Financial Management for the Hospitality Industry

For courses in Beginning and Advanced Hospitality Finance and Managerial Finance. Financial Management for the Hospitality Industry, Second Edition, 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. For courses in Beginning and Advanced Hospitality Finance and Managerial Finance. Financial Management for the Hospitality Industry, Second Edition, 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. New to the Edition New! Chapter 12: Financial Planning for the Hospitality Entrepreneur-appears in this edition.· Discusses the nature of entrepreneurship, characteristics of entrepreneurs, types of enterprises (sole proprietorship, partnership, limited partnership, S Corporations etc.), regulatory considerations, commercial bank loans and more!· Discusses the nuts and bolts of venture planning for the hospitality entrepreneur. New! Chapter 14: Asset Management in the Hospitality Industry-appears in this edition. · Covers the nature of asset management, asset management companies, hotel operations audit, and strategic planning. New! Excel examples-have been added throughout the text. · Demonstrates the capabilities of this software tool and how to use it in on-the-job situations.· Helps clarify important concepts such as time value and hospitality valuation principles. Hallmark Features A comprehensive integration of finance principles and hospitality applications-makes this text unique.· Makes material relevant for the audience and a meaningful desk reference throughout one's career. Financial statements that follow the lodging industry standards-appear in Chapter 4. · Presents financial statements based on the uniform system of accounts which reflects how the lodging industry presents their major financial reports. Financial ratios specific to the industry-are discussed in Chapter 5, Financial Statement Analysis.· Includes liquidity ratios, solvency ratios, activity ratios, profitability ratios, and operating ratios specific to the industry, such as paid occupancy percentage, average room rate, number of guests per occupied room etc. Techniques for managing cash budgets and planning-are presented in Chapter 13.· Provides an understanding of how to conduct cash planning to ensure a successful hospitality operation. · Makes this a valuable resource for current and future industry professionals. Strong coverage of leasing versus buying-appears in Chapter 15. · Contains strategies for determining whether a piece of equipment should be leased or purchased based on cash flows etc. .