Comprehensive course analysis
Who should attend
- Hospitality professionals with financial or operational responsibility
- Lenders and investors involved in hospitality real estate projects
About the course
The Advanced Hotel Real Estate and Asset Management Capstone, part of the Cornell Professional Development Program, is the on-campus component that results in the completion of your advanced certificate. It takes place at the Cornell University campus in Ithaca, NY, at the renowned School of Hotel Administration.
Over four intensive days, you will tackle real estate and asset management challenges and collaborate with a network of peers to expand the foundation of your hospitality knowledge.
Days 1 and 2: Strategy, Risk Management, and Asset Management
Building on the toolkit presented in the online portion of the program, this intensive session 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. You will use concrete tools to explore scenarios from holding/maintaining, renovating, expanding, or otherwise altering individual assets to maximize value and enhance the contribution that real estate brings to a mixed-asset portfolio. You'll consider how asset managers use the management contract as an important tool to control the partnership between the owner and manager to optimize value and performance. You'll also delve into the complexities and costs of channel management. You'll examine how to manage the risks inherent in lodging properties over the market cycle as well as how a sustainability mindset can enhance returns and value.
Days 3 and 4: Valuation, Deal Structuring, and Capital Markets
Your interest in hotel real estate can help you strategically grow your businesses and prosper throughout the market and asset cycle. With the goal of developing your modeling skills using Excel®, this session employs applications from the frontier of real estate investment to examine capital markets, deal structuring, advanced debt and equity financing, and risk analysis. Through the use of cases and examples drawn from a wide range of international experience, the content has broad application across the Americas, Europe, and Asia. Contemporary alternatives to traditional investment analysis will be introduced, discussed, and debated. You'll gain experience using contemporary tools from the capital markets, finance, and economics in a lodging context. Theoretical concepts will be accompanied by practical exercises and cases demonstrating how to create wealth.
Key course takeaways
- Allocate CapEx across a portfolio
- Examine the impact of CapEx and facility maintenance on hotel value
- Explore management contract negotiation
- Review the current state of the capital markets and transaction markets
- Discuss advanced equity deal structuring
- Examine the strategic use of debt by equity investors
- Review recent innovations in lodging deal structuring
Jan A. deRoos is the HVS Professor of Hotel Finance and Real Estate at the Cornell SC Johnson College of Business. He has devoted his career to teaching and research related to hospitality real estate, with a focus on the valuation, financing, development, and control of lodging, timeshare, and r...
Jeanne Varney is a lecturer at the Cornell School of Hotel Administration. She resides in the property development and management department, where she is responsible for the curriculum in Hospitality Facilities Management, Hospitality Asset Management, Sustainable Development, and Introduction t...
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Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.