Prelim 1 Notes_StudyGuide - 255 Prelim 1 Study Guide...

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255 Prelim 1 Study Guide Lecture 1: Social and Architectural History Earliest Hostelries: Greek and Roman Spas- Classic design Trade Route Accommodations- bring people together and help rejuvenate Inns and Public Houses: Used signage that was graphic to attract and communicate a brand/name. Urban Hotels with Amenities: Purpose-built hotels. Features include very tall (for the time), made from stone, and had a Porte de Chochere that was something obvious for the guest to recognize. Tremont House in Boston established hotels as enduring monuments in the cityscape. Resorts for the Affluent: People want to get away form the city and urbanization so resorts begin to develop in suburbs, which attract wealthy people. Railroad Development: Hotels are built along railroad lines to make it convenient for guests to find a place to stay after they are dropped off. Grand Hotels: Skyscraper technology and industrial advancements allow for bigger and more elaborate hotel design. Steel skeleton, elevators, and “modern” systems boost the concept. Landmark Hotels: Atrium décor, creation of modern “themed” hotel (Mirage LV), construction and connection of two NYC hotels Waldorf=Astoria (largest of its time). Hotel Boom #1 (1920s): generated by economic prosperity Hotel Boom #2 (1950s): generated by expanded education and mass travel Hotel Boom #3 (1980s): generated by innovative marketing and development of specialized types of hotels; many combined with large-scale commercial complexes. Hotel Boom #4 (1990s): generated by advanced technology, imaginative design and the successful marketing of mass customization of hotels, resorts, and leisure- time amenities. Spas booming to baby-boomers, boutique hotels booming to business travelers. Lecture 2: Intro to Real Estate and Asset Management The foundation of the real estate discipline is on VALUE. What’s an asset? Real assets are things you can put your hands on and has inherent use. Financial assets represent monetary value. Cost vs. Value: if VALUE > COST = buy, build, or hold. Once VALUE< COST = sell or redevelop. Hotel assets must create value for their owners to be viable investments. How do you measure value? Income generating potential or investment value; market value; and replacement value. Investment value: various income streams (recreational, spa, retail, parking) increase real estate value. Typically assessed by determining the present value of
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cash flows during the holding period. Total Revenue – Total Expenses = Net Operating Income. Market Value: What others have paid for comparable properties. What’s comparable? The state of tourism, real estate market value, more expensive per dollar, barriers to entry, ect. Replacement Value:
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This test prep was uploaded on 02/19/2009 for the course H ADM 255 taught by Professor Srobson during the Fall '07 term at Cornell University (Engineering School).

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Prelim 1 Notes_StudyGuide - 255 Prelim 1 Study Guide...

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