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Jack Corgel

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How Do Changes in the 10-Year Treasury Rate Affect Hotel Capitalization Rates

How Do Changes in the 10-Year Treasury Rate Affect Hotel Capitalization Rates

A concern among commercial real estate investors (especially hotel investors because of the high sensitivity to macroeconomic conditions) is a rate-driven economic slowdown that threatens property income growth. This article addresses the sensitivity of hotel cap rates to changes in the 10-year.
The Energy Price Threats to Hotel Demand

The Energy Price Threats to Hotel Demand

During periods of elevated energy prices concerns about leisure and business travel stagnation become real. Travel requiring overnight accommodations is highly and predominantly discretionary. Leisure travel expenditures give way to necessities when energy prices spike.
Recovery of Business Travel  Part 2: The Case Against a Complete Recovery of Business Travel

Recovery of Business Travel Part 2: The Case Against a Complete Recovery of Business Travel

The cases for, and, against a complete recovery are conceptual and not data driven because abstractions from historical data following previous shocks to travel demand are inappropriate since behaviors were unaffected then by significant technological advancements in telecommunications that altered business travel options.
Recovery of Business Travel – ‘Everybody Talks but Nobody Knows’

Recovery of Business Travel – ‘Everybody Talks but Nobody Knows’

Studies show telecommunication complements business travel.
Recent Urban Migrations and Hotel Markets

Recent Urban Migrations and Hotel Markets

Long-run future economic activity and hotel business opportunity will materialize in outlying areas of major MSAs, medium and small cities, and tax and cost-of-living friendly states. Many urban centers and high tax states run counter to the trend.
Touring NCREIF's Property Total Return Index

Touring NCREIF's Property Total Return Index

The array of indexes reported by NCREIF allows for comparisons of property risk adjusted returns to the appropriate indexes.