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Our moving average trendlines, supported by our Standardized Unexpected Price (SUP) performance metrics, indicate not only positive price momentum but also that a statistically significant new high has been reached this quarter.

Forward looking indicators suggest that this momentum should continue into the next quarter. Further good news is that lenders are not demanding higher compensation for risk associated with hotel loans relative to other commercial real estate loans. However, the total risk of hotel REITs relative to the total risk of equity REITs as a whole continues to rise. This means that lenders will eventually start to tighten hotel lending standards or demand more compensation for risk in terms of higher interest rates for hotel loans. This is report number 23 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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