HADM 2221

Principles of Hospitality Real Estate

Course Description

Course information provided by the 2025-2026 Catalog.

This course emphasizes practical valuation and decision-making skills. You will receive an introduction to the business of hospitality and commercial real estate, including content on the major roles, activities and players, terminology, and how the relevant financial tools, institutional concepts, and economic models are used for sound investment decision-making.

Prerequisites HADM 2220 or HADM 2250 or AEM 2240 or AEM 2241.

Forbidden Overlaps HADM 2221, HADM 3210, HADM 4200, HADM 6200, REAL 6200

Enrollment Priority Enrollment limited to: Nolan School students.

Fees 60. for database access and training.

Last 4 Terms Offered 2025FA, 2025SP, 2024FA, 2024SP

Outcomes

• Examine hospitality (and other commercial) real estate markets to assess suitable investment opportunities given local demand, supply, and real estate price dynamics.
• Develop cash flow projections based on your market analysis and the operating characteristics of the investment property (based on the Uniform System of Accounts for the Lodging Industry).
• Analyze financing options under standard fixed- and adjustable-rate mortgages in order to assess the impact of financing choices on (hospitality) real estate investments.
• Use industry-standard tools to make investment decisions based on your market and property-level analysis and assess investment risks, including considerations around financing and taxation.
• Assess the profitability of renovation, refinancing, or disposition options available to the investor during the holding period of the property.
• Understand the basics of indirect investment in (hospitality) real estate through listed real estate investment trusts (equity) and real estate debt securities (CMBS).
• Identify the relevant practical legal concepts that govern the ownership of (hospitality) real estate.
• Evaluate the impact of management contracts and franchise agreements on real estate owners in the lodging industry.

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