The Cornell Center for Real Estate and Finance has developed a series of research reports in support of the real estate investment and finance community. CREF faculty perform research and publish on a wide variety of topics within the real estate and finance industry. The faculty includes experts in econometric models, real estate derivatives, and hotel management contracts.

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Publications from 2018

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First Quarter 2018: Introducing Our Gateway Cities Index, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr

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Fourth Quarter 2017: Smaller Hotels Finish Strong; Larger Hotels Lag, Crocker H. Liu, Adam D. Nowak, and Robert M. White

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Second Quarter 2018: Is It Still "Hot" This Summer?, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

Publications from 2017

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First Quarter 2017: Status Quo Maintained, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr

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Fourth Quarter 2016: Hotels Are Getting Costlier to Finance, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

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Second Quarter 2017: Positive Momentum Continues: A New Price High Reached, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

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Third Quarter 2017: Bigger Is Not Better: Smaller Hotels Outperform Larger Hotels, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

Publications from 2016

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Hotel Profit Implications from Rising Wages and Inflation in the U.S., John B. Corgel

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The Effect of a Rise in Interest Rates on Hotel Capitalization Rates, John B. Corgel

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The International Hotel Management Agreement: Origins, Evolution, and Status, Michael Evanoff

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First Quarter 2016: Second Verse, Same as the First, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

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Fourth Quarter 2015: Large Hotels Have Lost Momentum— Small Hotels Still Going Strong, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Second Quarter 2016: Slowdown for Large Hotels Continues; Small Hotels Have Now Slowed as Well, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

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Third Quarter 2016: Hotels Exhibit Positive Momentum, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr.

Publications from 2015

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First Quarter 2015: March Madness: Hotels Remain Hot, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Fourth Quarter 2014: Ending 2014 in the Black: Introducing the SUP Performance Metric, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Second Quarter 2015: Hotel Deals Are Getting Harder to Pencil Out, Crocker H. Liu, Adam D. Nowak, and Robert M. White Jr

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Third Quarter 2015: Have Hotel Prices Peaked?, Crocker H. Liu, Adam D. Nowak, and Robert M. White

Publications from 2014

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A Comparison of Hotel Indices with Hotel Properties and Portfolios, Walter I. Boudry Ph.D.

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Hotel Sustainability Benchmarking Study, Howard G. Chong Ph.D. and Eric E. Ricaurte

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Calculating Damage Awards in Hotel Management Agreement Terminations, Jan A. deRoos Ph.D. and Scott D. Berman

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Insights on Hospitality, Retailing, and Commercial Real Estate: 2014 Cornell Retail Real Estate Roundtable Proceedings, Benjamin Lawrence Ph.D. and Peng Liu Ph.D.

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First Quarter 2014: Prices Have Not Caught Up to Growth in RevPAR, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Fourth Quarter 2013: Flight to Quality: Big Trumps Small, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Second Quarter 2014: Prices Rise as Expected, Moderate Price Growth Is Anticipated, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Third Quarter 2014: Hotel Prices Decline on a Year over Year Basis: Expect this Trend to Continue, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Guide to Using the Free Rent Calculator, Peng Liu Ph.D., Luoyi Su, and Jan A. deRoos Ph.D.

Publications from 2013

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Measuring the Value Added of REIT Managers Using MSA Benchmarks: A Return-Based Attribution Analysis Approach, Walter I. Boudry Ph.D., Crocker H. Liu Ph.D., and Andrey Ukhov Ph.D.

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First Quarter 2013: Is the Trend Our Friend?, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Fourth Quarter 2012: Price Growth Is Moderating: A Return to Normalcy?, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Second Quarter 2013: Where Are We in the Hotel Real Estate Cycle?, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Third Quarter 2013: Good Vibes (Nahenahe), Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

Publications from 2012

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Demystifying Debt Yields, Jack Corgel Ph.D.

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What is a Gateway City?: A Hotel Market Perspective, Jack Corgel Ph.D.

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First Quarter 2012: Have We Turned the Corner?, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Second Quarter 2012: The Trend Is Our Friend, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.

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Third Quarter 2012: And the Beat Goes On, Crocker H. Liu Ph.D., Adam D. Nowak Ph.D., and Robert M. White Jr.