The real estate in hospitality minor seeks to develop your expertise in the planning, development, and management of real estate projects in the hospitality and related service industries. Course work enables you to pursue careers related to hospitality real estate development, asset management, franchising, and financing. In this minor, you will combine courses related to real estate, new business development, finance, and analytics.
Notes about this minor:
Posting of the minor on the student's academic transcript requires a minimum GPA of 2.0 in the minor.
Notations may appear in the curriculum chart below outlining pre-requisites, co-requisites, and other curriculum requirements (see footnotes).
The plan code for Real Estate in Hospitality Minor is REHSPT-MN.
Research Insights: Food tourism, a life satisfaction factor
Food tourism contributes to long-term life satisfaction and sense of well-being
An introduction to the way in which corporations report their financial performance to interested stakeholders such as investors and creditors. Coverage of the accounting cycle, generally accepted accounting principles, and analytical tools help students become informed users of financial statements. (This course is available to RIT degree-seeking undergraduate students.) Lecture 3 (Fall, Spring, Summer).
Hospitality Real Estate Development
Students will learn the criteria that owners and investors follow in developing hotel concepts and locating them in key markets where they will succeed. Students will also learn the steps in site selection, working with the trades in the design and construction phase, and turning the operation over to management. This course will provide the knowledge necessary to make key decisions regarding new construction, renovation, restoration, lease or ownership as well as the acquisition, repurposing, and disposition of assets. Students will also learn about the maintenance and upkeep of hospitality real estate. Lecture 3 (Fall).
Hospitality Asset Management and Investment
This course introduces the foundations and processes of hotel asset management, including real estate and the physical asset, franchising, hotel chain affiliations, hotel management and franchise contracts, hotel valuation, and financial analysis of hotel investments. This course provides a framework for understanding hotel asset management and real estate investment from the financial and operational aspects. (Prerequisites: ACCT-110 or equivalent course.) Lecture 3 (Spring).
Choose two of the following:
Financial Institutions and Markets
This course provides a comprehensive survey of the major financial markets and institutions in the U.S. and abroad. This course analyzes the important structural features of the major markets and notes the interaction of the financial markets with the decisions of financial institutions, corporations, and the government. (Prerequisites: FINC-220 or equivalent course.) Lecture 3 (Fall, Spring).
Financial Analysis and Modeling
In this course, students learn to obtain and organize financial data and conduct financial analysis such as discounted cash flow analysis, risk analysis and financial forecasting. Sources of data include web-based sources and proprietary databases. Excel will be the main software tool. (Prerequisites: FINC-352 or equivalent course.) Lecture 3 (Fall, Spring).
Financing New Ventures
The course focuses on financial issues affecting an entrepreneur. The course emphasizes, identifies and follows the wealth creation cycle. The wealth creation cycle begins with an idea for a good, product or service, progresses to an initial company startup, passes through successive stages of growth, considers alternative approaches to resource financing, and ends with harvesting the wealth created through an initial public offering, merger or sale. Identification and valuation of business opportunities, how and from whom entrepreneurs raise funds, how financial contracts are structured to both manage risk and align incentives, and alternative approaches by which entrepreneurs identify exit strategies are reviewed. (This class is restricted to undergraduate students with at least 3rd year standing.) Lecture 3 (Fall, Spring).
Franchising in the Service Sector
Lodging Operations Analytics and Management
This class includes an overview of hotel management from its opening to continuing operations. It focuses on the integrated functions of the front office, housekeeping, engineering, security, food & beverage, human resources, and accounting, as well as considering their roles individually. Students will apply revenue management principles (e.g., capacity management, duration control, demand and revenue forecasting), costing (e.g., budgeting, marginal costing, standard costing and variance analysis, labor accounting, balanced scorecard) and interpret hospitality financial statements (uniform system of accounts for lodging and restaurants) to understand and manage organizational performance. The course addresses foundational metrics and definitions used by the hotel industry and provides an opportunity to complete a certification exam (CHIA: Certification in Hotel Industry Analytics) by STR through the American Hotel and Lodging Educational Institute. Lecture 3 (Spring).
Project Management Elective
Choose one of the following:
Construction Project Management
An introduction to construction management. Project administrative roles and relationships among the various project team participants are explored. Topics include specifics of construction project start-up including procurement, project buyout, and job site layout and control. Subcontracts and relationship with subcontractors are explored. Construction related documentation including contract documents, submittals, information requests, change orders, progress payments, bonds, insurances, and project closeout is discussed. Safety, quality, and project closeout are also covered. Lecture 3 (Spring).
A study of the concepts and applications of project management. This course covers the organization and management of projects, including the role and responsibilities of the project manager, team responsibilities, tools and techniques for project planning, budgeting, and control, work breakdown, risk assessment, and project termination. The learning environment will include lectures and discussion, group exercises, case studies, and examinations. (This class is restricted to undergraduate students with at least 3rd year standing.) Lecture 3 .