EHL Course Catalogue 2011-2012 - Ecole Hôtelière de Lausanne

� Property type: traditional hotels, special use properties (resorts, medical, convention, cruise
ships, and/or timeshare); restaurants);
� Ownership structure: individual ownership; private partnerships; public-private partnerships;
venture capital; public company.
� Objective
To promote sound hospitality real estate finance decisions.
In this course the student learns how to make estimates of value and to identify appropriate
modalities of financing, taking into account a range of factors including:
� Economic and real estate market cycles;
� The current and prospective tax, legal, monetary and regulatory environment;
� Competitive position of markets: their transport infrastructure; demand drivers for business
and tourism; market segmentation; future development of capacity; and shifts in competing
markets.
� The supply and demand profile and operating characteristics of a property within a market
and submarket;
� Forecast of revenues and expenses;
� Different asset management structures including: leases; management contracts;
franchises; voluntary affiliations; CRS.
� Diverse financing instruments including: mortgages; leases; sales-leasebacks; mezzanine
financing; bonds and various forms of equity.
8333AC – Market finance
40 hours of contact – 4 US quarter credits - 6 ECTS credits
� Summary
The goal of this course is to provide students with the necessary tools to interpret news from the
international financial markets. Specifically, they will analyse the mechanisms and players of the
money, stocks and bond markets. They will also use standard methods to evaluate assets and to
manage portfolios. The analysis of various types of financial risks and the use of hedging instruments
will be an essential part of this course.
� Objective
At the end of the course, students will be able to estimate and analyse the prices of stocks and bonds
and rates of return. They will also be able to evaluate the performance of a financial investment in
terms of portfolio management. They will also be able to identify and quantify financial risks and
suggest means of managing them. Students should therefore be able to:
� Estimate the value of stocks and bonds;
� Analyse the determinants of the rates of return on money, stock and bond markets;
� Assess the sensitivity of financial instruments to changes in economic conditions and
investors' sentiments;
� Build a portfolio and analyse the benefits of diversification;
� Identify and quantify financial risks and propose methods for managing them.