dan lesser
Q3 2024 Major U.S. Hotel Sales Survey
Daniel Lesser | October 21, 2024
By Daniel H. Lesser 2024 has been a turbulent year thus far as we have witnessed dramatic national and global events that may very well alter the course of history. During this past quarter alone: • Two assassination attempts were made on a former U.S. President who is a major party candidate once again in the upcoming election. • One month prior to this year’s Democratic National Convention, U.S. President Joe Biden, having earned sufficient delegates to be the party nominee, withdrew his candidacy and was replaced by the current Vice President Kamala Harris. • Nearly one year after the horrific events of October 7, 2023,...
Q3 2022 Major U.S. Hotel Sales Survey
Daniel Lesser | November 9, 2022
By Daniel Lesser Economists, politicians, and business leaders are split on whether the U.S. economy is heading for a recession, is already in one, or will merely experience a slowdown. With continued supply chain disruptions, geopolitical conflicts (most notably the war in Ukraine), and the Fed’s determination to continue increasing the federal funds interest rate, there is tremendous uncertainty around inflation and where the economy is heading. Mixed signals abound, however U.S. gross domestic product (GDP) increased for the first time this year in the third quarter, expanding at a higher-than-expected 2.6 percent annually. Unemployme...
Q2 2022 Major U.S. Hotel Sales Survey
Daniel Lesser | July 26, 2022
By Daniel Lesser With the first half of the year now in the books, 2022 has thus far provided an unexpected and tumultuous ride. It was only six months ago when the S&P 500 reached all-time highs in a world where lingering supply chain pressures and potential COVID outbreaks seemed to be the two most pressing risks to economies across the globe. While those two dangers are abating, a refreshed slate of macro-overhangs may be more daunting than ever. Included are the ongoing war in Ukraine, rising interest rates and soaring levels of inflation. Although the U.S. is not technically in an economic recession yet, many feel angst due to ...
Q4 2021 Major U.S. Hotel Sales Survey
Daniel Lesser | January 19, 2022
By Daniel Lesser During 2021, vaccines and booster shots paved the way for a brief return to some semblance of normalcy, however as we enter 2022 the nearly two-year global health crisis is not over. Since the end of November, the Omicron variant of COVID-19 has surged, bringing record high daily counts of infection resulting in many companies further delaying their long-awaited return-to-office. Staffing shortages and the global supply chain challenges continue to wreak havoc on businesses and Omicron has the potential to further disrupt travel including the airline, hotel, and group meeting and convention industries. The good news is t...
Q2 2021 Major U.S. Hotel Sales Survey
Daniel Lesser | July 13, 2021
By Daniel Lesser The U.S. Lodging Industry has shifted dramatically over the past twelve months. Looking back to this time last year, the world was fiercely battling the Coronavirus pandemic, virtually weaponless without anything other than masks and social distancing measures. We are now roughly six months into the global vaccination campaign, with cases and death rates much lower in most parts of the world. Although the U.S. has achieved months of steadily declining case counts, unfortunately, every day we are reminded that the fight against the pandemic is not over. COVID-19 continues to loom large as new, more transmissible variants, a...
Q1 2021 Major U.S. Hotel Sales Survey
Daniel Lesser | April 22, 2021
By Daniel H. Lesser Upon reading his obituary in the press, the American writer Samuel Clemens, known by his pen name Mark Twain, famously remarked, “The report of my death was an exaggeration.” Although there is no question that the global pandemic has adversely impacted many, the world has not ended. While the risks of reinstated limitations on social activity and shelter-in-place orders remain, concerns surrounding the effectiveness of vaccines on existing and unknown variants, coupled with an anti-vaxxer movement, pose the biggest risks to ending the current pandemic. With that said, the spring season of 2021 has sparked opt...
How Hotel Sales Performed in Q3
Daniel H. Lesser | October 29, 2020
Long term opportunistic investors that bet big, at the right basis, and early in the cycle will likely reap tremendous financial rewards. By Daniel H. Lesser Today’s global travel sector, which many characterize as being “on the brink of collapse,” is simply unprecedented. Seven months into a 100-year worldwide pandemic which caused a swift, wide, and deep economic recession has decimated key travel and leisure related industries including airlines, car rentals, cruise lines, ridesharing, and tour operators. While stock markets have rebounded to near record levels, the US lodging industry continues to experience crippling stress...
Reaction to the Recent Florida Fifth District Court of Appeal Disney Yacht & Beach Club Resort Decision
Daniel Lesser | August 19, 2020
By Daniel Lesser The monograph “The Valuation of Hotels and Motels” by Stephen Rushmore, published by the American Institute of Real Estate Appraisers in 1978, posited the first accepted methodology for separating out income attributable to business (“intangible asset”) and income attributable to personal property from the entire income stream of a lodging facility. The procedure, which to this day continues to reflect the thinking and actions of hotel sector market participants, has been termed the “Rushmore Approach” within the property tax arena. On June 19th, 2020, The Florida Fifth District Court of Appeal issued a fl...
