Comprehensive course analysis
Who should attend
- General managers
- Assistant general managers
- Senior operational leaders
- Hotel managers and leaders
About the course
As a leader at your hotel, it is critical that you have a successful working relationship with the ownership group. The owner of the asset relies on you to deliver a positive return on investment. This program provides you with in-depth training on crucial skills required when working with ownership and asset managers.
This certificate program provides you with the context of how ownership and asset managers approach their market. From property investment and achieving key financial objectives to learning about the competitive landscape, these courses enable you to view the partnership from the owner perspective. Your elective courses build upon the necessary skills for a stronger, more productive relationship between you and the ownership group to ensure your long-term success.
Asset Management Process and Plan
In this course, you will develop an understanding of how hospitality real estate fits into a typical owner's investment portfolio and articulate how your property contributes to the overall ownership investment strategy and goals. You will examine the different approaches to the asset manager role, which often depends on the ownership and property needs. You will determine how the asset manager who works with your property functions in their role. You will review the typical design and contents of an asset management plan and analyze the strengths and weaknesses of your hotel from the asset manager's perspective. By the end of this course, you will gain an understanding of the perspective of the hotel owner so you can more effectively collaborate with the owner and asset manager by closely aligning your hotel goals with the goals of ownership.
Asset Management Strategy
In this course, you will explore the strategic decisions asset managers make, determining how you can proactively share information that maximizes your influence and helps them make better decisions. You will review the key components of a market assessment and pinpoint the data needed for effective analysis. You will develop an understanding of hold vs. sell decisions and determine how you can help optimally position your property for analysis. You will determine strategies for effectively communicating with the asset manager through periodic status meetings and site visits. After completing this course you will be prepared to influence the asset management strategy for your property and work more effectively with your asset manager.
Asset Management Toolkit
In this course, you will examine the analytical tools asset managers use to perform critical analyses. You will conduct both a competitive analysis and a SWOT analysis on your property. You will explore benchmarking practices and financial analyses to identify deviations from expected performance. You will also examine best practices for projecting capital expenditures and performing a highest and best use analysis.You will leave this course with an array of helpful techniques that will enable you to provide the data and analysis that asset managers need to perform their jobs effectively.
Property Management Operations
In this course, you will explore critical aspects of facility maintenance including best practices for various types of maintenance, waste reduction strategies, methods for reducing environmental impact, and computerized maintenance systems that enhance efficiency. You will explore several tools critical to the effective financial and operational management of the facilities department. You will be prepared to make critical outsourcing decisions, to manage overlapping maintenance and housekeeping activities, and to use the best financial analysis tools to effectively manage the financial impact of the facilities department. By completing this course you will gain the skills necessary to effectively and efficiently manage your property building operations and extend the useful life (maximize the value) of the ownership group's physical asset.
Elective (2 Courses)
Value Creation and Profitability
Increasing and sustaining profitability requires that you deliver unique value to consumers while guarding against competitive threats. Developing a successful strategy requires recognizing and planning for the specific challenges in your market so as to avoid costly mistakes, seize new opportunities, and raise long-run profits.
In this course, you will explore a variety of real-world examples and powerful frameworks to supercharge your strategy and profitability. You will analyze how your organization currently creates value and strategize how best to create new value for your targeted customers, beyond what rivals offer. You will then develop your organizational plan, identifying which resources and partners are essential for success, while also identifying which key resources you should own to help sustain long-run profitability. You will perform an in-depth competitive analysis of threats to the profitability of a firm, allowing you both to identify threats in your current market and assess the prospects for profitability in other markets which you might enter. You will develop tactics to mitigate each of these threats to profitability, while also recognizing the power and potential of working towards win-win situations with complementors.
Change, Disruption, and Growth
Change can be a highly profitable opportunity for growth, or it can sink a once-successful business. How should you and your organization prepare to adapt and even thrive in the face of change and disruption?
In this course, you will acquire the tools you need to evaluate change, disruption, and uncertainty in your industry. You will implement key frameworks designed to help you strategize in changing and uncertain environments. The skills you hone in this course will prepare you to succeed in dynamic market environments and think clearly about the future.
Strategies for change risk failing if the organization as a whole is not willing or prepared to implement them. To pave the way for truly successful implementation of the strategies you devise, you will identify and mitigate critical internal challenges and resistance to change, thereby enabling your organization to eliminate roadblocks to growth.
Interpreting the Behavior of Others
Understanding why people do what they do is the foundation of all influence. When you are inaccurate in doing this, your attempt to influence others will have random and unpredictable effects. But people are complex, and as a leader, you don’t have the time or resources to decipher everyone’s psyche. The key is to know when and how to tailor your approach to understanding others in different kinds of interactions.
In this course, you will learn how to become more accurate in attributing causes to behavior in limited interactions, as well as how to increase your ability to get at the heart of a problem when you have the time and resources to do so. Professor Filipowicz will also teach you how to use a set of tools that can help you understand other people with efficiency, accuracy, and impact.
Navigating Power Relationships
Leaders at every level need to be able to execute on their ideas. In virtually every case, this means that leaders need to be able to persuade others to join in this execution. In order to do so, understanding how to create and utilize power in an organization is critical.
In this course, developed by Professor Glen Dowell, Ph.D., of Cornell University's Johnson Graduate School of Management, students will focus on their personal relationship with power as well as how power works in their organization and social network.
Introduction to Negotiation
This course will introduce you to basic negotiation terminology. You will learn about the difference between distributive and integrative negotiation, and how to use each of these approaches to negotiation to create maximum value. You will then learn how to balance these two approaches in order to further your chances of making a deal and create even greater further value. By the end of the course, you will have the tools to not only split the pie but also grow the pie in a way that would benefit you and your negotiating partner.
Key course takeaways
- Define how your property relates to the overall ownership investment strategy and goals
- Explore key components of a market assessment and conduct a high-level analysis for your property
- Utilize tools to assess operational and financial performance and monitor ongoing activities to help maximize the value of the property
- Examine best practices in the leadership of property operations
What you'll earn
- Hotel Management and Owner Relations Certificate from Cornell Hotel School
- 60 Professional Development Hours (6 CEUs)
Allan Filipowicz is Clinical Professor of Management and Organizations at the Samuel Curtis Johnson Graduate School of Management at Cornell University. Professor Filipowicz's research focuses on how emotions drive or impede leadership effectiveness, at both the intrapersonal and interpersonal l...
Biography Professor Glen Dowell is an associate professor of management and organizations at the Johnson Graduate School of Management. He researches in the area of corporate sustainability, with a focus on firm environmental performance. Recent projects have investigated the effect of local demo...
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...
Professor Tony Simons teaches organizational behavior, negotiation and leadership at the Cornell School of Hotel Administration. His research examines trust–employee trust in leaders, executive team member trust, and trust in supply chain relationships. Simons''s research has focused on how well ...
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...
Justin Johnson received his PhD from MIT and is currently a professor of economics at Cornell University''s Samuel Curtis Johnson Graduate School of Management. He teaches business strategy to the School''s MBA and Executive MBA students. He has worked with eCornell (a Cornell University subsidia...
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