- Docente: Giorgio Ribaudo
- Credits: 4
- SSD: SECS-P/08
- Language: English
- Teaching Mode: Traditional lectures
- Campus: Rimini
- Corso: First cycle degree programme (L) in Economics of Tourism (cod. 8847)
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from Nov 08, 2023 to Dec 13, 2023
Learning outcomes
At the end of the course, the student will gain competences in the sphere of hotel development and finance, including a general understanding of how the hospitality asset class differs from other asset classes. The student will handle how to assess a feasibility study for a new hotel development from several perspectives, including the correct allocation of financial resources, the appropriate structuring of debt and equity, the expectations on return. The student will improve his/her practice of financial modelling through exercises (Excel) derived from real hotel development projects. Moreover, the student will get an overview of the several business models currently adopted by industry players for hotel development. At the end of the course, the student will also learn about how lodging concepts and business models are evolving, including future trends for hospitality real estate. This course provides the theoretical and practical perspectives for interpreting real estate financing and financial feasibility for hospitality-oriented projects. Key topics are: 1. hospitality as a real estate asset class 2. operating business models (direct ownership, lease, franchising, MCA) 3. the real estate development life-cycle 4. feasibility and appraisal/valuation processes 5. measuring rates of return in hospitality related projects and commenting on IRR 6. structuring hotel development CapEx (capital expenditures) 7. alternative lodging business models 8. the hospitality real estate competitive environment today and perspectives.
Course contents
This course provides the theoretical and practical perspectives for interpreting real estate financing and financial feasibility for hospitality-oriented projects. Key topics are:
1. hospitality as a real estate asset class
2. operating business models (direct ownership, lease, franchising, MCA)
3. the hospitality real estate development life-cycle
4. feasibility and appraisal/valuation processes
5. measuring rates of return in hospitality related projects and commenting on IRR
6. structuring hotel development CapEx (capital expenditures)
7. alternative lodging business models
8. Hotel chains in Europe and Italy: current and future competitive environment
Readings/Bibliography
Business cases, industry reports and a course outline will be provided in class by the teacher, as the course advances.
Please note that, for confidentiality reasons mainly, COURSE MATERIALS WILL NOT BE UPLOADED ON VIRTUALE NOR ON ANY OTHER PUBLICLY ACCESSIBLE PLATFORM
Teaching methods
In presence classes, business case discussions and Excel modelling.
Assessment methods
Written exam at the end of the course. No interim exam.
Office hours
See the website of Giorgio Ribaudo