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'''HVS Global Hospitality Services''' is a [[consulting]] firm based in [[Mineola, New York]] that specializes in providing services to the [[hospitality industry]]. As of 2010, HVS operated out of 30 offices located in North America, Europe, Asia, South America, and the Caribbean. In addition to its original offerings of consulting and [[valuation]] services for the lodging industry, HVS today provides multiple hospitality services and specializations in areas such as [[executive recruitment]], [[investment banking]], [[golf]] facilities, hotel [[parking]] operations, [[convention center]]s, [[environmental sustainability]], and [[risk management]]. Since 2000, the privately held firm has performed approximately 25,000 assignments throughout the world for hotel owners, operators, and lenders.
'''HVS Global Hospitality Services''' is an international consulting organization providing services to the hotel, restaurant, shared ownership, gaming, and leisure industries. Steve Rushmore, MAI,<ref name="MAI">Member of the Appraisal Institute; http://www.appraisalinstitute.org/findappraiser/show_Member_Profile.asp?p=RbAKPVd4JnqhrEZbNM3zuaTKNFlFbOj3tG4ORb(1976) Retrieved 2010-11-04.</ref> FRICS,<ref>Fellow, Royal Institution of Chartered Surveyors; http://www.ricsamericas.org/news/member-profile-steve-rushmore/ (2009-08-17) Retrieved 2010-11-04.</ref> CHA,<ref>Certified Hotel Administrator</ref> founded the company on Long Island, New York, in 1980, after writing ''The Valuation of Hotels and Motels''<ref name="1stBook">Rushmore, Stephen (1978). ISBN 0-911780-44-0.</ref> for the Appraisal Institute (then known as the American Institute of Real Estate Appraisers);<ref name="EarlyAI">http://www.appraisalinstitute.org/about/history.aspx First paragraph. Retrieved 2010-11-16.</ref> this publication has been described as "the seminal text on the art and science of hotel appraisals".<ref>Watkins, Ed (2010-05-06). "HVS Marks 30th Anniversary". Second paragraph. ''Lodging Hospitality''. http://lhonline.com/consulting/HVS_consulting_appraisal_transactions_0506/index.html Retrieved 2010-10-28.</ref> The techniques and procedures outlined therein, and in the four updates,<ref>Rushmore, Stephen (1983). ''Hotels, Motels and Restaurants: Valuations and Market Studies'', American Institute of Real Estate Appraisers. ISBN 0-911780-70-X.</ref><ref>Rushmore, Stephen (1990). ''The Computerized Income Approach to Hotel/Motel Market Studies and Valuations'', American Institute of Real Estate Appraisers. ISBN 0-922154-02-3.</ref><ref>Rushmore, Stephen (1992). ''Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations'', Appraisal Institute. ISBN 0-922154-06-6.</ref><ref>Rushmore, Stephen, and Erich Baum (2001). ''Hotels and Motels – Valuations and Market Studies'', Appraisal Institute. ISBN 0-922154-70-8.</ref> established the hotel valuation methodology that has been the industry standard for more than 30 years. With these books, Rushmore "created the hotel appraisal model that everyone else follows to this day".<ref name="HansonQuote">Watkins, Ed (2010-05-06). "HVS Marks 30th Anniversary". Third Paragraph. ''Lodging Hospitality''. http://lhonline.com/consulting/HVS_consulting_appraisal_transactions_0506/index.html Retrieved 2010-10-28. Quotation from Bjorn Hanson, Divisional Dean and Clinical Professor of Hospitality and Tourism Management, NYU Tisch Center for Hospitality, Tourism, and Sports Management.</ref>

⚫
As of 2010, its 30th year of operation, HVS operated out of 30 offices located in North America, Europe, Asia, South America, and the Caribbean. In addition to its initial offering of consulting and valuation services for the lodging industry, HVS today provides multiple hospitality services and specializations in such diverse areas as executive recruitment, investment banking, golf facilities, hotel parking operations, convention centers, environmental sustainability, and risk management. Since 2000, the privately held firm has performed approximately 25,000 assignments throughout the world for virtually every major hotel owner, operator, and lender.


== History ==
== History ==


After acquiring a Bachelor of Science degree in Hotel Administration from Cornell University and a Master of Business Administration degree,<ref>http://www.hotelschool.cornell.edu/about/pubs/news/newsdetails.html?id=609 (11-11-2009) Fourth Paragraph. Retrieved 2010-11-16.</ref> Rushmore accepted a job at Helmsley Spear in 1971, heading up the company's hospitality consulting division. At that time, there were valuation companies expert in appraising real estate (but not hotel operations) and accounting firms knowledgeable in hotel operations (but not real estate). Recognizing the need for an appraisal company that specialized in the hospitality arena, Rushmore pursued membership in the Appraisal Institute (then known as the American Institute of Real Estate Appraisers).<ref name="EarlyAI" /> When he received his MAI<ref name="MAI" /> in 1976, Rushmore enjoyed a unique distinction: he was the only member of this organization with a degree in hotel administration.<ref>"The House that Steve Built" (2002-10). Cover story, fourth paragraph. ''Lodging'' magazine.</ref>
Originally known as Hospitality Valuation Services, the company was founded by Steve Rushmore in 1980 in a one-room office in [[Garden City, New York]]. Rushmore, a graduate of the [[Cornell University School of Hotel Administration]] <ref>http://www.hotelschool.cornell.edu/about/pubs/news/newsdetails.html?id=609 (11-11-2009) Fourth Paragraph. Retrieved 2010-11-16.</ref>, drew upon his experience as head of the hospitality consulting division of [[Helmsley-Spear]], a position he took on in 1971. At that time, there were valuation companies specializing in appraising real estate (but not hotel operations) and accounting firms knowledgeable in hotel operations (but not real estate). Recognizing the need for an appraisal company that specialized in the hospitality arena, Rushmore pursued membership in the [[Appraisal Institute]] (then known as the American Institute of Real Estate Appraisers).<ref name="EarlyAI" /> When he received the MAI<ref name="MAI">Member of the Appraisal Institute; http://www.appraisalinstitute.org/findappraiser/show_Member_Profile.asp?p=RbAKPVd4JnqhrEZbNM3zuaTKNFlFbOj3tG4ORb(1976) Retrieved 2010-11-04.</ref> [[professional certification|designation]] from the Institute in 1976, Rushmore enjoyed the distinction of being the Institute's only member with a degree in hotel administration.<ref>"The House that Steve Built" (2002-10). Cover story, fourth paragraph. ''Lodging'' magazine.</ref>


Combining his Appraisal Institute membership with his hotel school degree from Cornell, Rushmore then wrote the definitive appraisal textbook for the hospitality industry, ''The Valuation of Hotels and Motels'',<ref name="1stBook" /> which the Appraisal Institute published in 1978. He has updated the book four times for the Appraisal Institute; the most recent publication is ''Hotels & Motels: Valuations and Market Studies''.<ref>Rushmore, Stephen, and Erich Baum (2001). Appraisal Institute. ISBN 0-922154-70-8. http://www.appraisalinstitute.org/store/p-19-hotels-and-motels-valuations-and-market-studies.aspx Retrieved 2010-11-23.</ref> This set of books established the methodology for appraising hotels that the lodging industry – including owners, lenders, operators, and other appraisers – uses worldwide today.<ref name="HansonQuote" />
Combining his Appraisal Institute membership with his hotel school degree from Cornell, Rushmore then wrote an appraisal [[textbook]] for the hospitality industry, ''The Valuation of Hotels and Motels'',<ref name="1stBook">Rushmore, Stephen (1978). ISBN 0-911780-44-0.</ref> <ref name="EarlyAI">http://www.appraisalinstitute.org/about/history.aspx First paragraph. Retrieved 2010-11-16.</ref> which the Institute published in 1978. The text has been updated four times; the most recent publication is ''Hotels & Motels: Valuations and Market Studies''.<ref>Rushmore, Stephen, and Erich Baum (2001). Appraisal Institute. ISBN 0-922154-70-8. http://www.appraisalinstitute.org/store/p-19-hotels-and-motels-valuations-and-market-studies.aspx Retrieved 2010-11-23.</ref>; this publication has been described as "the seminal text on the art and science of hotel appraisals".<ref>Watkins, Ed (2010-05-06). "HVS Marks 30th Anniversary". Second paragraph. ''Lodging Hospitality''. http://lhonline.com/consulting/HVS_consulting_appraisal_transactions_0506/index.html Retrieved 2010-10-28.</ref> This, and other publications by Rushmore, established the methodology for appraising hotels that is today considered an [[industry standard]].<ref name="HansonQuote">Watkins, Ed (2010-05-06). "HVS Marks 30th Anniversary". Third Paragraph. ''Lodging Hospitality''. http://lhonline.com/consulting/HVS_consulting_appraisal_transactions_0506/index.html Retrieved 2010-10-28. Quotation from Bjorn Hanson, Divisional Dean and Clinical Professor of Hospitality and Tourism Management, NYU Tisch Center for Hospitality, Tourism, and Sports Management.</ref>


⚫
Capitalizing on its singular status as the only consulting and valuation company dedicated solely to the hospitality industry, HVS expanded, opening a West Coast office in San Francisco five years later, followed by offices in London, Colorado, and Florida. To help market its hotel consulting and valuation services and to establish itself as the leader in this field, the company began disseminating a broad spectrum of complimentary information to the lodging industry. HVS encouraged its associates to publish articles on informative, timely, and interesting topics for the lodging industry, and they have since written on a range of hospitality-related topics, including hotel investment, lending, operations, asset management, sales and marketing, and public relations.
As the only MAI with the hospitality experience necessary to serve this niche valuation market, Rushmore founded HVS (originally known as Hospitality Valuation Services) in 1980 in a one-room office in Garden City, New York.


⚫
HVS conducts seminars on hotel valuation for the Appraisal Institute and other organizations around the world and has trained more than 20,000 appraisers and industry professionals. HVS principals and associates help educate future hospitality industry leaders by guest lecturing and teaching courses at major universities and hotel schools. HVS research and data-gathering about historical and projected hotel value trends, sales transaction data, compensation programs, franchise fees, hotel franchise development costs, and hotel renovation costs provide data to industry participants.<ref>Turkel, Stan (2010-06-19) http://www.bluemaumau.org/welldeserved_compliment_steve_rushmore Second paragraph. Retrieved 2010-11-17.</ref>
⚫
Capitalizing on its singular status as the only consulting and valuation company dedicated solely to the hospitality industry, HVS expanded, opening a West Coast office in San Francisco five years later, followed by offices in London, Colorado, and Florida. To help market its hotel consulting and valuation services and to establish itself as the leader in this field, the company began disseminating a broad spectrum of complimentary information to the lodging industry. HVS encouraged its associates to publish articles on informative, timely, and interesting topics for the lodging industry, and they have written hundreds of articles about all aspects of hospitality, including hotel investment, lending, operations, asset management, sales and marketing, and public relations.


==Relationships with academia==
Expansion brought diversification, and today, from its global network of 30 offices located in North America, Europe, Asia, South America, and the Caribbean, HVS offers multiple services and specializations for the lodging industry:


⚫
To foster academic research at [[New York University]]'s [[Tisch Center for Hospitality, Tourism, and Sports Management]], HVS endows the HVS Chair <ref>http://www.scps.nyu.edu/export/sites/scps/areas-of-study/tisch/hospitality-conference/special-message-from-jonathan-tisch.pdf Dr. Lalia Rach, HVS Professor. Sixth paragraph. Retrieved 2010-11-17.</ref> and funded the Rushmore–Jennings Computer Library. Among its contributions to Cornell University's Hotel School, HVS endows a professorial chair in finance and real estate,<ref>http://www.hotelschool.cornell.edu/about/pubs/news/newsdetails.html?id=287 (2005-02-01). Third paragraph. Retrieved 2010-11-17.</ref> and is a corporate partner in Cornell's Center for Hospitality Research.<ref>http://www.hotelschool.cornell.edu/about/pubs/news/newsdetails.html?id=287 (2005-02-01). First paragraph. Retrieved 2010-11-17.</ref>
* Consulting & Valuation
* Executive Search
* Investment Banking
* Interior Design
* Shared Ownership Services
* Hotel Management
* Convention, Sports & Entertainment Facilities Consulting
* Asset Management and Advisory
* Hotel Parking Consulting
* Food & Beverage Services
* Gaming Services
* Sales & Marketing Services
* Golf Services
* Sustainability Services
* Risk Management
* Property Tax Services
* Spa & Leisure Services
⚫
HVS conducts seminars on hotel valuation for the Appraisal Institute and other organizations around the world and has trained more than 20,000 appraisers and industry professionals. HVS principals and associates help educate future hospitality industry leaders by guest lecturing and teaching courses at major universities and hotel schools. Extensive research and data-gathering by HVS personnel about historical and projected hotel value trends, sales transaction data, compensation programs, franchise fees, hotel franchise development costs, and hotel renovation costs provide industry participants with essential data.<ref>Turkel, Stan (2010-06-19) http://www.bluemaumau.org/welldeserved_compliment_steve_rushmore Second paragraph. Retrieved 2010-11-17.</ref>

⚫
To foster academic research at New York University's Tisch Center for Hospitality, Tourism, and Sports Management, HVS endows the HVS Chair <ref>http://www.scps.nyu.edu/export/sites/scps/areas-of-study/tisch/hospitality-conference/special-message-from-jonathan-tisch.pdf Dr. Lalia Rach, HVS Professor. Sixth paragraph. Retrieved 2010-11-17.</ref> and funded the Rushmore–Jennings Computer Library. Among its contributions to Cornell University's Hotel School, HVS endows a professorial chair in finance and real estate,<ref>http://www.hotelschool.cornell.edu/about/pubs/news/newsdetails.html?id=287 (2005-02-01). Third paragraph. Retrieved 2010-11-17.</ref> and is a corporate partner in Cornell's Center for Hospitality Research.<ref>http://www.hotelschool.cornell.edu/about/pubs/news/newsdetails.html?id=287 (2005-02-01). First paragraph. Retrieved 2010-11-17.</ref>


The HVS methodology for valuing hotels and the valuation software HVS created are used around the world today, and HVS associates have helped teach this methodology to hotel owners, lenders, and operators. The firm has donated the sophisticated, three-program software to Cornell's Hotel School for complimentary distribution to the industry.
The HVS methodology for valuing hotels and the valuation software HVS created are used around the world today, and HVS associates have helped teach this methodology to hotel owners, lenders, and operators. The firm has donated the sophisticated, three-program software to Cornell's Hotel School for complimentary distribution to the industry.
Line 62: Line 40:
== Key publications ==
== Key publications ==


Rushmore, Stephen, and Erich Baum (2001). ''Hotels and Motels – Valuations and Market Studies'', Appraisal Institute. ISBN 0-922154-70-8.
*Rushmore, Stephen, and Erich Baum (2001). ''Hotels and Motels – Valuations and Market Studies'', Appraisal Institute. ISBN 0-922154-70-8.
*Rushmore, Stephen (1992). ''Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations'', Appraisal Institute. ISBN 0-922154-06-6.

Rushmore, Stephen (1992). ''Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations'', Appraisal Institute. ISBN 0-922154-06-6.
*Rushmore, Stephen (1990). ''The Computerized Income Approach to Hotel/Motel Market Studies and Valuations'', American Institute of Real Estate Appraisers. ISBN 0-922154-02-3.
*Rushmore, Stephen (1990). ''Hotel Investments: A Guide for Owners and Lenders'', Warren, Gorham and Lamont, Inc. ISBN 0-7913-0379-9.

Rushmore, Stephen (1990). ''The Computerized Income Approach to Hotel/Motel Market Studies and Valuations'', American Institute of Real Estate Appraisers. ISBN 0-922154-02-3.
*Rushmore, Stephen (1986). ''How to Perform an Economic Feasibility Study of a Proposed Hotel/Motel'', American Society of Real Estate Counselors.
⚫
*Rushmore, Stephen (1983). ''Hotels, Motels and Restaurants: Valuations and Market Studies'', American Institute of Real Estate Appraisers. ISBN 0-911780-70-X.

Rushmore, Stephen (1990). ''Hotel Investments: A Guide for Owners and Lenders'', Warren, Gorham and Lamont, Inc. ISBN 0-7913-0379-9.
*Rushmore, Stephen (1978). ''The Valuation of Hotels and Motels'', American Institute of Real Estate Appraisers. ISBN 0-911780-44-0.

Rushmore, Stephen (1986). ''How to Perform an Economic Feasibility Study of a Proposed Hotel/Motel'', American Society of Real Estate Counselors.

⚫
Rushmore, Stephen (1983). ''Hotels, Motels and Restaurants: Valuations and Market Studies'', American Institute of Real Estate Appraisers. ISBN 0-911780-70-X.

Rushmore, Stephen (1978). ''The Valuation of Hotels and Motels'', American Institute of Real Estate Appraisers. ISBN 0-911780-44-0.


Recent articles and presentations authored by HVS principals and associates are accessible on the HVS website.
Recent articles and presentations authored by HVS principals and associates are accessible on the HVS website.

== Location of HVS offices ==

'''North America''': New York, San Francisco, Boulder, Denver, Miami, Dallas, Chicago, Washington DC, Atlanta, Boston, Newport RI, Las Vegas, Vancouver, Toronto, Mexico City

'''Europe''': London, Madrid, Athens, Moscow

'''Asia''': New Delhi, Mumbai, Dubai, Beijing, Singapore, Hong Kong, Shanghai

'''South America''': São Paulo, Buenos Aires, Lima

'''Caribbean''': The Bahamas


== References ==
== References ==
Line 96: Line 56:
*[http://www.hvs.com/ Official Web Site]
*[http://www.hvs.com/ Official Web Site]


[[Category:Consulting firms]]


[[Category:Hospitality companies of the United States]]
[[Category:Hospitality companies of the United States]]
[[Category:Companies based in New York]]
[[Category:Companies based in Nassau County, New York]]
[[Category:Privately held companies based in New York]]

Revision as of 10:37, 3 October 2011

HVS Global Hospitality Services
Company typePrivate
IndustryHospitality
Founded1980
FoundersSteve Rushmore
HeadquartersMineola, New York
United States
Area served
Worldwide
Number of employees
388
Websitewww.hvs.com

HVS Global Hospitality Services is a consulting firm based in Mineola, New York that specializes in providing services to the hospitality industry. As of 2010, HVS operated out of 30 offices located in North America, Europe, Asia, South America, and the Caribbean. In addition to its original offerings of consulting and valuation services for the lodging industry, HVS today provides multiple hospitality services and specializations in areas such as executive recruitment, investment banking, golf facilities, hotel parking operations, convention centers, environmental sustainability, and risk management. Since 2000, the privately held firm has performed approximately 25,000 assignments throughout the world for hotel owners, operators, and lenders.

History

Originally known as Hospitality Valuation Services, the company was founded by Steve Rushmore in 1980 in a one-room office in Garden City, New York. Rushmore, a graduate of the Cornell University School of Hotel Administration [1], drew upon his experience as head of the hospitality consulting division of Helmsley-Spear, a position he took on in 1971. At that time, there were valuation companies specializing in appraising real estate (but not hotel operations) and accounting firms knowledgeable in hotel operations (but not real estate). Recognizing the need for an appraisal company that specialized in the hospitality arena, Rushmore pursued membership in the Appraisal Institute (then known as the American Institute of Real Estate Appraisers).[2] When he received the MAI[3] designation from the Institute in 1976, Rushmore enjoyed the distinction of being the Institute's only member with a degree in hotel administration.[4]

Combining his Appraisal Institute membership with his hotel school degree from Cornell, Rushmore then wrote an appraisal textbook for the hospitality industry, The Valuation of Hotels and Motels,[5] [2] which the Institute published in 1978. The text has been updated four times; the most recent publication is Hotels & Motels: Valuations and Market Studies.[6]; this publication has been described as "the seminal text on the art and science of hotel appraisals".[7] This, and other publications by Rushmore, established the methodology for appraising hotels that is today considered an industry standard.[8]

Capitalizing on its singular status as the only consulting and valuation company dedicated solely to the hospitality industry, HVS expanded, opening a West Coast office in San Francisco five years later, followed by offices in London, Colorado, and Florida. To help market its hotel consulting and valuation services and to establish itself as the leader in this field, the company began disseminating a broad spectrum of complimentary information to the lodging industry. HVS encouraged its associates to publish articles on informative, timely, and interesting topics for the lodging industry, and they have since written on a range of hospitality-related topics, including hotel investment, lending, operations, asset management, sales and marketing, and public relations.

HVS conducts seminars on hotel valuation for the Appraisal Institute and other organizations around the world and has trained more than 20,000 appraisers and industry professionals. HVS principals and associates help educate future hospitality industry leaders by guest lecturing and teaching courses at major universities and hotel schools. HVS research and data-gathering about historical and projected hotel value trends, sales transaction data, compensation programs, franchise fees, hotel franchise development costs, and hotel renovation costs provide data to industry participants.[9]

Relationships with academia

To foster academic research at New York University's Tisch Center for Hospitality, Tourism, and Sports Management, HVS endows the HVS Chair [10] and funded the Rushmore–Jennings Computer Library. Among its contributions to Cornell University's Hotel School, HVS endows a professorial chair in finance and real estate,[11] and is a corporate partner in Cornell's Center for Hospitality Research.[12]

The HVS methodology for valuing hotels and the valuation software HVS created are used around the world today, and HVS associates have helped teach this methodology to hotel owners, lenders, and operators. The firm has donated the sophisticated, three-program software to Cornell's Hotel School for complimentary distribution to the industry.

Each year, HVS plays a significant role in New York University's International Hospitality Industry Investment Conference, the industry's most prestigious gathering. HVS presents its annual report on Hotel Valuation and Transaction Trends for the U.S. Lodging Industry to conference attendees.[13] An HVS executive serves as the conference coordinator,[14] and other HVSers serve as panel moderators and speakers.[15] Additionally, in the months prior to the conference, the firm provides insight for the development of the Manhattan Hotel Market Overview Survey conducted by graduate students of New York University. HVS distributes the results of the student survey and analysis to conference attendees as part of the firm's annual Manhattan Hotel Market Overview.

HVS has launched other major industry conferences around the globe, organizing the Hotel Investment Conference South Asia (HICSA),[16] the South American Hotel and Tourism Investment Conference (SAHIC),[17] the China Hotel Investment Conference (CHIC),[18] and the Hotel Operations Summit India (HOSI).[19]

HVS also serves as an incubator for recent hotel school graduates, a place where they can build on their formal education and hone their skills while working alongside senior HVS executives and with established industry professionals. Although the learning curve is steep, those who thrive in this entrepreneurial environment have the opportunity to transfer to an HVS office in a different part of the globe. In a May 2010 cover story about HVS, Lodging Hospitality magazine opined, "The list of alumni reads like a who's who of the most highly regarded consultants, development executives and financial experts in the worldwide lodging industry."[20]

Key publications

  • Rushmore, Stephen, and Erich Baum (2001). Hotels and Motels – Valuations and Market Studies, Appraisal Institute. ISBN 0-922154-70-8.
  • Rushmore, Stephen (1992). Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations, Appraisal Institute. ISBN 0-922154-06-6.
  • Rushmore, Stephen (1990). The Computerized Income Approach to Hotel/Motel Market Studies and Valuations, American Institute of Real Estate Appraisers. ISBN 0-922154-02-3.
  • Rushmore, Stephen (1990). Hotel Investments: A Guide for Owners and Lenders, Warren, Gorham and Lamont, Inc. ISBN 0-7913-0379-9.
  • Rushmore, Stephen (1986). How to Perform an Economic Feasibility Study of a Proposed Hotel/Motel, American Society of Real Estate Counselors.
  • Rushmore, Stephen (1983). Hotels, Motels and Restaurants: Valuations and Market Studies, American Institute of Real Estate Appraisers. ISBN 0-911780-70-X.
  • Rushmore, Stephen (1978). The Valuation of Hotels and Motels, American Institute of Real Estate Appraisers. ISBN 0-911780-44-0.

Recent articles and presentations authored by HVS principals and associates are accessible on the HVS website.

References

  1. ^ http://www.hotelschool.cornell.edu/about/pubs/news/newsdetails.html?id=609 (11-11-2009) Fourth Paragraph. Retrieved 2010-11-16.
  2. ^ a b http://www.appraisalinstitute.org/about/history.aspx First paragraph. Retrieved 2010-11-16.
  3. ^ Member of the Appraisal Institute; http://www.appraisalinstitute.org/findappraiser/show_Member_Profile.asp?p=RbAKPVd4JnqhrEZbNM3zuaTKNFlFbOj3tG4ORb(1976) Retrieved 2010-11-04.
  4. ^ "The House that Steve Built" (2002-10). Cover story, fourth paragraph. Lodging magazine.
  5. ^ Rushmore, Stephen (1978). ISBN 0-911780-44-0.
  6. ^ Rushmore, Stephen, and Erich Baum (2001). Appraisal Institute. ISBN 0-922154-70-8. http://www.appraisalinstitute.org/store/p-19-hotels-and-motels-valuations-and-market-studies.aspx Retrieved 2010-11-23.
  7. ^ Watkins, Ed (2010-05-06). "HVS Marks 30th Anniversary". Second paragraph. Lodging Hospitality. http://lhonline.com/consulting/HVS_consulting_appraisal_transactions_0506/index.html Retrieved 2010-10-28.
  8. ^ Watkins, Ed (2010-05-06). "HVS Marks 30th Anniversary". Third Paragraph. Lodging Hospitality. http://lhonline.com/consulting/HVS_consulting_appraisal_transactions_0506/index.html Retrieved 2010-10-28. Quotation from Bjorn Hanson, Divisional Dean and Clinical Professor of Hospitality and Tourism Management, NYU Tisch Center for Hospitality, Tourism, and Sports Management.
  9. ^ Turkel, Stan (2010-06-19) http://www.bluemaumau.org/welldeserved_compliment_steve_rushmore Second paragraph. Retrieved 2010-11-17.
  10. ^ http://www.scps.nyu.edu/export/sites/scps/areas-of-study/tisch/hospitality-conference/special-message-from-jonathan-tisch.pdf Dr. Lalia Rach, HVS Professor. Sixth paragraph. Retrieved 2010-11-17.
  11. ^ http://www.hotelschool.cornell.edu/about/pubs/news/newsdetails.html?id=287 (2005-02-01). Third paragraph. Retrieved 2010-11-17.
  12. ^ http://www.hotelschool.cornell.edu/about/pubs/news/newsdetails.html?id=287 (2005-02-01). First paragraph. Retrieved 2010-11-17.
  13. ^ http://hotellaw.jmbm.com/2009/06/hospitality_lawyer_what_lies_a.html Butler, Jim and the Global Hospitality Group (2009-06-14). Retrieved 2010-11-17.
  14. ^ http://www.scps.nyu.edu/export/sites/scps/areas-of-study/tisch/hospitality-conference/hospitality-conference-speaker-bios.pdf Page 3. Retrieved 2010-11-17.
  15. ^ http://www.scps.nyu.edu/export/sites/scps/areas-of-study/tisch/hospitality-conference/hospitality-conference-speaker-bios.pdf Pages 11, 30, 37. Retrieved 2010-11-17.
  16. ^ http://www.hicsaconference.com/default.aspx Retrieved 2010-11-17.
  17. ^ http://www.sahic.com/english/ Retrieved 2010-11-17.
  18. ^ http://www.chinahotelconference.com/host.html Retrieved 2010-11-17.
  19. ^ http://www.hosiconference.com/ Retrieved 2010-11-17.
  20. ^ Watkins, Ed (2010-05-06). "HVS Marks 30th Anniversary". First paragraph. http://lhonline.com/consulting/HVS_consulting_appraisal_transactions_0506/index.html Retrieved 2010-11-18.
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