Financial management for the hospitality industry

Financial Management for the Hospitality Industry presents financial concepts and explains how they apply to specific operations within the hospitality industry. Each chapter contains material specific to the industry-from financial statements that follow the lodging industry standards to financial ratios used to determine paid occupancy percentage, average room rate or number of guests per room. This edition features two new chapters on entrepreneurial finance and asset management and Excel examples integrated throughout. Discussing core financial concepts from a managerial perspective, the text contains answers to many of the financial questions confronting hospitality managers today.

1 Introduction

2 Value Creation and the Hospitality Firm

3 Financial Markets and Raising Financial Capital

4 A Brief Review of Financial Statements

5 Financial Statement Analysis

6 Risk and Value in the Hospitality Firm

7 The Timing and Value of Cash Flows

8 Valuation and Required Rates of Return

9 Capital Expenditure Analysis

10 Other Project Valuation Criteria

11 Issues in Capital Structure Management

12 Financial Planning for the Hospitality Entrepreneur

13 Managing an Enterprisersquo;s Working Capital

14 Asset Management in the Hospitality Industry

15 Leasing

16 Expansion Via Franchising

17 Expansion via Management Contracts

18 Economic Studies

19 Valuation of Hospitality Real Estate

20 Income Taxes Issues in Hospitality Financial Management

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Summary

Summary

Table of Contents