Creator of the Hotel Valuation Methodology
Creator of the Hotel Valuation Methodology
Over the past 50 years, Steve Rushmore has taught hundreds of classes and seminars to more than 20,000 hotel industry professionals. He is also a frequent lecturer at major hotel schools around the world, including EHL, NYU, Michigan State, FIU, Penn State, Cornell, Houston, Glion, Hong Kong Polytech as well as the Harvard Business School.
As a leading authority and prolific author on the topic of hotel market analysis and valuations, Steve has written all six textbooks and two seminars for the Appraisal Institute covering this subject. He has also authored three reference books on hotel investing and has published more than 350 articles.
Now, you can now take courses with Steve without leaving your living room. He is developing a whole series of online courses covering topics such as “How to Value a Hotel”, “How to Use Hotel Market Analysis & Valuation Software”, “Negotiating Hotel Management Contracts”, “Hotel Mortgage-Equity Valuation Models”, “How to Buy a Hotel”, “Hotel Economic Cycles”, and many more.
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 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.
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 Steve Rushmore’s 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.
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:
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.
The Hotel Investment Library is a collection of timeless books and articles written by Steve Rushmore over the past 50 years.
As the Founder of HVS and creator of the Modern Hotel Valuation Methodology, Steve pioneered the concept that hotel investing requires in-depth knowledge of both hotel operations and real estate. He then literally "wrote the book" on this concept showing the world how to evaluate hotel investments through his eight textbooks, 350+ articles, software, and numerous speeches and seminars.
You can now download some of his best books and articles written over the years.
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 these impact the hotel valuation process.
This How to Value a Hotel website contains hundreds of books, articles, software, and courses that will provide you with the tools and knowledge to value a hotel.
The site is arranged by topics- Most of the site's content can be downloaded at no charge.
If you appraise real estate which is normally purchased with a combination of debt and equity capital and you are not inputting the specific terms of the proposed financing- then you are probably not developing an accurate valuation. The Mortgage-Equity Software provides a proof showing the resulting value accurately produces your specified returns for both debt and equity capital.
If you develop a 5 or 10-year projection of Net Income and the lender and equity investors require specific financing terms and assumptions, there is only one value will produce the desired returns to the debt and equity components. This software model is the only software on the market that will produce the correct value. In addition to estimating value using a specified loan-to-value ratio, the software also estimates value using a debt coverage ratio and a debt yield. Does your DCF model do that?
For the last 30 years, real estate appraisers have been using DCF models that assume an all-cash buyer. We know most real estate in the United States is financed with a certain amount of debt. If this is the case- shouldn’t you be using a mortgage-equity model with specific financing inputs rather than “pulling an overall discount rate out of the air?”
How to Value a Hotel teaches how to perform a hotel valuation using Rushmore's Modern Hotel Valuation Methodology. Designed for experienced appraisers looking to specialize in valuing hotels or new valuers starting their careers, this 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.
You will be working with the latest version (6.0) of Steve's 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 be able 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 at any time and proceed at your own pace during your free time.
Steve Rushmore will be available via Zoom to answer your questions and provide support.
Upon successfully completing the course and final project you will receive the Certified Hotel Appraiser (CHA) or a Certified Hotel Valuer (CHV) certification. These certifications recognizing your hotel valuation skills will set you apart from other appraisers and consultants.
The cost for the "How to Value a Hotel" course is $895 which includes the following: