TEACHING

Indian Institute of Management, Ahmedabad

PGP (2-year MBA) | VALUATION OF REAL ESTATE INVESTMENTS
This course offers foundations of investing in real estate assets using case discussions, research papers, financial models (spreadsheets) and data analytics (regression models). Although the overarching theme uses CRE as the main context, learning outcomes are also relevant to residential real estate (financing and investment) decisions. Besides, the insights acquired are applicable to investment in illiquid assets beyond real estate (such as art, wine, movies, infrastructure, etc.). The course will begin with traditional CRE valuation methods and include practical examples of analytics-based pricing methods. The course will progress into mortgage financing decisions and cash flow water-fall structures. Students are introduced to different capital market investment vehicles such as Real Estate Investment Trusts (REIT), Mortgage-Backed Securities (MBS) and Private Equity Real Estate (PERE) funds.

PGP-FABM (2-year MBA) | VALUATION OF LAND & AGRIBUSINESS
Land is an essential resource for all agricultural activities. Fast urbanization in India has led to intertwined discourses in agricultural landownership and real estate development. This course focuses on valuation of farming and land for agricultural as well as alternative uses. The course also discovers socio-political, and legal perspectives. Theories of land valuation and real estate development are seamlessly weaved together to provide a business-oriented peak into land. Students work extensively on spreadsheet-based and statistical models to grasp and apply the concepts of finance and market dynamics to agriculture and land.

PGPX(1-year MBA) | REAL ESTATE MARKETS

This course focuses on real estate investment decisions both from household and institutional standpoints. Should one buy, or rent real estate? How could one optimize debt financing in real estate investments? How are real estate assets valued? How to achieve real estate exposure in one’s investment portfolio? What are potential innovations in the Indian real estate investment landscape? This course combines answers to these questions into a coherent sequence of topics. The course starts with explaining the market structure of real estate from economic and legal standpoints. The buy-versus-rent debates offer a warm-up to further analyses. Participants explore analytical methods of selecting the best loan contracts and refinancing decisions. The course progresses into valuing commercial real estate, and asset-level investment analysis. This is followed by an introduction to salient real estate investment vehicles and instruments such as real estate investment trusts (REIT), mortgage-backed securities (MBS), and private equity real estate (PERE) funds.

PGPX (1-Year MBA) & PGP (2-year MBA) | FINANCIAL REPORTING & ANALYSIS
Financial Reporting & Analysis (FRA) is a case-based course aimed at understanding and analyzing financial statements. Students learn universal principles of financial accounting and contrast the US- Generally Accepted Accounting Principles (GAAP) with Indian Accounting Standards (IndAS) and the international Financial Reporting Standards (IFRS). Rather than discussing the rules of accounting, the course builds intuitive logic related to financial accounting.

Topics: Balance sheet, Income statement, statement of cash flows, depreciation, taxation, revenue recognition, contingent liabilities, financial statements, ratios, etc.

PGP (2-year MBA) | FINANCIAL MARKETS
The Financial Markets course is the first of the two corporate finance courses in the first year. The first half of the course lays out the basics of valuation and introduces the Capital Asset Pricing Model. The second half is an introduction to key financial markets and securities for financing, investment and risk management.

Topics: Time value of money, stock markets, bond markets, risk & return, portfolio theory, asset pricing models, efficient market hypothesis, interest rates, forex markets, forwards, futures and options, etc.

Ecole hoteliere de Lausanne, Switzerland

Digital MBA | VALUATION OF HOTEL INVESTMENTS
MBA Level

Every hotel is a real estate asset. To become an industry leader, you must master the task of valuing, financing and investing in real estate. This course equips you with sufficient knowledge, skills and insights to value hotels in the capacity of an external consultant or an investor. Industry best-practices, expert views and realistic data are seamlessly integrated with a sound conceptual groundwork that keeps the theory relevant to industry. You start with building a fundamental understanding of real estate financial analysis and progress to estimating the fair market value of a hotel. Further, incorporating loans into the analysis you develop investment decisions and estimate the return on equity capital. Extensive use of examples, exercises, quizzes and an integrated case study are designed to make it an enriching learning experience. By the end of this course, you will have sufficient knowledge on how to independently value a hotel both for the market and for a specific equity investor.

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.

Executive Education| Lausanne Hospitality Consulting, EHL Switzerland

REAL ESTATE FINANCE & VALUATION | Download Syllabus

Every hotel business is housed in a real estate asset. In recent years, hospitality enterprises have further acknowledged how critical real estate fundamentals are to owners as much as to operators. A sound real estate asset attracts superior managers, more customers and adequate capital. No wonder, real estate is usually the largest single asset class even for the so-called “asset light” hotel enterprises.
Therefore, a hotel manager, either from the ownership side or the operations side of the business must master the fundamental real estate concepts to tread up the ladder, or to retain the leadership position. The first step towards developing optimal real estate strategy is to appreciate how a hotel is valued (or mis-valued), which stays as the focal point of this module.

Executive Education| ASE (Romania University of Economic Studies), Bucharest

REAL ESTATE FINANCE & VALUATION | Download Syllabus

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) | Download Syllabus
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.