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Hotel Development andReal Estate InvestmentsValuation of Hotel InvestmentsFeasibility Analysis, Development and NegotiationsHotel Asset ManagementONLINE COURSESehl.edu

BusinessCycles3468INTRODUCTION H O T E L D E V E L O P M E N T A N DR E A L E S TAT E I N V E S T M E N T S VA L U A T I O N O F H O T E LINVESTMENTS F E A S I B I L I T Y A N A LY S I S ,DEVELOPMENT ANDN E G O T I AT I O N S10H OT E L AS S E T M A N AG E M E N T12M E E T YO U R P RO F E S S O R S14 F E E S & E N R O L L M E N T

ONLINE COURSESDesigned for working professionals whowish to gain knowledge about a specificsubject related to the hospitality industry.1 Why study at EHL : A learning facilitator moderatesdiscussions on each course A member of faculty reviews andcorrects the final assessment A 100% online course is accessiblewhenever and wherever Course content based on EHL’s MBAguarantees premium education2 EHL Digital Education platform,The EHL Digital Education platform allows you to studyonline, at your own pace, without putting your career onhold. You will benefit from a stimulating environment of peersand international experts and participate in collaborativeactivities while enjoying a high level of support from yourlearning facilitator.3 Certificate of Completion. At the end of each 5-weekcourse, you will receive a certificate of completion, providingyou successfully pass the final assessment.Delivered by the world’s #1 hospitalitymanagement school,Ecole hôtelière de Lausanne.INTRODUCTION3

Hotel Developmentand Real EstateInvestmentsThe hospitality industry is a cyclicalbusiness characterized by imbalancesbetween supply and demand. Dealingwith sudden situations of growth,stagnation and decline presentorganizational challenges that demandflexible managerial skills and competences.Obtain the fundamental knowledge,skills, and practice to be able to makesuccessful business decisions related tohotel development and investments withthese three courses: Valuation of Hotel Investments Feasibility Analysis,Development and NegotiationsReal estate is an overwhelminglyprominent component of a hotel’s value.Beyond owners, even the operational sideof hotel industry are now increasinglysensitive to decisions which enhance realestate value. Mastering the concepts ofvaluing, financing and investing in realestate assets is a fundamental necessity toclaim leadership position in the industry. Hotel Asset ManagementBernard BohnenbergerPresidentSix Senses Hotels Resorts SpasHOTEL DEVELOPMENT AND REAL ESTATE INVESTMENTS4

Ecole hôtelière deLausanne (EHL) isranked number 1 inthe 2019 QS WorldUniversity rankingand in CEOWORLDMagazine for Hospitality& Leisure ManagementUniversities

Valuation of Hotel InvestmentsThis course provides a greater understanding of thepublished ‘values’ of hotels and why they occur. You will learnindustry best practice valuation methodologies and how toapply them to develop accurate valuations.8 HOU R S A W EEKWeek 1 Hotels and real estate Markets and their efficiency40 VIDEOSWeek 2 Financial analysis Capital types & capital structure Loans10 Week 3EXECUTIVEI N T E RV I E WS Valuation analysis Direct capitalization-conclusionWeek 4 Investment valuation Investment analysis5 I N T E RACT I V EEXERCISESWeek 5 Final assessment5 CASE STUDIES& READINGS5 weeksVALUATION OF HOTEL INVESTMENTS6

CourseDetailsWeek 1Orientation is an introduction to real estate markets and looks at realestate perspectives, understanding of value and the first steps of financialanalysis. Topics covered: Hotels and real estate / Markets and their efficiency/ Valuation fundamentals / Opportunity costs / Time Value of Money (TVM) /Discount rate / Return on investmentWeek 2Financial analysis applies financial mathematics using hands on exercisessuch as: Present Value (PV) and Future Value (FV) / Net Present Value (NPV)/ Internal Rate of Return (IRR) / Annuities & perpetuities / Annuities and loanscalculations / Developing an amortization schedule / Perpetuities calculations/ Hotel loans and mortgage basics /Loan Underwriting: LTV & DSCRWeek 3Valuation analysis walks through the process of estimating the marketvalue of a hotel. Topics covered: Direct Capitalization / Determination ofCap Rate / Capex Adjustment for Cap Rate / Direct Capitalization method/ DCF Approach / Financial assumptions / Pro-forma development / SalesComparison Approach / Cost Approach / Recap-Valuation methods /Company structures: REITs /SNL databaseWeek 4Investment valuation looks at other information needed by investor andintroduces the notion of leveraged cash flow, and its importance in hotelinvestment analysis. Topics covered: Value reconciliation / Depreciation /Debt schedule / Leveraged IRR / After-tax cash flow IRRcertificates.ehl.edu/performanceVALUATION OF HOTEL INVESTMENTS7

Feasibility Analysis,Development and NegotiationsThis course offers the opportunity to learn about themechanics of the hotel development process, from evaluatinghotel sites to negotiating commercial contract terms. You willlearn how to undertake a market feasibility using industrybest practices, in order to provide the best possible solutionfor a hotel project.8 HOU R S A W EEKWeek 1 Strategic hotel investments Feasibility analysis85Week 2VIDEOSWeek 3EXECUTIVEI N T E RV I E WS Project overview Site analysis Financial feasibility5 Stakeholders DebtWeek 425 Hotel operators Operational structures HMA negotiationsI N T E RACT I V EEXERCISESWeek 5 Final assessment5 weeksOnline courseFEASIBILITY ANALYSIS, DEVELOPMENT AND NEGOTIATIONS8

CourseDetailsWeek 1Strategic aspects of hotel investments casts light on the mainfactors to consider before investing in a hotel: Important factors/ What does feasibility mean? / Who will operate and how?Week 2Feasibility analysis discusses the macroeconomic factorsand key elements such as: Project overview / Facilities & siteanalysis / Supply & demand analysis / Occupancy & rate /Using STR reportsFinancial Feasibility analysis explores the steps to projectrevenue and expenses in order to prepare a hotel proforma.Week 3Stakeholders goes over the different stakeholders that youshould consider:Equity investors / Lenders / Developers / Hotel operators /FranchiseDebt has a number of characteristics that are crucial in thehotel investment outcome: Overview of debt / Effects of debt /Lender’s underwriting analysis / Hotel debt terms / Main pointsfor lendersWeek 4Hotel Operators and Owners looks at opportunities to growand reviews the pros and cons from such growth. Topicscovered: Hotel operators / History of ownership / Operatingstructures / Hotel management contract termsInvestment process covers the steps of investment committeesas they have the last say in the investment Y ANALYSIS, DEVELOPMENT AND NEGOTIATIONS9

Hotel asset managementHotel asset management requires a holistic overview andunderstanding of the complete hotel business. It is one ofthe few disciplines which requires both strategic thinking andanalytical application. You will learn to develop a strongstrategic perspective on what is needed to enhance valuefor the owner.8 HOU R S A W EEKWeek 1 What is hotel asset management and why is it necessary?66VIDEOSWeek 2 Data ownership control & liability Analysis, tools and building strategies6Week 3 Budget (owner’s perspectives) Asset management planI N T E RACT I V EEXERCISESWeek 4 Various stages of asset management28CASE STUDIES& READINGSWeek 5 Final assessment5 weeksOnline courseHOTEL ASSET MANAGEMENT10

CourseDetailsWeek 1Understanding hotel asset management explores various topics such as: What ishotel asset management? / History of asset management / Definition of hotel assetmanagement / The principles of hotel asset managementWhy hotel asset management is necessary looks at the hotel asset manager’smission: Operator & owner interests’ dilemmas / Asset Manager’s interaction with keystakeholders / Ground rules: the hotel management contract / Reality outside HMA:communication & transparencyWeek 2Taking on a hotel asset management assignment explores the data andinformation required and covers: Basic information received / Starting an assetmanagement assignment / Monthly package / Ownership of informationAnalysis, tools and department strategies explores various topics such as: Generalmarket benchmarking / P&L overall review / Room, F&B, Spa focus / Analysis of otherdepartments / Undistributed operating expenses / Below GOP responsibilitiesWeek 3Budget - owner’s perspectives is of paramount importance in hotel assetmanagement. The course will go through the budget approval process and discusseskey elements of the budget package as well as some of the common challengesencountered during the process.Asset management plan (AMP) is a key deliverable that an asset manager preparesfor the owners. What is the objective of the AMP? Is this a standard document oradapted to each owner? How often is the AMP updated?Week 4The various stages of asset management explores the on-going asset management,asset manager’s role and take over. Investing in existing physical assets discussesthe factors that may influence the capital expenditure (capex) requirements for a hotelproperty. Hotel development focuses on hotel real estate cycles and how these favorgeographical investment diversification. Hotel investment ventures covers the buy,hold or sell analysis, as well as capital structuring.certificates.ehl.edu/performanceHOTEL ASSET MANAGEMENT11

Meet yourProfessorsPrashant Das,PhDJan HazeltonAlexanderSognoSenior Lecture of RealEstate DevelopmentAssistant Professor of RealEstate FinanceValuation of HotelInvestmentsPrashant has publishedpapers in journals such asthe Journal of Real EstateFinance and Economics,Journal of Real EstateResearch among others.Feasibility Analysis,Development andNegotiationsJan is currently globalbusiness and real estatedevelopment vicepresident at KerznerInternational, a real estatedevelopment company.MEET YOUR PROFESSORS12Senior Lecture of AssetManagementHotel Asset ManagementAlex is the founder ofGlobal Asset Solutions,which provides hotel assetmanagement and hotelinvestment banking.

Fees& EnrollmentIndividual feeOne course: CHF 2,200Three courses: CHF 5,940AEHL member feeEHL Alumni who are AEHL members can benefitfrom a membership fee. For more details, pleasecontact us by email at [email protected] datesEach course is offered twice a year. Start datesare available on our website.EnrollmentThere is no admissions requirement to enroll toour online courses.To enroll, chose a course and an intake on ourwebsite. You will then be required to fill in yourpersonal details and select a method of payment(credit card, bank transfer or PayPal). Enrollmentwill be confirmed upon receipt of payment.FEES & ENROLLMENT13