This course is designed to facilitate a working knowledge of hospitality properties as financial and real estate assets. Students will learn the hotel market and feasibility research process, to understand how to analyze hotel markets across the world, identify and evaluate key forces that impact the performance of hotel markets and the hotels within them, determine the right hotel product for each site and market and forecast future performance. The course will also provide a grounding in the basic concepts of real estate finance and how they are used by stakeholders to make hospitality investment decisions. The class culminates with the preparation of a feasibility study where the students will conduct a highest-and-best-use analysis, project a ten-year proforma for their hospitality asset, estimate development costs, and then prepare an internal rate of return analysis to determine the financial viability of the asset. Students will also arrive at the estimated market value of the proposed hospitality development using the discounted cash flow and direct capitalization approaches. Students will also create their own financial models in this course and learn how to use them effectively as tools to support critical decision-making.

Note that this information may change at any time. Please visit the MyBU Student Portal for the most up-to-date course information.