Onsite

This semester sets foundations for strategic decision-making in the hospitality industry and provides insights into the complex relationships between finance and strategy. Advanced courses in Corporate and Real Estate Finance, as well as Hospitality Business Strategies, provide students with the tools to make and evaluate corporate investment, finance and strategy decisions. With a particular focus on Europe, Middle East & Africa, the Hospitality Business Strategies course helps students to develop critical knowledge of distinct market dynamics arising from cultural and economic differences. Such knowledge is vital for the formulation of sound strategic decisions in the students' future careers. Business Field Trips in Europe will reinforce the concepts developed in class and offer unique exposure to hospitality trends and phenomenon in real-life settings. The Business Research Methods and Project Management courses enable students to carry out applied research in order to support the decision-making process. Getting familiar with approaches and tools will facilitate and strengthen the required analytical capabilities for the Capstone Consulting Projects, which are launched during this semester. Students will also have the opportunity to participate in workshops conducted by SnapShot in order to obtain an additional "Professional certificate in Managing Hotel Demand".

This semester sets foundations for strategic decision-making in the hospitality industry and provides insights into the complex relationships between finance and strategy. Advanced courses in Corporate and Real Estate Finance, as well as Hospitality Business Strategies, provide students with the tools to make and evaluate corporate investment, finance and strategy decisions. With a particular focus on Europe, Middle East & Africa, the Hospitality Business Strategies course helps students to develop critical knowledge of distinct market dynamics arising from cultural and economic differences. Such knowledge is vital for the formulation of sound strategic decisions in the students' future careers. Business Field Trips in Europe will reinforce the concepts developed in class and offer unique exposure to hospitality trends and phenomenon in real-life settings. The Business Research Methods and Project Management courses enable students to carry out applied research in order to support the decision-making process. Getting familiar with approaches and tools will facilitate and strengthen the required analytical capabilities for the Capstone Consulting Projects, which are launched during this semester. Students will also have the opportunity to participate in workshops conducted by SnapShot in order to obtain an additional "Professional certificate in Managing Hotel Demand".

Real estate decisions are critical to hotel investment and finance. This analytically-intensive course first builds the fundamental understanding of real estate finance. In doing so, this course approaches hotel investments from the perspective of hotel owners, potential investors, and debt financiers of hotel transactions. As a hotel`s real estate is generally its most valuable asset, it is important for hotel owners to track the market value of their investments. Therefore, the first part of this course focuses on state-of-the-art methods to determine the market value of hotels. 

Next, the course takes the perspective of investors interested in acquiring new hotels. Due to the high capital intensity of hotel deals, transaction generally involve equity and debt financing. Students will learn how to structure the most advantageous hotel transactions deals using equity and debt and evaluate alternatives. In particular, this section familiarizes students with the impact of debt financing on after-tax equity returns. To structure successful deals, the requirements of the lenders also need to be met. To achieve this goal, the third and final part of this course focuses on the perspective of real estate debt investors. The concepts of loan-to-value (LTV), debt service coverage rates, and other factors are discussed to understand the pricing of real estate loans. 

Further, the course builds on these concepts using advanced topics such as real estate capital markets, portfolio theory and investment analysis.