This course is an introduction to ownership and management structure of the hotel industry. It discusses the major industry players (stakeholders) and their role and interests in hotel investments from the perspective of owners, independent operations, operating companies, franchisor and franchisee. Hotel management and franchise agreements are examined regarding the legal and practical applications and financial implications of these contracts. A special emphasis is placed on a rapidly growing area of the lodging industry, namely, asset management. The course will define what asset management is today and examine the skills required to be a successful asset manager. There will be a special focus on the benefits to the hotel owner of hiring an asset manager in representing the owner in deliberations about annual operating budgets and capital plans with the hotel management company.