HVS Milan Valuation Master Class 2026 – One-Day Master Class: Learn How to Underwrite a Hotel Development
@ ITHIC 2026

Only 30 seats available – Register Today!

Tuesday, 29 September 2026, from 10:30 to 17:30
Hotel Quark Milano

Following the success of our Rome, Cape Town, Dubai, Cairo and Nairobi editions, join us for an exclusive, hands-on master class where you'll learn to underwrite hotel developments using the industry-leading techniques pioneered by HVS over the past 45 years. 

Organized in collaboration with ITHIC 2026, the seminar can be booked as a standalone ticket or as an add-on to your ITHIC ticket.

Led by Stephen Rushmore Jr., MAI, FRICS, President and CEO of HVS, this seminar offers a rare opportunity to learn directly from one of the most influential figures in global hotel valuation. Stephen has shaped the standards for hotel feasibility, investment analysis, and advisory services worldwide.

Why Attend?

Whether you're a hotel owner, developer, lender, operator, or appraiser, this seminar will equip you with the skills and tools necessary to evaluate hotel investments with confidence. You'll gain firsthand experience in applying the methodologies that define HVS’s global reputation.  

Key Takeaways:​

• Understand Market Dynamics: Analyze local supply and demand trends with a data-driven lens.
• Assess the Competitive Landscape: Benchmark performance and positioning of comparable hotels.
• Master Financial Forecasting: Credibly project occupancy, ADR, and RevPAR.
• Build Financial Models: Develop detailed income and expense statements.
• Value Hotels with Confidence: Apply HVS’s proprietary valuation models for both existing assets and new developments.

As a participant, you’ll also receive a copy of the HVS valuation models used during the seminar - giving you the tools to continue underwriting hotel investments with confidence after the event.

Additional Highlights

Enjoy a networking lunch and après-work drinks, offering the perfect opportunity to connect with peers, exchange ideas, and build lasting industry relationships in a relaxed setting.

What You’ll Need

Bring your own device, with access to Excel, to fully engage with this hands-on session. All class materials, including HVS software and presentations, will be provided.

Speakers

•   [email protected]
•   +1 (617) 868-6840 (Mobile)

Stephen, President and CEO of HVS, leads the company’s long-term strategy, overseeing the operations of over 50 offices worldwide. Since its founding in 1980, HVS has provided consulting services and solutions to thousands of clients across more than 140 countries, specializing in hotels, restaurants, mixed-use developments, shared ownership, and leisure assets.

Stephen holds several designations, including Member of the Appraisal Institute (MAI), state-certified appraiser and licensed real estate broker in New York, and Fellow of the Royal Institution of Chartered Surveyors (FRICS). He has personally valued and consulted on hundreds of hotels globally and is a frequent lecturer at major hotel schools and professional associations. A proud alumnus of Cornell University’s School of Hotel Administration, Stephen brings deep industry expertise to his work.

Beyond his professional life at HVS, Stephen is an active member of the Young Presidents Organization (YPO). He enjoys golf, hiking, cycling, and, as an instrument-rated pilot, flying small airplanes with his family.

Only 30 seats available – Register Today!

About HVS

HVS is the world’s leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of 50 offices staffed by more than 250 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry.

HVS Southern Europe, through its offices in Milan, Athens and Madrid, offers a wide range of specialised consulting services for hotels, resorts, casinos, private marinas, golf courses, serviced apartments and mixed-use developments, serving leading hotel companies, banks, public authorities and hotel development and investment groups. We have provided our services in over 25 countries worldwide, including Central America, the Caribbean, North Africa and the Middle East. For further information regarding our expertise and specifics about our services, please visit hvs.com.