Real Estate

• SHA RE 680: Hospitality & Commercial Real Estate Development
  The course will cover the process of real estate development: Site acquisition, navigating zoning and approvals (with legal teams), determining the ideal development plan consisting of one or more components such as hospitality, commercial, retail and residential, selecting a hotel brand through management or franchise agreements, and learn about potential sources of financing. We will study about the factors that affect an investor¿s buy/sell/reposition decisions and understand what matters most to the various stakeholders in a development, such as the equity investor, the lender, the operating company, and the brand. The course will also have a significant focus on ESG and its impact on the development process. Overall, this course will promote sound real estate investing and financial decision-making via the knowledge of theory and strategies and their application in the real world.
• SHA RE 715: Hospitality Asset Management
  A hospitality asset represents a significant financial investment that requires a certain minimum return on investment for it to be feasible. A significant factor that determines the return attained is how well the asset /property/ portfolio is managed from an operational, brand and capital investment perspective. This course is designed to introduce the student to asset management, define what asset management is today and examine the skills required to be a successful asset manager. There will be a special focus on the benefits to the hotel owner of hiring an asset manager and the role of the asset manager in representing the owner in deliberations about annual operating budgets and capital expenditure plans with the hotel management company and the hotel brand. To effectuate this understanding, the course will also concentrate on the fundamentals of hotel investment analysis, including market area analysis, financial benchmarking and pro forma preparation, developing an asset management plan for a specific property, and conducting a buy/build/hold/sell analysis for the property.
• SHA RE 716: Franchise, Management, & Independents
  The course emphasizes the benefits and limitations of the franchise and management company relationship for hotels and restaurants. It addresses the key elements and financial implications associated with franchise and management agreements. A broad discussion highlighting the brand selection process will provide insight to the value creation. The course will introduce students to the recent trends in soft branding, and what it means to be a boutique and/or independent hotel or restaurant. Students will learn the competitive advantages and disadvantages of being independent. The course will address the restaurant franchise industry including quick serve (QSR), full service (FSR) and fast casual. Students will gain understanding of the value created by the restaurant franchise¿s processes and operations. Other topics will include brand and franchise development and outsourcing.
• SHA RE 717: Hospitality Real Estate Finance & Feasibility
  This course is designed to facilitate a working knowledge of hospitality properties as financial and real estate assets. Students will learn the hotel market and feasibility research process, to understand how to analyze hotel markets across the world, identify and evaluate key forces that impact the performance of hotel markets and the hotels within them, determine the right hotel product for each site and market and forecast future performance. The course will also provide a grounding in the basic concepts of real estate finance and how they are used by stakeholders to make hospitality investment decisions. The class culminates with the preparation of a feasibility study where the students will conduct a highest-and-best-use analysis, project a ten-year proforma for their hospitality asset, estimate development costs, and then prepare an internal rate of return analysis to determine the financial viability of the asset. Students will also arrive at the estimated market value of the proposed hospitality development using the discounted cash flow and direct capitalization approaches. Students will also create their own financial models in this course and learn how to use them effectively as tools to support critical decision-making.
• SHA RE 722: Hospitality Design
  This course is designed to introduce students to the principles of facility planning, layout and design for hotel, dining, kitchen, public and service areas. At the completion of the course, students will be able to explain the design process common to all hospitality facilities, as well as the activities that occur during each phase of this process.
• SHA RE 745: Introduction to the Hospitality Real Estate Lifecycle
  This course is designed to outline the real estate process within the hospitality industry. Coursework will draw a clear distinction between job functions, particularly hotel development, acquisitions, and asset management. Course work will follow the life cycle of a hotel asset, from sourcing a deal to disposition. Students will develop an understanding of financial modeling as well as a baseline knowledge of how macroeconomic trends impact decision making when making hospitality investments.
• SHA RE 746: Hospitality Real Estate Transactions and Deal Making
  This course will focus on the acquisition and disposition of hospitality assets and examine the multiple stages such as sourcing of potential opportunities, physical, financial, and legal due diligence of the deal, negotiations, raising capital, structuring the deal and final closing. The course will examine this process through the lens of the various stakeholders such as the buyer, seller, investors, and lenders with the use of case studies.
• SHA RE 747: The Real Estate Stakeholder Simulation
  This capstone course aims to help students understand the goals, incentives, and motivations of the various stakeholders within the real estate industry, such as developers, bankers, equity investors, hotel brands, brokerage firms, and hotel operators, thus enabling them to structure deals and business arrangements more effectively. An exercise concluding the course involves teams taking on the role of the various stakeholders to simulate a transaction.