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Hospitality Financial Management

ISBN-10: 0471692166
ISBN-13: 9780471692164
Edition: 2007
List price: $127.95 Buy it from $30.66
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Description: Hospitality Financial Management covers the principles of hospitality finance, including the mathematics of finance, sales accountability, working capital and capital asset management, cost of financing, property valuation, and report analysis. It  More...

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Book details

List price: $127.95
Copyright year: 2007
Publisher: John Wiley & Sons, Incorporated
Publication date: 10/20/2006
Binding: Hardcover
Pages: 384
Size: 8.00" wide x 9.50" long x 1.00" tall
Weight: 2.068
Language: English

Hospitality Financial Management covers the principles of hospitality finance, including the mathematics of finance, sales accountability, working capital and capital asset management, cost of financing, property valuation, and report analysis. It provides a straightforward, practical approach to reading, interpreting, and analyzing hospitality industry financial statements and management reports in the real world.

Agnes DeFranco is a Professor of Finance and Accounting at the Conrad N. Hilton College of Hotel and Restaurant Management at the University of Houston. Her research areas are hospitality finance, cost control, accounting, and cultural and diversity issues. She has been recognized with the Dean's Award for Excellence in Applied Research. She is also the 2006-2007 President of the Hospitality Financial and Technology Professionals, an international professional association formed in 1952 with over 4,600 members worldwide.Thomas Lattin is a CPA who has earned partner status with three international hospitality accounting/consulting firms and served as president of a national hotel management company as well as president of a publicly traded hotel real estate investment trust. He is currently the Sir Rocco Forte Executive in Residence at the Conrad N. Hilton College at the University of Houston and Managing Director of Lattin & Associates, a management consulting firm.

Preface
Acknowledgments
Finance and the Hospitality Industry
Introduction
Hospitality Industry Financial Challenges
Chapter Structure
Chapter Topics
Financial Reporting
Financial Reporting
Accounting as the Language of Business
Financial Statements
Management Reports
Accounting System-CP[superscript 3] System
Analyzing Financial Statements
Analysis of Financial Statements
Readers of Financial Statements
Types of Analyses
Management Decision Making
Readers of Financial Statements Beware!
Managing Working Capital and Controlling Cash
Managing Working Capital and Controlling Cash
Working Capital
Cash
Growing the Business
The Need for Growth
Shareholder Value
Other Benefits of Growth
Growth Strategies
Increase Sales and Productivity of Existing Properties
Expansion of Physical Facilities
Franchise Brand Rights
Secure Additional Management Contracts
Mergers and Acquisitions of Competitors
Going Public
Financing Growth
The Need for Capital
Capital
Loan Terminology
Types of Loans
Sources of Loans
Equity
Hotel Financing Trends and Schemes
The Golden Age of Hotel Financing
Savings and Loans
Investment Tax Credits
Influx of Foreign Capital
Accelerated Depreciation
Real Estate Tax Shelters
The Tax Reform Act of 1986
The Resolution Trust Corporation (RTC)
New Financing Schemes
The Time Value of Money
Concept of Time Value of Money
Time Value of Money
Market Value
Calculating Time Value of Money
Time Period and Compounding
Investment Analysis
Investment Analysis
Weighted Average Cost of Capital (WACC)
Discount Rate
Capitalization Method of Valuation
Investment Analysis Tools
Factors Affecting Tools of Investment Decisions
Hospitality Industry Applications of Time Value of Money Concepts and Skills
Time Value of Money Applications
Loan Questions
Equity Questions
Use of Sensitivity Analysis
Hospitality Applications
Using ROI, NPV, and IRR
The Investment Package
The Need for an Investment Package
Executive Summary
Fact Sheet
Business Plan
Source and Use of Funds
Photographs or Renderings
Third-party Confirmation
Project Budget
Qualifications of Project Team
Investment Analysis
Personal Financial Data
Evaluation of the Investment Package
Lenders: Debt
Owner/Investor: Equity
Crafting and Negotiating the Deal
The New Business Venture
The Business Entity
The Debt and Equity Mix
Negotiating Loans with Lenders
Principal
Interest Rate
Points Charged
Additional Collateral
Personal Guarantees
Other Lender Issues
Deal Sponsor's Goals
Negotiating the Equity Investment
Amount of Equity
Percentage of Ownership
Investor Hurdle Rates
Exit Strategy and Decision-making Power on When to Sell
Negotiating Skills
Be Prepared
Be Professional
Use Proven Selling Skills
Tying It All Together
Introduction
Hospitality Industry Financial Challenges
Financial Reporting
Analysis of Financial Statements and Management Reports
Analysis of Financial Statements
Analysis of Industry Reports
Applications of Financial Analyses
Managing Working Capital
Growing the Business
Shareholder Value
Increasing Shareholder Value
Other Benefits of Growth
Growth Strategies
Financing Growth
Types of Capital
Cost of Capital
Mix of Capital
Investment Analysis
The Time Value of Money
Investment Analysis Methods
Favorable or Unfavorable?
Factors Impacting the Analysis
Hospitality Industry Applications
Debt and Equity Negotiations
The Investment Package
What Lenders Want to Know
What Equity Investors Want to Know
Crafting and Negotiating the Deal
Business Decisions to Make
Negotiating the Loan
Negotiating the Equity Investment
Negotiating Skills
Index

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