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Robert M. White Prices of hotels along the east coast continue to drop, although the rate of decline has moderated. Hotels on the west coast enjoyed positive price momentum, both on a quarter-over-quarter or year-over-year basis. Hotels in gateway cities exhibited poorer price performance than those in non-gateway cities. Our moving average trendlines and standardized unexpected price performance metrics indicate a positive price reversal for large hotels, while the hemorrhaging continues for small hotels. There are indications that lenders are more willing to finance hotels going beyond best-in-class hotel properties, although the cost of financing and the relative risk premium remain high. This is report number 37 of the index series. ....
Assistant Professor at West Virginia University Adam D. Nowak is an associate professor of economics at West Virginia University. He earned degrees in mathematics and economics at Indiana University – Bloomington in 2006 and a degree in near-east languages and cultures that same year. He received a Ph.D. from Arizona State University. He was the research analyst in charge of constructing residential and commercial real estate indices for the enter for Real Estate Theory and Practice at Arizona State University. Nowak’s research has been published in the Review of Financial Studies, American Economic Review: Insights, Economic Inquiry, Journal of Urban Economics, Regional Science and Urban Economics, Journal of Applied Econometrics, Real Estate Economics and the Journal of Real Estate Research. ....