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The Real Estate Financial Modeling Accelerator

Since starting A.CRE, Michael and I have fielded email after email requesting a more structured real estate financial modeling training program on the site. Over the years, we've covered hundreds of real estate modeling topics in our blog;…
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A.CRE Hotel Valuation Model in Excel (Updated 01.03.19)

I am excited to introduce our new Hotel Valuation (Acquisition) Model to underwrite both stabilized and value-add hotel opportunities. This hotel pro forma is designed to allow users to do everything from a quick back of the envelope exercise…
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Tutorials For The Hotel Valuation Model (Updated 01.03.19)

Welcome to the A.CRE Hotel Valuation Model's Tutorial Page. On this page you will find all the tutorials for the A.CRE Hotel Valuation model in Excel. There is a lot to learn within this model and over time, I'd like to show you both how to…
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Hotel Proforma Basics - Hotel Cash Flow Projection

Hotels are a unique asset in the commercial real estate world and are underwritten differently as a result. Probably the most obvious difference is the duration of the 'lease term' of the tenant, which is usually daily to weekly. Another major…
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Actual + Forecast Construction Draw Schedule with S-Curve

Several times in the last month, I've been asked to tackle an interesting real estate financial modeling challenge - pare actual construction draw cash flows with s-curve cash flow forecasts to create an Actuals + Forecast Construction Draw…
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Development Draw Schedule - Visually Customize Each Line Item

Working a lot with development draw schedules, I have always been looking for a catch all solution as to how one could easily model all the unique ways cash actually flows over time during the process. The norm for many is to model cash flows…
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Hotel Value-Add Assignment Example

I built this multi-scenario , value-add hotel investment model from scratch in Excel for an assignment in one of my real estate finance courses at Cornell. Keep in mind, this model is not plug-and-chug ready. However, with a few tweaks it works…