As the Founder of HVS, Steve has provided consultation services for more than 15,000 properties throughout the world during his 40-year career and specializes in complex issues involving feasibility, valuation and financing.
As a leading authority and prolific author on the topic of hotel feasibility studies and appraisals, Steve has written five textbooks and two seminars for the Appraisal Institute covering this subject. He has also authored three reference books on investing and has published more than 300 articles.
Steve is also a frequent lecturer at major universities around the world including Cornell, Hong Kong Polytechnic, Florida International University, Lausanne Hotel School, Houston, NYU, and the Harvard Business School. He is also a trustee at the Culinary Institute of America.
Steve Rushmore has degrees from Cornell University and University of Buffalo.
Steve would like to acknowledge the work of Suzanne Mellen, CRE, MAI, who developed the Mortgage-Equity Valuation Model and Professor Jan A, deRoos, PhD. from Cornell University who assisted in the development of the software.
Hotel Market Analysis and Valuation Software 6.0 is the only non-proprietary computer software designed specifically to assist in the preparation of hotel market studies, forecasts of income and expense, and hotel valuations. The software provides the framework, along with the mathematical calculations, to develop detailed forecasts of occupancy, average room rates, revenues and expenses that can be used as a basis for hotel market studies and appraisals. The tool consists of three separate software programs:
· Hotel Market Analysis and ADR Forecasting Model
· Hotel Revenue and Expense Forecasting Model
· Hotel Mortgage-Equity Valuation Model
Hotel Market Analysis Valuation Software was created by Steve Rushmore for his hotel consulting firm- HVS. It has been updated and enhanced by Professor Jan deRoos of the Cornell Hotel School. your business here.
The Hotel Investment Library- Books, Articles and Research on Hotel Investing
The Hotel Investment Library is a collection of timeless books and articles written by Steve Rushmore and his Associates over the past 50 years.
Steve Rushmore, Founder of HVS, 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. Also included are other noted publications and research written by his associates at HVS
Hotel Learning Online- Where hotel owners, operators, lenders and investors come to learn how to make successful hotel investments.
Over the past 40 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 Lausanne, 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 400 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 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.
If you are serious about your professional growth in the hotel industry, you should consider taking the HVS Certification version of Steve’s course- How to Use Hotel Market Analysis & Valuation Software. By taking this course and successfully completing a final project and passing a comprehensive examination, you will become an HVS Certified Hotel Market Study & Valuation Software Consultant. Adding this certification to your resume and LinkedIn profile will certainly set you apart from all the other job applicants.
Mortgage-Equity Appraisal Software- The Most Accurate Discounted Cash Flow Real Estate Valuation Software Available Anywhere!
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?”