Over the past two decades, hotel schools have increasing changed from the traditional operational focus with the practicalities of vocational training to a model of business school focused on management. While the emphasis has shifted from the art of kitchen and restaurant hosting skills to areas such as e-marketing, distribution and revenue optimisation, real estate and hotel business development remain relatively small parts of most hotel schools curricula.
Nevertheless led in the main by the Cornell School of Administration in North America and Ecole hôtelière de Lausanne in Europe there are now graduate and postgraduate programs that give increasing focus to investment, real estate and asset management. Increasingly hotel schools are becoming integrated with owners and management companies offering research and consulting services and in the case of Cornell and EHL have also developed professional development programs that can provide specific industry education for developers and investors that do not necessarily have a grounding in hospitality. In 2019, Steve Rushmore, Founder of HVS, launched an online training course: Hotel Market Analysis and Valuation Using Hotel Valuation Software partnered with the Glion Hotel School in Switzerland.
Cornell School of Hotel Administration
The Hotel School, Statler Hall Cornell University, Ithaca, NY 14853-6201, USA
Offering Hotel undergraduate (AACSB-accredited business Bachelor’s degree program), graduate (Master of Management in Hospitality, Baker Program in Real Estate, Graduate Minor in Real Estate, Master of Science, Doctor of Philosophy) and executive education (General Manager Program, Personal Development Program)
The Professional Development Program (PDP) at the Cornell School of Hotel Administration offers three-day intensive courses on campus that cover more than 25 areas of expertise. The program provides a learning journey to meet professional goals, learn from renowned faculty, share best practices with a network of international peers, and earn a Cornell credential to advance careers. Apart from Property-Asset Management and Real Estate programs include Financial Management, Food Beverage and Restaurant Management, Human Resource Management, Leadership, Marketing, Revenue Management and Strategic Management.
Advanced Certification in Real Estate and Hotel Investment
Cornel Executive Education: Cornell SC Johnson College of Business, 209 Dryden Road, 4th Floor, Ithaca, NY 14850, USA
Designed for managers in hotel real estate, development, and investment, and for seasoned general managers who anticipate a move to those roles or who desire a fuller understanding of the principles that guide owners and investors. Requires completion of two three-day classroom courses ($5,790 in 2019) and the online certificate in Hotel Real Estate Investments and Asset Management (additional cost). This series is comprised of six online courses available year-round, with course sessions beginning each month. It is ideal to take one course at a time. However, it is possible to complete the online series before the start of the classroom course if you enrol in more than one course simultaneously prior to March.
Required classroom courses: two three day courses running consecutively usually in June (i) Advanced Hotel Real Estate – Valuation, Deal Structuring, and Capital Markets, (ii) Advanced Hotel Real Estate – Strategy, Risk Management, and Asset Management. Required online courses: Six online courses available year-round (i) Developing An Asset Management Strategy, (ii) Financial Analysis of Hotel Investments, (iii) Valuing Hotel Intellectual Property and Structuring the Capital Stack, (iv) Achieving Hotel Asset Management Objectives, (v) Control of Hotel Real Estate, (vi) Valuing Hotel Investments Through Effective Forecasting.
Advanced Real Estate: Valuation, Deal Structuring and Capital Markets
- Instructor: Jan deRoos
This three-day course expands and refines the tool-kit in the on-line certificate series entitled “Hotel Real Estate Investments and Asset Management”. The course is designed to help owners, operators, and lenders use their interests in hotel real estate strategically to grow their businesses and to prosper throughout the market and asset cycle. The course uses applications from the frontier of real estate investment to examine capital markets, deal structuring, advanced debt and equity financing, and risk analysis. The course has broad application across the Americas, Europe, and Asia; with cases and examples drawn from a wide range of international experience. Topics Include: Advanced investment decision models (duration, real options, case study analysis) Advanced deal structuring (Promote structures, equity funds, analysing the “cash flow waterfall” to sponsor and money partner), deal structuring to maximize portfolio diversification, joint-venture negotiation, loan negotiation, recent innovations in lodging capital markets.
Advanced Real Estate: Strategy, Risk Management and Asset Management
- Instructor: Jeanne Varney
This three-day course expands and refines the tool-kit in the online certificate series entitled “Hotel Real Estate Investments and Asset Management”. The course is designed to help owners, operators, and lenders optimize real estate and intellectual property returns from individual assets while recognizing their place in a larger real estate portfolio. Topics i
Ecole hôtelière de Lausanne, Route de Cojonnex 18, 1000 Lausanne 25, Switzerland
Offering Hotel undergraduate (Bachelor of Science), graduate (Master in Global Hospitality Business, MBA in Hospitality, Hospitality EMBA Program in China, Executive MBA in Hospitality Administration), short programs and professional development and online courses (Culinary & Restaurant Management Certificate, Online Hospitality Certificates, Part-time MBA in Hospitality, Custom Programs for Executives).
Academic Collaboration and School Certifications with EHL certification: Ecole Supérieure d’Hôtellerie et Restauration d’Alger (Algeria), Guilin Tourism University (China), Indian School of Hospitality and DICE School of Hospitality and Culinary Arts (India), Royal Academy of Culinary Arts (Jordan), Université La Sagesse, Faculty of Hospitality Management (Lebanon), Centro de Estudios Superiores de San Ángel (Mexico), King Abdulaziz University Tourism Institute (Saudi Arabia), Dusit Thani College (Thailand), Emirates Academy of Hospitality Management (UAE).
Online Hotel Real Estate Program
Hotel Development and Real Estate Investments: Fundamental knowledge, skills, and practice to make successful business decisions related to hotel development and investments: asset management, feasibility analysis, development and negotiations and valuation of hotel investments. Modules (three five-week modules) Asset Management (data ownership control & liability, analysis tools and building strategies, budget – owner’s perspectives, asset management plan, various stages of asset management), Hotel Investments (hotels and real estate, markets and their efficiency, capital types & capital structure, loans, valuation analysis, direct capitalization-conclusion, investment valuation, investment analysis, final assessment), Feasibility Analysis (strategic hotel investments, feasibility analysis, site analysis, financial feasibility, stakeholders, hotel operators, HMA negotiations). Online 15 weeks requiring 8-10-hours input per week (5,940 CHF in 2019).
or broken into three five-week online courses
Hotel Asset Management: A holistic overview and understanding of the complete hotel business. Requires both strategic thinking and analytical application to develop a strong strategic perspective on what is needed to enhance value for the owner. What is hotel asset management and why is it necessary? Data ownership control & liability, analysis tools and building strategies, budget – owner’s perspectives, asset management plans, various stages of asset management. Online 5 weeks requiring 8-10-hours input per week (2,200 CHF in 2019).
Valuation of Hotel Investments: A greater understanding of the published ‘values’ of hotels and why they occur, industry best practice valuation methodologies and how to apply them to develop accurate valuations. Modules: Hotels and real estate, markets and their efficiency, financial analysis, capital types & capital structure, loans, valuation analysis, direct capitalization-conclusion, investment valuation, investment analysis. Online 5 weeks requiring 8-10-hours input per week (2,200 CHF in 2019).
Feasibility Analysis, Development and Negotiations: Opportunity to learn about the mechanics of the hotel development process, from evaluating hotel sites to negotiating commercial contract terms. How to undertake market feasibility using industry best practices, in order to provide the best possible solution for a hotel project. Modules: Strategic hotel investments, feasibility analysis, project overview, site analysis, financial feasibility, stakeholders, debt, hotel operators, operational structures, HMA negotiations. Online 5 weeks requiring 8-10-hours input per week (2,200CHF in 2019).
Apart from the real estate modules there are twelve other certificate courses with three fifteen week programs: revenue, finance and business cycles, similarly structured to include three five week sub-courses.
Revenue – “driving hotel revenue”: Develop a comprehensive knowledge base related to three key areas of hospitality marketing and sales: distribution channels, revenue management, e-marketing and social media.
Finance – “mastering hotel financials”: Examine three intersecting areas of the hospitality financial landscape: hotel financial statements analysis, hotel budgeting and forecasting advanced corporate finance.
Business Cycles – “performing through business cycles”: The hospitality industry is a cyclical business characterized by imbalances between supply and demand with sudden situations of growth, stagnation and decline. This certificate provides participants with the knowledge and skills to successfully manage hotel organizational performance in a dynamic business environment.
Glion Institute of Further Education
Glion Institute of Higher Education, Route de Glion 111, 1823 Glion sur Montreux, Switzerland
Offering Hotel undergraduate (Bachelor of Business Administration in Hospitality), graduate (Master’s in Finance, Real Estate and Hotel Development, MSc International Hospitality Business, MBA in Hospitality, Master’s in Hospitality, Entrepreneurship and Innovation, Master’s in Luxury Management and Guest Experience, Dual MBA and MSc in International Hospitality Business), Online Certificates in Hotel Market Analysis & Valuation, Revenue Management and Spa Profitability/Operations.
Hotel Market Analysis and Valuation
This 2-week online developed in conjunction with Steve Rushmore has the aim to increase understanding of the methodology and procedures for gathering, analysing and processing data into a comprehensive market study. Estimate the value of all hotel types using Hotel Valuation Software, in order to provide a financial projection and accurate valuation.
The program is targeted at managers and professionals with financial or operational responsibility of hotel real estate, investments, financing, or asset management including asset managers and portfolio managers as well as hotel owners, investors and operators, general manager, bankers, or anyone interested in understanding hotel development or financial plans. The prerequisites are some proficiency with Excel will be helpful and some principles of finance are preferred but not required.
Course elements: Apply the method and various procedures for gathering, analysing and processing data into a comprehensive market study. Analyse hotel financial statements and compare a hotel’s financial performance with other hotels. Estimate the value of all types of hotels using Hotel Valuation Software, in order to do deliver a financial projection and Hotel valuation.