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Asset managers work for hotels, conference centers, resorts and other hospitality businesses. They rely on knowledge and expertise that spans the arenas of finance, management, marketing, payroll, energy, maintenance and capital to manage physical assets, brand offerings and product inventories.
Introduction to Asset Management
This course is an introduction to the systematic and coordinated processes by which physical assets in the hospitality industry (hotels, conference centers, resorts and other properties) are managed. Asset management requires a cross-functional approach to achieve sustained value in the selection, design, acquisition, operation, maintenance and renewal of physical infrastructure.
Corporate Finance and Risk Management
Students perfect their ability to analyze and evaluate financial performance and determine financing options in a multi-unit, multi-business environment. Risk management tools intended to minimize the financial exposure of an enterprise make up the remainder of the course.
This course outlines the strategies and methods needed to manage capacity actively in order to maximize profit. Using hotel analytics, industry benchmarking, and pricing tools, students learn to balance product availability, pricing, and marketing in light of organizational opportunity, competitive practices, and market forces. An active, dynamic approach is taken to managing revenue streams to ensure an organization’s long-term viability and financial health. The course prepares the student for the Certification in Hotel Industry Analytics exam (CHA).
Real Estate Finance
This course considers the various methods of valuation of commercial properties, as well as the financing instruments available for real estate investment. Portfolio management techniques are also considered.
Franchising and Management Contracts
The selection of a management company and a brand is a critical component to the overall success of a hospitality asset. This course considers the point of view of owners or operators in selecting management contracts and/or a franchise model to manage growth and profitability. Students analyze the various elements relevant in the decision including time horizon for investment return, availability of capital for product improvement plans (PIPs), or need to rebrand. Students analyze information in management contracts or franchise agreements taking into consideration issues like agency or service contracts, incentives fees and royalty fees structure, the property management system (PMS), territorial restrictions and other factors.
Bankruptcy and Restructuring
In this course students examine the philosophy, principles, and policies underlying business reorganizations of distressed hospitality properties and the financial and legal issues in real estate workout process financing, refinancing and debt restructuring. Students will examine the role of debtors, professionals, creditors, officers, directors, and other parties in the context of restructuring and reorganization situations for distressed properties.