Michael Kwag

Professor of the Practice

KwagMichael Kwag is a professor of the practice in the School of Hospitality Administration at Boston University where he is responsible for the managerial accounting and financial management courses. Prior to joining the SHA faculty he was a faculty member of New York University and Georgia State University, teaching a variety of courses including Principle of Marketing, Strategic Management, and Hotel Real Estate Financing.

Professor Kwag has published research articles on subjects pertaining to accounting and finance aspects of the hospitality business in the Journal of Hospitality and Tourism Research and International CHRIE conference proceedings. He has also been playing consultant roles for owners, executives, and managers of Hyatt, Marriott, Nikko, Shangri-La, and other various independent hotels in the Pacific Rim countries.

Earlier in his career he held positions at Zutto Restaurant Inc., New York (partner); Ramada Hotel, San Antonio (assistant general manager); Texian Inn, Inc., San Antonio (operation analyst); and Holiday Inn, Las Vegas (auditor).

Professor Kwag is a 20-year member of the Hospitality Financial and Technology Professionals (HFTP) as CHAE (Certified Hospitality Accountant Executive) and serves on the board of advisors of the School of International Hospitality Administration of Han Yang University in Korea. He is listed in Who’s Who in the U.S. lodging industry as Certified Hotel Administrator (CHA) and holds a BS in Hotel Administration from the University of Nevada, an MBA from the University of Texas, and a PhD from New York University.

Recent Publications

Jung W. Lee, Kwag M., & Rajasekhara M. P. (2015). Antecedents of Acceptance of Social Networking Sites in Retail Franchise and Restaurant Businesses. Journal of Asian Finance, Economics, and Business, 2-1, pp. 29-36.

Jung W. Lee & Kwag, M. (2013). Green Growth and Sustainability: The Role of Tourism and Hospitality Service Industry in Korea. Journal of Distribution Science,11-7, pp. 15-22.


Prereq: CAS MA 120 or higher, SHA HF 210 or SMG AC 221, SHA HF 220 and SHA HF 270

After a review of financial-accounting principles, this course examines how financial information is assembled and presented according to the Uniform Systems Accounts for hospitality enterprises. The primary emphasis of the course is on analytical and decision-making uses of financial information, including such topics as cost behavior, leverage, cost-volume-profit analysis, contribution-margin pricing, and budgeting. The course concludes with a review of hotel operating forms, including franchising and management contracts and assessing their impact on financial performance and risk. 4 credits, offered Fall & Spring.   [ 4 cr. ]

Prereq: SHA HF 210 and SHA HF 310 and (CAS MA 113 or CAS MA 115)

Studies the techniques financial managers and external analysts employ to value the firm and its assets. Topics include financial statement analysis, taxation, discounted cash flow, stock and bond valuation, cost of capital, and capital budgeting. The techniques of discounted cash flow and the command of taxation principles developed in the course are applied to commercial real estate analysis, including hospitality properties. 4 credits, offered Fall & Spring.   [ 4 cr. ]


  • BS, University of Nevada, Las Vegas
  • MBA, University of Texas
  • PhD, New York University

Contact Information

Boston University School of Hospitality Administration
928 Commonwealth Avenue, Room 311
Boston, MA 02215
617-353-0933, mkwag@bu.edu