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Hospitality Financial Managment

Hospitality Financial Managment

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Описание
Hospitality Financial Management is intended as a first finance course for hospitality and tourism students. It may also be useful to hospitality industry professionals who want to know more about the financial management function in the hospitality indtry. This book focuses primarily on long-term finance decisions, especially the hospitality firm's capital budgeting decision. Given the fixed asset intensiveness of the industry, capital budgeting is an important process for hospitality and tourism sdents to understand. Additionally, a significant amount of background information is required to fully understand this process. The text has a number of features to facilitate learning and understanding. Each chapter begins with a list of objectives anan introduction to the chapter content. Chapters conclude with discussion questions and problems that demonstrate key concepts. Problems that may be solved by using Excel spreadsheets are indicated with EXCEL in the margin, with spreadsheets accessiblonline at [A HREF="http://www.prenhall.com/chatfield"> www.prenhall.com/chatfield . Key terms and concepts are identified and defined in the glossary. Chapter 1 provides an introduction to hospitality financial management. Various types of business orgazation are discussed along with an introduction to agency problems and the concept of value creation. Chapter 2 provides an introduction to financial markets and financial instruments. Foreign exchange and commodity markets are also discussed. Chapter reviews the major financial statements and discusses some of the key ratios used in the hospitality industry. It also discusses the limitations of ratio analysis. Chapter 4 introduces the student to the concept of risk and return. The important features the chapter include the market portfolio and the capital asset pricing model. Chapter 5 covers the time value of money. This includes discounting and compounding and demonstrates a wide variety of applications. The appendix to this chapter demonstratehow to solve time value of money problems using two different financial calculators. Chapter 6 discusses bonds and preferred stock. This chapter explains the basic approach to both bond and preferred stock valuation. It also includes examples of bonds anpreferred stocks issued by hospitality firms. Chapter 7 covers common stock. It features common stock terminology as well as an introduction to basic common stock valuation. Chapter 8 focuses on the cost of capital. This chapter elaborates on how the ighted cost of capital is derived. Chapter 9 is an introduction to capital budgeting. This chapter covers the calculation of net investment and the subsequent cash flows. Chapter 10 builds on the concepts of Chapter 9 by examining the different methods ed to determine whether a capital budgeting project will create value. Such methods as net present value, internal rate of return, and payback are thoroughly explained. The appendix to this chapter provides an example of a capital budgeting project. Chaer 11 introduces the student to hotel valuation. The chapter begins with hotel market studies and also discusses the hotel appraisal process. The income capitalization approach is emphasized. Chapter 12 provides an introduction to capital structure. Ithows the impact of capital structure on firm value and reviews some major capital structure theories. The text concludes with a glossary to help students become familiar with key terms. A variety of online tools and resources, for both instructors andtudents, enhance the text's content. An Instructor's Manual and Test Bank are provided through the www.prenhall.com catalog website password protected. A Student Companion Website, accessed at www.prenhall.com/chatfield , contains power point slides inforcing the key points in each chapter and Excel spreadsheet templates for solutions of chapter problems where applicable. Excel supplemental products are available at a discounted price when packaged with this textbook (ISBN: 013-151681-7). Please nsult with your local Pearson Prentice Hall sales representative for details.