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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.
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)
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
- Change, Disruption, and Growth
- Interpreting the Behavior of Others
- Navigating Power Relationships
- Introduction to Negotiation
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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...
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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 P. 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. Professor Johnson is an active and globally renowned res...
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