Hotel Real Estate Investments and Asset Management

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Hotel Real Estate Investments and Asset Management

  1. 1. www.ecornell.com Online Certificate Program Hotel Real Estate Investments and Asset Management Six-course Certificate from Cornell University’s School of Hotel Administration SHA561 Financial Analysis of Hotel Investments SHA562 Control of Hotel Real Estate SHA563 Valuing Hotel Investments Through Effective Forecasting SHA564 Valuing Hotel Intellectual Property and Structuring the Capital Stack SHA565 Developing an Asset Management Strategy SHA566 Achieving Hotel Asset Management Objectives
  2. 2. eCornell Welcome to eCornell Established and wholly-owned by Cornell University, eCornell has the most comprehensive online, profes- sional and executive development curriculum offered by any top-20 university in the United States. eCornell provides exceptional online learning experiences tailored for professional and executive develop- ment in the areas of strategy, leadership and management development, human resources, financial manage- ment, project leadership and hospitality management. Our approach to problem-based learning means that you are building knowledge and skills using online case studies, interactive exercises, and simulations based on authentic, relevant, real-world situations. The eCornell Experience Learning happens through interaction and collaboration—a dynamic, creative process that involves the exchange of ideas, not simply the accumulation of facts. In eCornell courses you interact with an expert in- structor and a cohort of your peers to collectively develop knowledge, and to effectively apply that knowl- eCornell—serving edge in your organization. the global demand for eCornell offers a proven delivery model and incorporates the best aspects of online and traditional class- expertise from Cornell room learning, including: University through exceptional online • Engaging and rigorous course design that centers on authentic business scenarios and provides the learning experiences resources and tools learners need to resolve the issues they pose tailored for professional • Learning experiences that target individual competencies and skills and executive development. • Asynchronous collaboration activities that contribute to knowledge and experience sharing among the course participants and the course instructor An international community of eCornell • Course projects, discussion forums, and job aids that help participants apply their new skills to real students hail from over organizational situations 180 countries. • New skill development through interactive assessments and simulations Program Quality Drives Motivation and Success eCornell courses provide the convenience of structure and flexibility with course sessions starting every other week, round-the-clock/round-the-world access to course materials, live online chat, telephone, and email customer support. This world-class online learning is designed to stimulate and build motivation resulting in industry-leading completion rates. • Ninety two percent (92%) of students complete their course, two to four times the e-learning norm, and even more, 93%, rate their overall experience as good to excellent. • • Ninety five percent (95%) of students say the material is applicable to their job responsibilities, and 93% say that what they have learned will directly impact their performance. • • In the end, 95% of students would recommend to their peers that they take an eCornell course. www.ecornell.com info@ecornell.com 1-866-326-7635 | 2
  3. 3. eCornell Campus Connections Collaboration between Cornell faculty experts and eCornell’s learning and user-experience designers create unique, engaging, and rigorous learning experiences. eCornell curriculum is developed in partnership with Cornell University’s ... • College of Industrial and Labor Relations • College of Engineering • School of Hotel Administration • Johnson Graduate School of Management • College of Human Ecology • College of Agriculture and Life Sciences • Laboratory of Ornithology Accreditation eCornell is a registered provider of professional recertification or continuing education units by the following : Cornell University Students are who successfully complete the required courses in a program series receive a certificate from Cornell University suitable for framing. All eCornell courses are eligible for continuing education units (CEU), from the School of Continuing Education at Cornell University. Courses with the prefix ILR, receive CEUs from the School of Industrial and Labor Relations at Cornell University. American Council on Education - ACE The American Council on Education (ACE) is the major coordinating body for all the nation’s higher education institutions. Many eCornell certificate programs have been recommended for college credit by the American Council on Education’s College Credit Recommendation Service (CREDIT). For more informa- tion about ACE visit http://www.acenet.edu. Human Resources Certification Institute (HRCI) eCornell is a Human Resource Certification Institute (HRCI) Approved Provider. Many courses are approved toward PHR and SPHR recertification credit hours through HRCI. For more information about certification and recertification, please visit the HRCI homepage at www.hrci.org. Project Management Institute (PMI) eCornell is a designated Global Registered Education Provider (R.E.P.) of the Project Management Institute (PMI). As a R.E.P., eCornell has been approved by PMI to issue Professional Development Units (PDUs) to Project Management Professionals (PMPs) seeking to maintain their certification for many leadership, strategic management, financial management, and management development courses. For more information about PMI visit http://www.pmi.org. Society of Mangement Accountants of Canada CMA Canada grants a professional designation in management accounting and regulates its members under the authorization of provincial legislation. eCornell courses have been approved for seven (7) recertification credit hours (CPLDs) toward CMA recertification through the Society of Management Accountants of Canada at the national level. The CMA provincial associations verify and track hours submitted by their provinces standing CMAs. Each CMA is required to submit a minimum of 120 hours over a three year period and a minimum of 30 hours per year. For more information visit www.cma-canada.org. www.ecornell.com info@ecornell.com 1-866-326-7635 | 3
  4. 4. CourseNotes eBooks for offline study What are eCornell CourseNotes? eCornell CourseNotes are a way to enhance your eCornell learning experience to help you take notes, highlight important information, search for key words and phrases, and read your course materials while you are not online. CourseNotes are designed using software designed by VitalSource Technologies to provide you with an easy to use tool to view your CourseNotes and organize them to suit your own needs. CourseNotes download to your computer, much like music files, so that you can access them anywhere and any time you are at your computer. Unlike other e-books, CourseNotes are much more than “pictures of • Study offline pages” — you have the ability search the CourseNotes of single courses, or any group of CourseNotes that you have purchased. You can also take searchable notes, highlight important portions of the course, easily • Highlight text print out each course, customize your page views, and even copy-and-paste content with bibliographic support. • Write and save searchable How do they work? study notes CourseNotes requires a free software download of the VitalSource Bookshelf (available at http://www. • Customize vitalsource.com/index/bookshelf). The Bookshelf allows you to download your CourseNotes to up to two page views separate computers, so you can have a copy at home and at work. CourseNotes and the VitalSource Bookshelf are compatible with Windows PCs and Macs. • Full search features You don’t need to be connected to the Internet to use your CourseNotes; you can read, highlight, or take notes whenever you are at your computer. The Bookshelf is designed to allow you to customize your page layout • Print so you can read the material exactly the way you want to see it. You can choose from a Browser, Column, or Reading view. You can search your CourseNotes easily using key words and phrases. You can also search multiple CouseNotes simultaneously to provide you with information about a topic, like effective communication, that is discussed in more than one eCornell course. You have the ability to highlight content in CourseNotes and to choose your highlighting color in order to differentiate different pieces of information. You can also take notes right in the bookshelf about the materials and have your notes be fully searchable. CourseNotes screenshot from an eCornell course Course notes are available to our individual customers for US$29.00 each. Learners who enroll through an eCornell corporate program may be eligible for reduced rates. www.ecornell.com info@ecornell.com 1-866-326-7635 | 4
  5. 5. Certificate in Hotel Real Estate Investments and Asset Management A six-course certificate series from Cornell University’s School of Hotel Administration Certificate Overview Well-structured hotel real estate investments create value and provide benefits to all partners in a deal: owners, management companies, and/or franchisees. Understanding the value of hotel real estate investments and the dynamics of the financial and operational aspects of real estate invest- ments, asset management, and management contracts is critical to the success of mid-level and senior management in the hospitality and real estate industries. This certificate series focuses on developing a comprehensive knowledge base and tool set that enables you to fully understand the complex dynamics surrounding the hotel real estate and manage- ment contracts from the point of view of the property owner, operator, and lender. There are three central themes to this certificate series: -The separation of real estate ownership and control as a way to increase value as vital to contemporary practice -The valuation and financing of hotel real estate investments as a key competency for today’s decision makers -Asset management - a legitimate and respected tool for value creation and value improvement Who Should Take This Certificate? This certificate series designed for: -Managers and professionals in the hospitality industry with financial or operational responsibility for real estate, investments, or management contracts -General managers, asset managers and others with asset management responsibilities -Business development professionals with branded operators who have professional interaction with owners -Lenders, investors, real estate professionals, and developers who seek entrance into the hospitality real estate market Certificate Information To earn the Certificate in Hotel Real Estate Investments and Asset Management, students must complete the following six courses: • SHA561 Financial Analysis of Hotel Investments • SHA562 Control of Hotel Real Estate • SHA563 Valuing Hotel Investments Through Effective Forecasting • SHA564 Valuing Hotel Intellectual Property and Structuring the Capital Stack • SHA565 Developing an Asset Management Strategy Accreditation Participants who successfully complete the five courses in the series receive a Certificate in Hotel Real Estate Investments and Asset Management from Cornell University’s School of Hotel Administration. www.ecornell.com info@ecornell.com 1-866-326-7635 | 5
  6. 6. SHA561 Financial Analysis of Hotel Investments SHA562 Control of Hotel Real Estate A hotel’s real estate is one if its most valuable assets and it is In most hotels, the physical ownership of the property is sepa- essential to be able to accurately value this critical investment. rated from the control and management of the hotel. This course This course uses practical and theoretically grounded tools of explores the ways in which hotel investors separate ownership investment analysis and valuation to introduce participants to from control of the hotel and examines the two major decisions contemporary practices in lodging investments. Participants will faced by owners: first, what are the benefits and costs of franchise learn to evaluate hotel investments and hotel financing decisions affiliation? Second, under what conditions should an owner hire a and structure deals that meet the needs of the owner, the operator, professional operator? and the lender. Participants will learn how management contracts are negotiated This course explores the multiple elements and factors involved and about the motivations of each negotiating party. They will in the hotel investment decision including the hotel owner- learn to prepare term sheets from the perspectives of both owners operator-lender partnership and the different ways each party will and operators to provide insight into how to structure the most evaluate a real estate investment deal. This multi-party view will advantageous deal. This course also examines contemporary hotel enable you to negotiate the most favorable agreement based on leases prevalent around the world. your priorities and requirements and evaluate alternatives. This course provides thorough coverage of how a deal is structured Who Should Take This Course? using debt and equity financing, and the impact of debt financing This course is designed for: on equity returns. • Managers and professionals in the hospitality industry with financial or operational responsibility for real estate, investments, or management contracts Who Should Take This Course? • General managers, asset manager and others with asset management This course is designed for: responsibilities • Managers and professionals in the hospitality industry with financial or • Business development professionals with branded operators who have operational responsibility for real estate, investments, or management professional interaction with owners contracts • Lenders, investors, real estate professionals, and developers who seek • General managers, asset manager and others with asset management entrance into the hospitality real estate market responsibilities • Business development professionals with branded operators who have Course Format professional interaction with owners • Lenders, investors, real estate professionals, and developers who seek This course contains the following modules: • Operating Agreement Choices and Trends entrance into the hospitality real estate market • Negotiating Contemporary Hotel Franchise Agreements • Negotiating Contemporary Management Contracts Course Format This course contains the following modules: Benefits to Learner The Hotel Owner-Operator-Lender Partnership • Participants who complete this course will be able to: • Evaluating the Deal: How Owners, Operators, and Lenders Evaluate • Explain the factors contributing to deciding who controls the daily opera- Proposed Projects tions of hotels and why • Structuring the Deal: Current Equity and Debt Financing Structures • Describe the key attributes of contemporary hotel leases and their applicabil- ity in different international settings Benefits to Learner • Evaluate a proposed franchise agreement Participants who complete this course will be able to: • Assemble term sheets for new management contracts • Explain the varied motivations of owners, operators, and lenders in pursuing • Analyze management contracts from the perspective of owners and real-estate investments operators • Analyze and evaluate investment projects from the perspective of owners, Certificate Information operators, and lenders This course can be applied to the following certificate: • Structure hotel investments that meet the needs of all parties • Hotel Real Estate Investments and Asset Management • Make informed decisions about the attractiveness of hotel investments, especially the decision to invest equity in a hotel Sponsoring School Certificate Information Cornell University’s School of Hotel Administration This course can be applied to the following certificate: • Hotel Real Estate Investments and Asset Management Sponsoring School Cornell University’s School of Hotel Administration www.ecornell.com info@ecornell.com 1-866-326-7635 | 6
  7. 7. SHA563 Valuing Hotel Investments Through SHA564 Valuing Hotel Intellectual Property and Effective Forecasting Structuring the Capital Stack Hotel investment opportunities cannot be properly evaluated Accurately assessing the value of hotel intellectual property is without accurate forecasts of the revenues and expenses the a critical component of structuring the most advantageous deal. property is expected to produce. This course builds expertise in This course is designed to develop a high level of financial producing accurate forecasts of occupancy, average rates, cash sophistication in valuing hotel management contracts and valuing flows and real estate value needed to support hotel investment franchise agreements in addition to valuing the real assets. and lending decisions. Participants will value the intellectual property rights created in Participants will learn to accurately forecast hotel occupancies management contracts and franchise agreements and learn how both for new properties and for existing properties facing debt and equity capital markets are used to financially engineer significant new competition. They will forecast daily occupancy enhancements in the value of the real estate. Participants will also rates using a variety of contemporary techniques and tools, learn how to determine the cost of mortgage loans, be introduced forecast hotel cash flows respecting the fixed and variable to the secondary mortgage market and lodging REIT structures, revenue and cost structure of a hotel. Participants will estimate and learn how to calculate the returns to private real estate fund the value of individual hotels, taking into account the impact of investors and sponsors. new properties on existing properties. Given that forecasts are only as accurate as the starting assumptions, participants learn Who Should Take This Course? how to develop and gather data to support all of these forecasts. This course is designed for: • Managers and professionals in the hospitality industry with financial or operational responsibility for real estate, investments, or management Who Should Take This Course? contracts This course is designed for: • General managers, asset manager and others with asset management • Managers and professionals in the hospitality industry with financial or responsibilities operational responsibility for real estate, investments, or management • Business development professionals with branded operators who have contracts professional interaction with owners • General managers, asset manager and others with asset management • Lenders, investors, real estate professionals, and developers who seek responsibilities entrance into the hospitality real estate market • Business development professionals with branded operators who have professional interaction with owners Course Format • Lenders, investors, real estate professionals, and developers who seek entrance into the hospitality real estate market This course contains the following modules: • Modeling and Valuing Management Contracts and Franchise Agreements • Debt Financing Course Format • Equity Financing This course contains the following modules: • Forecasting Hotel Occupancy Benefits to Learner • Forecasting Revenues and Expenses • Valuation Participants who complete this course will be able to: • Estimate the value of management contracts and their impact on shareholder value Benefits to Learner • Estimate the value of franchise agreements and their impact on shareholder Participants who complete this course will be able to: value • Perform a market study for a particular property • Explain how capital markets can be used to create value in the real estate • Forecast occupancy and average daily rates • Use the tools of modern finance to create value for equity via the specific • Produce accurate forecasts of income and expenses use of debt instruments • Use the income approach to produce an estimate of market value • Explain the role of public equity and private equity in capital markets • Produce defensible and supportable estimates using the tools developed in • Use the tools of investment analysis to understand a ‘promote structure’ in a this course private equity real estate fund Certificate Information Certificate Information This course can be applied to the following certificate: This course can be applied to the following certificate: • Hotel Real Estate Investments and Asset Management • Hotel Real Estate Investments and Asset Management Sponsoring School Sponsoring School Cornell University’s School of Hotel Administration Cornell University’s School of Hotel Administration www.ecornell.com info@ecornell.com 1-866-326-7635 | 7
  8. 8. SHA565 Developing an Asset Management SHA566 Achieving Hotel Asset Management Strategy Objectives The hotel asset manager is responsible for managing lodging in- Hotel asset management is the responsibility of managing the vestments to meet the specific objectives of ownership. The asset lodging investment to meet the specific objectives of ownership. manager’s role in building value is analyzed at both the portfolio This course introduces the latest asset management techniques and the property level. This course focuses on the importance of and provides a set of practical tools and tactics that owners and developing a strategic vision for asset management, and for using asset managers can use to achieve their strategic objectives. the latest asset management techniques in pursuit of that strategic vision. Participants will learn how to administer and renegotiate manage- ment contracts, evaluate capital expenditures and manage their Participants will examine the role of the asset manager in real execution, and monitor expenses to reduce costs. They will learn estate portfolio management and learn how to develop a strategic how to benchmark a property’s revenue and expense performance vision for asset management. They will learn how to create an as- against the market, perform asset risk analyses tailored to current set management plan designed to accomplish long-term financial market conditions, and evaluate various refinancing opportunities goals, create forecasts, and build models that analyze sell versus to reduce debt costs or free up capital for other investment hold alternatives and make optimal recommendations consistent opportunities. with the asset management strategy and plan. Who Should Take This Course? Who Should Take This Course? This course is designed for: This course is designed for: • Managers and professionals in the hospitality industry with financial or • Managers and professionals in the hospitality industry with financial or operational responsibility for real estate, investments, or management operational responsibility for real estate, investments, or management contracts contracts • General managers, asset manager and others with asset management • General managers, asset manager and others with asset management responsibilities responsibilities • Business development professionals with branded operators who have • Business development professionals with branded operators who have professional interaction with owners professional interaction with owners • Lenders, investors, real estate professionals, and developers who seek • Lenders, investors, real estate professionals, and developers who seek entrance into the hospitality real estate market entrance into the hospitality real estate market Course Format Course Format This course contains the following modules: This course contains the following modules: • Asset Managing Hotel Management Contracts • Portfolio Management • Managing Capital Expenditures • Why Real Estate in the Portfolio? • Benchmarking Hotel Performance • Economics of Portfolio Management • Risk Analysis and Refinancing • Asset Management • The Asset Management Process Benefits to Learner • Highest and Best Use Forecasting Participants who complete this course will be able to: • Creating the Asset Management Plan • Manage contract administration and contract renegotiation • Sell Versus Hold Decisions • Make capital expenditure decisions and manage their execution • Sell v. Hold Strategies • Use industry-standard benchmarking tools to enhance revenues and reduce • Selling and Holding costs • Making the Decision • Perform risk analysis designed to calibrate risk by magnifying revenue enhancement and minimizing costs according to market conditions Benefits to Learner • Perform a refinancing analysis in order to reduce debt cost and to liberate Participants who complete this course will be able to: illiquid equity for more productive investments • Analyze the asset manager’s role in building value at both the portfolio and the property level Certificate Information • Develop a strategic vision for asset management This course can be applied to the following certificate: • Create an asset management plan for a property’s long-term needs • Hotel Real Estate Investments and Asset Management • Model the optimal holding period and make recommendations on selling versus holding the asset Sponsoring School Certificate Information Cornell University’s School of Hotel Administration This course can be applied to the following certificate: • Hotel Real Estate Investments and Asset Management Sponsoring School Cornell University’s School of Hotel Administration www.ecornell.com info@ecornell.com 1-866-326-7635 | 8
  9. 9. Call: 1-800-326-7635, outside of the United States: +1-607-330-3200 Email: clientservices@ecornell.com Write: 950 Danby Road Suite 150 Ithaca, NY 14850 Visit: www.ecornell.com eCornell is a wholly owned subsidiary of

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