United States - HVS Hotel Valuation Index

HVS, the world’s leading hospitality consulting and valuation firm, is pleased to deliver the Hotel Valuation Index (HVI). The HVI offers critical information on 25 U.S. hotel markets and the nation, including:

  • Historical and projected valuation changes
  • Intelligence on market dynamics for primary hotel markets

So how can the HVI be of use to an individual investor? Although the HVI cannot tell you what a particular hotel is worth, it does provide excellent “big picture” data, indicating which market areas are experiencing positive trends, and thus may present good investment opportunities. The HVI for the U.S. is a measure of the strength of the lodging industry as a whole and, specifically, the hospitality investment market.

The Fine Print

Each year, more than 80 HVS hotel experts conduct thousands of market studies, feasibility studies, and appraisal assignments for all types of hotels across the U.S. The intelligence gathered from these engagements, combined with analysis of data on hotel performance from HVS, supports the conclusions and projections presented in the annual HVI. The historical and forecasted value changes are grouped into the following ranges:


Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: More than -10%

The sample for each market area includes virtually all the hotels in the defined market, ranging from economy to luxury properties; limited-service to full-service operations; assets in poor to excellent condition; and a wide array of locations, from tier-one urban settings to peripheral locations in tertiary submarkets. The resulting data, while an excellent measure of the overall trends in the market as a whole, cannot be applied to any individual submarket or asset group, much less any one hotel. For example, the addition of new supply, or a change in the performance of an individual submarket within the broader market, can cause that submarket to have significantly different results than the market as a whole.

Numerous factors influence the value of an individual asset, including the property’s age, condition, location, amenities and services, brand, management expertise, and reputation. These factors must all be considered in the context of the hotel’s specific competitive market, including the nature, strength, and trends in demand generators; the character and competitive posture of the existing hotels; and the potential addition of any new properties. The value of any individual asset can only be concluded after a thorough investigation of all these factors, and that conclusion will invariably differ—often materially—from the index indicated by the HVI.


Rod Clough, MAI
[email protected]
  • +1 (214) 629-1136 (w)

Market Value Change

Market 2020 2021 2022 2023 2024
United States
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
Anaheim - Santa Ana
Significant value decline
Significant value increase
Significant value increase
Moderate value increase
Stable values
Atlanta
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
Boston
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
Chicago
Significant value decline
Moderate value increase
Moderate value increase
Moderate value increase
Stable values
Dallas
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
Denver
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
Detroit
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
Houston
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
Los Angeles - Long Beach
Significant value decline
Significant value increase
Significant value increase
Moderate value increase
Moderate value increase
Miami - Hialeah
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
Minneapolis - St Paul
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
Nashville
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
New Orleans
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
New York
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Moderate value increase
Norfolk - Virginia Beach
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
Oahu Island
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Moderate value increase
Orlando
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
Philadelphia
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Moderate value increase
Phoenix
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
San Diego
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
San Francisco - San Mateo
Significant value decline
Significant value increase
Significant value increase
Moderate value increase
Moderate value increase
Seattle
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Moderate value increase
St. Louis
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Moderate value increase
Tampa - St Petersburg
Significant value decline
Significant value increase
Moderate value increase
Moderate value increase
Stable values
Washington DC
Significant value decline
Moderate value increase
Moderate value increase
Moderate value increase
Moderate value increase

Top 10 Previous Year

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Bottom 10 Previous Year

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Top 10 Current Year

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Bottom 10 Current Year

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Top 10 Next Three Years

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Bottom 10 Next Three Years

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