Hospitality Financial Management and Contextualized Decision Making

Author(s): Nan Hua , Barry Bloom , Agnes DeFranco , Toni Repetti , Twila Mae Logan , Dipendra Mann , Peng Liu , Prashant Das , Arun Upneja

Edition: 1

Copyright: 2021

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This textbook encompasses four parts, introducing finance theories and contextualized decision making with a clear articulation as to how, individually and collectively, they are shaping the future of hospitality financial management.

Part I sets the foundation of hospitality financial management by introducing the concept of contextualized decision making, revisiting the accounting fundamentals, and providing an overview of hospitality financial management.

Part II centers on explaining financial instruments and markets, financial decision-making behaviors, risks, and risk management in the hospitality context.

The core ideas of value and valuation will be introduced and explained in Part III with user-friendly, Excel-based, real-life examples against the backdrop of the intertwined themes of finance and contextualized decision making. Areas of particular interest include time value of money, projection of future financial benefits, financing the growth of a business, valuation models and decision criteria, and hotel feasibility analysis.

And lastly, Part IV discusses intricacies of hospitality financial management, emphasizing the separation and specialization of several critical management aspects of practice foci with a healthy supply of examples throughout.

This textbook features mini case studies, extensive instructor materials, interactive interfaces, versatile platform accessibility, and built-in test banks readily tailorable.

Module I – Introduction: Setting the Foundation of Hospitality Financial Management
CHAPTER ONE: The Contextualized Financial Management Framework in the Hospitality Industry
CHAPTER TWO: Fundamentals of Financial Statements
CHAPTER THREE: Financial Statement Analysis
CHAPTER FOUR: Benchmarking in the Hospitality Industry
CHAPTER FIVE: The Evolution of Ownership, Functionality, and Specialization
CHAPTER SIX: Issues of the Firm and Property

Module II – Understanding Markets, Risks, and Decision Making Paradigms
CHAPTER SEVEN: Financial Instruments and Markets
CHAPTER EIGHT: Financial Decision Making Paradigms
CHAPTER NINE: Fundamentals of Risk and Return in the Hospitality Industry
CHAPTER TEN: Hospitality Risk Management

Module III – Values and Valuation in Hospitality
CHAPTER ELEVEN: Time Value of Money
CHAPTER TWELVE: Projection of Future Financial Benefits Using Industry Reports
CHAPTER THIRTEEN: Financing the Growth of a Hospitality Business
CHAPTER FOURTEEN: Valuation Models and Decision Criteria
CHAPTER FIFTEEN: Hotel Feasibility Studies

Module IV – Intricacies of Hospitality Financial Management
CHAPTER SIXTEEN: The Must Haves: Investment Package and Negotiation Skills
CHAPTER SEVENTEEN: Asset Management
CHAPTER EIGHTEEN: Hotel Management Agreements
CHAPTER NINETEEN: Hotel and Restaurant Franchise Agreements

Nan Hua

Dr. Nan Hua is a full professor in hospitality financial management and the chair of the hospitality services department at the Rosen College of Hospitality Management, University of Central Florida. The college provides world-class hospitality education to over 3,500 students and is ranked No. 1 in the US by ShanghaiRankings. He teaches hospitality accounting, finance, and methodology classes.

Dr. Hua is a board director and the immediate past president of the International Association of Hospitality Financial Management Education (iAHFME) and an Associate Editor, the Chair of the Finance & Accounting Track, and an editorial board member of the Refereed Papers Committee of the International Council on Hotel and Restaurant and Institutional Education Conferences (I-CHRIE). He also serves as a Contributing Editor of Journal of Hospitality Financial Management and editorial board member of International Journal of Contemporary Hospitality Management, Tourism Economics, and Journal of Hospitality Financial Management.

Nan's current research interests lie in hospitality financial management with a focus on performance and intangible assets analysis and valuation. He has published widely in his fields of expertise and is the author of over 120 research articles, book chapters, and conference proceedings. Besides, Nan has secured a number of grants, consulting, and research projects for various clients in the US and overseas. He has received several honors, such as UCF Research Incentive Award, UCF Excellence in Research Awards, the Penn State Hotel & Restaurant Society (PSHRS) Emerging Professional Award, His Majesty Sultan Qaboos Award, HFTP-iHITA Best Research Paper Award, UCF Fellow of Academy Award, JHTT Best Paper Award, and iAHFME Best Graduate Student Research Paper Award.

Barry Bloom

Barry A.N. Bloom is President and Chief Operating Officer of Xenia Hotels & Resorts, Inc., a NYSE-listed real estate investment trust. Additionally, he currently is an adjunct faculty member at Florida International University. From 2011 to 2013, Mr. Bloom served as an Associate Professor of the Practice in the School of Hospitality Administration at Boston University.

From 2008 to 2011, Mr. Bloom co-founded and was a Principal of Abacus Lodging Investors LLC. Previously, Mr. Bloom was Executive Vice President of Portfolio Management & Administration with CNL Hotels & Resorts, Inc. and prior to CNL, he served as Vice President – Investment Management for Hyatt Hotels Corporation. In addition, Mr. Bloom has worked for Tishman Hotel & Realty, VMS Realty Partners, and Pannell Kerr Forster (now CBRE Hotels). Mr. Bloom received his B.S. in Hotel and Restaurant Management as well as an MBA from Cornell University and a Ph.D. in Hospitality Management from Iowa State University.

Agnes DeFranco

Agnes L. DeFranco is a Full Professor and the Conrad N. Hilton Distinguished Chair at the University of Houston. She has authored and co-authored over 120 academic refereed articles, a number of non-refereed publications, and six textbooks. Some of her grants include a Department of State USIA research grant on Curriculum Development in International Convention and Conference Management at Meio University in Okinawa, Japan, three USDA Cochran Programs on Restaurant Management, and a number of student success and educational development grants with the Texas Higher Education Coordinating Board. Agnes is a past global president of the Hospitality Financial and Technology Professionals (HFTP), past treasurer of the International Council on Hotel, Restaurant, and Institutional Education (I-CHRIE), and past presidents for Phi Kappa Phi and Phi Beta Delta, both honor societies at the University of Houston. Currently, amongst her volunteer work, she serves as a member of the Global Finance Committee of HFTP, revising the Uniform System of Accounts for the Lodging Industry.

Toni Repetti

Toni Repetti is an Associate Professor teaching undergraduate and graduate finance, accounting, hotel operations, and gaming courses in the William F. Harrah College of Hospitality at the University of Nevada, Las Vegas. She has been teaching at UNLV since 2012 after a year at the University of Central Florida. Dr. Repetti’s research interests are in managerial finance, revenue and profit management, and operations with an emphasis on the effect management decisions have on revenue and net income.

Toni Repetti has over 28 years of experience in all areas of integrated resort operations with 25 years in Finance and Accounting. She has held positions with various levels of responsibility in finance from Analyst to Corporate Director of Finance for numerous properties. Her experience includes working with Las Vegas Strip properties, Midwest casinos, and tribal gaming properties, in areas of budgeting, strategic planning, analysis, property acquisitions, financial reporting, compliance, system implementation, training, and audit. In addition to finance work, she has worked in and with every department within integrated resorts including gaming, food and beverage, hotel, spa, catering, golf, wedding, etc. Some of her employment and consulting locations include Cosmopolitan of Las Vegas, Ameristar Casinos, Treasure Island, Bellagio, Beau Rivage, Legends Gaming, Venetian Macau, and the State of California.

Toni Repetti received her Ph.D. in Hotel Administration, with a major in finance and a minor in gaming from the University of Nevada, Las Vegas. She received a Masters of Business Administration from Colorado State University and a Bachelor of Science in Business Administration from the University of Nevada, Las Vegas. She is also a certified managerial accountant (CMA), a certified hospitality educator (CHE), and holds the Certification in Hotel Industry Analytics (CHIA) and the Certification in Advanced Hotel & Tourism Analytics (CAHTA).

Toni Repetti sits and is actively engaged in many industry organizations including the Nevada Hotel & Lodging Association where she is a founding member of the Women in Lodging chapter.

Twila Mae Logan

Dr. Twila-Mae Logan is an Associate Professor at the Chaplin School of Hospitality and Tourism Management- Florida International University. She graduated from The Ohio State University with a PhD in Business Administration (Finance and Economics) and a MA in Finance. She also obtained an MBA from Dalhousie University and a BSc in Mathematics and Meteorology from the University of the West Indies. She taught at The University of the West Indies, Nova Southeastern University and Messiah College at the undergraduate, masters and doctoral levels. She has published papers related to the hospitality and tourism industries. Dr. Logan and her husband have one child and live in Hollywood, Florida. In her spare time, she enjoys coloring and playing word games.

Dipendra Mann

Dr. Dipendra Mann serves as an Associate Professor at the Rosen College of Hospitality Management at University of Central Florida. He received his M.S. and Ph.D. from University of Nevada, Las Vegas. Prior to teaching at UCF, he has taught undergraduate courses in the areas of finance and accounting at UNLV and UCF; and Data Analysis at the graduate level. He is a Certified Hospitality Educator. Dipendra’s primary area of research is financial performance and financial management of hospitality and tourism related firms. His research focus is on studying various factors of importance to the financial structure of hospitality firms. In past Dipendra has worked as a Financial Analyst for MGM Resorts International at Las Vegas before joining academia. His research interests, as mentioned before, are in the areas of corporate financial management, capital structure, financial performance measures, revenue management, and Information technology. He has presented the findings of the studies at several conferences and has also published peer reviewed articles in the same areas. He serves as a reviewer for several key hospitality and tourism journals and conferences. He is a professional member of ‘International Council on Hotel, Restaurant and Institutional Education’.

Peng Liu

Peng Liu, Ph.D. is an associate professor of S.C. Johnson College of Business at Cornell University, Ithaca, NY, USA. His research interests include hospitality financial management, real estate and branding. Dr. Liu joined the school of hotel administration in 2007. He has taught principles of real estates, securitization and structured financial products.

Prashant Das

Prashant Das, Ph.D. is an associate professor of Finance at Indian Institute of Management Ahmedabad, India. Earlier, He was an associate professor and director of Real Estate Finance & Economics Institute at Ecole hoteliere de Lausanne in Switzerland. He specializes in commercial real estate, REIT, sentiments, and hotels.

Arun Upneja

Dr. Upneja has devoted his career to serving as both a practitioner, innovator, and teacher of hospitality administration. He was appointed Dean of Boston University School of Hospitality Administration (SHA) in 2013. He earned his B.S. in Hotel & Restaurant Management, his M.B.A., and his Ph.D. in Accounting from the University of Houston. He also holds a B.A. in Economics and Business Administration from the University of Jammu in India. Additionally, Dr. Upneja worked in hotel management with Mumbai-based Indian Hotels Company Limited for several years. An accomplished scholar, Dr. Upneja has won numerous awards for his research, including the prestigious John Wiley & Sons Lifetime Research Achievement Award (2007) from the Council on Hotel, Restaurant, and Institutional Education and multiple best paper awards. Dr. Upneja has also delivered hundreds of talks and workshops for the hospitality industry. Prior to his tenure at Boston University SHA, Dr. Upneja held the positions of Professor of Hospitality Financial Management (14 years) and Associate Dean for Academic Affairs in the university-wide Schreyer Honors College at Pennsylvania State University.