Academic Program Review

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Academic Program Review

Cecil B. Day School of Hospitality Administration

Robinson College of Business

Georgia State University

Table of Contents for Appendices
Appendix A:

  • Table A-1: Financial Profile of School, 2004 – 2006

  • Proposal for MBA Career Track Specialization in

Hotel Real Estate
Appendix B:

  • B1 - Rationale for choices of peer programs;

Data from Peer Hospitality Programs

  • B2 - Organization of unit governance and committee

structure; Faculty committee involvement;

Organizational chart of School;

Roster of Hospitality Industry Board

  • B3 - (Unit Laws – Not applicable)

  • B4 - Current Faculty Roster

  • B5 - Tables as Listed:

    • Table B-1: Number of faculty by rank, tenure status, gender, minority status

    • Table B-2: Faculty Research Productivity

    • Table B-3: Number of Enrolled Students by Undergraduate/Graduate Program

    • Table B-4: Credit Hours by Level of Faculty and Faculty Type

    • Table B-5a – Table B5c: Number of Credit Hours Per Year by Faculty Type

  • B6 – School of Hospitality’s Retention Plan

  • B7 - Faculty Involvement – Local to International Activities

Table of Contents

Page 2

Appendix C:

  • C1 - School of Hospitality’s Strategic Plan, 2005 – 2008

Update on progress toward goals delineated in strategic plan
Appendix D:

  • D1 - Learning outcome statements and assessment plans

  • D2 - Course syllabus for HADM 3760 – course selected for

hospitality’s Writing Intensive Course

  • D3 - Degree requirements for the hospitality BBA degree:

Description of requirements for MBA degree

  • D4 - Table D-1: Courses offered by the department for the

past three years, frequency with which courses are

offered in the review period; number of sections; total

number of students and average number of students

per section

  • D5 - Summary results of surveys of students, alumni and


  • D6 - Undergraduate and graduate advisement procedures

Appendix E:

  • E1 - Table of average standardized graduate admission test

scores and GPAs of applicants to graduate programs,

all students offered admission and matriculating

students for each of the past three years

  • E2 - Table of numbers of applicants to graduate programs

and numbers of accepted students for the past three


  • E3 - SAT Scores and Freshmen Index Scores for Hospitality


  • E4 - Copy of Senior Exit Exam

  • E5 - Sample list of alumni from 2003 – Spring 2006,

employers and positions

Table of Contents

Page 3
Appendix F:

  • F1 - Definition of graduate faculty and criteria for selection

  • F2 - List of graduate faculty

  • F3 - Current curriculum vitae for full-time faculty

  • F4 - Description of how faculty were involved in the process

of developing and approving this self-study
Appendix G:

  • G1 - Summary data on student/faculty ratios and credit hour


  • G2 - University Library Report

Appendix H:

  • H1 - Table of 2007/2008 Goals and Action Plans

Appendix A

  • Table A-1: Financial Profile of School - 2004 – 2006

  • Proposal for an MBA Career Track Specialization in Hotel Real Estate

Table A-1: School of Hospitality Budget, FY 2004 – FY 2006
School Name: Georgia State University

Program Name: Cecil B. Day School of Hospitality
Submitted to

Accreditation Commission for Programs In Hospitality Administration
Fiscal Year Ending: Fiscal Year Ended: Fiscal Year Ended:

2006 2005 2004

Actual Actual Actual
General Fund:

Full-time Faculty Salaries $ - 431,785.00 $ - 417,657.00 $ - 371,597.00

Extra Service Pay - FT Faculty 33,296.00 47,379.00 45,123.00

Part-Time Faculty Wages $ - 36,000.00 $ - 21,000.00 $ - 21,000.00

Administrative &

Staff Salaries and Wages $ - 55,275.00 $ - 56,461.00 $ - 42,933.00

Subtotal - Salaries & Wages $ - 556,356.00 $ - 542,497.00 $ 480,653.00
Contracted Services $ - $ - $ -
Operating Expenses $ - 10,000.00 $ - 10,000.00 $ - 6,000.00
Supplies/Materials $ - 12,201.00 $ - 11,397.00 $ 9,519.00

Equipment $ - $ - 804.00 $ - 1,508.00

Total General Fund

Budget/Actuals $ - 578,557.00 $ - 564,698.00 $ - 497,780.00
Other Program Support

Auxiliary Services/Enterprise

Fund Expenditures $ - 65,000.00 $ - 54,000.00 $ - 46,500.00

Grant Fund Expenditures $ - $ - $ -

Gifts/Donations $ - $ - $ -
Total Other

Program Support $ - 643,557.00 $ - 618,698.00 $ - 544,280.00
Grand Total –

Program Resources Used $ - 643,557.00 $ - 618,698.00 $ - 544,280.00

1) Salaries and Wages should not include benefits

2) Contracted Services are services such as linen services, maintenance contracts, guest lecturers, contract labor, etc

3) Operating Expenses are expenses such as travel, professional development, repairs, printing, copying

4) Supplies and Materials are items such as food, utensils, instructional aids, books, booklets, subscriptions

Appendix A

Proposal for a Career Path in Hotel Real Estate –

A Specialization in the MBA Program

School of Hospitality and the Department of Real Estate
Rationale: Acceptance of this proposal creates a new MBA Career Path in Hotel Real Estate. This Career Path will involve collaboration between the School of Hospitality and the Department of Real Estate. There are no business-based academic programs in this specialization in the Southeast yet Atlanta is a center for nationwide hotel development activities. From being the headquarters of the world’s largest hotel company, InterContinental Hotel Group, to serving as a frequent pilot location for new hotel products for major brands, Atlanta and Georgia State’s Robinson College of Business would be the ideal location to prepare professionals for this specialization.
Philosophy: The program consists of existing courses with the addition of one new hospitality course, “Hotel Assets.” The Career Path will consist of six courses totaling 18 hours including three real estate courses and three hospitality courses.
Essential Objectives: At the end of the Career Path in Hotel Real Estate, students will be able to:

  • Explain the different segments of the lodging industry with the corresponding target markets for each segment.

  • Analyze trends from resources such as the STAR (Smith Travel Research) report including this service’s chain scale segmentation.

  • Analyze supply and demand trends in real estate including hotel development.

  • Compare organizational structures of the chain scale segments as well as profit centers, revenue streams and overhead costs – as related to project for this semester

  • Apply hotel operational terms such as Average Daily Rate (ADR), Occupancy and REVPAR (Revenue Per Available Room).

  • Identify and be able to analyze and evaluate various tools for operating performance review including daily/weekly, monthly, quarterly and annual management tools

  • Conduct a monthly financial review process including variance analysis, flowthrough calculations, analysis of revenue mix, line items controls, labor cost analysis, profitability comparisons, franchise system contribution, capital expenditures and non-financial indicators.

  • Explain the balanced scorecard approach and the longer-term benefits provided through use of this tool.

  • From the covered management tools, critique hotel operational activities and make recommendations for increased profitability and service levels. Hotel investments in a global economy will also be addressed.

  • Discuss capital availability and comparisons between equity offerings and debt offerings as related to hotel development projects.

  • Explain the effect of economic variables on the lodging industry.

  • Discuss the level of financial stress in the lodging industry as related to loan delinquency rates and hotel loan performance.

  • Evaluate and analyze a hotel market feasibility study.

  • Evaluate acceptable debt levels – as related to this project.

  • Discuss and apply alternative pricing metrics

  • Compare and evaluate investment strategies including: limited partnerships; REITs

  • Explain the role of asset managers as related to different investment strategies

  • Compare roles and priorities between the asset (real estate) management and business (operating) management

  • Discuss Return on Investment related to income and capital appreciation

  • Describe hotel investment risk related to the hotel industry overall as well as individual hotel investment risk

  • Explain the three approaches in valuing hotels: income capitalization approach; sales comparison approach; and cost approach.

  • Apply the appropriate valuation technique in a series of case studies or real-life examples

  • Explain the roles of franchisees and franchisors for franchised hotel properties

  • Discuss the benefits of franchising from the perspective of both the franchisee and franchisor

  • Evaluate costs and benefits of franchising costs such as reservation system charges, royalties and marketing assessments and training charges.

  • Explain the issue of impact (sometimes known as encroachment) between franchisees and franchisors

  • Analyze a franchise agreement and explain termination clauses involved.

  • Discuss governmental franchising regulations and the application to hotel development projects.

  • Discuss, with an evaluative perspective, new hotel development trends including international developments, mixed-use projects, public-private partnerships, conference center hotels, convention center properties and boutique hotels.

The courses to be included in the Hotel Real Estate Career Track program:

RE 8030 REAL ESTATE FINANCING 3.0 Real Estate Financing.
Prerequisite: none. CSP: 1, 2, 6.
This course examines the legal, economic, institutional, and strategic elements of the real estate financing process, including both residential and income property financing instruments and techniques. Macroeconomic considerations and financial market issues are investigated. Decision-making techniques and research methods using traditional and technical databases and resources such as the Internet are incorporated in the class format.

RE 8050 REAL ESTATE DEVELOPMENT 3.0 Real Estate Development.
Prerequisite: none.
This course is a review of the real estate development process focusing on the physical/design dimension. It examines building economy through review of design, construction, and analysis procedures such as site suitability analysis, cost engineering, and life-cycle costing. The course considers the impact of technology and virtual economic arrangements on the form and design of physical structures and the function of changing technical and economic activities on space needs. Traditional and technical databases and resources are incorporated.

RE 8060 APPL RE MARKET ANALYSIS 3.0 Applied Real Estate Market Analysis; Prerequisite: RE 8020 or RE 8030 CSP: 1, 2, 6, 7 This course examines the processes used to analyze the supply and demand for real estate. General methodologies for market studies are developed and then applied to the residential, retail and office sectors. The course also explores demographics, technological, economic, and social trends such as the aging population and growth of e-commerce that affect these real estate markets into the future. Techniques of spatial analysis, such as geographic information systems (GIS), are introduced.

HADM 8400 Financial Management Applications in Hospitality Enterprises 3.0

Hospitality Financial Management

Prerequisite: none; CSP: 1, 2, 6.

This course presents an overview of finance issues pertaining to the planning and development of hospitality properties. Forms of ownership, tax considerations, financing procedures and costs of capital, capital courses, leases, franchising, valuation of hospitality properties, financial statement analysis, pricing methods, sales analysis and cash management strategies are covered.

HADM 8700 Trends in the Lodging Industry 3.0

Lodging Industry Trends

Prerequisite: none; CSP 1, 2, 6.

The course provides an overview of the trends and issues in the lodging industry and examines the process of managing and developing lodging properties. The impact of technology, particularly the Internet and pricing structure for room rates, will be explored as well as current issues and trends in the key functional areas of a hotel’s operation.

NEW COURSE - HADM 8800 - Hotel Assets 3.0

(Syllabus attached)

Hotel Assets

Prerequisite: RE 8030, RE 8050, HADM 8400, HADM 8700, CSP 1, 2, 6;

The course includes important components involved in hotel real estate including in-depth coverage of what is included in hotel management contracts, comparative analyses of management contracts of different companies, a description of the negotiation process,

franchisor-franchisee interactions and the factors involved in determining whether to buy, hold or sell hotel properties.

Syllabus for Hotel Assets

HADM 8800
Credit Hours: 3.0
Course Title: Hotel Assets
Prerequisites: RE 8030, RE 8050, HADM 8400, HADM 8700
Office Phone:


Office Hours:
Course Time: TBD

Class Location: TBD

Course Description:
This course, as part of the Hotel Real Estate Career Track specialization, will focus on the real estate property and physical assets of hotels. Management contract terms will be analyzed as well as current and predicted future trends and issues in hotel management contracts. The negotiation process will also be explored in depth including the pre-selection process, selection of brand/manager and actual rounds of negotiation. The resulting owner-manager relationship will be evaluated including franchise and chain affiliation programs. Students will have the opportunity to apply their knowledge in analyzing existing contracts representing varied ownership-management structures. This course will also discuss acquisition due diligence including evaluation of the lodging asset. The hotel investment decision components of buy, hold and sell will be analyzed along with planning and maintaining capital expenditures. Hotel investments in a global economy will be addressed.
Essential Objectives:

At the end of this course, students will be able to:

  1. Evaluate the six critical provisions of management contracts including: contract duration; fees and fee structures; operator financial contributions; performance clauses; termination provisions and budgetary and spending limitations.

  2. Explain the inverse relationship between brand development and length of contract

  3. Discuss current trends in contract duration

  4. Explain the management company’s view of fair compensation for value added as well as the owner’s view of sharing risks and transparency

  5. Take an existing contract and explain the fee structure including items that are traditionally billed separately in addition to the base management fees

  6. Explain current trends in fees and fee structures as well as projected trends

  7. Discuss arguments for and against operator equity contributions

HADM 8800

Hotel Assets

Page 2
Essential Objectives:

At the end of this course, students will be able to:

  1. Evaluate the six critical provisions of management contracts including: contract duration; fees and fee structures; operator financial contributions; performance clauses; termination provisions and budgetary and spending limitations.

  2. Explain the inverse relationship between brand development and length of contract

  3. Discuss current trends in contract duration

  4. Explain the management company’s view of fair compensation for value added as well as the owner’s view of sharing risks and transparency

  5. Take an existing contract and explain the fee structure including items that are traditionally billed separately in addition to the base management fees

  6. Explain current trends in fees and fee structures as well as projected trends

  7. Discuss arguments for and against operator equity contributions

  8. Critique the pros and cons of performance clauses in contracts from the perspective of the management company and the owner

  9. Explain current trends in performance clauses

  10. Analyze termination provisions and explain the concerns that would exist from a management company as well as from an owner

  11. Describe current trends and issues in termination provisions and projected concerns for the future

  12. Evaluate an existing contract from the perspective of a management company and from the perspective of an ownership company including budgetary concerns from the two sides

  13. Describe the management contract negotiation process along with the key actions involved at each stage

  14. Evaluate franchise and affiliation alternatives including standard franchise agreements, management contracts with branded operators, management contracts with unbranded operators, licensing agreements and strategic marketing alliances.

  15. Analyze potential costs and benefits of affiliation including an evaluation of costs that include initial fees as well as fees such as royalty fees, management fees, license fees, marketing/promotional fees and others.

  16. Explain a framework for analysis of hotel performance that includes determining a hotel’s proper market position and increasing the hotel’s net income including adding appropriate revenue streams.

  17. Demonstrate the appropriate use of industry data sources such as those provided by Smith Travel Research (the STAR Report) and products from TravelCLICK.

  18. Apply comparative analysis techniques.

HADM 8800

Hotel Assets

Page 3

  1. Evaluate the lodging asset including key factors such as location and site characteristics, regulatory/legal restrictions, neighborhood characteristics and the property’s physical plant.

  2. Explain factors to consider in the “hold-versus-sell” decision

  3. Define capital expenditures and explain factors involved in the planning and management of the CapEx process including annual budgeting,

  4. Explain the concept of risk in the investment analysis including objective and subjective risk, types of risk, measures of variability and risk analysis techniques.

  5. Discuss global hotel investments including foreign investment in the United States and investments by U.S. companies internationally.

  6. Explain major issues to consider in international hotel investment.

Beals, Paul & Greg Denton (2004). Hotel Asset Management – Principles and Practices. East Lansing: American Hotel & Lodging Educational Institute.

Supplemental readings will also be included as indicated in the agenda for the course.


Contract Analysis Project – Two components involving an analysis from the perspective of an owner group and from the perspective of a management company - Point value: 200 points
Franchise Analysis Project - From a potential franchisee’s perspective, identify areas of concern, questions to clarify in the initial meeting with the franchisor, comparative analysis of different franchise agreements for same hotel segment –

Point value - 100 points

Case study involving the question of “Buy, Sell or Hold” - 100 points
Mid-term - 100 points

Final - 100 points

Total points: 600 points

HADM 8800

Hotel Assets

Page 4

Grade Distribution Based on Total Possible Points of 600:
559 – 600 points: A

540 – 558 points: A-

539 - 522 points: B+

521 – 504 points: B

503 - 480 points: B-

462 - 479 points: C+

461 - 444 points: C

419 - 443 points: C-

360 - 418 points: D

Below 360: F

Plagiarism and Cheating: Plagiarism is the act of stealing and passing off as one’s own ideas or words of another. Cheating is a violation of the rules of honesty. A student who cheats or plagiarizes the works of others, purchases papers, or presents previous work as this semester’s assignment, faces disciplinary action. Plagiarism and cheating result in an “F” for the course, and may result in suspension or expulsion from the college. You must communicate accurately material that is directly quoted, paraphrased, or your own. If you are not exactly sure what constitutes plagiarism, ask . . . .because you are solely responsible for the understanding.
Course Agenda:
Session 1
Review of course syllabus

What are hotel assets?

State of the industry using PKF and Smith Travel data
Assignment: Text, Chapter 1, Chapter 5

Article: “Eight Rules for Competing in the Hotel Real Estate

Markets” by John B. Corgel, Ph.D., Cornell University’s Center for

Hospitality Research

HADM 8800

Hotel Assets

Page 5
Session 2

Types of hotel ownership/management options; Industry examples
Management contracts – The six critical provisions of management contracts
Critical provision one: Contract duration

Management company’s needs versus owner needs in preferences for contract duration;

Review of sample contracts and discussion of current trends regarding duration;
Critical provision two: Fees and fee structure
Perspectives from hotel owners and management companies

Types of fees; Discussion of each type:

Analysis of sample contracts

Trends and issues with fees and fee structures

Assignment: Several on-line contract samples will be provided to download; Review duration, fees/fee structure as well as operator financial contributions, performance clauses, termination provisions, budgetary and spending limitations
Session 3
Management contracts continued
Critical provision three: Operator financial contributions

Management and owners’ views;

Differences in independent, non-publicly-traded management companies and large, branded hotel companies

Trends in this area; Comparative analysis of hotel contracts

Critical provision four: Performance clauses

Management company’s view as compared to owner’s view;

Comparative analysis of performance clauses in a sample of current hotel contracts;

Current trends and issues related to performance clauses

Critical provision five: Termination clauses

Management company’s view compared to owner’s view;

Review of sample of hotel contracts the termination provisions included;

Current trends and issues in termination clauses

HADM 8800

Hotel Assets

Page 6
Assignment for Session 4:
Research lawsuits involving hotel contractual problems including breach of contract cases; Be prepared to discuss legal issues and outcomes
Text: Chapter 6
Session 4
Management contracts continued:
Critical provision six: Budgetary and spending limitations;

Management company’s view compared to owner’s view;

Issues and trends in this area;
Discussion of lawsuits involving contractual relationship between hotel owners and management companies
Overview of the four stages of the management contract negotiation process
Session 5
Owner investment strategy in the pre-selection stage of the negotiation process;

Creating a competitive bidding environment through leveraging the owner’ position based on: property location, property profile, branded vs. third-party management and deal structure.

Discussion of the four leveraging factors and how these can contribute to a competitive bidding environment
Establishing the owner’s team:

Identifying and retaining legal counsel; Factors to consider;

Role of a hotel contract negotiation consultant
Assignment for Session 6:
Review RFPs for the operator selection process;
Find examples of Owners’ Bill of Rights and Operators’ Bill of Rights

HADM 8800

Hotel Assets

Page 7
Session 6

The Operator Selection Process –

Determining the proper brand match;

Items to include in RFPs; Review of examples from assignment;

Creation of a decision matrix for review of responses;

Process involved in developing a short list of candidates;

Solicitation of final and best offers; Selection stage

Discussion of negotiation stages including the development of Bill of Rights;

Identify possible “deal breakers”; Identification of back-up options

Negotiation of legal management agreement
Assignment for Session 7: Exam 1
Session 7 - Exam 1
Assignment for Session 8: Contract Analysis Due

Presentations of major points in favor of owners/management companies

Session 8:
Project presentations; Guest panel including hotel owners and management company representatives to address questions
Assignment for Session 9 - Chapters 7 & 8
Session 9:
Discussion of characteristics/competencies necessary for a hotel general manager;
Group assignments of franchise/affiliation agreements to review;
Description of franchise and affiliation alternatives including standard franchise agreements; management contracts with branded operations; management contracts with unbranded operators coupled with franchise agreements; licensing agreements; strategic marketing alliances
HADM 8800

Hotel Assets

Page 8

Discussion of criteria to evaluate affiliation alternatives including: analyzing the business mix; assessing the potential benefits of affiliation; determining the costs of affiliation; evaluating the costs versus the benefits of affiliation; evaluating potential conflicts of interest

Article: “The Role of Bran Affiliation in Hotel Market Value,” by John O’Neill and Qu Xiao, Cornell Quarterly, August 2006, 210 – 223.
Session 10 :
Group presentations of affiliation agreements, determination if benefits outweigh costs and why for specified hotel location, type and size of hotel
Panel of franchisors and franchisees to address questions
Assignment for Session 11:

Review samples of resources provided - the STAR Report (Smith Travel Research) and PKF’s Trends

Text – Chapter 9

Article: “Strategic Hotel Development and Positioning: The Effects of Revue Drivers on Profitability,” by John O’Neill and Anna Mattilla, Cornell Quarterly, May 2006, 146-154.

“An Automated Valuation Model for Hotels.” J. O’Neill, Cornell Quarterly, August 2004, 260 – 268.
Session 11:
Framework for Analyzing Hotel Performance

Revenue benchmarking using industry data sources

Comparative analysis techniques;

Hotel financial statement line items – Percentage of total sales/applicable department revenue (PER); dollars per available room (PAR); and dollars per occupied room (POR); Additional available metrics

Assignment: Case study involving “Buy, Hold or Sell” to be completed individually and due on Session 14

HADM 8800

Hotel Assets

Page 9

Text: Chapters 10, 11, 13

Additional readings: “Buying High and Selling Low in the Lodging Property Market” by John B. Corgel and Jan A. deRoos, Cornell Quarterly, October-December 2003, 69-75.

“Buying High and Selling Low Revisited: The ‘Quiet Industry,’ Cornell Quarterly, Oct. – Dec. 2003, 76-80.
Session 12:
Capital Expenditures; CapEx process

Concept of risk in investment analysis; Risk analysis techniques

Assignment: Text – Chapter 4
Session 13 :
Global hotel investments;

Trends of investments in the U.S. and U.S. investments abroad;

Discussion of major issues to evaluate in investing internationally including:

Country’s legal system; currency risk; local business practices and conditions; tax and financial considerations; political stability, communication – along with cultural fit. Current issues in international hotel investments

Review of The HotelBenchmark Survey by Deloitte which tracks trends worldwide across 140 countries and Ernst and Young’s Global Hospitality Insights

Sessions 14 & 15:
Discussion of case along with industry representatives present

Session 16 - Final exam

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