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Our Standardized Unexpected Price (SUP) metric indicates that the price momentum of large and small hotels continues to revert to the mean, with the cost of debt financing for hotels declining slightly. However, we expect higher hotel financing costs going forward. Our early warning indicators suggest that prices of large hotels and small hotels should rise during the second quarter of 2017. This is report number 22 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


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