“Accessibly written and thoughtfully edited, making it essential reading for those studying hospitality and embarking on a career in the industry.” - Peter Lugosi, Oxford School of Hospitality Management “This text is a fascinating read… Roy Wood has spent 25 years teaching, researching and writing on the hospitality industry - much of that learning is here in this book.” - Erwin Losekoot, Auckland University of Technology “All different aspects of the hospitality industry are elaborated on… All in all a wonderful course book for for our students!” - Claudia Rothwangl, ITM College This book covers the major concepts students are likely to encounter throughout their study within the hospitality management, giving a comprehensive and up-to-date overview as well as providing engaging everyday examples from around the world. A leading figure in the field, Roy Wood has successfully gathered international contributors with direct experience of hospitality management and the hospitality industry as a whole, ensuring the academic, geographical and practical integrity of the book. Key Concepts in Hospitality Management is written for undergraduate students and those studying short postgraduate or executive education courses in hospitality management, events management, tourism management and leisure management.
Chapter : Editor's Introduction
Investing in Hotels
See also: Franchising; The hospitality finance environment; Income statements in hospitality finance; Industry structure and sectors in hospitality
Investing in hotels is potentially both lucrative and complex. This is because a hotel is a business with various activities and various investment stakeholders. There are typically three (and sometimes more) investment stakeholder groups. The main three are: the owner(s); lending institutions (banks, mortgage societies, private equity funds and so on); and the hotel management company (often referred to as the operator). While many smaller hotels are owned and operated by their owners, the majority of internationally branded hotels are owned by an owner, or a group of owners, and managed (operated) by a hotel management company (such as Intercontinental, Hilton or Marriott). ...