The Center for Real Estate and Finance
November 2020 Newsletter
From the Director 
Greetings from Ithaca, New York! These past months have been a challenge on many levels, but have also exemplified how resilient our students, faculty and industry are. We at the Center for Real Estate and Finance have been working hard to continue to create opportunities for Cornell University students and alumni to connect. Read more...
CREF Highlights
2019-2020 Annual Report - The Center for Real Estate and Finance, established in 2009, is the foremost clearinghouse for hospitality real estate and finance information. Please check out the annual report for fiscal year 2019-2020 detailing an overview of the classes, events, faculty, Advisory Board Members, and research over the past year.
Noteworthy: SHA Career Management and Centers & Institutes reinstate internship program
Sponsored by the Centers & Institutes in the School of Hotel Administration, the C&I Internship Program provides students opportunities to gain practical experience in innovation, entrepreneurship, healthcare, food & beverage management, research, real estate finance, labor and employment relations, and other hospitality focus areas.


Welcome New Advisory Board Member!
We extend a warm welcome to Terence Loh '97 who joined CREF as an Advisory Board Member this fall. Terence is a Senior Vice President at CDIB Capital. Prior to joining CDIB Capital, he was an Executive Director at CDH Investments, where he was responsible for investments and capital raising for their real estate funds.  Previously, Terence was a Vice President and Acquisitions Officer of JP Morgan Asset Management.
CREF Webinars
CREF and eCornell are in constant collaboration to bring you the most up to date information from Real Estate and Finance industry experts. Below are webinar recordings that are accessible to all.
Hotel Transactions in a Post-COVID World: The Road Ahead
Original air date: May 14, 2020
The record amount of capital that has been raised for real estate in general, and hotels specifically, raises a number of questions: Where will these funds be deployed? Where will investors find opportunities? How will hotel properties be valued?
Hotel Transactions and COVID-19: The Uneven Road to Recovery
Original air date: July 22, 2020
After months of contending with the COVID-19 pandemic, the beginnings of an economic recovery are slowly getting underway. But with cash flows still severely impacted, the recovery process for hotel transactions is likely to be uncertain and uneven throughout the rest of 2020 and into 2021.
CREF Indicies
Cornell Hotel Indices: Third Quarter 2020:Is It Time for Bottom Fishing? by Crocker H. Liu, Adam D. Nowak, and Robert M. White, Jr.
The prices of hotels in all regions continue to hemorrhage, with hotels in the Middle Atlantic and South Atlantic regions particularly hard hit. In contrast, hotels in the Mountain states suffered the fewest losses. Hotels in gateway cities continued to have lower price decline relative to those in non-gateway cities. Both our moving average trendlines and standardized unexpected price performance metrics indicate continuing negative price momentum for both large and small hotels.
SHA launches hospitality industry resource hub. The School of Hotel Administration has developed a collection of resources to equip all sectors of the hospitality industry with tools and guidance as its leaders continue to navigate the unprecedented impacts of the COVID-19 pandemic. Visit the hub to stay up to date.
Welcome New Faculty!
Meet the newest faculty from across the SC Johnson College of Business and learn about their academic focus, teaching, and interests.
New faculty introduction: Dragana Cvijanovic
Cvijanovic is an associate professor of applied economics and policy at SHA

"SC Johnson College of Business and the Hotel School have a long history of inter-disciplinary outlook, which I found particularly exciting. It feels fantastic to be part of an organization that values thinking outside of the box, and which recognizes and values innovation, whether its is in teaching or in scholarship."
New faculty introductions: Alexei Tchistyi
Tchistyi is an associate professor of real estate at SHA.

"Unlike many other business schools, the SC Johnson College of Business and SHA make real estate research and education a top priority. Real estate is the largest asset class in the world, and its importance cannot be underestimated."
Recent Virtual Events
June 24, 2020:        Spring 2020 Virtual Advisory Board Meeting
August 26, 2020:     Akerman Hosts Leading Ladies of Real Estate
October 22, 2020:    38th Annual Cornell Real Estate Conference
November 6, 2020:   Cornell International Real Estate Case Competition
November 9, 2020:   Fall 2020 Virtual Advisory Board Meeting

CREF Featured Corporate Partners

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