Working in the hospitality industry can be both challenging and rewarding. With chaotic schedules and a demanding work environment, managers must have drive and determination in order to be successful in the industry. The overall goal of hotel asset management is to improve, promote and solidify a hotel’s ability to maximize profit through strategic allocation and handling of assets. An important task assigned to those working in hotel asset management is the responsibility of administering and renegotiating management contracts. In addition, they also evaluate capital expenditures, benchmark a property\’s performance, perform asset risk analyses and evaluate hotel refinancing. Enrolling in hospitality training will prove to be a valuable choice for professionals interested in pursuing a career in hotels by broadening their knowledge and skills. Due to the fact that the industry is so complex and multi-faceted, adequate training is a necessity for those involved.

Hotel asset management is understood as the responsibility of managing the lodging investment to meet goals set by ownership. Top performing hotels are keen on staffing professionals with deep experience in hospitality. Based upon that knowledge, managers are able to react appropriately to market ups and downs, whether they occur industry-wide or specifically at their property. This complex career path requires proper preparation and instruction, as the decisions made become extremely crucial to the running of the hotel. Hospitality training introduces the latest asset management techniques and provides a set of practical tools and approaches that asset managers can utilize to achieve their planned goals.

Those enrolled in training will learn how to administer and renegotiate management contracts, evaluate capital expenditures and manage their execution, and monitor expenses to reduce cost. In addition, managers will be taught how to track a property\’s revenue and expense performance against the market, perform asset risk analyses tailored to current market conditions, and evaluate various refinancing opportunities to reduce debt costs or free up capital for other investment opportunities. Hospitality training provides potential asset managers with the skill set they need to understand the background and procedures in hotel real estate and management contracts. Through completion of the coursework, you will learn to look at the property from various viewpoints of the hotel owner, operator, and lender. Once evaluating all viewpoints, you will be able to design and plan for the most profitable agreement, taking into consideration the expectations of all parties involved.

Experienced professionals working in hotel asset management are prepared to handle a variety of situations and challenges, ranging from distressed hotels in crisis mode to helping other hotels plan for long-term growth and increased sustainability. The overall goal for any situation is to maximize return on investment. From complying with operations to strategic planning and budgeting and accounting services, asset managers are multi-skilled when it comes to problem solving and strategic forecasting. With numerous job roles and responsibilities, a career in hotel asset management can be very exciting, as every day involves a different routine. Determined and skilled individuals should consider a career in hotel asset management, which will allow them to excel on a rewarding and exhilarating path.

David Shoemaker is Vice President of Learning Solutions and Innovation at eCornell. For more information on hotel asset management, hospitality training, or eCornell, please visit http://www.eCornell.com

David Shoemaker is Vice President of Learning Solutions and Innovation at eCornell. For more information on hotel asset management, hospitality training, or eCornell, please visit http://www.eCornell.com

Author Bio: David Shoemaker is Vice President of Learning Solutions and Innovation at eCornell. For more information on hotel asset management, hospitality training, or eCornell, please visit http://www.eCornell.com

Category: Education
Keywords: hotel asset management, hospitality training