The Master of Management in Hospitality’s Real Estate Development & Finance concentration supplies students with the analytical framework needed to make sound operational and investment decisions within the growing and rapidly changing hospitality real estate field. In today’s increasingly global hospitality industry, no longer does a single in-house team oversee a hotel or resort property—nor are these properties just places to stay the night. Rather, customers expect comprehensive, personalized experiences from the moment they walk in, while third-party companies managing expansive hospitality and mixed-use portfolios have to justify all risks and rewards to their shareholders.
In preparing students for high-level property management and investment positions in the hospitality industry, the Master of Management in Hospitality (MMH) degree with a Real Estate Development & Finance concentration examines all in-house and third-party operations through the multifaceted lens of real estate transactions. Coursework exposes students to all the financial, analytical, and project development concepts needed to manage hospitality real estate assets and their operations.
The Expanding Hospitality Real Estate Field
Decades ago, travelers on vacation or business considered hotels a stop on their journey, or the gateway to a destination that existed primarily outside the hotel’s doors. Restaurants were usually separate entities, and guests were typically left to their own devices when it came to where to eat and what to do.
Today, a hotel may house multiple five-star restaurants, while guests expect more than a comfortable place to lay their head. Especially in large urban centers like Boston, resort-like amenities are increasingly the norm. Chains now exist on a global level, and leading property managers and investors may have assets on multiple continents in vastly different environments (with equally diverse customer bases).
In adjusting to investment, management, ownership, and trip-planning trends, hospitality real estate professionals have to think beyond the buildings and services offered. Acquiring and managing properties may additionally entail
repositioning an existing hotel or resort for a new market;
embracing new design and architectural practices in terms of appearance, sustainability, livability, and functionality;
thinking about risks and adjusted returns in relation to long-term capital investments;
reusing historic structures;
developing a unique guest experience; and
evaluating a property in relation to its destination and established hotel brand.
About the Real Estate Development and Finance Concentration
Factoring in the field’s increasing digitalization and globalization, the Real Estate Development and Finance concentration helps students hone their risk assessment skills regarding real estate investment and performance. With this end goal in mind, the program introduces students to multiple real estate-specific topics applicable to the hospitality industry and beyond.
Project Management: Coursework covers how a real estate project progresses from the development phase through a scheduled opening, including cycles, capital markets, asset management, return on investment (ROI) analysis, and ownership structures.
Financing Sources: Students learn to identify potential financing sources through real estate investment analysis, key tax considerations, capitalization theory, equity waterfalls, mortgage securitization, and portfolio strategy.
Financial Concepts: Coursework goes into the accounting and finance concepts involved in real estate transactions. Through theoretical and practical applications, students develop a solid group of analytical tools for identifying potential financial issues and analyzing GAAP-prepared accounting, financial modeling techniques, and strategic views of real estate development and finance.
All full-time MMH students start the fall semester with four required courses that comprehensively explore upper-level hospitality operations. By the spring semester, students take four elective courses, including three from their selected concentration.
For the summer semester, a 300-hour internship requirement allows students to apply their knowledge in the field. MMH students who already work in the hospitality industry may waive this requirement if they have sufficient and relevant experience.
Required Courses—4 Courses (16 Credit Hours)
All MMH students begin with four required courses—HF701, HF711, HF762, and HF733. The required courses aim to create a solid foundation in hospitality management and operation fundamentals and offer a springboard into the more specialized concentration subjects. Courses introduce students to
the tools and skills needed to analyze hospitality-specific issues;
key accounting and financial concepts necessary for business planning;
traditional and digital marketing techniques needed to evaluate revenue, profits, and customer loyalty; and
essential leadership strategies for managing a hospitality workforce in a changing industry, including standard human resources and employment practices.
Real Estate Development and Finance Concentration Courses—3 Courses (12 Credit Hours)
Building upon the skills introduced in the required courses and often students’ own industry experience, this MMH concentration focuses on several concepts specific to hospitality real estate investment and operation:
HF717: Real Estate Finance and Feasibility
For topics related to hospitality real estate ownership, development, and financing, this course takes a holistic route through the hotel market and feasibility research process; finance principles; hotel acquisitions and sales; due diligence; and market processes. In turn, students put together a feasibility analysis for a proposed hotel development; learn to spot issues related to LOI, Purchase, and Sales agreements; and become familiar with investment return scenarios, market cycles, risk/renewal analysis, appraisal, valuation, and the logistical issues involved in closing hotel transactions.
HF619: Hotel Development and Deal Making
This newly offered course covers the basics of real estate development and investment and gives students the tools to successfully review franchise agreements and contracts. Students learn about site acquisition, required approvals, zoning, and financial strategies in relation to hotel assets; apply modern financial techniques; and become familiar with real estate investment strategies, such as applying the extended version of the after-tax cash flow and other valuation models.
HF679: Financial Reporting and Analysis
A new course offered, Financial Reporting and Analysis builds upon the concepts introduced in Hospitality Financial Management (HF711) with the goal of teaching students to examine a company’s revenue performance and provide recommendations in relation to industry and economic trends. Students learn to analyze financial statements, interpret financial disclosures, and evaluate a company’s performance to make projections and decrease potential risks.
Read the complete course descriptions and all options for electives on our MMH Curriculum page.
Part-Time MMH Degree for Working Adults
The School of Hospitality (SHA) designed the MMH program to be completed in one year on a full-time track. However, because many of our MMH students currently work day jobs in the hospitality industry and want to advance to a management role, part-time evening scheduling is an option on a case-by-case basis.
Part-time MMH students take one or two courses per semester, with all classes held after working hours. Part-time students work through the same structure as full-time students, completing all required courses before selecting their concentrations, but complete the program within two years.
Career Services for MMH Students
Of all locations to take your hospitality career to the next level, Boston is chock full of employment opportunities in the field—the city is home to a variety of restaurants, convention centers, hotels, and tourist attractions. SHA strives to connect our students with these prime positions, whether for internships or landing a full-time role, and we leverage our strong relationships with hospitality organizations and industry leaders to help students get on their desired path. Explore the full scope of SHA’s career services.
Our dedicated Marriott Career Center serves as a bridge between SHA students and employers in the hospitality sector. MMH students can utilize the career center’s services to fulfill their work requirements, prepare for their job search, or take advantage of corporate recruitment periods and additional hiring opportunities.
Careers in Hospitality Real Estate
According to figures from the Bureau of Labor Statistics, careers in managing, renting, buying, and appraising real estate are expected to grow 7% from 2018 through 2028—faster than the average for other occupations. Individuals with degrees in business administration and real estate are optimally positioned to take advantage of these opportunities, and as one route into the industry, the Real Estate Development and Financing concentration prepares students for careers with:
Financial institutions
Lenders working with the hospitality industry
Appraisal firms
Asset management companies
Hospitality consulting firms
Brokers
Real estate investment trusts
For MMH students, 100% of 2018 and 2019 graduates achieved industry placement within three months of completing the program. Whether to switch career paths or advance on existing ones, our MMH alumni profiles illustrate how the program’s graduates have applied their knowledge and skills.
Starting the MMH Application
Students considering the MMH degree with a Real Estate Development and Finance concentration need to submit the following documents with their online application:
An undergraduate transcript
At least two letters of recommendation
Resume or CV
A one- to three-minute video
A written personal statement
Students aren’t required to submit GRE and GMAT scores. However, to demonstrate English proficiency, international students must earn a minimum score of 84 on the TOEFL or 6.5 on the IELTS.
Learn More About the MMH Degree—Real Estate Development and Finance Concentration
Do you see yourself planning or managing real estate projects involving hotels, resorts, and other hospitality properties? An MMH degree with a Real Estate Development and Finance concentration takes you through all aspects of the industry and equips you with the skills needed to succeed in a management-type role.
