily REITs: Columbia\u27s Opportunity to Attract Foreign Capital
Full text linkThe real estate market in Colombia has been very active during the past decade. Government spending through a free housing initiative and the stable and favorable political environment have incentivized capital flow into the country. All asset classes have benefited from the investments. Commercial real estate developments have taken advantage of this economic growth, but the residential market has been the strongest as an average of 230,000 units have been built and sold every year since 2013. Colombia still has room for residential expansion. Housing shortage is close to 4 million homes and it is estimated that 35% of the population are renters. This paper explores the history of the mortgage system, explains the current investment vehicles for real estate, and proposes an alternative to inject liquidity and stimulate housing production. The focus of the investments should be on operating the assets rather than selling them. The business model of building and renting out units has been overlooked in the country, with a potential rental market of 14 million people
Living Without OTAs—Goodbye Columbus: Putting the Jenie Back in the Bottle
Full text linkA recent Cornell Hospitality Quarterly article highlighted a unique natural experiment where an entire city had all its hotel delisted from all online travel agents for more than 4 years. The article provides great background to the delisting and highlights the impacts on hotel revenue and accommodation taxes for the county. The article estimates that even though the hotels relisted at all online travel agents (OTAs), there was a substantial gain to both hotels and accommodation tax collectors during the OTA delisting period. The impact estimates are based solely on the loss of demand realized in neighboring Phenix City, AL, once Columbus is relisted at OTAs. In the following, we highlight some concerns with these estimates and indicate that the losses may in fact be quite substantive and perhaps more indicative of why Columbus hotels relisted at the OTAs
Organizational Downsizing: How Communication Networks Connect with Employee Performance
No full textWhen an international hotel firm eliminated about one-quarter of the positions at its corporate headquarters, it opened a window into the turbulence that downsizing survivors experience in establishing new networks. This study shows the effects of a corporate downsizing on existing communication networks and on the employee performance that those networks support. It is in management’s interest to foster development of restored communication networks following a downsizing, because workers who feel they receive adequate job-related information are also stronger performers. Communication networks seemed to be in disarray two months after the downsizing, but employees had regained their equilibrium about four months afterward. Managers who seek to improve employees’ performance after a downsizing could focus on rebuilding their communication networks. In deciding whom to retain in a downsizing, the study points to the finding that high performers before the downsizing continued to be high performers even after a staff reduction
Alumni Highlight: Rob Dunn
Full text linkRob is a Graduate of the Baker Program in Real Estate, Class of 2010. After graduating from the Baker Program, Rob took on a role at Long Wharf Capital, a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Currently, Rob is a Director at Hubb NYC Properties
Amazon\u27s Impact on the Seattle Office Market
No full textThe 2019 Baker Program Class trip to Seattle was an eye-opening experience. Among the biggest surprises was the dominance of Amazon within the city. As we met with developers, alumni and even Uber drivers, everyone was talking about the company’s impact on the growth of the community. According to CoStar, Amazon is the dominant space user in the Seattle office market, accounting for almost 45% of all the gross leasable class A office space. Amazon occupies more office space than the city’s next 40 biggest employers combined