TEACHING

Ecole hoteliere de Lausanne, Switzerland

MGH 2102 |  REAL ESTATE FINANCE  &  INVESTMENT
Masters’Level | Download syllabus

Independent of the ongoing debate on asset-heavy versus asset-light hospitality enterprises, real estate decisions remain critical to hotel investment and finance. This analytically-intensive course first builds the fundamental understanding of debt and equity financing. Topics such as equity investment, real options and commercial leases are discussed using examples and case studies. Further, the course builds on these concepts using advanced topics such as REIT management, portfolio theory in real estate, sustainability and behavioral finance in an international context.

Exec. MBA 6131 |  REAL ESTATE FINANCE  &  VALUATION
Masters’ Level | Download Syllabus

This course adopts an intensive learning approach towards various analytical aspects of real estate decisions, which are critical to a successful hospitality enterprise. After building the fundamental knowledge of the hospitality real estate system and methods of financial analysis, the course delves deeper into debt financing topics such as mortgage financing, creative financing decisions, exotic mortgages. In addition, equity financing topics such as the estimation of revenues, expenses, and risk/return relationships, investment analysis, and asset valuation are discussed in detail. Concepts such as REIT and other entity types, CMBS, cost of debt and equity capital, discount rate, capitalization rate and taxation are extensively applied.

BOSC 9505|  REAL ESTATE FINANCE
Bachelors’ Level | Download Syllabus

This course reconciles salient key concepts from earlier finance, accounting and economics courses in the context of hotel real estate. Topics in hotel appraisal, financing, investment and development are approached from several angles. Real estate theory is blended with extensive application of financial tools and basic econometric methods. Fundamentals of capital structuring, cap rate and hotel appraisal are discussed with realistic examples and exercises. Students go through in-depth analysis of debt capital using the concepts of effective borrowing cost, refinancing and alternate mortgage instruments. Students apply these concepts to leveraged investment analysis.


Beijing Hospitality Institute, China

INTERNATIONAL HOTEL DEVELOPMENT | Download Syllabus

This module offers in-depth discussions on the hotel industry in light of emerging global perspectives. Topics in real estate development, finance, investment and appraisal are intertwined carefully with the hotel industry. Students learn about hotel business models, ownership structures, uses and sources of funds, roles of various market players, real estate market dynamics, hotel development process and hotel valuation among other topics. The context adopted is global.


 

Robinson College of Business, Georgia State University, Atlanta USA

PERS 2002 |  SCIENTIFIC PERSPECTIVES ON GLOBAL PROBLEMS: Real Estate, Economic Cycles, and Global Crises
Bachelors’ Level (BBA, BS) | Download Syllabus

The course introduces basic business and economic concepts about real estate cycles. Students are introduced to an inter-related system of real estate entities and activities. A foundation is built by discussing the concepts of investment, risk, return supply, demand, money, pricing, taxation, monetary and fiscal policies in relation to real estate environments. Housing and neighborhood issues are discussed to provide a holistic picture.

RE 3010 |  REAL ESTATE PRINCIPLES
Bachelors’ Level (BBA, BS) |
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This course is a prerequisite to all senior courses in real estate. It introduces the student to the nature of real estate and the principles of real estate analysis and utilization. Subjects include the real estate commodity and real property; the legal instruments involved in real property transactions; market analysis and the determinants of real estate values; the appraisal process and valuation techniques; investment and financial analysis; public aspects of real estate planning and land utilization; and technological impacts such as the Internet.

RE 8000 |  REAL ESTATE CONCEPTS & PRACTICES
Masters’ Level (MBA, MS) | Download Syllabus

This course is an introduction to the principles of real property analysis and use. Subjects include the nature of real estate and real property, fundamentals of real property law, public and private limits on the rights of ownership, fundamentals of equity investment and financial analysis, fundamentals of property valuation and market analysis, principles of location theory, and an introduction to legal documents such as the contract, the lease, and the warranty deed. Where applicable, e-commerce is incorporated into the course material. The course is accentuated with exercises in the use of the financial calculator, the spreadsheet software, and the Internet.

RE 4150 |  REAL ESTATE FINANCE  &  MORTGAGE BANKING
Bachelors’ Level (BBA, BS) | Download Syllabus
Principles and methods of financing real estate, sources of funds, types and contents of financing instruments, and the role of various financing institutions, both private and governmental, are covered in this course. The latest electronic technology is incorporated wherever possible.