COLUMBUS, OH--(Marketwired - Mar 13, 2015) - The results of the Winter 2015 Hotel Investor Survey continue to be quite similar to those reported in our Mid-Year 2014 survey, and in fact have been rather stable for the past two years. Overall discount rates have continued their very gradual decline on the limited-service side, but have flattened out on the full-service end. In the bigger picture, it is important to note that overall rates remain quite strong by longer-term historical standards. Overall going-in capitalization rates were also essentially flat.

Overall yields, or discount rates, dropped 20 bps for limited-service hotels, and increased by a modest 10 bps for full-service hotels this survey. In terms of overall capitalization rates in the current survey, limited-service capitalization rates increased by 20 basis points (after falling 20 basis points last survey), while full-service going in rates remained unchanged, as they were last survey. So, overall capitalization rates are virtually unchanged from a year ago. As yield requirements remain low, anticipated revenue growth (reflected by ADR expectations) continues to exceed expense growth estimates, indicating continued expectations of NOI recovery, which leads to "forced down" going in rates relative to yields.

The complete survey, including data on capitalization rates, discount rates, ADR and expense growth expectations, marketing time, and other data for both full-service and limited-service hotels, can be ordered through the company's website at, and clicking "Publications."

Jeffrey H. Walker, MAI, CRE is Principal and Managing Director of US Realty Consultants. He is a 1985 graduate of James Madison University and has been involved in the hotel and restaurant industries since the 1970s. He spent much of his early career with Hyatt Hotels and Resorts, and has been a hotel consultant since 1992. He is involved with hundreds of hotel analyses annually for national lenders and major institutional clients, and is a frequent speaker at national conventions. He can be reached at 614-221-9494 (ext 150) or at

Contact Information:

Jeffrey H. Walker, MAI, CRE
614-221-9494 (ext 150)